Torex Gold Resources : March Corporate Presentation

Published: 2025-03-31 16:01:08 ET TXG.TO

TSX | TXG

CORPORATE PRESENTATION

March 2025

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

TOREX OVERVIEW

Intermediate Gold & Copper Producer

C$3.2B

0.83x

market value1

P/NAV1

Significant Size & Scale

453 koz

gold producer in Mexico in 2024

gold produced in 2024

Large & Growing Resource Base

~5.1 Moz

~7.4 Moz

~2.2 Moz

AuEq P&P at 3.92 gpt2

AuEq M&I at 5.06 gpt2

AuEq Inf. at 4.22 gpt2

Healthy Margins & Strong Balance Sheet

$1,156/oz

$332M

AISC in 20243

liquidity as year-end 20243,4

1) Estimates provided by S&P Capital IQ as of March 18, 2025.

2) Please refer to slides 47 to 50 for additional disclosure on gold equivalent mineral reserves and mineral resources including breakdown of tonnes, grade, and contained metal for the underlying deposits which form the Morelos Property. M&I resources are inclusive of P&P reserves, excluding stockpiles.

3) For more information on non-GAAP measures (such as available liquidity and AISC), please refer to relevant section of the latest MD&A described in more detail on slide 2. See also Key Financial Metrics on slide 43.

4) Available liquidity includes $110 million of cash and $221 million available on credit facilities ($65 million of borrowings and $14 million utilized for letters of credit) as at December 31, 2024.

INVESTMENT HIGHLIGHTS

Future underpinned by solid long-term fundamentals

Consistent track record of delivering on production guidance

Competitive cost profile providing strong margins and cash flow generation

Strong balance sheet and robust cash flow supports ramp-up of Media Luna which in turn is expected to drive significant free cash flow generation

High-quality management team with decades of industry experience

Exceptional ESG foundation with strong community and employee relationships

Media Luna (nearing completion) and EPO (construction H2/25) are low-risk brownfield builds that extend mine life to 2035 and add sizeable copper exposure

$45M budgeted for exploration in 2025; significant resource upside across 29,000 ha land package

Valuation supported by strong market fundamentals for gold and copper

2025 GUIDANCE

Six consecutive years of achieving operational guidance

In millions of U.S. dollars, unless otherwise noted

2024 Guidance3,4

2024 Peformance

2025 Guidance5

Production Gold

Gold Equivalent1

Total Cash Costs2 By-Product basis

Gold Equivalent basis1

All-in Sustaining Costs2 By-Product basis

Gold Equivalent basis1

Sustaining Capital Expenditures2 Sustaining

Capitalized Stripping Total Sustaining

Non-Sustaining Capital Expenditures2 Media Luna Project

Media Luna Cluster Drilling/Other Total Non-Sustaining

oz oz AuEq

$/oz $/oz AuEq

$ $ $ $ $ $

450,000 to 470,000 460,000 to 480,000

860 to 910 900 to 950 1,100 to 1,160 1,130 to 1,190

50 to 60 5

452,523 461,420

940 972 1,156 1,183 61.2 1.4

Not Provided 400,000 to 450,000

Not Provided Not Provided

Not Provided 1,400 to 1,600

85 to 95 ---

55 to 65

430 to 450

10 to 15

62.6

449.0 10.6

85 to 95

Not Provided Not Provided

440 to 465

459.6

90 to 100

1) Guided AuEq production for 2024 includes Au and AuEq values for silver (Ag) and copper (Cu) sold assuming metal prices of $1,900/oz Au, $23/oz Ag, and $3.75/lb Cu. For the year ended December 31, 2024, refer to "Gold Equivalent Reporting" in the Company's latest MD&A for the relevant average market prices by commodity. Guided AuEq production for 2025 includes Au and AuEq values for Ag and Cu sold assuming metal prices of $2,500/oz Au, $28/oz Ag, and $4.30/lb Cu.

2) These measures are non-GAAP financial measures. Refer to "Non-GAAP Financial Performance Measures" in the Company's latest MD&A for further information and a detailed reconciliation to the comparable IFRS measures.

3) 2024 guidance assumes a MXN:USD of 18.0.

4) 2024 guidance was revised to reflect higher guided non-sustaining capital expenditure for the Media Luna Project, as disclosed in the Company's MD&A dated August 6, 2024 and higher production, as disclosed in the Company's MD&A dated November 5, 2024.

5) 2025 guidance assumes a MXN:USD of 20.0.

FIVE-YEAR PRODUCTION OUTLOOK1

Reflects robust production year-over-year due to ongoing drilling success

Production (koz)2

Actual

Outlook 2022

Outlook 2023

Outlook 2024

Outlook 2025

2022 Technical

Report

2022 (Au)

474

430 to 470

2023 (Au)

454

420 to 460

440 to 470

436

2024 (AuEq)

461

385 to 425

400 to 450

460 to 480

405

2025 (AuEq)

415 to 455

425 to 475

400 to 450

434

2026 (AuEq)

425 to 475

450 to 500

457

2027 (AuEq)

450 to 500

480

2028 (AuEq)

450 to 500

337

2029 (AuEq)

450 to 500

345

Track record of executing on and subsequently building on plans has been key to long-term successImproved outlook in recent years is a direct result of the renewed focus on exploration that started in 2021

Increased production forecast in 2028 compared to Technical Report reflects the impact of bringing EPO into the mine plan and ongoing success of replacing reserves at ELG Underground - continuing to displace lower-grade stockpile as a feed source

1) AuEq production is reported on a payable basis and is based on the same metal prices used to estimate year-end 2023 mineral reserves ($1,500/oz Au, $19/oz Ag, and $3.50/lb Cu). For more information, please refer to the press release dated January 14, 2025, titled: Torex Gold Provides 2025 Operational Guidance and Updated Five-Year Production Outlook.

2) 2024 AuEq production is based on actual realized pricing of $2,386/oz for Au, $4.15/lb for Cu, and $28.26/oz for Ag. 2025 production guidance assumes metal prices of $2,500/oz Au, $28/oz Ag, and $4.30/lb Cu. AuEq payable production in the Technical Report based on $1,600/oz Au, $21/oz Ag, and $3.50/lb Cu.

STRATEGIC PILLARS

Strategy continues to evolve as significant milestones are achieved

DELIVER MEDIA LUNA TO

FULL PRODUCTION &

BUILD EPO

OPTIMIZE MORELOS PRODUCTION & COSTS

GROW RESERVES &

RESOURCES

DISCIPLINED GROWTH &

CAPITAL ALLOCATION

RETAIN & ATTRACT BEST

INDUSTRY TALENT

INDUSTRY LEADER IN RESPONSIBLE MINING

Four-week plant tie-in period commenced on February 18th

Engineering complete; procurement essentially complete

All major deliveries to support the start-up of

Media Luna operations are now on site

Significant progress made on underground development; expect to achieve designed mining rate of 7,500 tpd six months ahead of schedule

Most definition drilling for 2025 mine plan now complete; drilling for 2026 now underway

Targeting one year of stope inventory on hand going forward

Underground development rates ahead of plan

Paste plant on schedule for commissioning in early

Over 80% of total planned workforce now in place

Project Progress

1) Physical progress measured starting as of April 1, 2022; excludes progress made prior to Board approval on March 31, 2022.

2) Project period is defined as April 1, 2022, through declaration of commercial production.

3) Total Project is weighted average based on activity levels.

Ramp-up Timeline

Deliverable

2025

2026

2027

Media Luna Underground

(Mining Rate)

Guajes Tunnel Conveyor

Process/Flotation Plant

Paste Plant

Guajes Tailings Facility

5,000 tpd

6,000 tpd Commercial Productio

First Cu Concentrate

6,500 tpd

7,500 tpd

Construction

Commissioning / Ramp-up

Steady-state

First concentrate on track by end of March; commercial production shortly thereafter

Guajes conveyor now in operation

Filter installation at the paste plant

Cables and piping installation in Guajes Tunnel

Ball mill motor change

OPTIMIZE MORELOS PRODUCTION & COSTS

Reserve Case - EPO supports annual AuEq of at least 450 koz 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 throughput of ELG Underground

Base case supports annual payable production of 473 koz AuEq through 2030

Annualized output of 422 koz AuEq through 2035 compared 375 koz AuEq through 2033 outlined in 2022

Technical Report1

1) Gold equivalent payable production from Reserve Scenario based on payable gold, silver and copper and estimated using same metal prices as year-end 2023 reserves ($1,500/oz gold, $19/oz silver, and $3.50/lb copper).

2) Gold equivalent payable production for 2022 Technical Report based on payable gold, silver and copper and estimated using same metal prices as year-end 2023 reserves ($1,500/oz gold, $19/oz silver, and $3.50/lb copper).

Disclaimer

Torex Gold Resources Inc. published this content on March 31, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on March 31, 2025 at 20:00 UTC.