Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Q2 2026 Earnings Presentation
18 slides from Torex Gold Resources's earnings presentation, Aug 7, 2026
Slide 1: Q2 2026 Results Conference Call
TSX | TXG OTCQX | TORXF Q2 2026 RESULTS CONFERENCE CALL August 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 ANDREW SNOWDEN PRESIDENT & CEO
Slide 4: Key Highlights
KEY HIGHLIGHTS Robust AISC margin of 46%; stronger production and costs expected in H2 Production of 96 koz AuEq1 including: 69 koz Au, 520 koz Ag, and 14 mlb Cu All-in sustaining costs2 of $2,459/oz AuEq1 sold for an all-in sustaining costs margin2 of 46% Revenue of $407M and adjusted EBITDA2 of $2
Slide 5: 2026 Guidance
2026 GUIDANCE Tracking to full-year production guidance; cost guidance revised upward 2026 Revised 2026 Q2 2026 YTD Guidance Guidance Performance Production (prior to payable deductions) Gold ("Au") oz 320,000 to 365,000 No change 142,925 Silver ("Ag") koz 2,200 to 2,500 No change 1,063 Copper ("Cu"
Slide 6: Morelos Operational Performance – Mining
MORELOS OPERATIONAL PERFORMANCE – MINING Media Luna and ELG Underground mining rates continue to exceed expectations Media Luna continues to outperform design level ELG Underground well ahead of 2,800 tpd target Media Luna mining rates continue to outperform after Expect mining rates to remain aroun
Slide 7: Morelos Operational Performance – Processing
MORELOS OPERATIONAL PERFORMANCE – PROCESSING Throughput continues to outperform design level; recoveries expected to improve in H2 Plant outperforming design level of 10,600 tpd Recoveries impacted by mine sequencing Expecting throughput to remain above design level Slight improvement in gold recove
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 complete North adit breakthrough completed in June After-tax IRR of 37.3% and after-tax NPV (5%) of $1,491M at $3,600/oz Au and $50/oz A
Slide 9: Drilling & Exploration Update
DRILLING & EXPLORATION UPDATE Accelerating drilling program to south and east of Media Luna mine Media Luna Cluster Strong potential to expand resources to the south and east of the Media Luna mine Excellent results to date support accelerated exploration program with additional 13,400 m of drilling
Slide 10: Financial Performance
FINANCIAL PERFORMANCE DAN ROLLINS CFO
Slide 11: Financial Performance
FINANCIAL PERFORMANCE Strong free cash flow generation forecast for the full year Robust quarterly AISC margin2 of 46% AISC higher quarter-over-quarter: Higher processing volumes at lower overall grades Elevated plant reagent costs in response to lower gold recovery ores Continued FX headwinds from
Slide 12: Revised Cost Guidance
REVISED COST GUIDANCE Full-year AISC guidance revised upwards, reflecting impact of internal/external factors AISC guidance increased to $2,000 - $2,100/oz AuEq from $1,750 - $1,850/oz AuEq3 Primarily due to higher plant reagent costs (consumption levels and unit pricing) and continued FX headwinds
Slide 13: Cash Flow Generation
CASH FLOW GENERATION Cash balance increased quarter-over-quarter despite significant cash outflows 2 2 2 Robust cash flow during the quarter supported: Returning $55M to shareholders through dividends ($11M) and buybacks ($44M) Annual profit-sharing payment to employees in Mexico ($39M) Refer to end
Slide 14: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY Strong balance sheet with no debt and healthy liquidity position Continuing to build cash balance to target of $200M+ Available liquidity2 of $506M at the end of Q2 No debt with $99M of lease-related obligations Liquidity expected to continue to improve with strong free cas
Slide 15: Return of Capital
RETURN OF CAPITAL $176M returned to shareholders in H1 2026, representing 50% of $350M full-year target 5 Dividend Share Buybacks Quarterly dividend increased by 7% to C$0.16/sh; 825,769 shares purchased at C$57/sh (2025) similar payout approved for Q3 3,132,783 shares purchased at ~C$68/sh (YTD 202
Slide 16: Questions?
QUESTIONS?
Slide 17: Endnotes
ENDNOTES 1. Gold equivalent ounces produced and sold include production of silver (Ag) and copper (Cu) converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. For the six months ended June 30, 2026, market prices averaged $4,693/oz gold (Au
Slide 18: TSX | TXG OTCQX | TORXF www.torexgold.com
TSX | TXG OTCQX | TORXF www.torexgold.com Laura Totan Manager, Investor Relations Email: laura.totan@torexgold.com | Direct: 1-437-293-5051