March 2026 Corporate Presentation View

March 2026

All amounts expressed in U.S. dollars unless otherwise stated

TSX | TXG

OTCQX | TORXF

Intermediate Gold & Copper Producer

C$5.7B 0.64x 17%

market value1 P/NAV1 FCF yield1

20%

ROCE LTM1a

Significant Size & Scale

383 koz

AuEq produced in 20252

420 - 470 koz

AuEq production guided in 20263

Healthy Margins & Strong Balance Sheet

51% $426M

AISC margin in 20255 liquidity as at December 31, 20255

Large & Growing Resource Base

~9.3 Moz

AuEq M&I at 2.83 gpt4

~3.7 Moz

AuEq Inf. at 2.91 gpt4

GRYPHON &

MEDICINE SPRINGS

GUIGUI

BATOPILAS

LOS REYES

MORELOS

Producing mine complex

Advanced exploration/development project Early-stage exploration project

TOREX OVERVIEW

ROBUST INVESTMENT THESIS

Executing across multiple fronts to drive superior shareholder returns

Bolstering returns and delivering shareholder value

Enhancing and extending production profile at flagship Morelos Complex

Advancing Los Reyes to production by 2031

Unlocking value through exploration across expanded portfolio of projects

Returning capital to shareholders

Executing on a consistent strategy centred around capital allocation

Robust investment thesis underpinned by strong fundamentals

Attractively valued relative to peers

Healthy balance sheet supported by robust free cash flow generation

Exposure to gold, silver, and copper

High-quality management team with decades of industry experience

Exceptional ESG foundation with strong community and employee relationships

ATTRACTIVELY VALUED1b

Trading at a discount to peers across key metrics despite robust fundamentals

2026 GUIDANCE

Well-positioned to deliver increased production and cash flow year-over-year

FIVE-YEAR PRODUCTION OUTLOOK

Consistent gold equivalent production expected through at least 2030

Previous five-year outlook outlined payable production of 450 to 500 koz AuEq6

Normalizing for 2024 reserve metal prices (also used in the prior outlook), payable production in the updated outlook would be closer to 480 to 530 koz AuEq

Improvement over prior outlook reflects ramp-up of Media Luna ahead of schedule, slightly higher mill throughput based on recent performance, and extension of ELG Underground mine life through 2031

OPERATIONS AND PROJECTS

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 AuEq in Measured/Indicated Resources and

2.9 Moz AuEq of Inferred Resources4

Significant exploration potential still to be unlocked

Strong community relationships with ~40% of workforce from local communities, ~65% from Guerrero, and 99% from Mexico

Morelos is one of the largest gold mines in Mexico and contributes ~3% to Guerrero's annual GDP

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

(7,052 tpd in Q4 2025) (11,005 tpd in H2 2025)

ELG Underground

In operation since 2018

Capacity of 3,000 tpd Saleable Products

(3,066 tpd in H2 2025)

Concentrate

Media Luna North Underground Precious metal rich Cu concentrate

First ore expected by year-end 2026 70% of AuEq production in 2026 Capacity of 2,300 tpd

Doré & Other

Surface Stockpiles Au and Ag dore

Lower grade ore Cu sulphate

Processed at end of mine life or used to top up mill 30% of AuEq production in 2026

Media Luna

Media Luna North

Haulage Tunnel

(~1,000 m)

North Vent Adit

(~550 m)

Guajes Tunnel

Access Ramp

(~650 m)

Feasibility study complete - mine life expected until at least 2034 Mining capacity of 2,300 tpd

Leverages existing infrastructure at Media Luna

Capex of $108-113M compared to 2024 prefeasibility study ("PFS") estimate of $82M, reflecting decision to purchase fleet instead of lease (+$20M) as well as scope changes and inflation

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 network on the property

Local electrical line runs through the property with established right of way

Access to water in place for current project stage with options for operation

12

Strong mining talent and experienced labour pool in Mexico; exporting Torex culture from Morelos into Sinaloa

Potential Timeline for Project Delivery

Mid-2026

PEA

2027

PFS

2028

Feasibility Study

2029/2030

Construction

2031

Production

On track for delivery Tentative timing, to be confirmed following completion of PFS

Expect to fund development of Los Reyes by leveraging robust cash flow from Morelos Complex

Sizeable mineral resource with substantial exploration upside across its large, underexplored land package

2.0 Moz AuEq of Indicated Resources and 765 koz AuEq of Inferred Resources4

PFS to commence in H2 2026 following completion of PEA

13

Drilling to resume once security situation in the region stabilizes and allows for safe activities

Refer to endnote 4.

FINANCIAL PERFORMANCE

CAPITAL ALLOCATION

Executing across several priorities with robust free cash flow generation

Mine Life & Margins

Enhance and extend production profile at Morelos through drilling

Drive efficiencies while prioritizing safe operations

Return of Capital Opportunistic share buybacks Quarterly dividends

CAPITAL ALLOCATION PRIORITIES

Growth

Advance and de-risk Los Reyes

Demonstrate potential of early-stage exploration portfolio

Value-accretive M&A

Balance Sheet

Minimum cash target of $200M Maintain strong liquidity

FREE CASH FLOW GENERATION

Significant increase in free cash flow with completion of Media Luna in Q2 2025

$450M of free cash flow forecast at midpoint of 2026 guidance3,5 ($4,000/oz Au, $45/oz Ag, $4.90/lb Cu)

Total capital expenditures of $285M to $305M guided in 20265

($100M to $105M required to bring Media Luna North into production by year end)

Annual payments result in cash flow being more heavily weighted to H2

RETURN OF CAPITAL

$165 million returned to shareholders to date through Phase I program

7

Sustainable Dividend Opportunistic Share Buybacks

Quarterly dividend of C$0.15/sh (inaugural payment in Q4 2025)

825,769 shares purchased at C$57/sh (2025) 2,141,801 shares purchased at ~C$71/sh (2026 YTD)

BALANCE SHEET & LIQUIDITY

Strong balance sheet with no debt and healthy liquidity position

Debt free as of January 2026 Available liquidity5 of $426M at the end of Q4

Exited 2025 with net debt of $16M including

$106M of lease-related obligations

Repaid remaining $30M of debt outstanding in January

Liquidity expected to materially improve with strong free cash flow generation and current metal price environment

Targeting minimum cash balance of $200M

EXPLORATION & DRILLING

EXPLORATION & DRILLING A KEY DRIVER OF VALUE CREATION

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 spent in 2025

20

Los Reyes budget includes study costs associated with completing PEA by mid-2026 and initiating PFS