May 2026 Earnings Presentation Q1 2026 View

May 7, 2026

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

TSX | TXG

OTCQX | TORXF

JODY KUZENKO

PRESIDENT & CEO

KEY HIGHLIGHTS

Strong financial quarter with record margins and significant free cash flow

Production of 101 koz AuEq1 including:
74 koz Au, 543 koz Ag, and 15 mlb Cu
All-in sustaining costs2 of $1,917/oz AuEq1 sold for a record quarterly all-in sustaining costs margin2 of 60% Record quarterly revenue of $539M and record adjusted EBITDA2 of $359M
Free cash flow2 of $157M (net of $165M of tax/royalty payments), supporting full repayment of $30M of debt and $121M of capital returns Available liquidity2 of $467M including $130M of cash and no debt
Lost-time injury frequency of zero per million hours worked for both employees and contractors

2026 GUIDANCE

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

MORELOS OPERATIONAL PERFORMANCE - PROCESSING

Production impacted by mine-sequencing; grades/recoveries set to improve in H2

Throughput lower due to mill maintenance

Extended planned maintenance period and unplanned maintenance to replace bolts and grates at the SAG mill impacted throughput rates
Expect throughput to exceed design levels of 10,600 tpd through remainder of the year (April averaged 11,466 tpd)

Recoveries lower due to mine sequencing

Expect to continue to mine lower grade and lower recovery stopes at Media Luna through Q2
Expecting to return to higher grade and recovery areas of the mine in H2, with production expected to step up accordingly
Lower grades and recoveries mainly related to gold

MORELOS OPERATIONAL PERFORMANCE - MINING

Mining rates outperforming at both Media Luna and ELG Underground

Media Luna achieved 7,500 tpd design level

Mining rates exceeded target of 7,500 tpd nine months ahead of schedule in technical report and three months ahead of latest forecast
Expected to maintain or exceed design rate through remainder of 2026

ELG Underground well ahead of 2,800 tpd target

Expect mining rates to remain around this level through 2026 until steady feed from Media Luna North is delivered
Increased throughput primarily driven by increased level of long-hole stopes mined

PROJECTS UPDATE

Media Luna North and Los Reyes tracking to plan

Media Luna North

On track for first production in Q4 2026
North adit breakthrough on track for mid-year
Infrastructure construction to commence mid-year following completion of key underground development
Contracts for remaining equipment supply being finalized

Los Reyes

Preliminary economic assessment on track for completion early July
Targeting combined open pit and underground mine with mill throughput of 5,000 tpd
Prefeasibility study expected to commence in H2 and drilling expected to resume once security situation in the region stabilizes and allows for safe activities

DRILLING & EXPLORATION UPDATE

Excellent drilling results delivered with first quarter update

Media Luna Cluster

Strong potential to expand resources to the south and east of Media Luna mine
Surface mapping suggests potential continuity between these areas
Infill drilling supports conversion of Inferred Resources to Indicated at year end with target of offsetting depletion

ELG Underground

Continued discovery of new mineralized structures at El Limón Sur trend supports potential for additional, undiscovered mineralized trends/corridors
Strong potential to expand resources at Sub-Sill and El Limón West trends
Targeting to replace reserves/resources in 2026 ANDREW SNOWDEN

CFO

FINANCIAL PERFORMANCE

Higher metal prices support record margins and strong free cash flow

Record quarterly AISC margin2 of 60%

Significant free cash flow2 of $157M

AISC above guided range ($1,750 to $1,850/oz AuEq) given:

Impact of higher than guided metal prices on royalties and profit sharing
Impact of stronger Mexican peso
Production below low end of quarterly run rate
Higher reagent consumption in response to lower recovery ore

Robust free cash flow despite $165M of taxes and royalties paid during the quarter

At $4,800/oz Au, forecasting $650M of free cash flow in 20264

CASH FLOW GENERATION

Cash balance increased quarter-over-quarter despite significant cash outflows

2

2

2

Continue to generate exceptional cash flow, supported by high metal prices and record margins Generated $157M of free cash flow net of $165M of annual tax/royalty payments
Fully repaid remaining $30M of outstanding debt
Returned $121M of cash to shareholders via $111M of share repurchases and $10M of dividends

Operating cash flow tends to be weakest in H1 given timing of tax, royalty and PTU payments

Final payments related to royalties, profit sharing, and taxes are subject to movements in the Mexican peso relative to the U.S. dollar
Cash flow from operations prior to changes in non-cash working capital impacted by:
Payment of 8.5% mining tax
Payment of corporate income tax
Cash flow from operations after changes in non-cash working capital impacted by:
Payment of 1.0% and 2.5% royalties
Payment of mandated profit sharing ("PTU")

Strong balance sheet with no debt and healthy liquidity position

Fully repaid outstanding debt balance Available liquidity2 of $467M at the end of Q1

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

$200M in year

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

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

ENHANCED RETURN OF CAPITAL PROGRAM

Targeting $350M of total returns in 2026

5

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)

QUESTIONS?

ENDNOTES

1. AuEq production and all-in sustaining costs for Q1 2026 is based on average market prices of $4,873/oz gold, $84.33/oz silver, and $5.83/lb copper. AuEq (oz) = Au (oz) + 1,000 * (84.33 / 4,873) x Ag (koz) + 1,000,000 x (5.83 / 4,873) x Cu (mlb).

2. These measures are non-GAAP financial measures. Please refer to the "Non-GAAP Financial Performance Measures" of the Company's latest MD&A, filed on Sedar+ (https://www.sedarplus.ca) or on the Company's website (https://www.torexgold.com), for further information and a detailed reconciliation to the comparable IFRS measures.

3. AuEq production and sales for the Company's 2026 guidance assume metal prices of $4,000/oz Au, $45/oz Ag, and $4.90/lb Cu. AuEq (oz) = Au (oz) + 1,000 * (45 / 4,000) x Ag (koz) + 1,000,000 x (4.90 / 4,000) x Cu (mlb). 2026 guidance assumes a Mexican peso to U.S. dollar of 19:1.

4. $650 million of free cash flow generated in 2026 is forecasted based on $4,800/oz Au, $80/oz Ag, $5.80/lb Cu, and a Mexican peso to U.S. dollar of 17.8:1.

   18

5. Forecast dividend includes $10M paid in Q1 2026 and assumes the payment of a quarterly dividend of C$0.16/sh through Q4 2026 based on shares issued and outstanding as of March 31, 2026.

Dan Rollins, CFA

Senior Vice President, Corporate Development and Investor Relations Email: [email protected] | Direct: 1-647-260-1503

TSX | TXG

OTCQX | TORXF