Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Investor Presentation (May 2026)
53 slides from Torex Gold Resources's investor presentation, May 2026
Slide 1: Corporate Presentation
TSX | TXG OTCQX | TORXF CORPORATE PRESENTATION May 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$5.6B 0.62x 18% 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 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 3 Gold equ
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 7.3 Moz AuE
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 (7,578
Slide 11: Morelos – Media Luna North
MORELOS – MEDIA LUNA NORTH (formerly EPO) The next mine in the Media Luna Cluster is on track for first production in Q4 2026 Media Luna Reserves Completed Development (Mar. ’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”) on track for completion mid-year 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 PEA to ev
Slide 14: Financial Performance
FINANCIAL PERFORMANCE
Slide 15: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY Strong balance sheet with no debt and healthy liquidity position Fully repaid outstanding debt balance Available liquidity5 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 16: Capital Allocation
CAPITAL ALLOCATION Executing across several priorities with robust 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 explorati
Slide 17: Return of Capital
RETURN OF CAPITAL Targeting $350M of total returns in 2026 7 6 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 6. 17
Slide 18: Exploration & Drilling
EXPLORATION & DRILLING
Slide 19: Exploration & Drilling
EXPLORATION & DRILLING 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 Morelos Complex similar to $47M
Slide 20: 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 21: 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 22: 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 Two years of mine life added through drilling in 2025 – now extending through 2031 Continued discovery of new mineralized st
Slide 23: Morelos – Media Luna Cluster
MORELOS – MEDIA LUNA CLUSTER Targeting to grow resources on the south side of Morelos Property Media Luna Focused on replacing mined reserves while expanding mineral resources Strong potential to expand resources to the south and east of the mine Media Luna North Drilling targeting to upgrade Inferr
Slide 24: 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 25: 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 $4M of expenditures earmarked in 2026 Gryphon (7,500 m) Batopilas (5,000 m)
Slide 26: Corporate Profile
eo Torex Gold RESOURCES INC. CORPORATE PROFILE
Slide 27: Corporate Summary
CORPORATE SUMMARY Share Price Performance1 Shareholder Data2 7.00 Other TXG GDXJ Index Resource (Active) 6.00 (Active) 10% (Indexed to January 1, 2022) Price Performance - USD 5.00 28% Resource 4.00 (Passive) 10% 3.00 Undisclosed/ Other 2.00 Retail (Passive) 41% 11% 1.00 Top 10 Shareholders2 0.00 In
Slide 28: Committed to Responsible Mining
COMMITTED TO RESPONSIBLE MINING Delivering value to shareholders while making a positive difference in society Excellent environmental performance Strong governance & diversity focus ZERO ICMC Board Executive Team reportable environmental achieved full certification All Independent Directors inciden
Slide 29: Management Team
MANAGEMENT TEAM Years of Name Experience Experience Joined Torex in 2018 as COO JODY KUZENKO LLB, ICD.D 25+ Appointed CEO in 2020; set to retire as President & CEO as of June 17, 2026 President and Chief Executive Officer Previously served as Director of Business Strategy at Vale Joined Torex in 202
Slide 30: Board of Directors
BOARD OF DIRECTORS Years of Name Experience Experience RICK HOWES P.Eng. Board member since 2020 40+ Chair of the Board Seasoned senior mining executive with over 40 years of experience in the mining industry Director and CEO since 2020 JODY KUZENKO LLB, ICD.D 25+ Joined Torex in 2018 as COO Preside
Slide 31: Appendix – Financials
Torex Gold RESOURCES INC. APPENDIX — FINANCIALS
Slide 32: Currency and Commodity Hedges
CURRENCY AND COMMODITY HEDGES Protection in place against foreign exchange volatility on operating costs All amounts in U.S. dollars 2026 2027 FY FY MXN/USD Forwards Amount (USD) M$ $75.0 $52.0 Average Price (MXN) USD/MXN 18.23 18.42 MXN/USD Collars Amount (USD) M$ $9.0 $9.0 Average Floor (MXN) USD/
Slide 33: 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 34: 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 35: 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 36: Appendix – Exploration & Drilling
APPENDIX – EXPLORATION & DRILLING
Slide 37: 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 38: Morelos – ELG Underground
MORELOS – ELG UNDERGROUND8 Continuing to identify second order structures identified parallel to main trends Multiple mineralized structures discovered to be running parallel to main El Limón Sur trend Mineralization has been confirmed to extend to a depth of 700 metres above sea level and remains o
Slide 39: Morelos – ELG Underground
MORELOS – ELG UNDERGROUND8 Drilling results support potential for resource growth with year-end resource update Drilling at Sub-Sill and El Limón West trends continues to encounter mineralization beyond boundary of defined resources At El Limón West trend, follow-up drilling encountered 7.13 gpt AuE
Slide 40: Morelos – Media Luna Cluster
MORELOS – MEDIA LUNA CLUSTER8 Strong potential to expand resources to the south and east of Media Luna Drilling to the south of the mine returned notable intercepts including 16.74 gpt AuEq over 15.7 m in drill hole MLLI-048 Continuous mineralization was encountered east of the mine, as shown MLE26-
Slide 41: Appendix: Market Commentary
APPENDIX: MARKET COMMENTARY
Slide 42: 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 43: 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 44: 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 45: Gold Equities vs. Physical Gold
GOLD EQUITIES VS. PHYSICAL GOLD Beyond gold price leverage, equities offer catalysts to drive strong returns 1 Since listing on the TSX, Torex has seen two key instances that shares significantly outperformed both gold and the GDX/GDXJ, both centred around delivering large capital projects Refer to
Slide 46: 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 47: Mineral Reserves & Resources
MINERAL RESERVES & RESOURCES
Slide 48: Mineral Reserves
MINERAL RESERVES December 31, 2025 Property Deposit Reserve Category Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (mlb) (gpt) (koz) Morelos Media Luna Proven 7,396 2.93 25.7 0.82 696 6,106 134 4.60 1,095 Underground Probable 15,210 2.41 21.9 0.82 1,178 10,719 273 4.02 1,968 Pr
Slide 49: Notes to Mineral Reserves
NOTES TO MINERAL RESERVES December 31, 2025 Notes to accompany the mineral reserve table: Morelos – ELG Underground: 1. Mineral reserves were developed in accordance with CIM (2019) guidelines. 1. Mineral reserves are reported above an in-situ ore cut-off grade of 2.8 gpt AuEq and an in-situ increme
Slide 50: Mineral Resources
MINERAL RESOURCES December 31, 2025 Property Deposit Resource Category Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (mlb) (gpt) (koz) Morelos Media Luna Measured 9,618 3.03 28.2 0.92 936 8,728 196 4.88 1,508 Underground Indicated 24,070 2.33 23.5 0.87 1,800 18,165 461 4.03 3,1
Slide 51: Notes to Mineral Resources
NOTES TO MINERAL RESOURCES December 31, 2025 Notes to accompany the mineral resource table: 3. Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu. 1. Mineral resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and 4. The datas
Slide 52: Endnotes
ENDNOTES 1. Estimates provided by S&P Capital IQ as of May 6, 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 Minerals, B
Slide 53: TSX | TXG OTCQX | TORXF
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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