Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Investor Presentation (December 2025)
54 slides from Torex Gold Resources's investor presentation, Dec 1, 2025
Slide 1: Corporate Presentation December 2025
TSX | TXG OTCQX | TORXF CORPORATE PRESENTATION December 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 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$6.4B 0.86x 20% market value1 P/NAV1 ROCE LTM1a Significant Size & Scale #1 453 koz GUIGUI gold producer in Mexico in 2024 gold produced in 2024 BATOPILAS Large & Growing Resource Base LOS REYES ~5.1 Moz ~7.4 Moz ~2.2 Moz
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Future underpinned by solid long-term fundamentals Consistent track record of delivering on Competitive cost profile providing strong production guidance margins and cash flow generation Strong balance sheet and robust free cash High-quality management team with flow generation
Slide 5: 2025 Guidance
2025 GUIDANCE Targeting low end of production and upper end of AISC guidance In millions of U.S. dollars, unless otherwise noted Q3 YTD Previous 2025 Revised 2025 Performance at Q3 YTD Guidance5,6 Guidance Guided Metal Prices7 Performance Gold Equivalent6 Payable Production oz AuEq 400,000 to 450,00
Slide 6: Sensitivity of AuEq Production and Costs
SENSITIVITY OF AUEQ PRODUCTION AND COSTS Gold price strength impacting AuEq production and pressuring costs AuEq production negatively impacted by performance of Au relative to Cu when comparing performance relative to guidance metal prices Au +28% ($3,201/oz vs $2,500/oz for guidance) Ag +25% ($35.
Slide 7: Five-Year Production Outlook
FIVE-YEAR PRODUCTION OUTLOOK Reflects robust production year-over-year due to ongoing drilling success Outlook Outlook Outlook Outlook 2022 Technical Production (koz) Actual 2022 2023 2024 202510 Report11 2022 (Au) 474 430 to 470 2023 (Au) 454 420 to 460 440 to 470 436 2024 (AuEq)8 461 385 to 425 40
Slide 8: Building Out the Project Pipeline – Prime Mining
BUILDING OUT THE PROJECT PIPELINE – PRIME MINING Acquisition of Prime Mining adds high-quality development stage project GRYPHON & 100% ownership of the Los Reyes Project in Sinaloa, Mexico MEDICINE SPRINGS Project boasts a sizeable mineral resource with substantial exploration upside across its lar
Slide 9: Building Out the Project Pipeline – Reyna Silver
BUILDING OUT THE PROJECT PIPELINE – REYNA SILVER Four exploration stage projects added to portfolio with acquisition of Reyna Silver GRYPHON & Acquisition of Reyna Silver for all-cash consideration of ~$26 million MEDICINE SPRINGS Torex gained immediate access to four highly prospective exploration
Slide 10: Strategic Pillars
STRATEGIC PILLARS Strategy continues to evolve as significant milestones are achieved DISCIPLINED GROWTH & DELIVER MEDIA LUNA TO OPTIMIZE MORELOS CAPITAL ALLOCATION FULL PRODUCTION & PRODUCTION & COSTS BUILD EPO GROW RESERVES & RETAIN & ATTRACT BEST INDUSTRY LEADER IN RESOURCES INDUSTRY TALENT RESPO
Slide 11: Disciplined Growth & Capital Allocation
DISCIPLINED GROWTH & CAPITAL ALLOCATION Inaugural return of capital policy declared with return to positive free cash flow Mine Life & Margins Growth Invest in exploration to maintain Build out exploration pipeline current production levels New project development Drive efficiencies while prioritizi
Slide 12: Disciplined Growth & Capital Allocation
DISCIPLINED GROWTH & CAPITAL ALLOCATION First quarter of significant free cash flow following completion of Media Luna Excluding leases, exited Q3 with net debt of $48M Available liquidity3 of $289M at the end of Q3 Net debt of $148M including leases Liquidity expected to materially improve with ret
Slide 13: Deliver Media Luna to Full Production & Build EPO
DELIVER MEDIA LUNA TO FULL PRODUCTION & BUILD EPO Well positioned to achieve steady-state mining rates of 7,500 tpd by mid-2026 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 Pla
Slide 14: Deliver Media Luna to Full Production & Build EPO
DELIVER MEDIA LUNA TO FULL PRODUCTION & BUILD EPO EPO on track for first ore production by end of 2026 ~600 m of development completed as of end of November with ~1,800 m remaining to access first stope, including development for ventilation Permit to construct associated waste dump facility was app
Slide 15: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Reserve case – EPO supports annual AuEq of at least 450 koz through 203013 Reserve Metal Prices: • Au: $1,500/oz • Ag: $19.00/oz • Cu: $3.50/lb Since release of Technical Report in 2022, production profile at Morelos has materially improved by: Bringing EPO into t
Slide 16: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Reserve case production profile – payable production by metal14 Reserve Metal Prices: • Au: $1,500/oz • Ag: $19.00/oz • Cu: $3.50/lb With Media Luna now online, copper makes up meaningful portion of production profile (~45-50Mlb per year) Proportion of copper prod
Slide 17: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Processing plant feed contribution by source15 Majority of production forecast to come from Media Luna, supplemented by feed from ELG Underground and future feed from EPO (late 2026) Ability to replace depletion at ELG Underground a key factor in deferring process
Slide 18: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Resource Scenario - Focus now on bolstering reserve scenario profile through drilling16 Reserve Metal Prices: • Au: $1,500/oz • Ag: $19.00/oz • Cu: $3.50/lb Potential to maintain annual production of 450 to 500 koz AuEq through at least 2033 by bringing Inferred R
Slide 19: Grow Reserves & Resources
GROW RESERVES & RESOURCES Increased 2025 exploration and drilling budget by 50% year-over-year $45M to be spent on drilling/exploration at Morelos $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 S
Slide 20: Grow Reserves & Resources
GROW RESERVES & RESOURCES Significant resource upside given majority of Morelos remains unexplored Near-term focus Expanding and upgrading reserves and resources at Media Luna, ELG Underground, and EPO Drill testing targets within Media Luna Cluster Medium-term focus Identifying, defining, and drill
Slide 21: Grow Reserves & Resources
GROW RESERVES & RESOURCES Structural corridor is key to unlocking the exploration potential of Morelos The north-south structural corridor is considered the main ore control of mineralization The main ore bodies and mineralization clusters of Media Luna and ELG occur at the intersection of the main
Slide 22: Retain & Attract Best Industry Talent
RETAIN & ATTRACT BEST INDUSTRY TALENT People as a strategic differentiator Invest in the growth and development of our Total Employment people Maintain Torex culture as growth occurs Systems Leadership as the foundation to create a workplace where people willingly give their best Continue to work wi
Slide 23: Industry Leader in Responsible Mining
INDUSTRY LEADER IN 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 i
Slide 24: Relative Valuation
RELATIVE VALUATION1b TXG shares are attractively valued compared to peers on near-term consensus metrics Refer to endnote 1b. 24
Slide 25: Robust Plan to Increase Shareholder Value
ROBUST PLAN TO INCREASE SHAREHOLDER VALUE Re-rating expected with Media Luna ramp up and return to strong free cash flow Near-term Value Creation Successfully ramp-up Media Luna to 7,500 tpd Deliver PEA for Los Reyes by mid-2026 by mid-2026 Bring EPO into production by late 2026 and Execution of ini
Slide 26: Appendix – Supplemental Information on Strategic Pillars
APPENDIX – SUPPLEMENTAL INFORMATION ON STRATEGIC PILLARS
Slide 27: Corporate Strategy
CORPORATE STRATEGY Executing on Strategic Pillars expected to generate long-term value DISCIPLINED GROWTH & DELIVER MEDIA LUNA TO FULL OPTIMIZE MORELOS CAPITAL ALLOCATION PRODUCTION & BUILD EPO PRODUCTION & COSTS Maintain a strong balance sheet to support the Bring Media Luna into production on sche
Slide 28: Currency and Commodity Hedges
CURRENCY AND COMMODITY HEDGES Protection in place against foreign exchange volatility on opex All amounts in U.S. dollars 2025 2026 2027 Q4 FY FY MXN/USD Forwards Amount (USD) M$ $11.0 - - Average Floor (MXN) MXN/USD 21.01 - - MXN/USD Collars Amount (USD) M$ $27.0 $12.0 $9.0 Average Floor (MXN) MXN/
Slide 29: 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 30: 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 31: 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 EBITDA3 plus allowable 30% of taxable income in Mexico deductions Accrued quarterly and paid monthly via Accrued
Slide 32: Sales and Logistics Process for Copper Concentrate
DELIVER MEDIA LUNA TO FULL PRODUCTION & BUILD EPO 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
Slide 33: Optimize Morelos Production & Costs
OPTIMIZE MORELOS PRODUCTION & COSTS Key focus is on increasing mine life and boosting output from ELG Underground ELG Underground has been a key source of Mining rates have consistently increased over past reserve growth since 201918 few years and are now well above 2,000 tpd19 Refer to endnotes 18
Slide 34: ELG Underground – Mine Life Extensions
GROW RESERVES & RESOURCES ELG Underground – Building on a proven track record of mine life extensions20 Current mine life at ELG Underground extends through early 2029 Drilling has been successful in offsetting depletion to continuously extend mine life year after year 2025’s drilling program contin
Slide 35: ELG Underground – New Second Order Structures
GROW RESERVES & RESOURCES ELG Underground – New second order structures identified parallel to main trends20 Recent drilling has been focused on El Limón Sur and Sub-Sill trends Two new second order structures were discovered running parallel to these trends, likely acting as conduits for mineralizi
Slide 36: EPO – Upgrading and Expanding Mineral Resources
GROW RESERVES & RESOURCES EPO – Focus remains on upgrading and expanding mineral resources21 2025 drilling program builds off success in 2024 wherein ~233 koz AuEq were added to Inferred Resources, primarily A' from drilling in the north Drilling continues to yield excellent results, including 55.18
Slide 37: EPO – Potential to Expand Resources to the North
GROW RESERVES & RESOURCES EPO – Strong potential to expand resources to the north with year-end update21 Follow-up drilling building on the success of the 2024 program confirmed a mineralized vertical column of at least 100 m Indicates strong potential to expand resources north of EPO and upgrade In
Slide 38: Media Luna East and West – Targeting New Zones
GROW RESERVES & RESOURCES Media Luna East and West – Targeting new zones outside of EPO and Media Luna20 Excellent drilling results returned from Media Luna West and initial drill testing program at Media Luna East Drilling at Media Luna West has defined a mineralized footprint of 400 x 300 m, suppo
Slide 39: Media Luna West – Initial Inferred Resource in 2026
GROW RESERVES & RESOURCES Media Luna West – Working towards an initial Inferred Resource in 202620 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 and ML25- 1088D returned 12.
Slide 40: Media Luna East – Initial Drill Testing Results
GROW RESERVES & RESOURCES Media Luna East – Initial drill testing program returned excellent results20 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 with a gold grade of 18.8
Slide 41: Responsible Gold Mining
RESPONSIBLE GOLD MINING Key highlights from 2024 Achieved full conformance with the World Gold Council Responsible Gold Mining Principles (RGMPs) and the International Cyanide Management Code (ICMC) Zero reportable environmental incidents or spills 99% employees from Mexico with 67% from Guerrero St
Slide 42: Appendix – Corporate Information
APPENDIX – CORPORATE INFORMATION
Slide 43: Corporate Summary
CORPORATE SUMMARY Share Price Performance1 Shareholder Data2 5.00 Other 4.50 Resource (Active) (Active) 10% (Indexed to January 1, 2022) 4.00 Price Performance - USD 28% 3.50 Resource 3.00 (Passive) 9% 2.50 2.00 Undisclosed/ Other 1.50 Retail (Passive) 42% 11% 1.00 0.50 TXG GDXJ Index Top 10 Shareho
Slide 44: 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 President and Chief Executive Officer Previously served as Director of Business Strategy at Vale ANDREW SNOWDEN CPA, CA Joined Torex in 2021 20+ Chief Financial Officer P
Slide 45: 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 46: Appendix – Mineral Reserves & Resources
APPENDIX – MINERAL RESERVES & RESOURCES
Slide 47: Mineral Reserves
MINERAL RESERVES Morelos Complex - Year-end 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 25.
Slide 48: Notes to Mineral Reserves
NOTES TO MINERAL RESERVES Morelos Complex - Year-end 2024 Notes to accompany the mineral reserve table Notes to accompany the EPO Underground mineral reserves 1. Mineral reserves were developed in accordance with CIM (2014) guidelines. 1. Mineral reserves for EPO Underground have an effective date o
Slide 49: Mineral Resources
MINERAL RESOURCES Morelos Complex - Year-end 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 29,114 2
Slide 50: Notes to Mineral Resources
NOTES TO MINERAL RESOURCES Morelos Complex - Year-end 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 are re
Slide 51: Mineral Resources – Los Reyes
MINERAL RESOURCES22 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 52: Notes to Mineral Resources – Los Reyes
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 53: Endnotes
ENDNOTES 1. Estimates provided by S&P Capital IQ as of November 30, 2025. 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 54: 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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