Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Investor Day (June 2025)
87 slides from Torex Gold Resources's investor day presentation, Jun 2, 2025
Slide 1: Morelos Complex Site Visit
TSX | TXG MORELOS COMPLEX SITE VISIT June 2-3, 2025 All amounts expressed in U.S. dollars unless otherwise stated
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Total cash costs per ounce of gold sold (“TCC”), all-in sustaining costs (“AISC”), sustaining and non-sustaining costs, average realized price, total cash cost margin, AISC margin, AISC margin per ounce of gold sold, adjusted net earnings, adjusted net earnings per share, earni
Slide 3: Agenda – Morelos Complex Site Visit
AGENDA – MORELOS COMPLEX SITE VISIT Pre-Tour Presentation Process Plant & Surface Facilities Company Overview Lunch Financials Overview Transit through Guajes Tunnel Morelos Complex Overview Media Luna Underground Processing Overview Ore Handling System Media Luna Project Stope in lower mine EPO Sto
Slide 4: Company Overview
COMPANY OVERVIEW JODY KUZENKO PRESIDENT & CEO
Slide 5: Corporate Strategy
CORPORATE STRATEGY Executing on Strategic Pillars expected to generate long-term value DELIVER MEDIA LUNA TO FULL OPTIMIZE MORELOS GROW RESERVES & PRODUCTION & BUILD EPO PRODUCTION & COSTS RESOURCES Bring Media Luna into production on schedule Sustain annual production of >450 koz AuEq Target Morelo
Slide 6: 2025 Guidance
2025 GUIDANCE Six consecutive years of achieving operational guidance In millions of U.S. dollars, unless otherwise noted Q1 2025 Performance at 2025 Guidance Metal Q1 2025 Guidance1,2 Prices3 Performance Gold Equivalent2 Payable Production oz AuEq 400,000 to 450,000 59,771 59,630 AISC4 $/oz AuEq so
Slide 7: Five-Year Production Outlook
FIVE-YEAR PRODUCTION OUTLOOK1 Reflects robust production year-over-year due to ongoing drilling success Outlook Outlook Outlook Outlook 2022 Technical Production (koz)2 Actual 2022 2023 2024 2025 Report 2022 (Au) 474 430 to 470 2023 (Au) 454 420 to 460 440 to 470 436 2024 (AuEq) 461 385 to 425 400 t
Slide 8: Reserve Case Production Profile (September 2024)
RESERVE CASE PRODUCTION PROFILE (SEPTEMBER 2024) Annual production of at least 450,000 oz AuEq through 2030 Since the Technical Report released in 2022, the production profile at Morelos has materially improved by: Bringing EPO into the mine plan by late 2026 Extending mine life and increasing throu
Slide 9: Reserve Case Production Profile: Payable production by metal
RESERVE CASE PRODUCTION PROFILE (SEPTEMBER 2024) Payable production by metal With Media Luna now online, copper makes up meaningful portion of production profile (~45-50Mlb per year) Proportion of copper production forecast to increase through 2027 with ramp-up of Media Luna and commencement of prod
Slide 10: Reserve Case Production Profile: Plant feed by source
RESERVE CASE PRODUCTION PROFILE (SEPTEMBER 2024) Processing plant feed contribution by source 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 deferr
Slide 11: Upside Potential with Resource Scenario (September 2024)
UPSIDE POTENTIAL WITH RESOURCE SCENARIO (SEPTEMBER 2024) Focus now on bolstering reserve scenario profile through drilling Potential to maintain annual production of 450 to 500 koz AuEq through at least 2033 by bringing Inferred Resources into the mine plan Building on the track record of resource g
Slide 12: Financial Overview
FINANCIAL OVERVIEW ANDREW SNOWDEN CFO
Slide 13: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY Expect to begin generating free cash flow mid-year, quickly repaying modest net debt1 Net debt2 of $89M as at March 31st Available liquidity2 of $198M at the end of Q1 Including leases, net debt is $175M Balance sheet and liquidity expected to begin $91M available on $300M
Slide 14: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION Protection in place against FX volatility on opex; gold puts provide full upside exposure All amounts in U.S. dollars 2025 Q2 Q3 Q4 FY MXN/USD Forwards Amount (USD) M$ $11.0 $11.0 $11.0 $33.0 Average Floor (MXN) MXN/USD 21.01 21.01 21.01 21.01 MXN/USD Collars Amount (USD)
Slide 15: AISC Expected to Peak in Q2 Before Declining in H2
AISC EXPECTED TO PEAK IN Q2 BEFORE DECLINING IN H2 Production ramp-up will start to drive economies of scale in H2 2025 AISC performance by quarter reflects gradual ramp-up of mining at Media Luna and process plant. Notable drivers: Production ramp-up through 2025, with lowest production in Q1, buil
Slide 16: Cost Optimization Initiatives
COST OPTIMIZATION INITIATIVES Increasing efficiencies ELG Underground: evaluate contractor spending; and Optimizing concentrate logistical processes identify additional zones where long-hole mining can through initiatives such as: replace more expensive cut and fill Optimization of trucking costs to
Slide 17: Our Business Process Framework (BPF)
OUR “BUSINESS PROCESS FRAMEWORK” (BPF) Enhance Clarity, Reduce Variation, Stable then Capable Provides a common language and approach to work across our operations Future process performance will be delivered if the Right Work is completed at the Right Time and in the Right Way Achieved more consist
Slide 18: Morelos Complex Overview
MORELOS COMPLEX OVERVIEW FAYSAL RODRIGUEZ SENIOR VICE PRESIDENT, MEXICO
Slide 19: Site Layout – Morelos Complex
SITE LAYOUT – MORELOS COMPLEX 19
Slide 20: Site Layout – North Side of Balsas River
SITE LAYOUT – NORTH SIDE OF BALSAS RIVER 20
Slide 21: Site Layout – South Side of Balsas River
SITE LAYOUT – SOUTH SIDE OF BALSAS RIVER 21
Slide 22: Morelos Mining Concessions
MORELOS MINING CONCESSIONS Majority of 29,000 ha land package under 50-year mining concession MML holds seven mineral concessions, covering a total area of ~29,000 ha, with the El Limón and Guajes deposits contained in the Reducción Morelos Norte concession All concessions were granted for a duratio
Slide 23: Credible Ramp-Up Period Assumed for Media Luna
CREDIBLE RAMP-UP PERIOD ASSUMED FOR MEDIA LUNA Media Luna expected to reach design rate 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 Plant Paste Plant
Slide 24: Media Luna Mine Design
MEDIA LUNA MINE DESIGN Mineral reserve1 of 24 Mt to be mined from six discrete mining blocks Media Luna designed for long-hole open stope mining Looking Southeast Separate mining blocks enable production capacity MLU 1 Dedicated infrastructure for each block MLU 2 South Portals MLL 3 MLL 1 MLL 2 Gua
Slide 25: Mine Methodology
MINE METHODOLOGY Long-hole Open Stoping (LHOS) represents majority of ore production Drill, blast and muck stopes Drilling Access Longitudinal retreat stope size – 6kt to 15kt Transverse stope size – 28kt to 57kt Paste Backfill enables high extraction rate Tailings mixed with cement binder Raise Ope
Slide 26: Materials Handling Systems
MATERIALS HANDLING SYSTEMS Separate ore passes and one waste pass feed the Guajes Tunnel conveyor Dedicated ore/waste passes Gravity fed grizzlies with rock-breakers Dedicated bins above Guajes Tunnel conveyor 26
Slide 27: Media Luna Battery Electric Hybrid Fleet
MEDIA LUNA BATTERY ELECTRIC HYBRID FLEET Building a clean, energy efficient mine with the future in mind Mobile Equipment Fleet BEV Received Final Hybrid Fleet - Diesel and BEV mobile equipment 18-tonne Production LHD 9 11 Less ventilation required, reduced vent infrastructure Development Jumbo 4 4
Slide 28: Processing Overview
PROCESSING OVERVIEW MIGUEL PIMENTEL VICE PRESIDENT, METALLURGY AND PROCESS ENGINEERING
Slide 29: Life of Mine Recoveries and Payable Factors
LIFE OF MINE RECOVERIES AND PAYABLE FACTORS Ore from Media Luna will result in significantly higher copper and silver production Recovery (%) Ore Source Concentrate Doré/Other(1) Total Au Ag Cu Au Ag Cu Au Ag Cu Media Luna 58.0 80.0 90.0 32.0 6.0 3.0 90.0 86.0 93.0 ELG Underground 58.0 80.0 90.0 32.
Slide 30: Upgraded Process Flow Sheet for Media Luna
UPGRADED PROCESS FLOW SHEET FOR MEDIA LUNA Final flowsheet configuration with completion of Media Luna Project upgrades Crushed Ore Crushed Ore Copper Stockpile Grinding Concentrate Updated configuration of processing plant Mined Ore Raw Ore Rougher Copper Conc. To Clean Rougher Tailings Iron Sulfid
Slide 31: Tailings Storage Facilities
TAILINGS STORAGE FACILITIES Fully permitted to deposit tailings in depleted Guajes pit Guajes Tailings Storage Facility (GTSF) Designed to pump slurry tails from the process plant to a thickener, and then pump for final deposition within the mined out Guajes pit Approximately 50 - 55% of tails would
Slide 32: GTSF Design
GTSF DESIGN Tailings design refined through final engineering, modestly increasing capacity Final design less expensive up front than the feasibility study design Significantly less waste rock volume needed, increasing the overall pit volume for tailings deposition 32
Slide 33: Media Luna Project
MEDIA LUNA PROJECT DAVE STEFANUTO EVP, TECHNICAL SERVICES & CAPITAL PROJECTS
Slide 34: Outstanding Deliverables on Media Luna Project
OUTSTANDING DELIVERABLES ON MEDIA LUNA PROJECT Remaining works to be completed during 2025 These works were not critical to commence ore production from the Media Luna mine and to produce concentrate, but are required to mitigate longer-term operational risk and support production ramp up These work
Slide 35: Underground Works
UNDERGROUND WORKS Remaining works to be completed during 2025 35
Slide 36: Paste Plant & Paste Distribution System
PASTE PLANT & PASTE DISTRIBUTION SYSTEM Commissioning and ramp-up timeline Paste plant systems completing final commissioning Next step involves introduction of solids (tailings) to commission under load before introduction of binder Paste distribution system has been completed to first stopes Final
Slide 37: EPO Project
EPO PROJECT DAVE STEFANUTO EVP, TECHNICAL SERVICES & CAPITAL PROJECTS
Slide 38: Summary of Pre-Feasibility Study
SUMMARY OF PRE-FEASIBILITY STUDY Robust long-term production profile with a low risk, capital efficient development plan Production profile improved to at least 450 koz AuEq through 2030 on a reserve case alone “Fill the mill” goal achieved – Media Luna (~7,500 tpd) + ELG UG (~2,000 tpd) + EPO (aver
Slide 39: A Capital Efficient Development
A CAPITAL EFFICIENT DEVELOPMENT Upfront budget of $81.5M reflects ability to leverage investment made at Media Luna Capital Expenditures Capital efficiency a direct result of ability to millions of U.S. dollars 2025 2026 Total leverage investment at Media Luna Direct costs $10.7 $41.3 $52.0 Indirect
Slide 40: Development Expected to Commence in Mid-2025
DEVELOPMENT EXPECTED TO COMMENCE IN MID-2025 Large portion of upfront budget related to development to access deposit Modest level of upfront development required Long-hole open stoping with battery electric Access ramp off the Guajes Tunnel (~650 m) equipment Haulage ramp (~1,000 m) – ore to be tru
Slide 41: Next Steps for EPO
NEXT STEPS FOR EPO Completion of an internal feasibility study prior to the start of development Complete an internal feasibility study Amendments to environmental approvals are expected to occur over the next several quarters and are not expected to impact development activities EPO development exp
Slide 42: Industry Leader in Responsible Mining
INDUSTRY LEADER IN RESPONSIBLE MINING JODY KUZENKO PRESIDENT & CEO
Slide 43: Leadership in Responsible Mining
LEADERSHIP IN RESPONSIBLE MINING Our organizational purpose beyond profit ‘To transform finite mineral resources into lasting prosperity by positively impacting all the lives we touch.’ 43
Slide 44: Safety First and Always
SAFETY FIRST AND ALWAYS Working Toward Next Level Safety Leading safety performance prior to 2024; awarded Silver Hard Hat Award in Mexico for excellence in safety performance in 2023 Two fatal incidents in 2024; various streams of work underway: Refreshing systemic work related to fatal risk standa
Slide 45: 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 46: Solar Plant Project – 'Plena Sol'
SOLAR PLANT PROJECT – ‘PLENA SOL’ 8.45 MW plant now complete and being commissioned First foray into renewable energy for the Company – plant fully permitted for operation Includes more than 300 trackers that maximize solar generation over a 14-hectare area Represents approximately 4% of the Company
Slide 47: Drilling & Exploration
DRILLING & EXPLORATION RAUL GUERRA VICE PRESIDENT, EXPLORATION
Slide 48: Agenda
AGENDA 1. Exploration Strategy 2. Morelos Property Geology Targeting Tier I and Tier II deposits Mineralization model 3. Minex Program El Limón - Guajes Media Luna 4. Near Mine Exploration Program EPO Media Luna West Media Luna East Todos Santos 5. Regional Exploration Program El N
Slide 49: Drilling & Exploration Strategy
DRILLING & EXPLORATION STRATEGY Investment in drilling has materially increased over the last five years Drilling & exploration became a key strategic pillar for Torex in 2021 (“Grow reserves and resources”) $33M on average invested between 2021 and 2025 (budgeted) Represents a 133% increase in inve
Slide 50: Drilling & Exploration Strategy: Unexplored Upside
DRILLING & EXPLORATION STRATEGY Significant resource upside given the majority of Morelos remains unexplored Near-term focus Expanding and upgrading reserves and resources at Media Luna, ELG Underground, and EPO Expand resources within the Media Luna Cluster by drilling prioritized targets Medium-te
Slide 51: Exploration Strategy
EXPLORATION STRATEGY Increased 2025 exploration and drilling budget by 50% year-over-year Drilling/exploration budget of $45M in 2025 $26M at Media Luna Cluster (66,500 m) Infill and expansionary drilling at EPO Delineation at Media Luna and Media Luna West Follow-up drilling program to the results
Slide 52: 2024 Mineral Reserve Drivers
2024 MINERAL RESERVE DRIVERS Base case production profile above 450,000 koz AuEq solidified through 2030 Reserves increased by 7% year-over- year, primarily reflecting: Inaugural reserves of 781 koz AuEq declared at EPO 1% reserve growth to 662 koz AuEq at ELG Underground, more than replacing deplet
Slide 53: 2024 Mineral Resource Drivers
2024 MINERAL RESOURCE DRIVERS Year-end Measured & Indicated Resource reflects addition of 388 koz AuEq Substituting drilling contractors resulted in prioritization of infill drilling, limiting resource growth in 2024 Prior to ore mined, M&I Resources increased 3% Primary resource growth from Media L
Slide 54: Morelos Geological Context
MORELOS GEOLOGICAL CONTEXT Identifying the timing of mineralization Dating of garnets related to mineralization confirms similar age in both clusters The last magmatic pulse is interpreted as mineral bearing with no known outcroppings in the area 54
Slide 55: ELG & Media Luna Clusters: Targeting & Magnetic Response
ELG & MEDIA LUNA CLUSTERS: TARGETING & MAGNETIC RESPONSE Structural corridor key focus for exploration potential 55
Slide 56: Morelos: Evolution of the System
MORELOS: EVOLUTION OF THE SYSTEM Identifying the styles of mineralization 56
Slide 57: ELG Cluster Potential
ELG CLUSTER POTENTIAL Structural setting and target location Strategy focused on extending the life of the Morelos Complex by defining the full upside of ELG Underground 48,000 m of drilling planned for 2025 Results continue to demonstrate the long-term potential of the deposits Evolving understandi
Slide 58: ELG Underground
ELG UNDERGROUND Extending the life of mine through exploration The drilling success in 2024 resulted in a 198 koz AuEq increase to Measured & Indicated Resources2 The 2025 drilling program is focused on resource delineation, advanced exploration, and target extensions of mineralization along the tre
Slide 59: Media Luna – Underground Exploration
MEDIA LUNA – UNDERGROUND EXPLORATION Initiating drilling program targeting depletion replacement Objective Targeting to upgrade 125-150 koz AuEq of Inferred Resources to Indicated category proximal to current infrastructure Progress Drilling complete for 2025 production stopes. By 2026, drill off at
Slide 60: Media Luna Exploration
MEDIA LUNA EXPLORATION With project concluded, exploration underway targeting replacing depletion 1) For more information related to the above drilling results, please refer to the technical report for the Media Luna Gold-Copper Project dated September 13, 2023, the press release dated August 21, 20
Slide 61: EPO Drilling Programs
EPO DRILLING PROGRAMS Focus on upgrading Inferred Resources and expanding resources to the north ML24-1018 Legend 3.6 m @ 5.07 g/t AuEq Resources Indicated Inferred ML24-1017 Previous Intercepts 4.2 m @ 3.42 g/t AuEq > 4.0 gpt AuEq 8.3 m @ 3.41 g/t AuEq > 2.0 gpt AuEq 5.1 m @ 6.35 g/t AuEq < 2.0 gpt
Slide 62: EPO Resource Delineation Drilling Program
EPO RESOURCE DELINEATION DRILLING PROGRAM Delineating Indicated and Inferred Resources 62
Slide 63: EPO Resource Delineation Drilling Program
EPO RESOURCE DELINEATION DRILLING PROGRAM Delineating and expanding resources to the north 1) For more information related to the above drilling results, please refer to press releases dated June 18, 2015 titled: Torex Reports Assay Results of Step Out Drilling Program at Media Luna; March 23, 2023
Slide 64: Media Luna West Drilling Program
MEDIA LUNA WEST DRILLING PROGRAM Infill drilling for inaugural resource 1) For more information related to the above drilling results, please refer to press release dated February 24, 2025 titled: Torex Gold Reports Excellent Drill Results from Media Luna West and Initial Results from Media Luna Eas
Slide 65: Media Luna West Drilling Program
MEDIA LUNA WEST DRILLING PROGRAM East-West section – looking for Au mineralization control Section Section 1,984,930 N 1,985,020 N 1) For more information related to the above drilling results, please refer to press releases dated February 24, 2025 titled: Torex Gold Reports Excellent Drill Results
Slide 66: Media Luna East Drilling Program
MEDIA LUNA EAST DRILLING PROGRAM Geological targeting and ranking 1) For more information related to the above drilling results, please refer to press release dated February 24, 2025 titled: Torex Gold Reports Excellent Drill Results from Media Luna West and Initial Results from Media Luna East. 66
Slide 67: Todos Santos Drill Testing Program
TODOS SANTOS DRILL TESTING PROGRAM Located in structural corridor between ELG and Media Luna Cluster Analytical signal anomaly from proximity of magnetite to surface Multiple outcropping old copper workings, along with gold and copper anomalies Calcosilicate alteration related to breccia outcrops wi
Slide 68: El Naranjo Drill Testing Program
EL NARANJO DRILL TESTING PROGRAM Exploring and intercepting multiple mineralization styles Historic and new holes confirm potential for shallow IS oxide gold deposit and sulphide CRD mineralization at depth Three holes were drilled at the highest -priority target: Two holes confirmed shallow alterat
Slide 69: Atzcala Drill Testing Program
ATZCALA DRILL TESTING PROGRAM Exploring and testing for Intermediate Sulphidation deposits Background Organic growth through potential standalone IS oxide discovery (Los Filos type) The target area, related to the NW Balsas-Atzcala fertile fault and associated with the ELG endowment, is preserved wi
Slide 70: Atzcala Drill Testing Program
ATZCALA DRILL TESTING PROGRAM Exploring and testing for Intermediate Sulphidation deposits Results to date Three of the five defined, highest-ranked drilling targets are currently being delineated Extensive mercury anomalies, along with other geochemical pathfinders and the presence of alunite and d
Slide 71: Five-Year Exploration Strategic Plan
FIVE-YEAR EXPLORATION STRATEGIC PLAN 2028 pipeline movement and results Media Luna, ELG Underground and EPO Ability to replace depletion at ELG Underground key to sustaining annual ML East production at 450 koz AuEq ML West Drilling at Media Luna and EPO targeted Todos Santos towards extending mine
Slide 72: Closing Remarks
CLOSING REMARKS JODY KUZENKO PRESIDENT & CEO
Slide 73: Robust Plan to Increase Shareholder Value
ROBUST PLAN TO INCREASE SHAREHOLDER VALUE Re-rating expected with ramp-up of Media Luna and return to positive free cash flow Near-term Value Creation Long-term Value Creation Bring Media Luna into production in early 2025; Maintain annual production of successfully ramp up through 2027 450 to 500 k
Slide 74: Appendix
APPENDIX
Slide 75: Key Operational Metrics
KEY OPERATIONAL METRICS1 Consolidated Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2024 2024 2024 2024 2025 Mining - ELG Open Pit Ore mined (tpd) 7,074 11,153 19,404 10,651 17,822 16,731 9,256 1,850 Ore mined (kt) 644 1,026 1,785 969 1,622 1,539 852 166 Waste mined (kt) 11,124 10,131 7,841 8,012 7,047 4,2
Slide 76: Key Financial Metrics
KEY FINANCIAL METRICS1 Consolidated All amounts in U.S. dollars Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2024 2024 2024 2024 2025 Key Metrics Average realized gold price ($/oz) $1,960 $1,944 $1,995 $2,023 $2,193 $2,313 $2,487 $2,793 Gold equivalent sold (koz AuEq) 107.4 83.3 139.8 114.1 115.9 125.4 11
Slide 77: Mineral Reserves
MINERAL RESERVES1 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 78: 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 79: Mineral Resources
MINERAL RESOURCES1 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
Slide 80: 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 81: Statements on Qualified Persons
STATEMENTS ON QUALIFIED PERSONS The scientific and technical information contained in this presentation pertaining to mineral resources, drilling programs and exploration has been reviewed and approved by Rochelle Collins, P.Geo., Principal, Mineral Resource Geologist with Torex Gold Resources Inc.,
Slide 82: 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
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