Torex Gold Resources (TXG) Corporate presentation summary

Operational performance and production outlook

• Produced 453 koz gold in 2024, maintaining position as Mexico’s top gold producer with robust margins and a strong balance sheet; AISC was $1,156/oz and liquidity at year-end was $332M.

• 2025 gold equivalent production guidance is 400,000–450,000 oz, with a focus on ramping up Media Luna and integrating EPO to sustain annual output above 450 koz AuEq through 2030.

• Five-year outlook targets 450–500 koz AuEq annually, supported by ongoing reserve replacement and successful exploration at ELG Underground and EPO.

• Media Luna project is 94% complete, with first concentrate expected by end of March 2025 and commercial production shortly thereafter; designed mining rate of 7,500 tpd targeted by mid-2026.

• EPO development to commence mid-2025, leveraging existing infrastructure for a lean $81.5M capital estimate and initial production expected later that year.

Strategic pillars and growth initiatives

• Strategy centers on delivering Media Luna to full production, building EPO, optimizing Morelos costs, growing reserves, disciplined capital allocation, talent retention, and responsible mining.

• Exploration budget increased by 50% to $45M in 2025, targeting reserve/resource growth at Media Luna Cluster, ELG Underground, and regional prospects.

• Focus on upgrading Inferred Resources at EPO and expanding the pipeline of exploration assets to support long-term growth and diversification.

• Disciplined growth supported by strong liquidity, with net debt of $33M and $331M available liquidity at year-end 2024.

• FX collars and gold puts in place to mitigate cost volatility and protect against currency and commodity price swings in 2025.

ESG, community, and governance

• Maintains industry-leading ESG performance, with >99% workforce from Mexico, 70% from Guerrero, and strong community agreements.

• Achieved 10 million hours without LTI at ELG in 2023; two fatalities in 2024 prompted renewed focus on fatal risk standards.

• Committed to 10% absolute and 25% business-as-usual GHG emissions reduction by 2030, with solar plant commissioning and BEV fleet procurement underway.

• Women comprise 43% of the executive team and 50% of the board; all independent directors joined since 2020, enhancing diversity.

• ESG performance tied to cost of capital, with sustainability-linked loans and incentive pricing on credit facilities.