Torex Gold Resources (TXG) Corporate presentation summary

Operational performance and production outlook

• Achieved 453 koz gold production in 2024, ranking as Mexico's top gold producer; 2025 guidance targets 400,000–450,000 oz AuEq at AISC of $1,400–$1,600/oz.

• Six consecutive years of meeting operational guidance; production expected to increase in H2 2025 as Media Luna ramps up.

• Five-year outlook forecasts annual production of 450–500 koz AuEq through at least 2030, supported by ongoing reserve replacement and EPO integration.

• AISC expected to peak in Q2 2025, then decline as economies of scale are achieved.

Growth projects and resource expansion

• Media Luna achieved commercial production; ramp-up to 7,500 tpd targeted by mid-2026, six months ahead of schedule.

• EPO project to begin construction in H2 2025, leveraging existing infrastructure for low capital intensity ($81.5M); initial production expected late 2026.

• EPO supports annual production of at least 450 koz AuEq through 2030, with potential to maintain 450–500 koz AuEq through 2033 by upgrading Inferred Resources.

• 2025 exploration budget increased to $45M, focusing on Media Luna Cluster, ELG Underground, and regional targets.

Financial position and capital allocation

• Ended Q1 2025 with $198M liquidity ($107M cash, $91M undrawn credit); net debt of $175M, expected to decline with free cash flow generation from Media Luna.

• FX collars and gold puts in place to protect 2025 operating costs and revenue.

• Disciplined capital allocation with focus on maintaining strong balance sheet, supporting growth, and potential return of capital to shareholders.