Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Q2 2025 Earnings Presentation
22 slides from Torex Gold Resources's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025 Results Conference Call
TSX | TXG OTCQX | TORXF Q2 2025 RESULTS CONFERENCE CALL August 7, 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 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 DELIVER MEDIA LUNA TO OPTIMIZE MORELOS GROW RESERVES & FULL PRODUCTION & PRODUCTION & COSTS RESOURCES BUILD EPO DISCIPLINED GROWTH & RETAIN & ATTRACT BEST INDUSTRY LEADER IN CAPITAL ALLOCATION INDUSTRY TALENT RESPO
Slide 5: Key Highlights
KEY HIGHLIGHTS Q2 production improved over Q1; however, impacted by downtime at the mill Lost-time injury frequency of 0.46 per million hours worked for both employees and contractors Payable production of 82,856 oz AuEq1 impacted by ten days of downtime at the processing plant All-in sustaining cos
Slide 6: Consistent and Reliable Producer
CONSISTENT AND RELIABLE PRODUCER 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 Produ
Slide 7: Morelos Operational Performance – Processing
MORELOS OPERATIONAL PERFORMANCE – PROCESSING Plant performance in June exceeded designed processing rates Plant throughput surpassed nameplate in June Recoveries near or at targeted rates Throughput rates in June reflective of go forward Recoveries for Au at targeted levels levels of 10,600 tpd Cu a
Slide 8: Morelos Operational Performance – Mining
MORELOS OPERATIONAL PERFORMANCE – MINING Underground mining rates advancing to plan Media Luna mine ramping up as planned ELG Underground achieving 2,800 tpd target Mining rates at Media Luna continue to ramp up Rates at ELG Underground increased after slower steadily and exceeded 5,300 tpd in June
Slide 9: Media Luna Project
MEDIA LUNA PROJECT Commercial production 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 Commercial Production First Cu Concentrate Guajes Ta
Slide 10: EPO Project
EPO PROJECT First development blast taken in May; initial production on track for late 2026 Feasibility study continued to advance in Q2: Finalization of key mine design parameters, mine sequence, and integrated mine scheduling Execution planning activities initiated, including review of operational
Slide 11: Financial Performance
FINANCIAL PERFORMANCE ANDREW SNOWDEN CFO
Slide 12: Financial Performance
FINANCIAL PERFORMANCE Sustained record gold prices support margins through lower production quarters Year-to-date AISC margin1 of 42% Elevated costs impacted margins in Q2, which are expected to return to normal levels through the back half of the year as costs improve Final expected quarter of nega
Slide 13: Impact of Stronger Metal Prices
IMPACT OF STRONGER METAL PRICES 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 impacted by str
Slide 14: Cash Flow Generation
CASH FLOW GENERATION Cash balance supported by strong gold prices and peak draw on debt facility Draw of $35M on debt facility during the quarter to support annual profit -sharing (PTU) payment and final months of elevated capex during ramp-up quarter at Media Luna Balance sheet and liquidity positi
Slide 15: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY June marks first month of positive free cash flow following completion of Media Luna Net debt1 of $127M as at June 30th Available liquidity2 of $209M at the end of Q2 Including leases, net debt is $226M Balance sheet and liquidity expected to strengthen Debt facility increa
Slide 16: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION Protection in place against FX volatility on opex; gold puts provide full upside exposure All amounts in U.S. dollars 2025 Q3 Q4 FY MXN/USD Forwards Amount (USD) M$ $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
Slide 17: Acquisitions Update
ACQUISITIONS UPDATE DAN ROLLINS SENIOR VICE PRESIDENT, CORPORATE DEVELOPMENT & INVESTOR RELATIONS
Slide 18: Building Out the Project Pipeline
BUILDING OUT THE PROJECT PIPELINE One development stage and four exploration stage projects added to portfolio Reyna Silver Small, tuck-in deal for an all-cash consideration of C$36 million Upon closing, Torex will have immediate access to four highly prospective exploration properties in Mexico and
Slide 19: Exploration & Drilling
EXPLORATION & DRILLING 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 and M
Slide 20: Questions?
QUESTIONS?
Slide 21: Unit Cost Performance
UNIT COST PERFORMANCE1,2 Ramp-up of Media Luna operations a key influencer of unit costs in Q2 Media Luna mining costs are reported post the declaration of commercial production on May 1, 2025 ELG Underground mining costs slightly lower than 2024 reflecting higher mining rate Processing costs year-t
Slide 22: TSX | TXG
TSX | TXG www.torexgold.com Dan Rollins, CFA Senior Vice President, Corporate Development and Investor Relations Email: dan.rollins@torexgold.com | Direct: 1-647-260-1503