Torex Gold Resources : January 2026 January Corporate Presentation

CORPORATE PRESENTATION

January 2026

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

TSX | TXG

OTCQX | TORXF

Intermediate Gold & Copper Producer

C$7.0B 0.87x 12%

market value1 P/NAV1 FCF yield1

20%

ROCE LTM1a

Significant Size & Scale

377 koz

payable AuEq produced in 20252

410-460 koz

AuEq sales guided in 20263

Healthy Margins & Strong Balance Sheet

47% $289M

AISC margin year-to-date Q3 20255 liquidity as at September 30, 20255

Large & Growing Resource Base

~7.4 Moz

AuEq M&I at 5.06 gpt4

~2.2 Moz

AuEq Inf. at 4.22 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 production and extending mine life at flagship Morelos Complex while containing costs

Advancing and de-risking Los Reyes through to production in 2030/2031

Aggressive drilling programs across expanded portfolio of projects

Returning capital to shareholders via dividends and share repurchases

Executing on a consistent strategy centred around capital allocation

Robust investment thesis underpinned by strong fundamentals

Attractively valued relative to peers across key financial metrics

Healthy balance sheet supported by robust free cash flow generation

Exposure to gold, silver, and copper - metals trading near record highs

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

		2026 Guidance	Metal Prices
Production (prior to payable deductions)
Gold ("Au")	oz	320,000 to 365,000	$4,000/oz
Silver ("Ag")	koz	2,200 to 2,500	$45/oz
Copper ("Cu")	mlb	60 to 65	$4.90/lb
Gold equivalent ("AuEq") 3	oz	420,000 to 470,000
Sales (after payable deductions)
Gold equivalent ("AuEq") 3	oz	410,000 to 460,000
Costs
All-in sustaining costs ("AISC") 3,5	$/oz AuEq	$1,750 to $1,850
Capital expenditures 5
Sustaining	m$	$120 to $130
Non-sustaining	m$	$165 to $175
Total capital expenditures	m$	$285 to $305

Production set to increase materially over payable production of 376,586 oz AuEq in 2025 2

AISC compares to $1,732/oz (Q3 YTD 2025)2 reflecting impact of higher metal prices on royalties/profit sharing By-product AISC expected to be $1,190/oz to $1,240/oz Au sold

Non-sustaining capex includes $100-105M of project-related costs for Media Luna North (formerly EPO)

FIVE-YEAR PRODUCTION OUTLOOK

Consistent gold equivalent production expected through at least 2030

		2026 Guidance	2027 to 2030 Outlook	Metal Prices
Production (prior to payable deductions)
Gold ("Au")	oz	320,000 to 365,000	300,000 to 345,000	$4,000/oz
Silver ("Ag")	koz	2,200 to 2,500	2,500 to 2,800	$45/oz
Copper ("Cu") Gold equivalent ("AuEq")3	mlb oz	60 to 65 420,000 to 470,000	70 to 75 420,000 to 470,000	$4.90/lb
Sales (after payable deductions)
Gold equivalent ("AuEq")3	oz	410,000 to 460,000	410,000 to 460,000

Previous five-year outlook outlined payable gold equivalent production of 450 to 500 koz6

Normalizing for 2024 reserve metal prices which were used in the prior outlook, payable production within the updated outlook would be closer to 480 to 530 koz

Improvement over prior outlook reflects ongoing exploration success as well as modestly higher plant throughput as well as gold and copper recoveries

OPERATIONS AND PROJECTS

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

Over 7.4 Moz AuEq in Measured/Indicated Resources and 2.2 Moz AuEq of Inferred Resources4

Significant exploration potential still to be unlocked

Strong community relationships with ~45% of workforce from local communities, ~70% 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