Torex Gold Resources (TXG) Investor update presentation summary

Strategic pillars and growth initiatives

• Focus on ramping up Media Luna to full production and bringing EPO online by late 2026 to sustain and grow output.

• Disciplined capital allocation, maintaining a strong balance sheet, and pursuing value-accretive M&A.

• Targeting annual production of over 450 koz AuEq for the next decade, with ambitions to exceed 500 koz AuEq and extend mine life to 20 years.

• Emphasis on talent development, succession planning, and maintaining a strong corporate culture.

• Commitment to industry-leading ESG practices, safety, and achieving 2030 GHG reduction targets.

Operational and financial performance

• 2025 guidance: 400,000–450,000 oz AuEq production, AISC of $1,400–$1,600/oz, and capital expenditures of $175–$195M.

• Production expected to increase through 2025 as Media Luna ramps up, with AISC peaking in Q2 and declining in H2.

• Five-year outlook supports robust production, with annual output of at least 450,000 oz AuEq through 2030 and 422,000 oz AuEq through 2035.

• Media Luna and EPO will drive higher copper and silver output, with copper forecast at 45–50Mlb/year.

• Net debt of $89M at Q1 2025, with available liquidity of $198M; free cash flow generation expected mid-year.

Project development and optimization

• Media Luna ramp-up ahead of schedule, targeting 7,500 tpd by mid-2026; all 2025 stopes drilled off and development rates above budget.

• EPO project leverages Media Luna infrastructure, with $81.5M upfront capex and first production expected late 2026.

• Cost optimization initiatives include contractor spend review, process plant reagent optimization, and logistics improvements.

• Business Process Framework implemented to enhance operational clarity, reduce variation, and improve cost efficiency.