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 of 450–500 koz AuEq through at least 2033.

• Six consecutive years of meeting operational guidance, with improved five-year production outlook due to successful exploration and reserve replacement.

• Media Luna achieved first copper concentrate production; commercial production expected shortly, with ramp-up to 7,500 tpd mining rate targeted for mid-2026.

• EPO project leverages existing infrastructure, with $81.5M capital estimate and initial production expected in late 2026.

Strategic growth and resource expansion

• $45M exploration budget for 2025, targeting reserve and resource growth across the 29,000 ha Morelos property.

• Focus on upgrading Inferred Resources at EPO and expanding Media Luna Cluster, with significant upside as most of Morelos remains unexplored.

• Drilling at ELG Underground and EPO continues to deliver high-grade intercepts, supporting ongoing reserve replacement and mine life extension.

• Initial Inferred Resource declaration at Media Luna East targeted for March 2026, with strong drill results at Media Luna West and East.

Financial strength and disciplined capital allocation

• Ended 2024 with net debt of $33M and available liquidity over $330M; $326M cash flow generated in 2024 prior to $449M investment in Media Luna.

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

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