Torex Gold Resources (TXG) Corporate presentation summary

Strategic direction and operational highlights

• Focus on delivering Media Luna to full production and building EPO, with Media Luna on track for first concentrate in Q1 2025 and commercial production shortly after.

• Ongoing optimization of Morelos production and costs, with EPO expected to keep the mill full through early 2035 and support annual production of at least 450 koz AuEq through 2030.

• Increased exploration budget to $45M in 2025, targeting reserve and resource growth across the 29,000 ha land package.

• Strong ESG foundation, including industry-leading safety, environmental initiatives, and community engagement.

• Disciplined growth and capital allocation, maintaining a strong balance sheet and liquidity of $332M at year-end 2024.

Financial and production performance

• 2024 gold production reached 452,523 oz, with gold equivalent production at 461,420 oz AuEq.

• All-in sustaining costs (AISC) for 2024 were $1,156/oz, with available liquidity of $332M at year-end.

• Five-year outlook projects annual production of 450–500 koz AuEq through 2030, with potential to maintain this level through 2033 by upgrading Inferred Resources.

• EPO development capital estimated at $81.5M, with production expected to start in late 2026.

• Consistent track record of meeting or exceeding production and cost guidance over the past six years.

Growth, exploration, and resource expansion

• Media Luna and EPO are low-risk brownfield projects extending mine life to 2035 and increasing copper exposure.

• Significant resource upside remains, with most of Morelos unexplored and multiple high-grade drill results at Media Luna West and East.

• Exploration strategy aims to demonstrate multi-decade potential, with focus on upgrading Inferred Resources and expanding reserves.

• ELG Underground continues to deliver reserve growth and mine life extensions through successful drilling.

• Media Luna project is 94% complete and fully funded, with all major permits and utility approvals in place.