Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Q1 2026 Earnings Presentation
19 slides from Torex Gold Resources's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Results Conference Call
TSX | TXG OTCQX | TORXF Q1 2026 RESULTS CONFERENCE CALL May 7, 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: Key Highlights
KEY HIGHLIGHTS Strong financial quarter with record margins and significant free cash flow Production of 101 koz AuEq1 including: 74 koz Au, 543 koz Ag, and 15 mlb Cu All-in sustaining costs2 of $1,917/oz AuEq1 sold for a record quarterly all-in sustaining costs margin2 of 60% Record quarterly reven
Slide 5: 2026 Guidance
2026 GUIDANCE On track to achieve full-year guidance with stronger production and costs forecast in H2 2026 Guidance Q1 2026 Performance Production (prior to payable deductions) Gold ("Au") oz 320,000 to 365,000 73,647 Silver ("Ag") koz 2,200 to 2,500 543.0 Copper ("Cu") mlb 60 to 65 14.9 1,3 Gold e
Slide 6: Morelos Operational Performance – Processing
MORELOS OPERATIONAL PERFORMANCE – PROCESSING Production impacted by mine-sequencing; grades/recoveries set to improve in H2 Throughput lower due to mill maintenance Recoveries lower due to mine sequencing Extended planned maintenance period and Expect to continue to mine lower grade and lower unplan
Slide 7: Morelos Operational Performance – Mining
MORELOS OPERATIONAL PERFORMANCE – MINING Mining rates outperforming at both Media Luna and ELG Underground Media Luna achieved 7,500 tpd design level ELG Underground well ahead of 2,800 tpd target Mining rates exceeded target of 7,500 tpd nine Expect mining rates to remain around this level months a
Slide 8: Projects Update
PROJECTS UPDATE Media Luna North and Los Reyes tracking to plan Media Luna North Los Reyes On track for first production in Q4 2026 Preliminary economic assessment on track for completion early July North adit breakthrough on track for mid-year Targeting combined open pit and underground Infrastruct
Slide 9: Drilling & Exploration Update
DRILLING & EXPLORATION UPDATE Excellent drilling results delivered with first quarter update Media Luna Cluster Strong potential to expand resources to the south and east of Media Luna mine Surface mapping suggests potential continuity between these areas Infill drilling supports conversion of Infer
Slide 10: Financial Performance
FINANCIAL PERFORMANCE ANDREW SNOWDEN CFO
Slide 11: Financial Performance
FINANCIAL PERFORMANCE Higher metal prices support record margins and strong free cash flow Record quarterly AISC margin2 of 60% AISC above guided range ($1,750 to $1,850/oz AuEq) given: Impact of higher than guided metal prices on royalties and profit sharing Impact of stronger Mexican peso Producti
Slide 12: Cash Flow Generation
CASH FLOW GENERATION Cash balance increased quarter-over-quarter despite significant cash outflows 2 2 2 Continue to generate exceptional cash flow, supported by high metal prices and record margins Generated $157M of free cash flow net of $165M of annual tax/royalty payments Fully repaid remaining
Slide 13: 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 14: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY Strong balance sheet with no debt and healthy liquidity position Fully repaid outstanding debt balance Available liquidity2 of $467M at the end of Q1 No debt and $101M of lease-related obligations Liquidity expected to continue to improve with strong Targeting building to a
Slide 15: Capital Allocation
CAPITAL ALLOCATION Executing across several priorities with robust cash flow generation Mine Life & Margins Growth Enhance and extend production profile at Advance and de-risk Los Reyes Morelos through drilling Demonstrate potential of early-stage Drive efficiencies while prioritizing safe explorati
Slide 16: Enhanced Return of Capital Program
ENHANCED RETURN OF CAPITAL PROGRAM Targeting $350M of total returns in 2026 5 Dividend Share Buybacks Quarterly dividend increased by 7% to C$0.16/sh 825,769 shares purchased at C$57/sh (2025) 2,141,801 shares purchased at ~C$71/sh (Q1 2026) Refer to endnote 5. 16
Slide 17: Questions?
QUESTIONS?
Slide 18: Endnotes
ENDNOTES 1. AuEq production and all-in sustaining costs for Q1 2026 is based on average market prices of $4,873/oz gold, $84.33/oz silver, and $5.83/lb copper. AuEq (oz) = Au (oz) + 1,000 * (84.33 / 4,873) x Ag (koz) + 1,000,000 x (5.83 / 4,873) x Cu (mlb). 2. These measures are non-GAAP financial m
Slide 19: Contact
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