Torex Gold Resources (TXG) Corporate presentation summary

Strategic direction and project execution

• Focused on delivering Media Luna to full production and building EPO, with Media Luna 87% complete by Q3 2024 and first copper concentrate expected by end of Q1 2025.

• EPO development to commence mid-2025, leveraging existing infrastructure for a lean $81.5M capital estimate, with initial production expected in late 2026.

• Strategy includes optimizing Morelos production, growing reserves/resources, disciplined capital allocation, talent retention, and responsible mining leadership.

• Five-year production outlook targets 450–500 koz AuEq annually through 2030, with potential to extend to 2033 by upgrading Inferred Resources.

• Exploration budget increased to $45M in 2025, targeting both near-mine and regional growth.

Financial and operational performance

• 2024 gold production reached 453 koz, with a year-to-date AISC of $1,179/oz and available liquidity of $347M at Q3 2024.

• 2025 guidance: 400–450 koz AuEq at AISC of $1,400–$1,600/oz, reflecting a planned one-month shutdown for Media Luna tie-ins.

• Free cash flow before Media Luna spend was $336M over the last 12 months, supporting ongoing project funding.

• Net debt stood at $15M at Q3 2024, with $232M undrawn on a $300M credit facility and a $150M accordion feature.

• Additional FX collars and gold puts in place for 2025 to mitigate currency and commodity price volatility.

Asset base and growth potential

• Morelos Complex hosts 5.6 Moz AuEq P&P reserves at 4.05 gpt, 7.8 Moz AuEq M&I resources at 5.00 gpt, and 2.2 Moz AuEq Inferred at 4.45 gpt.

• EPO adds 781 koz AuEq of Probable Reserves at 4.83 gpt, with significant Inferred Resources nearby and a production profile weighted 47% gold, 45% copper, 8% silver.

• Media Luna and EPO expected to maintain robust production and extend mine life to at least 2035.

• Aggressive drilling at ELG Underground and EPO continues to upgrade and expand resources, supporting long-term output.

• Exploration strategy aims to demonstrate multi-decade potential, with priority targets at Media Luna West, East, EPO, and Todos Santos.