Torex Gold Resources (TXG) investor relations material

Executive summary

• Declared commercial production at Media Luna on May 1, 2025, marking a major milestone and ramping up ahead of schedule toward a 7,500 tpd target.

• Q2 production reached 83,000–83,000 oz AuEq, impacted by a 10-day mill outage, but production improved over Q1.

• Announced and completed acquisitions of Reyna Silver and Prime Mining, expanding the exploration and development pipeline in Mexico and Nevada.

• June marked the first month of positive free cash flow, with Q3 expected to be the first positive quarter and strong operational momentum setting up for a robust H2 2025.

• EPO project advanced with first development blast in May and ramp development initiated, with initial production on track for late 2026.

Financial highlights

• Q2 revenue was $254M, adjusted EBITDA $118M, and net cash from operations $68M; net income was $83.2M.

• All-in sustaining costs (AISC) were $2,103/oz AuEq sold, above guidance, with a 36% margin in Q2 and 42% year-to-date.

• Ended Q2 with $209M in available liquidity, including $103M in cash; drew $35M from credit facility to maintain liquidity.

• Q2 saw negative free cash flow, but $44M positive free cash flow was generated in June.

• Gold equivalent payable production was 82,856 oz AuEq, with 76,922 oz AuEq sold at a record average realized gold price of $3,311/oz.

Outlook and guidance

• On track to achieve the lower end of annual production guidance of 400,000–450,000 oz AuEq and the upper end of AISC guidance of $1,400–$1,600/oz AuEq.

• Non-sustaining CapEx guidance increased to $160M–$170M for 2025 due to project delays and expanded scope.

• Sustaining CapEx guidance unchanged; EPO project on track with $30M–$35M budgeted for the year.

• Anticipates robust free cash flow for the remainder of 2025 as Media Luna ramps up and economies of scale improve costs.

• Exploration and drilling budget increased by 50% year-over-year to $45M.