Torex Resources Inc. · TSX:TXR
Torex Resources — Torex Gold Resources — Q3 2026 Earnings Presentation
20 slides from Torex Resources's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Results Conference Call
TSX: TXR OTCQX: TORXF Q3 2026 Results Conference Call November 5, 2026 All amounts expressed in U.S. dollars unless otherwise stated
Slide 2: Safe Harbor Statement
Safe Harbor Statement NON-GAAP FINANCIAL MEASURES ARE FINANCIAL MEASURES WITH NO upon out of context. grades, recoveries and commodity prices; foreign-exchange movements; cost inflation; STANDARD MEANING UNDER INTERNATIONAL FINANCIAL REPORTING construction and commissioning delays; permitting, polit
Slide 3: Today's Speakers
Today’s Speakers Andrew Snowden Dan Rollins Shaun Silveira President & CEO CFO SVP, Corp. Dev. & IR 2
Slide 4: Key Highlights & Operational Performance
Key Highlights & Operational Performance ANDREW SNOWDEN | President & CEO
Slide 5: Key Highlights
Key Highlights Production increased 37% and AISC1 declined 27% quarter-over-quarter • 132 koz AuEq2 produced, supported by higher grades and improved gold recoveries o 99 koz Au, 614 koz Ag, and 16 mlb Cu • AISC of $1,803/oz AuEq sold generating solid margin2 of 58% • $555M of revenue, supporting $3
Slide 6: 2026 Guidance
2026 Guidance Tracking to the midpoint of production guidance and within AISC guidance range Gold equivalent production All-in-sustaining cost 329 koz AuEq (Q3 YTD 2026) $2,025/oz AuEq (Q3 YTD 2026) 445 Q3 2026:$1,803 YTD 2026: $2,025 329 420 470 $2,000 $2,100 annual production guidance annual AISC
Slide 7: Morelos Operational Performance – Mining
Morelos Operational Performance – Mining Media Luna and ELG Underground consistently exceeding design capacity Media Luna mining rate 10% above design ELG Underground sustains mining above 3,000 tpd • Mining rates averaged 8,244 tpd, up 7% quarter- • Mining rates averaged 3,055 tpd, broadly over-qua
Slide 8: Morelos Operational Performance – Processing
Morelos Operational Performance – Processing Stable throughput and improved gold recoveries support stronger production Plant throughput remains above design Gold recovery improves to 88.2% Gold 11,304 10,705 10,793 10,798 Ore Processed (tpd) 10,492 Silver Copper Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 10,600
Slide 9: Project Updates
Project Updates Media Luna North and Los Reyes tracking to plan Media Luna North — first ore targeted for late 2026 Los Reyes — drilling and fieldwork support the PFS • Underground development and supporting • Prefeasibility work commenced in July, with infrastructure continue to advance geotechnica
Slide 10: Morelos: Compelling Near-Term Growth
Morelos: Compelling Near-Term Growth Potential to increase plant capacity by up to ~35%1 • Commencement of mining at +20% ~14,500 tpd Media Luna North will add a third mining front, increasing operational flexibility and +15% ~11,500-12,500 tpd supporting a phased ramp-up in 10,600 tpd total mining
Slide 11: Morelos – Media Luna Cluster
Morelos – Media Luna Cluster Targeting to replace depletion and grow resources on the south side of Morelos Property • San Miguel corridor: results indicate potential to materially add to the Morelos resource inventory o 17,928 m drilled year-to-date. Highlighted intersections include 11.28 g/t AuEq
Slide 12: Financial Performance
Financial Performance DAN ROLLINS | CFO
Slide 13: Financial Performance
Financial Performance AISC declined 27% quarter-over-quarter as free cash flow increased to $150M AISC of $1,803/oz AuEq sold supports a 58% margin • Revenue of $555M and adjusted EBITDA of $344M reflect the stronger operating quarter • AISC declined from $2,459/oz AuEq in Q2 to $1,803/oz AuEq in Q3
Slide 14: Cash Flow Generation
Cash Flow Generation Strong cash generation funded $95M in shareholder returns1 and increased cash to $226M Strong cash generation during the quarter supported: • $57M increase in cash • Generated $150M in FCF after $67M in CAPEX • $95M returned to shareholders, comprised of $11M in dividends and $8
Slide 15: Balance Sheet & Liquidity
Balance Sheet & Liquidity $226M cash and an undrawn credit facility provide flexibility for growth and shareholder returns Ahead of year-end cash balance to target of $200M Available liquidity increases to $563M 1 • Cash increased $57M quarter-over-quarter to • Liquidity comprises $226M cash and $33
Slide 16: Peer-Leading Return of Capital
Peer-Leading Return of Capital Repurchased ~5% of shares outstanding to date in 2026 Capital Returned (M$) $350 ~$307 $271 $239 $34 $44 $32 ~$43 $10 2025 Q3 YTD 2026 2026 Target Dividends Paid Shares Repurchased Total Capital Returned • Quarterly dividend of • 2025: 825,769 shares purchased at C$57/
Slide 17: Key Catalysts
Key Catalysts ANDREW SNOWDEN | President & CEO All amounts expressed in U.S. dollars unless otherwise stated
Slide 18: Key Catalysts
Key Catalysts Near-term execution and project milestones support the next phase of growth Q4 2026 Q1 2027 H2 2027 Early 2028 Morelos operations Morelos growth Morelos growth Processing plant optionality Media Luna North Plant Plant Potential expansion first ore debottlenecking debottlenecking decisi
Slide 19: Questions?
Questions? Shaun Silveira | SVP, Corporate Development & Investor Relations [email protected] All amounts expressed in U.S. dollars unless otherwise stated
Slide 20: Endnotes
Endnotes 1. These measures are non-GAAP financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to “Non-GAAP Financial Performance Measures” for further information and a detailed reconciliation to the com