Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Q3 2025 Earnings Presentation
22 slides from Torex Gold Resources's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Results Conference Call
TSX | TXG OTCQX | TORXF Q3 2025 RESULTS CONFERENCE CALL November 6, 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 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: Strategic Pillars
STRATEGIC PILLARS Strategy continues to evolve as significant milestones are achieved DELIVER MEDIA LUNA TO OPTIMIZE MORELOS GROW RESERVES & FULL PRODUCTION & PRODUCTION & COSTS RESOURCES BUILD EPO DISCIPLINED GROWTH & RETAIN & ATTRACT BEST INDUSTRY LEADER IN CAPITAL ALLOCATION INDUSTRY TALENT RESPO
Slide 5: Key Highlights – Q3 2025
KEY HIGHLIGHTS – Q3 2025 Firing on all cylinders following completion of Media Luna and return to positive FCF Lost-time injury frequency of 0.42 per million hours worked for both employees and contractors Payable production of 119,034 oz AuEq1 a significant increase quarter-over-quarter (124,503 oz
Slide 6: Consistent and Reliable Producer
CONSISTENT AND RELIABLE PRODUCER 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 Guidance4,5,6 Guidance Guided Metal Prices7 Performance Gold Equivalent6 Payable Production oz A
Slide 7: Morelos Operational Performance – Processing
MORELOS OPERATIONAL PERFORMANCE – PROCESSING Processing plant delivering ahead of expectations Plant throughput consistently delivering to plan Recoveries consistently at targeted rates Plant throughput rates have been steadily above Recoveries were steadily at or above design levels 11,000 tpd over
Slide 8: Morelos Operational Performance – Mining
MORELOS OPERATIONAL PERFORMANCE – MINING On pace to achieve target of 7,500 tpd six months ahead of feasibility study schedule Media Luna mine ramping up as planned ELG Underground well ahead of 2,800 tpd target Mining rates in Media Luna continue to exceed New quarterly mining record of 2,958 tpd a
Slide 9: EPO Project
EPO PROJECT On track for first ore production by end of 2026 ~509 m of development completed as of end of October with ~1,900 m remaining to access first stope, including development for ventilation Permit to construct associated waste dump facility was approved by SEMARNAT in July Internal feasibil
Slide 10: Financial Performance
FINANCIAL PERFORMANCE ANDREW SNOWDEN CFO
Slide 11: Financial Performance
FINANCIAL PERFORMANCE Lower costs and sustained higher gold prices supported robust margins Year-to-date AISC margin2 of 47% Lower costs quarter-over-quarter drove strong all-in sustaining cost margin of 53% in Q3 Margins expected to benefit from strong gold and silver prices as well as improving un
Slide 12: Impact of Stronger Gold Price on Gold Equivalent Guidance
IMPACT OF STRONGER GOLD PRICE ON GOLD EQUIVALENT GUIDANCE Full year outlook at realized metal prices versus guidance metal prices6 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
Slide 13: Cash Flow Generation
CASH FLOW GENERATION Cash balance supported by strong operational quarter and robust metal prices With return to strong free cash flow, the Company began executing on capital allocation priorities including repaying $75M of debt and repurchasing $7M of common shares Cash balance also reflects closin
Slide 14: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY First quarter of positive free cash flow following completion of Media Luna Excluding leases, exited Q3 with net debt of $48M Available liquidity2 of $289M at the end of Q3 Net debt of $148M including leases Liquidity expected to materially improve with return $107M of cash
Slide 15: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Inaugural return of capital policy declared with return to positive free cash flow Mine Life & Margins Growth Invest in exploration to maintain Build out exploration pipeline current production levels New project development Drive efficiencies while Value-accretive M&A
Slide 16: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION Protection in place against FX volatility on opex All amounts in U.S. dollars 2025 2026 2027 Q4 FY FY MXN/USD Forwards Amount (USD) M$ $11.0 - - Average Floor (MXN) MXN/USD 21.01 - - MXN/USD Collars Amount (USD) M$ $27.0 $12.0 $9.0 Average Floor (MXN) MXN/USD 19.65 18.50 1
Slide 17: Acquisitions and Exploration Update
ACQUISITIONS AND EXPLORATION UPDATE DAN ROLLINS SENIOR VICE PRESIDENT, CORPORATE DEVELOPMENT & INVESTOR RELATIONS
Slide 18: Building Out the Project Pipeline
BUILDING OUT THE PROJECT PIPELINE One development stage and four exploration stage projects added to portfolio Reyna Silver – Closed August 20 Four highly prospective exploration properties in Mexico and Nevada Exploration work has commenced at Batopilas and Gryphon to prioritize targets for 2026 dr
Slide 19: Exploration Success at ELG Underground
EXPLORATION SUCCESS AT ELG UNDERGROUND New second order structures identified parallel to main trends Recent drilling success at El Limón Sur and Sub-Sill trends Two new second order structures were discovered running parallel to these trends, likely acting as conduits for mineralizing fluids This h
Slide 20: Questions?
QUESTIONS?
Slide 21: Endnotes
ENDNOTES 1. Gold equivalent ounces produced include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. For the three and nine months ended September 30, 2025, refer to the “Gold Equivalent Reporting” sec
Slide 22: TSX | TXG www.torexgold.com
TSX | TXG www.torexgold.com Dan Rollins, CFA Senior Vice President, Corporate Development and Investor Relations Email: dan.rollins@torexgold.com | Direct: 1-647-260-1503