Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Q4 2025 Earnings Presentation
29 slides from Torex Gold Resources's earnings presentation, Feb 19, 2026
Slide 1: Q4 and Full-Year 2025 Results Conference Call
TSX | TXG OTCQX | TORXF Q4 AND FULL-YEAR 2025 RESULTS CONFERENCE CALL February 19, 2026 All amounts expressed in U.S. dollars unless otherwise stated
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT NON-GAAP FINANCIAL MEASURES ARE FINANCIAL MEASURES WITH NO STANDARD MEANING UNDER IFRS ACCOUNTING STANDARDS (“IFRS”) AS ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD AND MIGHT NOT BE COMPARABLE TO SIMILAR FINANCIAL MEASURES DISCLOSED BY OTHER COMPANIES. THIS PRESENTATI
Slide 3: Key Highlights & Operational Performance
KEY HIGHLIGHTS & OPERATIONAL PERFORMANCE JODY KUZENKO PRESIDENT & CEO
Slide 4: Strategic Pillars
STRATEGIC PILLARS Strategy continues to evolve as significant milestones are achieved OPTIMIZE MORELOS DISCIPLINED GROWTH & GROW RESERVES & PRODUCTION & COSTS CAPITAL ALLOCATION RESOURCES PROJECT DELIVERY RETAIN & ATTRACT BEST INDUSTRY LEADER IN EXCELLENCE INDUSTRY TALENT RESPONSIBLE MINING 4
Slide 5: Key Highlights
KEY HIGHLIGHTS Strong close to transitional year following successful ramp up of Media Luna Payable production of 376 koz AuEq1 for 2025 including: 316 koz Au, 1,286 koz Ag, and 35 mlb Cu H2 run rate reflective of future expectations from Morelos Complex All-in sustaining costs2 of $1,783/oz AuEq1 s
Slide 6: 2026 Guidance
2026 GUIDANCE Well-positioned to deliver increased production and cash flow year-over-year 2026 Guidance Metal Prices Production (prior to payable deductions) Gold ("Au") oz 320,000 to 365,000 $4,000/oz Silver ("Ag") koz 2,200 to 2,500 $45/oz Copper ("Cu") mlb 60 to 65 $4.90/lb 3 Gold equivalent ("A
Slide 7: Five-Year Outlook
FIVE-YEAR OUTLOOK Consistent gold equivalent production from Morelos expected through at least 2030 2026 Guidance 2027 to 2030 Outlook Metal Prices Production (prior to payable deductions) Gold ("Au") oz 320,000 to 365,000 300,000 to 345,000 $4,000/oz Silver ("Ag") koz 2,200 to 2,500 2,500 to 2,800
Slide 8: Morelos Operational Performance – Processing
MORELOS OPERATIONAL PERFORMANCE – PROCESSING Processing plant ramped up and delivering to plan Throughput consistently ahead of design levels Recoveries at or above targeted rates Plant throughput consistently above design rate Following successful ramp up, recoveries have of 10,600 tpd through H2 2
Slide 9: Morelos Operational Performance – Mining
MORELOS OPERATIONAL PERFORMANCE – MINING Mining rates at both underground mines consistently delivering ahead of plan Media Luna mine steadily ramping up to design level ELG Underground well ahead of 2,800 tpd target Mining rates exceeded target of exiting 2025 at New quarterly mining record of 3,17
Slide 10: Media Luna North (formerly EPO)
MEDIA LUNA NORTH (formerly EPO) The next mine in the Media Luna Cluster is on track for first production by Q4 2026 Media Luna Reserves Completed Development (Jan. ’26) Planned Development Media Luna North North Vent Adit Haulage Tunnel (~550 m) (~1,000 m) Access Ramp Guajes Tunnel (~650 m) Feasibil
Slide 11: Los Reyes
LOS REYES Preliminary economic assessment (“PEA”) to be completed by mid-2026 Expect to fund development of Los Reyes by leveraging robust cash flow from Morelos Complex Sizeable mineral resource with substantial exploration upside across its large, underexplored land package Indicated Resources of
Slide 12: Exploration & Drilling a Key Driver of Value Creation
EXPLORATION & DRILLING A KEY DRIVER OF VALUE CREATION Record investment of $77M planned in 2026 to conduct 148,500 m of drilling 2026 Budget 2026 Drilling Plans 2026 Allocation Increased budget reflects expanded portfolio of projects following Prime Mining and Reyna Silver acquisitions Budget for Mo
Slide 13: Financial Performance
FINANCIAL PERFORMANCE ANDREW SNOWDEN CFO
Slide 14: Financial Performance
FINANCIAL PERFORMANCE Sustained higher gold prices supported robust margins and strong free cash flow Record full-year AISC margin2 of 51% Margins benefitting from strong metal prices for Au, Ag, and Cu Higher unit costs at Media Luna reflect full quarter with paste plant in operation Unit costs als
Slide 15: Cash Flow Generation
CASH FLOW GENERATION Cash balance expected to rapidly grow with exceptional cash flow generation 2 2 2 Robust free cash flow generation in H2 offset higher Media Luna expenditures in H1 Exited the year with $30M in debt; subsequently fully repaid in January Returned $44M of cash to shareholders via
Slide 16: Operating Cash Flow Seasonality
OPERATING CASH FLOW SEASONALITY Operating cash flow tends to be weakest in H1 given timing of tax, royalty and PTU payments Final payments related to royalties, profit sharing, and taxes are subject to movements in the Mexican peso relative to the U.S. dollar Cash flow from operations prior to chang
Slide 17: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY Strong balance sheet with no debt and healthy liquidity position Debt free as of January 2026 Available liquidity2 of $426M at the end of Q4 Exited 2025 with net debt of $16M including Liquidity expected to materially improve with strong $106M of lease-related obligations f
Slide 18: Capital Allocation
CAPITAL ALLOCATION Executing across several priorities with robust free cash flow generation Mine Life & Margins Growth Enhance and extend production profile Advance and de-risk Los Reyes at Morelos through drilling Demonstrate potential of early-stage Drive efficiencies while prioritizing safe expl
Slide 19: Return of Capital
RETURN OF CAPITAL Total capital of $44M returned under Phase I program during 2025 6 Sustainable Dividend Opportunistic Share Buybacks Quarterly dividend of C$0.15/sh 825,769 shares purchased at C$57/sh (2025) (inaugural payment in Q4 2025) 411,405 shares purchased at ~C$67/sh (2026 YTD) Refer to en
Slide 20: Questions?
QUESTIONS?
Slide 21: Mineral Reserves & Resources
MINERAL RESERVES & RESOURCES
Slide 22: Mineral Reserves
MINERAL RESERVES Morelos Complex – December 31, 2024 Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (Mlb) (gpt) (koz) Media Luna Underground Proven 2,834 3.14 31.0 1.01 286 2,826 63 5.18 471 Probable 21,347 2.42 24.7 0.86 1,661 16,962 404 4.14 2,840 Proven & Probable 24,180 2.50
Slide 23: Notes to Mineral Reserves
NOTES TO MINERAL RESERVES Morelos Complex – December 31, 2024 Notes to accompany the mineral reserve table Notes to accompany the Media Luna North Underground (formerly EPO) mineral reserves 1. Mineral reserves were developed in accordance with CIM (2014) guidelines. 1. Mineral reserves for Media Lu
Slide 24: Mineral Resources
MINERAL RESOURCES Morelos Complex – December 31, 2024 Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (Mlb) (gpt) (koz) Media Luna Underground Measured 2,994 3.95 40.0 1.30 380 3,855 86 6.55 630 Indicated 26,120 2.83 30.2 1.05 2,374 25,385 603 4.90 4,114 Measured & Indicated 29,1
Slide 25: Notes to Mineral Resources
NOTES TO MINERAL RESOURCES Morelos Complex – December 31, 2024 Notes to accompany the mineral resource table Notes to accompany ELG Underground mineral resources 1. Mineral resources were prepared in accordance with the CIM Definition Standards (May 2014). 1. Mineral resources for ELG Underground ar
Slide 26: Mineral Resources – Los Reyes
MINERAL RESOURCES5 Los Reyes – October 15, 2024 Tonnes Gold Grade Silver Grade Gold Contained Silver Contained (kt) (gpt) (gpt) (koz) (Moz) Open Pit - Mill Indicated 24.7 1.13 35.7 899 28.3 Inferred 7.2 0.89 42.8 207 9.9 Underground - Mill Indicated 4.1 3.02 152.4 402 20.2 Inferred 4.1 2.10 78.6 273
Slide 27: Notes to Mineral Resources
NOTES TO MINERAL RESOURCES Los Reyes – October 15, 2024 1. Open Pit Resource estimates are based on economically constrained open pits generated using the Hochbaum Pseudoflow algorithm in Datamine’s Studio NPVS and the following optimization parameters (all dollar values are in US dollars): • $1,950
Slide 28: Endnotes
ENDNOTES 1. Payable AuEq production and all-in sustaining costs for full-year 2025 is based on average annual market prices of $3,432/oz Au, $40.03/oz Ag, and $4.51/lb Cu (AuEq (oz) = Au (oz) + 1,000 * (40.03 / 3,432) x Ag (koz) + 1,000,000 x (4.51 / 3,432) x Cu (mlb)). 2. These measures are non-GAA
Slide 29: Torex Gold Resources
TSX | TXG OTCQX | TORXF www.torexgold.com Dan Rollins, CFA Senior Vice President, Corporate Development and Investor Relations Email: dan.rollins@torexgold.com | Direct: 1-647-260-1503