Torex Gold Resources (TXG) Investor presentation summary

Project overview and location

• Los Reyes is a gold and silver project in Sinaloa, Mexico, covering over 6,250 ha and located 43 km from Cosalá in a historic mining region.

• The project leverages a decade of operational experience and strong community relations from Morelos.

• Robust security protocols and experienced mining talent are being transferred to Los Reyes.

Economic highlights

• Estimated after-tax IRR of 37% and after-tax NPV of $1.5B at $3,600/oz gold and $50/oz silver.

• Payback period is projected at 1.9 years with a 14.4-year mine life.

• Average annual production of 161 koz AuEq for the first 11 years, and 134 koz AuEq over the full mine life.

Financial and operating metrics

• Life of mine AISC margin forecast at 56% at consensus metal prices.

• AISC averages $1,617/oz AuEq sold, with total cash costs at $1,299/oz AuEq sold.

• Strong balance sheet with no debt and $467M liquidity at Q1 2026; targeting a minimum $200M cash balance.