May 2026 Corporate Presentation

May 2026

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

TSX | TXG

OTCQX | TORXF

Intermediate Gold & Copper Producer

C$5.6B 0.62x 18%

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

60% $467M

AISC margin in Q1 20265 liquidity as at March 31, 20265

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

On track to achieve full-year guidance with stronger production and costs forecast in H2

FIVE-YEAR PRODUCTION OUTLOOK

Consistent gold equivalent production expected through at least 2030

Record investment in drilling targeting to extend mine life beyond 2034 while enhancing production post 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

9

Refer to endnote 4.

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

(7,578 tpd in Q1 2026) (10,492 tpd in Q1 2026)

ELG Underground

In operation since 2018

Capacity of 3,000 tpd Saleable Products

(3,070 tpd in Q1 2026)

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 precipitate

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 with mining capacity of 2,300 tpd

North adit breakthrough on track for mid-year

Infrastructure construction to commence mid-year following completion of key underground development

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

PEA to evaluate a combined open pit and underground mine targeting mill throughput of 5,000 tpd

2.0 Moz AuEq of Indicated Resources and 765 koz AuEq of Inferred Resources with substantial exploration upside across its large, underexplored land package4

PFS expected 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

BALANCE SHEET & LIQUIDITY

Strong balance sheet with no debt and healthy liquidity position

Fully repaid outstanding debt balance Available liquidity5 of $467M at the end of Q1

No debt and $101M of lease-related obligations Targeting building to a minimum cash balance of

15

$200M in year

Liquidity expected to continue to improve with strong free cash flow generation within the current metal price environment

Refer to endnote 5.

CAPITAL ALLOCATION

Executing across several priorities with robust cash flow generation

Mine Life & Margins

Enhance and extend production profile at Morelos through drilling

Drive efficiencies while prioritizing safe operations

Return of Capital

$350M targeted in 2026 Quarterly dividend increased to C$0.16/sh

Share repurchases ($111M in Q1)

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

RETURN OF CAPITAL

Targeting $350M of total returns in 2026

6

7

Dividend Share Buybacks

Quarterly dividend increased by 7% to C$0.16/sh

825,769 shares purchased at C$57/sh (2025) 2,141,801 shares purchased at ~C$71/sh (Q1 2026)

EXPLORATION & DRILLING

EXPLORATION & DRILLING

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

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

Drilling focused on enhancing production profile and extending mine life

$43M budgeted in 2026 (113,500 m of drilling) ELG Underground (36,000 m)

Replacing reserves and growing resources

Targeting discovery of new mineralized trends Media Luna Cluster (62,500 m)

Expanding and upgrading resources within Media Luna and Media Luna North (formerly EPO)

Follow-on drilling at Media Luna East and West Morelos District (15,000 m)

Drill testing regional targets at Atzcala and El Naranjo to define potential mineralized footprints