Torex Gold Resources (TXG) Corporate presentation summary

Strategic direction and operational highlights

• Focus on ramping up Media Luna to full production and integrating EPO, targeting 7,500 tpd by mid-2026, ahead of schedule.

• Ongoing optimization of Morelos production and costs, with annual output expected to exceed 450 koz AuEq through 2030.

• Significant investment in exploration, with a $45M drilling budget for 2025 and a strategy to extend mine life and resource base.

• Disciplined capital allocation, maintaining a strong balance sheet and returning to positive free cash flow in mid-2025.

• Emphasis on ESG leadership, with zero reportable environmental incidents and full compliance with global standards.

Financial and production performance

• 2025 guidance targets 400,000–450,000 oz AuEq production at AISC of $1,400–$1,600/oz.

• Q2 2025 production improved to ~83 koz AuEq, with further increases expected as Media Luna ramps up.

• Five-year outlook projects annual production of 450–500 koz AuEq through at least 2033, supported by reserve and resource growth.

• Liquidity at end of Q1 2025 was $198M, with net debt expected to be repaid quickly as cash flow strengthens.

• Consistent delivery on production and cost guidance, with robust margins and competitive cost structure.

Growth, exploration, and resource expansion

• Largest drill program in company history planned for 2025, with 124,500 m of drilling focused on Media Luna Cluster, EPO, and ELG Underground.

• EPO development leverages existing infrastructure, with first production expected in late 2026 and potential to upgrade 954 koz AuEq of Inferred Resources.

• Exploration strategy aims to demonstrate multi-decade potential at Morelos, with priority targets at Media Luna West, East, and regional prospects.

• Drilling success at ELG Underground and EPO continues to extend mine life and resource base.

• Acquisition of Reyna Silver to build out a pipeline of high-quality exploration assets.