Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Investor Presentation (March 2026)
58 slides from Torex Gold Resources's investor presentation, March 2026
Slide 1: Corporate Presentation March 2026
TSX | TXG OTCQX | TORXF CORPORATE PRESENTATION March 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 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$8.0B 0.91x 12% 20% market value1 P/NAV1 FCF yield1 ROCE LTM1a Significant Size & Scale 383 koz 420 - 470 koz GUIGUI AuEq produced in 20252 AuEq production guided in 20263 BATOPILAS Large & Growing Resource Base LOS REYES
Slide 4: Robust Investment Thesis
ROBUST INVESTMENT THESIS Executing across multiple fronts to drive superior shareholder returns Bolstering returns and delivering Robust investment thesis underpinned shareholder value by strong fundamentals Enhancing and extending production profile at Attractively valued relative to peers flagship
Slide 5: Attractively Valued
ATTRACTIVELY VALUED1b Trading at a discount to peers across key metrics despite robust fundamentals Refer to endnote 1b. 5
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 Production Outlook
FIVE-YEAR PRODUCTION OUTLOOK Consistent gold equivalent production 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 $4
Slide 8: Operations and Projects
OPERATIONS AND PROJECTS
Slide 9: Morelos Complex
MORELOS COMPLEX Flagship operation is a significant producer of gold, silver, and copper Highly prospective 29,000 ha property located in prolific Guerrero Gold Belt, ~180 km from Mexico City Integrated operation with a centralized processing plant being fed by multiple underground mines Over 7.4 Mo
Slide 10: Morelos Complex
MORELOS COMPLEX Multi-mine operation with centralized processing plant producing concentrate and doré Ore Sources Processing Plant Media Luna Underground Flotation & Leach Circuits Expected to be fully ramped up in Q2 2026 Operating at steady state Capacity of 7,500 tpd Capacity of 10,600 tpd (7,052
Slide 11: Morelos – Media Luna North (formerly EPO)
MORELOS – 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
Slide 12: Los Reyes
LOS REYES Expanding footprint in Mexico with high-quality, development stage project in Sinaloa Location 43 km from Cosalá in historic mining region, proximal to major mining operations 6,250+ ha within Los Reyes claim block Infrastructure & Labour Highway from Mazatlán to Cosalá and existing road n
Slide 13: Los Reyes
LOS REYES Preliminary economic assessment (“PEA”) to be completed by mid-2026 Potential Timeline for Project Delivery Mid-2026 2027 2028 2029/2030 2031 PEA PFS Feasibility Study Construction Production On track for delivery Tentative timing, to be confirmed following completion of PFS Expect to fund
Slide 14: Financial Performance
FINANCIAL PERFORMANCE
Slide 15: 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 16: Free Cash Flow Generation
FREE CASH FLOW GENERATION Significant increase in free cash flow with completion of Media Luna in Q2 2025 $450M of free cash flow forecast at midpoint of 2026 guidance3,5 ($4,000/oz Au, $45/oz Ag, $4.90/lb Cu) Total capital expenditures of $285M to $305M guided in 20265 ($100M to $105M required to b
Slide 17: Return of Capital
RETURN OF CAPITAL Total capital of $44M returned under Phase I program during 2025 7 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) 920,345 shares purchased at ~C$71/sh (2026 YTD) Refer to en
Slide 18: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY Strong balance sheet with no debt and healthy liquidity position Debt free as of January 2026 Available liquidity5 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 19: Exploration & Drilling
EXPLORATION & DRILLING
Slide 20: 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 Metres 2026 Allocation Increased budget reflects expanded portfolio of projects following Prime Mining and Reyna Silver acquisitions Budget for M
Slide 21: Morelos Property
MORELOS PROPERTY Drilling focused on enhancing production profile and extending mine life $43M budgeted in 2026 (113,500 m of drilling) ELG Underground (36,000 m) Replacing reserves and growing resources Targeting discovery of new mineralized trends Media Luna Cluster (62,500 m) Expanding and upgrad
Slide 22: Los Reyes Project
LOS REYES PROJECT Focus in 2026 is on delivering an inaugural PEA and safely resuming drilling $18M budgeted in 2026 (20,000 m) Illustrative Open Pit and Underground Optionality Oblique View, Looking Northeast, Grid Spacing = 500m Open Resumption of drilling predicated on improved regional security
Slide 23: Early-Stage Exploration Projects
EARLY-STAGE EXPLORATION PROJECTS Focus will be primarily on drill testing key targets at Gryphon and Batopilas Gryphon & Medicine Springs (Nevada, USA) Batopilas & Guigui (Chihuahua, MX) $12M of expenditures planned in 2026 $4M of expenditures earmarked in 2026 Gryphon (7,500 m) Batopilas (5,000 m)
Slide 24: Corporate Profile
eo Torex Gold RESOURCES INC. CORPORATE PROFILE
Slide 25: Committed to Responsible Mining
COMMITTED TO 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 inciden
Slide 26: Corporate Summary
CORPORATE SUMMARY Share Price Performance1 Shareholder Data2 7.00 Other TXG GDXJ Index Resource (Active) 6.00 (Active) 10% (Indexed to January 1, 2022) Price Performance - USD 5.00 28% Resource 4.00 (Passive) 10% 3.00 Undisclosed/ Other 2.00 Retail (Passive) 41% 11% 1.00 Top 10 Shareholders2 0.00 In
Slide 27: 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; set to retire as President & CEO as of June 17, 2026 President and Chief Executive Officer Previously served as Director of Business Strategy at Vale Joined Torex in 202
Slide 28: 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 29: Market Fundamentals & Jurisdictional Context
MARKET FUNDAMENTALS & JURISDICTIONAL CONTEXT
Slide 30: Gold – A Proven, Valuable Investment
GOLD – A PROVEN, VALUABLE INVESTMENT Despite record price run through 2025, market drivers continue to support bullish outlook Proven to have strong historical returns compared to other key asset classes9 Supply insufficient to meet growing demand10 Safe haven investment Total gold demand is a recor
Slide 31: Copper & Silver
COPPER & SILVER Meaningful contributors to production over Morelos life of mine (“LOM”) COPPER SILVER (~60 Mlb annual production over LOM) (~2.3 Moz annual production over LOM) Increased value All-time high Prices rose by over 40% in 2025, marking Tightening global export restrictions have the large
Slide 32: Gold Equities vs. Physical Gold
GOLD EQUITIES VS. PHYSICAL GOLD Equities have historically lagged gold, but have gained momentum in recent rally 1 Equities offer upside through exposure to other metal price fluctuations and, at current metal prices, generate significant cash flow to enable capital returns to shareholders Refer to
Slide 33: Gold Equities vs. Physical Gold
GOLD EQUITIES VS. PHYSICAL GOLD Beyond gold price leverage, equities offer catalysts to drive strong returns 1 Media Luna achieves commercial production ELG achieves commercial production Since listing on the TSX, Torex has seen two key instances that shares significantly outperformed both gold and
Slide 34: Mining in Mexico
MINING IN MEXICO14 A critical industry for the country’s economy, contributing ~9% to industrial GDP ~$3 billion ~$15 billion 416,000 2.6 million 28% in tax contributions to per year in estimated additional direct employment indirect jobs higher salaries in mining government from mining economic val
Slide 35: Mineral Reserves & Resources
MINERAL RESERVES & RESOURCES
Slide 36: 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 37: 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 38: 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 39: 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 40: Mineral Resources – Los Reyes
MINERAL RESOURCES4a 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 27
Slide 41: 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): • $1,950
Slide 42: Appendix – Operational & Financial
APPENDIX – OPERATIONAL & FINANCIAL
Slide 43: Currency and Commodity Hedges
CURRENCY AND COMMODITY HEDGES Protection in place against foreign exchange volatility on operating costs All amounts in U.S. dollars 2026 2027 FY FY MXN/USD Forwards Amount (USD) M$ $12.0 $12.0 Average Price (MXN) MXN/USD 18.67 18.67 MXN/USD Collars Amount (USD) M$ $12.0 $9.0 Average Floor (MXN) MXN
Slide 44: 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 45: 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 46: Operating Cash Flow Seasonality
OPERATING CASH FLOW SEASONALITY Timing Differences – Mining Royalty & Corporate Income Tax Mining Tax – Government of Mexico Corporate Income Tax – Government of Mexico 8.5% of mine level EBITDA 5 plus allowable 30% of taxable income in Mexico deductions Accrued quarterly and paid monthly via instal
Slide 47: Concentrate Logistics
CONCENTRATE LOGISTICS 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 destination port warehouse b
Slide 48: Appendix – Exploration & Drilling
APPENDIX – EXPLORATION & DRILLING
Slide 49: Growing Reserves & Resources
GROWING RESERVES & RESOURCES Significant resource upside given majority of Morelos remains unexplored Leveraging Torex Exploration System to systematically advance targets from initial selection stage through to reserve definition System has been effectively deployed at Morelos and is now being expo
Slide 50: Morelos – Significant Exploration Upside Exists
MORELOS – SIGNIFICANT EXPLORATION UPSIDE EXISTS Structural corridor is key to unlocking the exploration potential of Morelos Magnetic imaging shows strong potential for additional resource upside at Morelos The north-south structural corridor is considered the main ore control of mineralization The
Slide 51: Morelos – ELG Underground
MORELOS – ELG UNDERGROUND Building on a proven track record of mine life extensions Drilling success at ELG Underground is a key driver of maintaining output at current levels Recent drilling discovered two new second order structures Parallel to the El Limón Sur and Sub-Sill trends Potentially acte
Slide 52: Morelos – ELG Underground
MORELOS – ELG UNDERGROUND New second order structures identified parallel to main trends15 Two new second order structures discovered Discovery has extended known mineralization laterally and vertically within El Limón Sur and Sub-Sill trends Highlights underlying mineralized potential of the deposi
Slide 53: Morelos – Media Luna Cluster
MORELOS – MEDIA LUNA CLUSTER Identifying potential new sources of feed on the south side of Morelos Property Media Luna & Media Luna North Focused on replacing mined reserves while expanding mineral resources Media Luna West Drilling has defined a mineralized footprint of 400 x 300 m Inaugural Infer
Slide 54: Morelos – Media Luna North (formerly EPO)
MORELOS – MEDIA LUNA NORTH (formerly EPO) Strong potential to expand resources to the north with year-end update16 Drilling continues to yield excellent results, including: 55.18 gpt AuEq over 20.1 m in ML24- 1049DA & 4.55 gpt AuEq over 15.0 m in ML24-1041D Indicates strong potential to expand resou
Slide 55: Morelos – Media Luna West
MORELOS – MEDIA LUNA WEST Working towards an initial Inferred Resource in 202615 Drilling at Media Luna West shows high-grade intercepts over different structural blocks at distinct elevations Most notably, ML25-1095D returned 17.79 gpt AuEq over 12.9 m & ML25-1088D returned 12.25 gpt AuEq over 11.0
Slide 56: Morelos – Media Luna East
MORELOS – MEDIA LUNA EAST Initial drill testing program returned excellent results15 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 and 18.28 gpt AuEq over 12.0 m Mineralizatio
Slide 57: Endnotes
ENDNOTES 1. Estimates provided by S&P Capital IQ as of February 27, 2026. a. Return on capital employed (“ROCE”) calculated as EBIT / (total assets - total current liabilities). b. Peer average multiples based on consensus estimates for Alamos Gold, Allied Gold, Aris Mining, Artemis Gold, Aura Miner
Slide 58: 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
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