Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Investor Presentation (October 2025)
54 slides from Torex Gold Resources's investor presentation, Oct 10, 2025
Slide 1: Corporate Presentation
TSX | TXG OTCQX | TORXF CORPORATE PRESENTATION October 2025 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 International Financial Reporting Standards (“IFRS”) as issued by the international accounting standards board and might not be comparable to similar financial measures disclosed by other companie
Slide 3: Torex Overview
TOREX OVERVIEW GRYPHON & Intermediate Gold & Copper Producer MEDICINE SPRINGS C$5.4B 0.88x 17% market value1 P/NAV1 ROCE LTM1 Significant Size & Scale #1 453 koz GUIGUI gold producer in Mexico in 2024 gold produced in 2024 BATOPILAS LOS REYES Large & Growing Resource Base ~5.1 Moz ~7.4 Moz ~2.2 Moz
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Future underpinned by solid long-term fundamentals Consistent track record of delivering on Competitive cost profile providing strong production guidance margins and cash flow generation Strong balance sheet and forecast robust High-quality management team with free cash flow f
Slide 5: 2025 Guidance
2025 GUIDANCE On track to achieve low end of production guidance and upper end of AISC guidance In millions of U.S. dollars, unless otherwise noted Q2 YTD Performance at 2025 Updated 2025 Guidance Metal Q2 YTD Guidance1,2 Guidance Prices3 Performance Gold Equivalent2 Payable Production oz AuEq 400,0
Slide 6: Five-Year Production Outlook
FIVE-YEAR PRODUCTION OUTLOOK Reflects robust production year-over-year due to ongoing drilling success Outlook Outlook Outlook Outlook 2022 Technical Production (koz) Actual 2022 2023 2024 20253 Report4 2022 (Au) 474 430 to 470 2023 (Au) 454 420 to 460 440 to 470 436 2024 (AuEq)1 461 385 to 425 400
Slide 7: Building Out the Project Pipeline – Prime Mining
BUILDING OUT THE PROJECT PIPELINE – PRIME MINING Proposed acquisition of Prime Mining adds high-quality development stage project GRYPHON & Proposed acquisition of Prime Mining would result in ownership of MEDICINE SPRINGS the development stage Los Reyes Project in Sinaloa, Mexico All-share transact
Slide 8: Building Out the Project Pipeline – Reyna Silver
BUILDING OUT THE PROJECT PIPELINE – REYNA SILVER Four exploration stage projects added to portfolio with acquisition of Reyna Silver GRYPHON & Acquisition of Reyna Silver for all-cash consideration of ~$26 million MEDICINE SPRINGS Torex gained immediate access to four highly prospective exploration
Slide 9: Strategic Pillars
STRATEGIC PILLARS Strategy continues to evolve as significant milestones are achieved DISCIPLINED GROWTH & DELIVER MEDIA LUNA TO OPTIMIZE MORELOS CAPITAL ALLOCATION FULL PRODUCTION & PRODUCTION & COSTS BUILD EPO GROW RESERVES & RETAIN & ATTRACT BEST INDUSTRY LEADER IN RESOURCES INDUSTRY TALENT RESPO
Slide 10: Disciplined Growth & Capital Allocation
DISCIPLINED GROWTH & CAPITAL ALLOCATION Four key areas to deploy expected strong free cash flow generation Mine Life & Margins Growth Invest in exploration to maintain Build out exploration pipeline current production levels New project development Drive efficiencies while prioritizing safe operatio
Slide 11: Disciplined Growth & Capital Allocation
DISCIPLINED GROWTH & CAPITAL ALLOCATION June marked first month of positive free cash flow post-Media Luna build Net debt1 of $127M as at June 30th Available liquidity1 of $209M at the end of Q2 Including leases, net debt is $226M Balance sheet and liquidity expected to strengthen Debt facility incr
Slide 12: Deliver Media Luna to Full Production & Build EPO
DELIVER MEDIA LUNA TO FULL PRODUCTION & BUILD EPO Commercial production at Media Luna declared on May 1st Deliverable 2025 2026 2027 Q1 Q2 Q3 Q4 H1 H2 H1 H2 Media Luna Underground (Mining Rate) Guajes Tunnel Conveyor 5,000 tpd 6,000 tpd 6,500 tpd 7,500 tpd Process/Flotation Plant Paste Plant Guajes
Slide 13: Deliver Media Luna to Full Production & Build EPO
DELIVER MEDIA LUNA TO FULL PRODUCTION & BUILD EPO Mine development moving ahead well; feasibility study continues to advance in Q3 ~450 m of development completed as of end of September with ~2,100 m remaining to access first stope, including development for ventilation Finalizing key mine design pa
Slide 14: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Reserve case – EPO supports annual AuEq of at least 450 koz through 2030 1 2 Since the Technical Report released in 2022, the production profile3 at Morelos has materially improved by: Bringing EPO into the mine plan by late 2026 Extending mine life and increasing
Slide 15: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Reserve case production profile – payable production by metal1,2 With Media Luna now online, copper makes up meaningful portion of production profile (~45-50Mlb per year) Proportion of copper production forecast to increase through 2027 with ramp-up of Media Luna
Slide 16: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Processing plant feed contribution by source1 Majority of production forecast to come from Media Luna, supplemented by feed from ELG Underground and future feed from EPO (late 2026) Ability to replace depletion at ELG Underground a key factor in deferring processi
Slide 17: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Resource Scenario - Focus now on bolstering reserve scenario profile through drilling 1 1 2 Potential to maintain annual production of 450 to 500 koz AuEq through at least 2033 by bringing Inferred Resources into the mine plan Building on the track record of resou
Slide 18: Grow Reserves & Resources
GROW RESERVES & RESOURCES Increased 2025 exploration and drilling budget by 50% year-over-year Drilling/exploration budget of $45M in 2025 $26M at Media Luna Cluster (66,500 m) Infill and expansionary drilling at EPO Advanced exploration at Media Luna West Inaugural drill programs at Todos Santos an
Slide 19: Grow Reserves & Resources
GROW RESERVES & RESOURCES Significant resource upside given the majority of Morelos remains unexplored Near-term focus Expanding and upgrading reserves and resources at Media Luna, ELG Underground, and EPO Drill testing targets within Media Luna Cluster Medium-term focus Identifying, defining, and d
Slide 20: Grow Reserves & Resources
GROW RESERVES & RESOURCES Structural corridor is key to unlocking the exploration potential of Morelos The north-south structural corridor is considered the main ore control of mineralization The main ore bodies and mineralization clusters of Media Luna and ELG occur at the intersection of the main
Slide 21: Retain & Attract Best Industry Talent
RETAIN & ATTRACT BEST INDUSTRY TALENT People as a strategic differentiator Invest in the growth and development of our Total Employment people Maintain Torex culture as growth occurs Systems Leadership as the foundation to create a workplace where people willingly give their best Continue to work wi
Slide 22: Industry Leader in Responsible Mining
INDUSTRY LEADER IN RESPONSIBLE MINING Delivering value to shareholders while making a positive difference in society Excellent environmental performance Strong governance & diversity focus ZERO ICMC Board Executive Team reportable environmental achieved full certification All Independent Directors i
Slide 23: Relative Valuation
RELATIVE VALUATION1,2 TXG shares are attractively valued compared to peers on near-term consensus metrics 1) Peer average multiples based on consensus estimates for Alamos Gold, Allied Gold, Aris Mining, Artemis Gold, B2Gold, Calibre, Centerra Gold, Coeur Mining, Dundee Precious Metals, Eldorado Gol
Slide 24: Robust Plan to Increase Shareholder Value
ROBUST PLAN TO INCREASE SHAREHOLDER VALUE Re-rating expected with Media Luna ramp up and return to strong free cash flow Near-term Value Creation Return of capital to shareholders - share Successfully ramp-up Media Luna to 7,500 tpd buybacks commenced in Q3, expected to be by mid-2026 complemented b
Slide 25: Appendix – Supplemental Information on Strategic Pillars
APPENDIX – SUPPLEMENTAL INFORMATION ON STRATEGIC PILLARS
Slide 26: Corporate Strategy
CORPORATE STRATEGY Executing on Strategic Pillars expected to generate long-term value DISCIPLINED GROWTH & DELIVER MEDIA LUNA TO FULL OPTIMIZE MORELOS CAPITAL ALLOCATION PRODUCTION & BUILD EPO PRODUCTION & COSTS Maintain a strong balance sheet to support the Bring Media Luna into production on sche
Slide 27: Disciplined Growth & Capital Allocation
DISCIPLINED GROWTH & CAPITAL ALLOCATION Full-year outlook at realized metal prices versus guidance metal prices AuEq production/sales influenced by performance of Au, Cu, and Ag price relative to prices used in setting full year production and cost guidance Year-to-date production negatively impacte
Slide 28: Disciplined Growth & Capital Allocation
DISCIPLINED GROWTH & CAPITAL ALLOCATION FX collars provide protection against swings in MXN on opex in 2025 All amounts in U.S. dollars 2025 Q3 Q4 FY MXN/USD Forwards Amount (USD) M$ $11.0 $11.0 $22.0 Average Floor (MXN) MXN/USD 21.01 21.01 21.01 MXN/USD Collars Amount (USD) M$ $23.0 $27.0 $50.0 Ave
Slide 29: 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 30: Operating Cash Flow Seasonality
OPERATING CASH FLOW SEASONALITY Timing Differences – Royalties & Profit Sharing Royalty – Mexican Geological Survey Profit Sharing – Employees 2.5% of gross revenue Mandated by Government of Mexico Accrued quarterly and paid the following quarter Accrued quarterly and paid annually in Q2 of the Reco
Slide 31: Operating Cash Flow Seasonality
OPERATING CASH FLOW SEASONALITY Timing Differences – Mining Royalty & Corporate Income Tax Mining Royalty – Government of Mexico Corporate Income Tax – Government of Mexico 8.5% of mine level EBITDA1 plus allowable 30% of taxable income in Mexico deductions Accrued quarterly and paid monthly via Acc
Slide 32: Deliver Media Luna to Full Production & Build EPO
DELIVER MEDIA LUNA TO FULL PRODUCTION & BUILD EPO Sales and logistics process for copper concentrate Material Flow Production Trucking Warehouse Loading Departure Port Shipping Destination Port Smelter (Manzanillo) (Manzanillo) (varies) 2-day transit 1-2 month transit Accumulate 5-10kt parcel at to
Slide 33: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Key focus is on increasing mine life and boosting output from ELG Underground ELG Underground has been a key source of Mining rates have consistently increased over past reserve growth since 2019 few years and are now above 2,000 tpd 1) Please refer to slide 50 fo
Slide 34: Grow Reserves & Resources
GROW RESERVES & RESOURCES Investment in drilling has materially increased over the last five years Drilling & exploration became a key strategic pillar for Torex in 2021 (“Grow reserves and resources”) $33M on average invested between 2021 and 2025 (budgeted) Represents a 133% increase in investment
Slide 35: Grow Reserves & Resources
GROW RESERVES & RESOURCES ELG Underground – Building on a proven track record of mine life extensions Current mine life at ELG Underground extends through early 2029 Drilling has been successful in offsetting depletion to continuously extend mine life year after year 2025’s drilling program continue
Slide 36: Grow Reserves & Resources
GROW RESERVES & RESOURCES ELG Underground – New second order structures identified parallel to main trends Recent drilling has been focused on El Limón Sur and Sub-Sill trends Two new second order structures were discovered running parallel to these trends, likely acting as conduits for mineralizing
Slide 37: Grow Reserves & Resources
GROW RESERVES & RESOURCES EPO – Focus remains on upgrading and expanding mineral resources 2025 drilling program builds off success in 2024 wherein ~233 koz AuEq were added to Inferred Resources, primarily A' from drilling in the north Drilling continues to yield excellent results, including 55.18 g
Slide 38: Grow Reserves & Resources
GROW RESERVES & RESOURCES EPO – Strong potential to expand resources to the north with year-end update Follow-up drilling building on the success of the 2024 program confirmed a mineralized vertical column of at least 100 m Indicates strong potential to expand resources north of EPO and upgrade Infe
Slide 39: Grow Reserves & Resources
GROW RESERVES & RESOURCES Media Luna Cluster – Outstanding resource potential on south side of Morelos Property Excellent drilling results returned from Media Luna West and initial drill testing program at Media Luna East Drilling at Media Luna West is focused on refining limits of mineralization ta
Slide 40: Grow Reserves & Resources
GROW RESERVES & RESOURCES Media Luna West – Working towards an initial Inferred Resource in 2026 Drilling at Media Luna West shows high-grade intercepts over different structural blocks at distinct elevations Most notably, ML24-1043DB returned 13.40 gpt AuEq over 28.4 m, including 22.73 gpt AuEq ove
Slide 41: Grow Reserves & Resources
GROW RESERVES & RESOURCES Media Luna East – Initial drill testing program returned excellent results Initial drill testing program at Media Luna East returned high- grade intercepts over different structural blocks Most notably, MLE-003 returned 28.12 gpt AuEq over 18.3 m with a gold grade of 18.84
Slide 42: Responsible Gold Mining
RESPONSIBLE GOLD MINING Key highlights from 2024 Achieved full conformance with the World Gold Council Responsible Gold Mining Principles (RGMPs) and the International Cyanide Management Code (ICMC) Zero reportable environmental incidents or spills 99% employees from Mexico with 67% from Guerrero St
Slide 43: Appendix – Corporate Information
APPENDIX – CORPORATE INFORMATION
Slide 44: Corporate Summary
CORPORATE SUMMARY Share Price Performance1 Shareholder Data2 5.00 Other 4.50 (Active) Resource Resource 10% (Indexed to January 1, 2022) 4.00 (Passive) (Active) Price Performance - USD 3.50 9% 28% Other 3.00 (Passive) 2.50 11% 2.00 Undisclosed/ 1.50 Retail 1.00 42% 0.50 TXG GDXJ Index Top 10 Shareho
Slide 45: Production Guidance
PRODUCTION GUIDANCE1 Consistent track record of delivering on full year production guidance 1) Guidance Notes: (i) Production guidance in 2018 provided with Q1 financial results in May 2018 with restart of operations following five-month blockade which started in November 2017; (ii) Production guida
Slide 46: All-In Sustaining Costs Guidance
ALL-IN SUSTAINING COSTS GUIDANCE1,2 Achieved original AISC guidance in six of past seven years 1) For more information on operational and financial results, including information on non-GAAP measures (such as AISC), please refer to relevant section of the latest MD&A described in more detail on slid
Slide 47: Management Team
MANAGEMENT TEAM Years of Name Experience Experience Joined Torex in 2018 as COO JODY KUZENKO LLB, ICD.D 25+ Appointed CEO in 2020 President and Chief Executive Officer Previously served as Director of Business Strategy at Vale ANDREW SNOWDEN CPA, CA Joined Torex in 2021 20+ Chief Financial Officer P
Slide 48: Board of Directors
BOARD OF DIRECTORS Years of Name Experience Experience RICK HOWES P.Eng. Board member since 2020 40+ Chair of the Board Seasoned senior mining executive with over 40 years of experience in the mining industry Director and CEO since 2020 JODY KUZENKO LLB, ICD.D 25+ Joined Torex in 2018 as COO Preside
Slide 49: Appendix – Mineral Reserves & Resources
APPENDIX – MINERAL RESERVES & RESOURCES
Slide 50: Mineral Reserves
MINERAL RESERVES1 Morelos Complex - Year-end 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 25
Slide 51: Notes to Mineral Reserves
NOTES TO MINERAL RESERVES Morelos Complex - Year-end 2024 Notes to accompany the mineral reserve table Notes to accompany the EPO Underground mineral reserves 1. Mineral reserves were developed in accordance with CIM (2014) guidelines. 1. Mineral reserves for EPO Underground have an effective date o
Slide 52: Mineral Resources
MINERAL RESOURCES1 Morelos Complex - Year-end 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 29,114
Slide 53: Notes to Mineral Resources
NOTES TO MINERAL RESOURCES Morelos Complex - Year-end 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 are re
Slide 54: TSX | TXG OTCQX | TORXF www.torexgold.com
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
Torex Gold Resources — Investor Presentation (October 2025) on 6ix