Torex Gold Resources (TXG) Corporate presentation summary

Operational performance and production outlook

• Produced 453 koz gold in 2024, maintaining #1 gold producer status in Mexico with robust margins and strong liquidity of $198M at Q1 2025 end.

• 2025 guidance targets 400,000–450,000 oz AuEq at AISC of $1,400–$1,600/oz, with production expected to increase in H2 as Media Luna ramps up.

• Five-year outlook supports annual production of 450–500 koz AuEq through at least 2033, driven by Media Luna and EPO integration.

• Media Luna commercial production began May 2025; ramp-up to 7,500 tpd expected by mid-2026, six months ahead of schedule.

• EPO development underway, targeting first production in late 2026, leveraging existing infrastructure for a lean $81.5M capital estimate.

Strategic pillars and growth initiatives

• Strategy focuses on delivering Media Luna and EPO, optimizing Morelos production, growing reserves, disciplined capital allocation, talent retention, and responsible mining.

• Largest drilling program in company history planned for 2025 with $45M budgeted and 124,500m of drilling, aiming to expand and upgrade resources.

• Exploration targets include Media Luna West, Media Luna East, Todos Santos, and Atzcala, with significant resource upside across a largely unexplored 29,000 ha land package.

• Ongoing drilling at ELG Underground and EPO continues to extend mine life and upgrade resources, with high-grade intercepts reported in 2024–2025.

• Disciplined growth supported by strong balance sheet, with net debt of $89M and available liquidity of $198M at Q1 2025.

Financial and cost performance

• Maintains competitive cost profile; Q1 2025 AISC at $1,405/oz, with AISC expected to peak in Q2 and decline in H2 as economies of scale are achieved.

• Consistent track record of meeting production and cost guidance, achieving original AISC guidance in six of the past seven years.

• FX collars and gold puts in place to protect 2025 operating costs and provide downside protection at $2,500/oz gold.

• Operating cash flow is seasonally weakest in H1 due to timing of tax, royalty, and profit-sharing payments.

• Balance sheet expected to strengthen further with Media Luna ramp-up and return to positive free cash flow mid-year.