Torex Gold Resources : Earnings Presentation Q4 2024

Published: 2025-02-24 06:29:04 ET TXG.TO

TSX | TXG

Q4 2024 RESULTS CONFERENCE CALL

February 20, 2025

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

KEY HIGHLIGHTS & OPERATIONAL PERFORMANCE

JODY KUZENKO

PRESIDENT & CEO

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

RESPONSIBLE MINING

KEY HIGHLIGHTS

Original production guidance achieved for sixth consecutive year

Full-year gold production of 452,523 oz was in line with upwardly revised guidance of 450,000 to 470,000 oz

All-in sustaining costs1 of $1,156 per oz gold sold were towards upper end of guided range ($1,110 to $1,160 per oz gold sold), resulting in an all-in sustaining costs margin1 of 49% for the full year

Generated record annual revenue of $1,116M and record annual adjusted EBITDA1 of $541M

Full-year net cash generated from operating activities of $450M; negative free cash flow1 of $123M (positive $326M prior to $449M invested in Media Luna)

Exited the year with $110M of cash and $332M in available liquidity1,2

filed on SEDAR+ (www.sedarplus.ca) or on the Company's website (www.torexgold.com). See also Key Financial Metrics on slide 24 for the comparable IFRS measure.

2) 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). Numbers may not sum properly due to rounding.

OPERATIONAL PERFORMANCE

Another year of solid operational results from ELG Complex in 2024

Q4 output reflects lower plant throughput in December Q4 throughput reflects temporary suspension

Quarterly grades processed stable throughout 2024

ELG Underground operating well above 2,000 tpd

CONSISTENT AND RELIABLE PRODUCER

2025 guidance reflects four-week tie-in period and subsequent ramp-up of Media Luna

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

2024

2025

Guidance3,4

Peformance

Guidance5

Production

Gold

450,000 to 470,000

452,523

Not Provided

Gold Equivalent1

oz AuEq

460,000 to 480,000

461,420

400,000 to 450,000

Total Cash Costs2

By-Product basis

$/oz

860 to 910

940

Not Provided

Gold Equivalent basis1

$/oz AuEq

900 to 950

972

Not Provided

All-in Sustaining Costs2

By-Product basis

$/oz

1,100 to 1,160

1,156

Not Provided

Gold Equivalent basis1

$/oz AuEq

1,130 to 1,190

1,183

1,400 to 1,600

Sustaining Capital Expenditures2

Sustaining

50 to 60

61.2

85 to 95

Capitalized Stripping

1.4

---

Total Sustaining

55 to 65

62.6

85 to 95

Non-Sustaining Capital Expenditures2

Media Luna Project

430 to 450

449.0

Not Provided

Media Luna Cluster Drilling/Other

10 to 15

10.6

Not Provided

Total Non-Sustaining

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.

MEDIA LUNA PROJECT UPDATE

JODY KUZENKO

PRESIDENT & CEO

MEDIA LUNA PROGRESS UPDATE

Entering the home stretch with tie-in period on track for February

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 Q2

Over 80% of total planned workforce now in place

Project Progress

Completion

Project To Date

Q4 2024

Procurement

99%

Engineering

100%

Underground development/construction

90%

Surface construction

85%

Total Project

94%

Ramp-up Timeline

Deliverable

2025

2026

2027

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

Commercial Production

Guajes Tailings Facility

First Cu Concentrate

Construction

Commissioning

/ Ramp

-up

Steady-state

MEDIA LUNA PROGRESS UPDATE

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

Flotation plant nearing completion

Cu concentrate storage on plan

230 kV switchyard nearing completion

Paste plant construction on plan

Disclaimer

Torex Gold Resources Inc. published this content on February 24, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 24, 2025 at 11:28:00.771.