Torex Gold Resources Inc (TXG)

Torex Gold Restarts Drilling at Los Reyes ProjectMay 28, 2026 6:00 PM
NewsfileProgram focused on upgrading resources and supporting future economic studies(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - May 28, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) announces that drilling has restarted at the Los Reyes Project ("Los Reyes") in Sinaloa, Mexico. The comprehensive exploration and resource drilling program will be focused on de-risking and upgrading mineral resources along the three primary mineralized trends, as well as supporting the engineering and design work necessary to advance Los Reyes through the pre-feasibility and feasibility study phases.Jody Kuzenko, President & CEO of Torex, stated: "Since the acquisition of Los Reyes, our team has been actively working to integrate the project into our portfolio and establish the conditions required to safely restart drilling. The Company has engaged with local communities for which long-term agreements are in place, liaised with key stakeholders within the State and Federal governments, secured permits for the 2026 drilling program, and incorporated many of the systems successfully utilized at our Morelos Complex to manage security and enable safe and efficient work on the ground. With the people, plans, and systems now in place, we have resumed drilling at Los Reyes. "We are planning to drill approximately 20,000 metres as part of the 2026 program at Los Reyes, with a focus on de-risking and upgrading mineral resources along the three main areas (Guadalupe, Z-T, and Central) as well as undertaking metallurgical and geotechnical test-work to support the next phase of economic studies. We expect to invest approximately $18 million at Los Reyes in 2026, with the majority of expenditures related to exploration and drilling, and the remainder earmarked to complete the preliminary economic assessment ("PEA") and commence a pre-feasibility study. "We are excited to resume drilling and fieldwork at Los Reyes as we look to de-risk and advance our next growth project in Mexico. Combined with our ongoing success at the Morelos Complex, we expect Los Reyes will drive exceptional value for our shareholders in the future. We are looking forward to the release of the PEA in July when we will be able to share the results of the work we have done since we acquired Los Reyes in October 2025."ABOUT TOREX GOLD RESOURCES INC.
Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa and a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Medicine Springs project in Nevada, USA as well as an option to acquire the Gryphon project in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.com Dan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.com CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTSThis press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, statements regarding the restart and scope of the 2026 drilling program at Los Reyes; the objectives of de-risking and upgrading mineral resources; metallurgical, geotechnical, engineering and design work to support future economic studies and the advancement of Los Reyes; planned expenditures and allocation of capital at Los Reyes in 2026; the anticipated timing of the release of the PEA; the commencement of pre-feasibility work; and the Company's expectations regarding the future potential and value of Los Reyes. Forward-Looking Information also includes the Company's key strategic objectives to: deliver Media Luna to full production and build EPO, optimize Morelos production and costs, grow reserves and resources, pursue disciplined growth and capital allocation, retain and attract best industry talent, and be an industry leader in responsible mining. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "guidance", "expects", "planned", or variations of such words and phrases or statements that certain actions, events or results are "on track to" or "will", or "is expected to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the Company's technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, the Company's annual information form ("AIF") for the year ended December 31, 2025 and management's discussion and analysis ("MD&A") for the three months ended March 31, 2026. Forward-Looking Information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299203 Original: Torex Gold Restarts Drilling at Los Reyes Project

Torex Gold Releases 2025 Responsible Gold Mining ReportMay 26, 2026 6:00 PM
NewsfileReport highlights significant progress on water conservation, GHG emissions reduction and other strategic responsible mining initiatives(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - May 26, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) today released its 2025 Responsible Gold Mining Report (the "Report") titled Growing with Purpose, the Company's 11th annual disclosure of its safety, environmental, social and governance performance. The Report can be found on the Company's website at www.torexgold.com.Jody Kuzenko, President & CEO of Torex, stated: "As I look back on my career, one of the things I will always be most proud of is the profound impact that Torex has had on the people and families that live and work where we operate. From our earliest days, we've had an unwavering commitment to run a business that was about generating a strong return on investment while at the same time minimizing our environmental footprint, building trust and partnership with local communities, creating prosperity through well-paying jobs and local procurement, and fostering lasting economic development through meaningful community infrastructure and improvement initiatives. "With Media Luna now complete, the value we expect to generate from our Morelos Complex allows for growth as we set our sights on becoming a diversified, Americas-focused, precious metals producer. Our intention is to expand the positive impact we have made in Guerrero State and to continue to sustain and grow our commitment to responsible mining practices to the benefit of all involved with our business."2025 RESPONSIBLE GOLD MINING REPORT HIGHLIGHTSIndustry-leading safety performance with a lost-time injury frequency of 0.07 for employees and contractors per million hours worked;99% operational workforce from Mexico with 64% from Guerrero State and 39% from local communities; voluntary turnover rate of 4%, down from 8% in 2024;Zero reportable environmental incidents or spills;Continued implementation of our Community Development Agreements ("CODECOPs") in partnership with 12 host communities, with $3.9 million directly invested in community development and infrastructure projects;95% of procurement spend in Mexico up from 92% in 2024; 20% of spend directed to Guerrero-based suppliers;83% of water re-used and recycled; up from 58% in 2024 due to enhanced recycling capacity and water circuits associated with the Media Luna Project;68% reduction in Scope 1 greenhouse gas emissions relative to 2024, due to the transition from open pit mining to underground operations together with other initiatives to reduce diesel consumption;Completion and commissioning of a new 8.45-megawatt solar plant;First disclosure of the Company's Scope 3 GHG emissions inventory;Ongoing conformance with the World Gold Council Responsible Gold Mining Principles and the International Cyanide Management Code.The Company's 2025 Responsible Gold Mining Report was prepared with reference to the Global Reporting Initiative ("GRI") Standards and the Sustainability Accounting Standards Board ("SASB") Metals and Mining Sustainability Accounting Standard. It also includes energy and climate-related data aligned with the Phase 1 recommendations of the Task Force on Climate-Related Financial Disclosure ("TCFD"), and water-related data that conforms with the Water Stewardship Framework established by the International Council on Mining and Metals ("ICMM"). ABOUT TOREX GOLD RESOURCES INC.
Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa and a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Medicine Springs project in Nevada, USA as well as an option to acquire the Gryphon project in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.comCAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
This press release contains "forward-looking statements" and "Forward-Looking Information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information disclosed in this press release includes the Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "expects", "planned", "guided", "strategy", "target", "goal", "objective", "aim" or variations of such words and phrases or statements that certain actions, events or results "will", "could", or are "expected to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the Company's annual information form ("AIF") for the year ended December 31, 2025 and management's discussion and analysis ("MD&A") for the three months ended March 31, 2025. Forward-Looking Information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A, are filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298810 Original: Torex Gold Releases 2025 Responsible Gold Mining Report

Torex Gold Announces Appointment of Chief Financial OfficerMay 20, 2026 6:00 PM
NewsfileDan Rollins to assume the role of CFO in mid-June when Andrew Snowden takes seat as CEOToronto, Ontario--(Newsfile Corp. - May 20, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to announce the appointment of Dan Rollins as the Company's Chief Financial Officer ("CFO"). Mr. Rollins, who currently serves as the Company's Senior Vice President, Corporate Development & Investor Relations, will replace Andrew Snowden following the Company's Annual and Special Shareholder Meeting (the "Meeting") on June 17, 2026, at which time Mr. Snowden will assume the role of President and CEO.Jody Kuzenko, President & CEO of Torex, stated:"Over the past seven years at Torex, Dan has played a central role in shaping the Company's corporate strategy and has earned the respect of his colleagues and the investment community alike. In addition to his exceptional work leading the Company through recent acquisitions and his deep knowledge of all aspects of the business, Dan brings strong analytical capability, deep capital markets experience, and a thoughtful, structured approach to financial decision-making that will serve him well as CFO. "As Andrew assumes the role of CEO, Dan's appointment as CFO will continue to support ongoing continuity and a seamless leadership transition at a time when the Company is generating significant free cash flow and remains focused on maximizing shareholder returns. I cannot think of two better leaders than Andrew and Dan to lead the Company into this new and exciting chapter for Torex."Dan Rollins has close to 25 years of metals and mining industry-related experience with 12 years of experience within sell-side equity research. Mr. Rollins joined the Torex team in 2019 from RBC Capital Markets, where he provided investment research on precious metal companies and the broader precious metal sector to institutional investors. Prior to RBC Capital Markets, Mr. Rollins was employed in a similar role by UBS Securities Canada. He started his career at Noranda/Falconbridge where he was involved in the sale of refined zinc metal. Mr. Rollins is a Chartered Financial Analyst and holds a Bachelor of Science (Chemical Engineering) from Queen's University and a Master of Business Administration from the University of Toronto."I am honored to step into the role of CFO and look forward to working with Andrew and the entire Torex team as the Company continues to execute on its strategy and unlock value for our shareholders," said Rollins. "I am deeply committed to the success of this Company and I'm grateful for the confidence placed in me to take on this role at such a pivotal time for Torex."ABOUT TOREX GOLD RESOURCES INC.Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa and a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Medicine Spring project in Nevada, USA as well as an option to acquire the Gryphon project in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.Jody KuzenkoPresident and CEODirect: (647) 725-9982jody.kuzenko@torexgold.com
Dan RollinsSenior Vice President, Corporate Development & Investor RelationsDirect: (647) 260-1503dan.rollins@torexgold.com  CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "expects", "planned", "guided", "strategy", "target", "goal", "objective", "aim" or variations of such words and phrases or statements that certain actions, events or results "will", or "is expected to" occur. Forward-Looking Information includes, but is not limited to, statements concerning the anticipated executive changes and timing thereof. Forward-Looking Information also includes the Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Forward-Looking Information can be identified by the use of forward-looking terminology such as "guidance", "expects", "planned", or variations of such words and phrases or statements that certain actions, events or results are "on track to" or "will", or "is expected to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the Company's annual information form ("AIF") for the year ended December 31, 2025 and management's discussion and analysis ("MD&A") for the three months ended March 31, 2025. Forward-Looking Information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298105 Original: Torex Gold Announces Appointment of Chief Financial Officer

Torex Gold Reports Q1 2026 ResultsMay 6, 2026 6:00 PM
NewsfileStrong financial performance drove record margins and significant free cash flow generation; Media Luna North and Los Reyes projects tracking to plan(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - May 6, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) reports the Company's financial and operational results for the three months ended March 31, 2026. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results. Jody Kuzenko, President & CEO of Torex, stated:"2026 is off to a solid start with production tracking to plan, the ramp-up of Media Luna complete, and an enhanced return of capital program in place, reflecting the robust free cash flow generation of the business. Importantly, our safety performance continued to be excellent, with no lost-time injuries in Q1 and a lost-time injury frequency of zero per million hours worked as at the end of the quarter."During the first quarter, we delivered multiple quarterly financial records including revenue of $539 million, adjusted EBITDA1 of $359 million, and an impressive all-in sustaining costs margin1 of 60%, ending the quarter with available liquidity1 of over $465 million. The Company generated $157 million in free cash flow1 after $165 million in tax and royalty payments, which was used to pay down the $30 million of outstanding debt, deliver $10 million in cash dividends to our shareholders, and repurchase $111 million of shares under our normal course issuer bid ("NCIB"). With gold, silver, and copper prices remaining robust, and annual tax and royalty payments made in March, Torex is well-positioned to continue to deliver significant free cash flow while also delivering on our capital allocation priorities through the remainder of the year and beyond."Gold equivalent production is tracking to plan for the year, with second quarter production expected to be at a similar level as the first quarter and then increase as we move into higher grade and higher recovery stopes in the second half of the year. All-in sustaining costs are expected to follow a similar path, with costs improving in line with the stronger anticipated production subject to the potential impact on royalties and profit-sharing payments of higher than forecast metal prices, as well as the continued strength of the Mexican peso."On the project front, development of Media Luna North is tracking to plan and on schedule to deliver first ore by year-end. A preliminary economic assessment for Los Reyes is on track to be released mid-year, which will demonstrate our confidence in the long-term value of the project. We continue to focus on putting in place the conditions to allow a safe return to drilling at Los Reyes following security risks in the region, while drilling at our regional prospects in Chihuahua and Nevada is expected to kick off this summer. Drilling at Morelos is gaining momentum, with plans to direct more of the planned expenditure this year to the eastern and southern extensions of Media Luna, specifically within the San Miguel Corridor. "Overall, the Company is in an excellent position financially and operationally. With significant free cash flow generation and our operations tracking to plan, we're well-placed to continue to generate impressive returns at Morelos for the foreseeable future and unlock value across our expanded portfolio of assets in Nevada and Mexico."Q1 2026 HIGHLIGHTSSafety performance: The Company recorded no lost-time injuries during the quarter and exited the quarter with a lost-time injury frequency ("LTIF") of 0.00 per million hours worked for both employees and contractors on a rolling 12-month basis.Gold production: Production of 100,874 gold equivalent ounces2 (oz AuEq), including 73,647 oz Au for the quarter. The Media Luna underground mine achieved a quarterly average design throughput of 7,500 tonnes per day ("tpd") nine months ahead of the schedule set out in the technical report and three months ahead of the most recent forecast. In addition, performance at ELG Underground remained consistently strong as mining rates averaged more than 3,000 tpd. Production was influenced by mine sequencing and maintenance activities at the processing plant. Consistent with annual guidance, quarterly production is expected to remain at similar levels during Q2 before increasing in the second half of the year. The Company is on track to achieve annual production guidance of 420,000 to 470,000 oz AuEq2.Record quarterly revenue: Gold equivalent ounces sold of 109,222 oz AuEq2 at a record quarterly average realized gold price1 of $4,784 per oz AuEq2, contributing to revenue of $539.3 million. Revenue for the quarter includes a net loss of $24.0 million for price adjustments on provisionally priced concentrate sales (a realized gain of $8.1 million on final sales settlements during the first quarter and an unrealized loss of $32.1 million on provisional sales pending final settlement) due to lower metals prices at the end of the quarter. In the first quarter of 2026, the Company recognized a net derivative gain of $6.9 million (an unrealized gain of $21.3 million and a realized loss of $14.4 million) on quotational period hedges entered into to mitigate price risk on provisionally priced sales.Robust all-in sustaining margins1: Quarterly all-in sustaining costs of $1,917 per oz AuEq sold2, relative to guidance of $1,750 to $1,850 per oz AuEq sold2. All-in sustaining costs margin1 of $2,867 per oz AuEq sold, implying a record quarterly all-in sustaining costs margin1 of 60%. Cost of sales was $226.7 million or $2,076 per oz AuEq sold. Costs during the quarter reflect the impact of the higher market price for gold, silver and copper on royalties, Mexican profit sharing and land access agreements, known as temporary occupation agreements ("TOAs"), with local communities.Record profitability and adjusted EBITDA1: Reported record quarterly net income of $207.5 million or earnings of $2.18 per share on a basic basis and $2.16 on a diluted basis. Adjusted net earnings of $199.7 million or $2.10 per share on a basic basis and $2.08 per share on a diluted basis. Generated record quarterly EBITDA of $358.1 million and record adjusted EBITDA of $358.6 million.Strong cash flow generation: Net cash generated from operating activities totalled $209.8 million and $174.2 million before changes in non-cash operating working capital, including income taxes and royalties paid of $164.5 million, reflecting the annual true-up of corporate income taxes, the annual payment of mining taxes, the annual payment of the 1% royalty, the quarterly payment of the 2.5% royalty, and instalments for income taxes for 2026. Free cash flow1 of $157.3 million is net of cash outlays for capital expenditures, lease payments, and interest.Strong financial liquidity: In January 2026, the Company fully repaid the remaining $30.0 million drawn on the credit facility. The Company has a fully undrawn credit facility of $350.0 million with a maturity date in June 2029 and a $200.0 million accordion feature that is available at the discretion of the lenders. The quarter closed with a $466.9 million in available liquidity1, including $130.0 million in cash and $336.9 million available on the $350.0 million credit facilities, net of letters of credit outstanding of $13.1 million.Return of Capital to Shareholders3: In May, the Company announced an enhanced return of capital program targeting the return of $350.0 million to shareholders during 2026, through a combination of share repurchases and dividends. During the first quarter, the Company leveraged strong cash flow generation to return $121.2 million under its return of capital program.Dividends: During the first quarter of 2026, the Company paid dividends of $10.4 million. In May 2026, the Company declared its next quarterly dividend of C$0.16 per common share ("Torex Share"), an increase of 7% over the prior quarterly dividend, which is payable on June 4, 2026 to shareholders of record on May 21, 2026.Share Repurchases: During the first quarter of 2026, the Company repurchased 2,141,801 Torex Shares for $110.8 million (C$151.4 million) at an average price per share of $51.73 (C$70.69) under the Company's NCIB.Media Luna North Project: During the quarter, $14.7 million of non-sustaining capital expenditures were incurred relating to Media Luna North. Development of the main access ramp and haulage drift at Media Luna North continued to track well. First production at Media Luna North remains on track for late 2026 with the declaration of commercial production shortly thereafter.Exploration and Drilling Activities4: In April, the Company announced results from the ongoing drilling and exploration program within the ELG Underground and Media Luna Cluster. Results to date support the Company's objective of expanding resources while enhancing and extending the current production profile of the Morelos Complex.ELG Underground: The discovery of new mineralized structures at the El Limón Sur trend and mineralization encountered beyond the boundary of defined resources at both the Sub-Sill and El Limón West trends, continue to demonstrate the upside resource potential of ELG Underground.Media Luna Cluster: Results support the potential to expand resources to the south and east of the Media Luna mine. In addition, surface mapping suggests potential continuity between these zones which will be the focus of follow-up drilling.Year-end Mineral Reserves & Resources5: In March, the Company released its 2025 mineral reserves and resources update.Morelos: Mineral reserves for Morelos increased 4% prior to depletion (5% decrease net of depletion), with gains from drilling success at ELG Underground and Media Luna partially offsetting depletion and the reductions in reserves associated with updates to the geological model at Media Luna North. At Media Luna West, an inaugural Inferred Resource of 506 koz AuEq was delineated with an average grade of 5.11 grams per tonne ("gpt") AuEq.Los Reyes Project: The acquisition of Los Reyes added 2,047 koz AuEq of Indicated Resources and 765 koz AuEq of Inferred Resources to the Company's overall resource inventory.Record investment in exploration and resource drilling of $77.0 million is planned for 2026, focusing on enhancing and extending the production profile at the Morelos Complex, advancing and de-risking Los Reyes, and surfacing value across its early-stage exploration properties.CEO Transition: On February 4, 2026, the Company announced that Jody Kuzenko, President and Chief Executive Officer ("CEO"), will retire from the Company immediately following the Annual and Special Shareholder Meeting on June 17, 2026. As part of the Company's long-term succession planning, Andrew Snowden, Chief Financial Officer ("CFO"), will assume the role of President and CEO at that time. The Company is in the final phase of its CFO search and will announce a replacement in due course.Appointment of New Director: In April, the Company announced the appointment of Mr. Jacques Perron to the Board of Directors. Mr. Perron is a seasoned director with over 40 years of experience in the mining sector and has extensive technical and operations experience.CONFERENCE CALL AND WEBCAST DETAILSThe Company will host a conference call tomorrow at 9:00 AM (ET) where senior management will discuss the first quarter operating and financial results. For expedited access to the conference call, registration is open to obtain an access code in advance, which will allow participants to join the call directly at the scheduled time. Alternatively, dial-in details are as follows:Toronto local or International: 1-647-846-8914Toll-Free (North America): 1-833-752-3842A live webcast and replay of the conference call will be available on the Company's website at https://torexgold.com/investors/upcoming-events/. The webcast will be archived on the Company's website.FOOTNOTESThese 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. For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS, see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to "Non-GAAP Financial Performance Measures" of the Company's MD&A for the three months ended March 31, 2026, dated May 5, 2026. The MD&A and the Company's unaudited condensed consolidated financial statements and related notes for the three months ended March 31, 2026, are available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. For the three months ended March 31, 2026, market prices averaged $4,873/oz gold, $84.33/oz silver, and $5.83/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (84.33 / 4,873) x Ag (koz) + 1,000,000 x (5.83 / 4,873) x Cu (mlb). Guidance for 2026 assumed metal prices of $4,000/oz gold, $45.00/oz silver, and $4.90/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (45.00 / 4,000) x Ag (koz) + 1,000,000 x (4.90 / 4,000) x Cu (mlb).For more information on the Company's return of capital program, see the Company's news release titled "Torex Gold Reports Enhanced Return of Capital Program" issued on May 6, 2026, and filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com. For more information on the Morelos exploration and drilling results, see the Company's news release titled "Torex Gold Provides Q1 2026 Morelos Drilling & Exploration Update" issued on April 30, 2026, and filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.Mineral reserve and mineral resource estimates for the Morelos Complex can be found in tables 12 and 13, below. AuEq values account for underlying metal prices and metallurgical recoveries used in reserve and resource estimates. For additional information on the mineral reserve and mineral resource estimates for the Morelos Complex, please see the Company's annual information form for the year ended December 31, 2025, or the Company's news release titled "Torex Gold Reports Year-end 2025 Reserves & Resources" issued on March 24, 2026, and filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.Table 1: Operating and Financial Highlights


Three Months Ended



Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars, unless otherwise noted
2026

2025

2025
Safety








Lost-time injury frequency1/million hours
0.00

0.07

0.59
Total recordable injury frequency1/million hours
0.61

0.73

1.52
Operating Results - Gold Equivalent basis
 

 

 
Gold equivalent producedoz AuEq
100,874

117,325

59,777
Gold equivalent payable produced2oz AuEq
98,482

114,844

59,630
Gold equivalent sold2oz AuEq
109,222

105,946

60,568
Total cash costs2,3$/oz AuEq
1,534

1,499

1,020
All-in sustaining costs2,3$/oz AuEq
1,917

1,905

1,405
Average realized gold price2,3$/oz AuEq
4,784

4,393

2,793
Financial Results
 

 

 
Revenue$
539.3

465.3

170.0
Cost of sales$
226.7

214.7

94.1
Earnings from mine operations$
312.6

250.6

75.9
Net income$
207.5

166.8

39.0
Per share - Basic$/share
2.18

1.78

0.45
Per share - Diluted$/share
2.16

1.76

0.45
Adjusted net earnings3$
199.7

161.0

35.9
Per share - Basic3$/share
2.10

1.72

0.42
Per share - Diluted3$/share
2.08

1.70

0.41
EBITDA3$
358.1

260.4

88.1
Adjusted EBITDA3$
358.6

273.0

91.8
Cost of sales - gold equivalent basis$/oz AuEq
2,076

2,027

1,554
Net cash generated from (used in) operating activities$
209.8

244.3

(9.9)Net cash generated from (used in) operating activities before changes in non-cash operating working capital$
174.2

248.6

(17.7)Free cash flow3$
157.3

165.6

(133.3)Cash and cash equivalents$
130.0

119.5

106.5
Debt, net of deferred finance charges$
-

27.6

193.1
Lease-related obligations$
101.1

105.6

86.5
Net cash (debt)3$
28.9

(16.1)
(175.0)Available liquidity3$
466.9

426.3

197.6
 On a 12-month rolling basis, per million hours worked.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2026, dated May 5, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Total cash costs, all-in sustaining costs, average realized gold price, adjusted net earnings, adjusted net earnings per share, EBITDA, adjusted EBITDA, free cash flow, net debt and available liquidity are non-GAAP financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS as issued by the International Accounting Standards Board see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to the Company's MD&A for the three months ended March 31, 2026, dated May 5, 2026. The MD&A and the Company's unaudited condensed consolidated interim financial statements and related notes for the three months ended March 31, 2026, are available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 2: Reconciliation of Total Cash Costs and All-in Sustaining Costs to Production Costs and Royalties


Three Months Ended



Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars, unless otherwise noted

2026

2025

2025
Gold soldoz
81,233

87,262

59,756
Total cash costs per oz sold

 

 

 
Production costs$
151.3

145.3

56.2
Royalties$
19.0

15.6

6.0
Silver sales1$
(47.2)
(31.8)
(1.1)Copper sales1$
(88.8)
(62.6)
(1.2)Treatment, refining and other cost deductions$
(2.4)
1.4

-
Realized gain on foreign currency contracts$
(0.4)
(3.5)
(0.4)Total cash costs$
31.5

64.4

59.5
Total cash costs per oz sold$/oz
388

738

996
All-in sustaining costs per oz sold

 

 

 
Total cash costs$
31.5

64.4

59.5
General and administrative costs2$
10.2

9.7

8.7
Reclamation and remediation costs$
2.0

1.2

1.0
Sustaining capital expenditure3$
29.7

32.1

13.6
Total all-in sustaining costs$
73.4

107.4

82.8
Total all-in sustaining costs per oz sold $/oz
904

1,231

1,386



 

 

 
Gold equivalent sold4oz AuEq
109,222

105,946

60,568
Total cash costs per oz AuEq sold

 

 

 
Production costs$
151.3

145.3

56.2
Royalties$
19.0

15.6

6.0
Treatment, refining and other cost deductions$
(2.4)
1.4

-
Realized gain on foreign currency contracts$
(0.4)
(3.5)
(0.4)Total cash costs$
167.5

158.8

61.8
Total cash costs per oz AuEq sold4$/oz AuEq
1,534

1,499

1,020
All-in sustaining costs per oz AuEq sold

 

 

 
Total cash costs$
167.5

158.8

61.8
General and administrative costs2$
10.2

9.7

8.7
Reclamation and remediation costs$
2.0

1.2

1.0
Sustaining capital expenditure3$
29.7

32.1

13.6
Total all-in sustaining costs$
209.4

201.8

85.1
Total all-in sustaining costs per oz AuEq sold4$/oz AuEq
1,917

1,905

1,405
 Includes provisional price adjustments on sales of copper concentrate and precipitate.This amount excludes a loss of $1.2 million, loss of $9.4 million and loss of $7.6 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, in relation to the remeasurement of share-based payments. This amount also excludes corporate depreciation and amortization expenses totalling $0.1 million, $nil and $0.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, within general and administrative costs. Included in general and administrative costs is share-based compensation expense in the amount of $2.3 million or $28/oz ($21/oz AuEq) for the three months ended March 31, 2026, $2.1 million or $24/oz ($20/oz AuEq) for the three months ended December 31, 2025, $2.3 million or $38/oz ($38/oz AuEq) for the three months ended March 31, 2025.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2026, dated May 5, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 3: Reconciliation of Sustaining and Non-Sustaining Capital Expenditures to Additions to Property, Plant and Equipment

Three Months Ended


Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars
2026

2025

2025
Sustaining$22.0

24.6

12.8
Lease Payments (Sustaining)$7.7

7.5

0.8
Total Sustaining$29.7

32.1

13.6
Non-sustaining
 

 

 
Media Luna Project1$8.2

15.3

55.5
Media Luna North Project$14.7

10.2

4.0
Media Luna North Drilling$3.1

0.1

0.2
Working Capital Changes and Other$(7.1)
9.7

50.2
Capital expenditures2$48.6

67.4

123.5
 Non-sustaining capital expenditures includes lease payments (principal and interest) of $nil, $nil and $4.0 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.The amount of cash expended on additions to property, plant and equipment in the period as reported in the Condensed Consolidated Interim Statements of Cash Flows.Table 4: Reconciliation of Average Realized Gold Price to Revenue


Three Months Ended



Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars, unless otherwise noted

2026

2025

2025
Gold soldoz
81,233

87,262

59,756



 

 

 
Revenue$
539.3

465.3

170.0
Silver sales1$
(47.2)
(31.8)
(1.1)Copper sales1$
(88.8)
(62.6)
(1.2)Treatment, refining and other cost deductions$
(2.4)
1.4

-
Realized loss on gold contracts$
-

(1.3)
(0.8)Total proceeds$
400.9

371.0

166.9
Average realized gold price$/oz
4,935

4,252

2,793



 

 

 
Gold equivalent sold2oz AuEq
109,222

105,946

60,568



 

 

 
Revenue$
539.3

465.3

170.0
Treatment, refining and other cost deductions$
(2.4)
1.4

-
Realized loss on gold contracts$
-

(1.3)
(0.8)Realized loss on QP Hedges$
(14.4)
-

-
Total proceeds$
522.5

465.4

169.2
Average realized gold price$/oz AuEq
4,784

4,393

2,793
 Includes provisional price adjustments on sales of copper concentrate and precipitate.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2026, dated May 5, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 5: Reconciliation of All-in Sustaining Costs Margin to Revenue


Three Months Ended



Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars, unless otherwise noted

2026

2025

2025
Gold soldoz
81,233

87,262

59,756



 

 

 
Revenue$
539.3

465.3

170.0
Silver sales1$
(47.2)
(31.8)
(1.1)Copper sales1$
(88.8)
(62.6)
(1.2)Treatment, refining and other cost deductions$
(2.4)
1.4

-
Realized loss on gold contracts$
-

(1.3)
(0.8)All-in sustaining costs$
(73.4)
(107.4)
(82.8)All-in sustaining costs margin$
327.5

263.6

84.1



 

 

 
Average realized gold price$/oz
4,935

4,252

2,793



 

 

 
Total all-in sustaining costs margin$/oz
4,031

3,021

1,407
Total all-in sustaining costs margin%
82

71

50



 

 

 
Gold equivalent sold2oz AuEq
109,222

105,946

60,568



 

 

 
Revenue$
539.3

465.3

170.0
Treatment, refining and other cost deductions$
(2.4)
1.4

-
Realized loss on gold contracts$
-

(1.3)
(0.8)Realized loss on QP Hedges$
(14.4)
-

-
All-in sustaining costs$
(209.4)
(201.8)
(85.1)All-in sustaining costs margin$
313.1

263.6

84.1



 

 

 
Average realized gold price$/oz AuEq
4,784

4,393

2,793



 

 

 
Total all-in sustaining costs margin2$/oz AuEq
2,867

2,488

1,388
Total all-in sustaining costs margin%
60

57

50
 Includes provisional price adjustments on sales of copper concentrate and precipitate.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2026, dated May 5, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 6: Reconciliation of Adjusted Net Earnings to Net Income


Three Months Ended
In millions of U.S. dollars, unless otherwise noted

Mar 31,

Dec 31,

Mar 31,


2026

2025

2025
Basic weighted average shares outstandingshares
95,313,769

93,644,666

86,125,855
Diluted weighted average shares outstandingshares
95,970,052

94,779,109

87,326,899











Net income$
207.5

166.8

39.0



 

 

 
Adjustments:

 

 

 
Unrealized foreign exchange (gain) loss$
(0.8)
0.2

(0.7)Unrealized loss (gain) on derivative contracts, excluding QP Hedges$
0.1

3.0

(3.2)Loss on remeasurement of share-based payments$
1.2

9.4

7.6
Derecognition of provisions for uncertain tax positions$
(12.7)
-

(9.2)Tax effect of above adjustments$
0.2

(1.0)
1.2
Tax effect of currency translation on tax base$
4.2

(17.4)
1.2
Adjusted net earnings$
199.7

161.0

35.9
Per share - Basic$/share
2.10

1.72

0.42
Per share - Diluted$/share
2.08

1.70

0.41
 Table 7: Reconciliation of EBITDA and Adjusted EBITDA to Net Income

Three Months Ended


Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars
2026

2025

2025
Net income$207.5

166.8

39.0


 

 

 
Finance costs and other, net$2.7

6.2

2.6
Depreciation and amortization1$56.5

53.9

32.0
Current income tax expense$88.7

96.9

6.0
Deferred income tax expense (recovery)$2.7

(63.4)
8.5
EBITDA$358.1

260.4

88.1


 

 

 
Adjustments:
 

 

 
Unrealized loss (gain) on derivative contracts, excluding QP Hedges$0.1

3.0

(3.2)Unrealized foreign exchange (gain) loss$(0.8)
0.2

(0.7)Loss on remeasurement of share-based payments$1.2

9.4

7.6
Adjusted EBITDA$358.6

273.0

91.8
 Includes depreciation and amortization included in cost of sales, general and administrative expenses and exploration and evaluation expenses.Table 8: Reconciliation of Free Cash Flow to Net Cash Generated from Operating Activities

Three Months Ended


Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars
2026

2025

2025
Net cash generated from (used in) operating activities$209.8

244.3

(9.9)Adjusted for:
 

 

 
Additions to property, plant and equipment1$(48.6)
(67.4)
(123.5)Value-added tax receivables, net2$5.6

1.6

7.6
Lease payments$(5.4)
(5.0)
(3.4)Interest and other borrowing costs paid3$(4.1)
(7.9)
(4.1)Free cash flow$157.3

165.6

(133.3) The amount of cash expended on additions to property, plant and equipment in the period as reported on the Condensed Consolidated Interim Statements of Cash Flows.Included in investing activities as reported on the Condensed Consolidated Interim Statements of Cash FlowsIncluding borrowing costs capitalized to property, plant and equipment.Table 9: Reconciliation of Net Cash to Cash and Cash Equivalents

Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars
2026

2025

2025
Cash and cash equivalents$130.0

119.5

106.5
Adjusted for:
 

 

 
Debt$-

(27.6)
(193.1)Lease-related obligations$(101.1)
(105.6)
(86.5)Deferred finance charges$-

(2.4)
(1.9)Net cash (debt)$28.9

(16.1)
(175.0) Table 10: Reconciliation of Available Liquidity to Cash and Cash Equivalents

Mar 31,

Dec 31,

Mar 31,
In millions of U.S. dollars
2026

2025

2025
Cash and cash equivalents$130.0

119.5

106.5
Available credit of the Debt Facility$336.9

306.8

91.1
Available liquidity$466.9

426.3

197.6
 Table 11: Reconciliation of Unit Cost Measures to Production Costs

Three Months Ended
In millions of U.S. dollars, unless otherwise noted
Mar 31, 2026

 

Dec 31, 2025

 

Mar 31, 2025

 
Gold sold (oz AuEq)
109,222

 

105,946

 

60,568

 
Gold sold (oz)
81,233

 

87,262

 

59,756

 
Tonnes mined - ELG open pit (kt)
-

 

-

 

672

 
Tonnes mined - ELG underground (kt)
276

 

292

 

187

 
Tonnes mined - Media Luna underground (kt)1
682

 

649

 

100

 
Tonnes processed (kt)
944

 

985

 

705

 
Total cash costs:
 

 

 

 

 

 
Total cash costs ($) - gold equivalent basis
167.5

 

158.8

 

61.8

 
Total cash costs per oz AuEq sold ($)
1,534

 

1,499

 

1,020

 
Total cash costs ($) - gold only basis
31.5

 

64.4

 

59.5

 
Total cash costs per oz sold ($)
388

 

738

 

996

 
Breakdown of production costs
$

$/t

$

$/t

$

$/t
Mining - ELG open pit
-

-

-

-

6.0

8.87
Mining - ELG underground
21.8

78.89

21.7

74.29

15.0

80.45
Mining - Media Luna underground1
33.0

48.39

36.1

55.62

-

-
Processing
47.1

49.88

47.5

48.23

25.2

35.72
Site support
26.3

27.85

25.3

25.69

8.1

11.53
Mexican profit sharing (PTU)
9.4

9.95

9.2

9.34

2.1

2.98
Inventory movement
4.8

 

(2.2)
 

(1.5)
 
Concentrate logistics
5.5

 

4.3

 

-

 
Other
3.4

 

3.4

 

1.3

 
Production costs
151.3

 

145.3

 

56.2

 
 Media Luna underground tonnes mined and mining costs for 2025 are reported post the declaration of commercial production on May 1, 2025.Table 12: Mineral Reserve Estimate (December 31, 2025) PropertyDepositReserve CategoryTonnes
(kt)Au
(gpt)Ag
(gpt)Cu
(%)Au
(koz)Ag
(koz)Cu
(Mlb)AuEq
(gpt)AuEq
(koz)MorelosMedia Luna UndergroundProven7,3962.9325.70.826966,1061344.601,095Probable15,2102.4121.90.821,17810,7192734.021,968Proven/Probable22,6072.5823.10.821,87416,8254084.213,062












Media Luna North UndergroundProven---------
Probable5,5461.8925.61.103374,5561354.03719
Proven/Probable5,5461.8925.61.103374,5561354.03719












ELG UndergroundProven1,4124.367.20.31198328104.96225
Probable3,5984.177.20.29482828234.74548
Proven/Probable5,0114.227.20.306801,157334.80773












ELG
Open PitProven---------
Probable6142.4315.80.464831262.6252
Proven/Probable6142.4315.80.464831262.6252











StockpilesProven5,8761.153.50.10218669131.23233

Probable---------

Proven/Probable5,8761.153.50.10218669131.23233












Total Proven/Probable39,6532.4818.40.683,15823,5195943.804,839











Torex (All)TotalProven/Probable39,6532.4818.40.683,15823,5195943.804,839 Notes to accompany the mineral reserve table: Mineral reserves were developed in accordance with CIM (2019) guidelines.Mineral reserves are founded on Measured and Indicated Resources, with an effective date of December 31, 2025, unless otherwise noted.Mineral reserves are considered appropriate for metal prices of $1,650/oz gold ("Au"), $21/oz silver ("Ag"), and $3.85/lb copper ("Cu"), unless otherwise noted.Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Stockpile mineral reserves are estimated using production and survey data and apply the gold equivalent ("AuEq") formula for the intended processing method.AuEq on a total basis is established from combined contributions of the various deposits. AuEq estimates account for metal prices and metallurgical recoveries.The qualified person for the mineral reserve estimate is Johannes (Gertjan) Bekkers, P. Eng., an independent contractor and former VP of Mines Technical Services for Torex Gold.The qualified person is not aware of mining, metallurgical, infrastructure, permitting, or other factors that materially affect the mineral reserve estimates.Morelos - Media Luna Underground:
a) Mineral reserves are reported above an in-situ ore cut-off grade of 2.4 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
b) Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and include estimates for dilution and mining losses.
c) AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).Morelos - Media Luna North Underground:
a) Mineral reserves are reported above an in-situ ore cut-off grade of 2.5 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 89% Au, 88% Ag, and 92% Cu.
b) Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and include estimates for dilution and mining losses.
c) AuEq = Au (gpt) + (Ag (gpt) * 0.0126) + (Cu (%) * 1.6539).Morelos - ELG Underground:
a) Mineral reserves are reported above an in-situ ore cut-off grade of 2.8 gpt AuEq and an in-situ incremental cut-off grade of 1.6 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
b) Mineral reserves within designed mine shapes assume mechanized cut and fill supplemented with long hole mining method and include estimates for dilution and mining losses.
c) AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).Morelos - ELG Open Pit:
a) ELG Open Pit mineral reserves are reported above an in-situ cut-off grade of 1.2 gpt Au and including low grade mineral reserves are reported above an in-situ cut-off grade of 0.88 gpt Au.
b) Assumes average metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu.
c) Mineral reserves within the designed pit include assumed estimates for dilution and ore losses.
d) AuEq = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu (%) * 0.2697).Morelos - Stockpiles:
a) Stockpiles include open pit and underground material previously mined.
b) Open pit stockpiles assumed metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu and underground stockpiles assume 90% Au, 86% Ag, and 93% Cu.
c) AuEq (blended) = Au (gpt) + (Ag (gpt) * 0.0056) + (Cu (%) * 0.5948) based on AuEq (open pit) = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu (%) * 0.2697) and AuEq (underground) = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).Table 13: Mineral Resource Estimate (December 31, 2025) PropertyDepositResource CategoryTonnes
(kt)Au
(gpt)Ag
(gpt)Cu
(%)Au
(koz)Ag
(koz)Cu
(Mlb)AuEq
(gpt)AuEq
(koz)MorelosMedia Luna UndergroundMeasured9,6183.0328.20.929368,7281964.881,508Indicated24,0702.3323.50.871,80018,1654614.033,115Measured/Indicated33,6872.5324.80.882,73626,8936564.274,623Inferred8,2112.2619.30.845965,0871523.861,018












Media Luna North UndergroundMeasured---------
Indicated7,5982.1326.81.115206,5371874.281,046
Measured/Indicated7,5982.1326.81.115206,5371874.281,046
Inferred9,6871.7831.91.085549,9362303.941,226












Media Luna West UndergroundMeasured---------
Indicated---------
Measured/Indicated---------
Inferred3,0794.498.60.35445848235.11506












ELG UndergroundMeasured3,9744.016.10.26512775224.50575
Indicated7,3643.576.00.248451,427394.03955
Measured/Indicated11,3383.726.00.251,3572,203624.201,530
Inferred1,0743.926.40.2913522074.46154











ELG Measured---------
Open PitIndicated5233.5414.40.455924153.7263

Measured/Indicated5233.5414.40.455924153.7263

Inferred63.565.90.451103.701












TotalMeasured/Indicated53,1462.7321.00.784,67235,8749104.257,262

Inferred22,0572.4422.70.851,73116,0934124.102,906











Los ReyesOpen Pit
MillMeasured---------
Indicated24,6571.1335.7-89928,261-1.521,209
Measured/Indicated24,6571.1335.7-89928,261-1.521,209
Inferred7,2110.8942.8-2079,916-1.36316












Underground
MillMeasured---------
Indicated4,1323.02152.4-40220,243-4.70624
Measured/Indicated4,1323.02152.4-40220,243-4.70624
Inferred4,0552.1078.6-27310,247-2.96386












Open Pit
Heap LeachMeasured---------
Indicated20,2540.298.4-1905,492-0.33215
Measured/Indicated20,2540.298.4-1905,492-0.33215
Inferred5,9440.307.3-581,398-0.3364












TotalMeasured/Indicated49,0420.9534.2-1,49153,995-1.302,047

Inferred17,2100.9739.0-53821,561-1.38765











Torex (All)TotalMeasured/Indicated102,1881.8827.40.406,16389,8709102.839,309

Inferred39,2671.8029.80.482,26937,6544122.913,671 Notes to accompany the mineral resource table:Mineral resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019).Gold equivalent ("AuEq") of total mineral resources is established from combined contributions of the various deposits. AuEq estimates account for metal prices and metallurgical recoveries.Mineral resources are inclusive of mineral reserves (excluding stockpiles). Mineral resources that are not mineral reserves do not have demonstrated economic viability.Numbers may not add due to rounding.Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.Notes to accompany Morelos mineral resources:The effective date of the estimates is December 31, 2025. Mineral resources are depleted above a mining surface or to the as-mined solids as of December 31, 2025.Mineral resources for Morelos are based on underlying metal prices of $1,800/oz gold ("Au"), $24/oz silver ("Ag"), $4.10/lb copper ("Cu"), unless otherwise noted.The preparation of the estimates was prepared by Rochelle Collins, P. Geo. (Ontario), Principal, Mineral Resources for Torex Gold.Morelos - Media Luna Underground:
a) Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining methods are a combination of long-hole open stoping and mechanized cut-and-fill.
b) Mineral resources were estimated using ID3 method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.
c) Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm3.
e) AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140).Morelos - Media Luna North Underground:
a) Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining method is long-hole open stoping.
b) Mineral resources were estimated using ID3 method applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.
c) Assumes metallurgical recoveries of 89% Au, 88% Ag, and 92% Cu.
d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.5 g/cm3.
e) AuEq = Au (gpt) + (Ag (gpt) * 0.0132) + (Cu (%) * 1.6145).Morelos - Media Luna West Underground:
a) Mineral resources are reported above a 2.1 gpt AuEq cut-off grade. The assumed mining method is from underground methods, using long-hole open stoping.
b) Mineral resources were estimated using ID3 method applied to 3.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m.
c) Assumes metallurgical recoveries of 88% Au, 75% Ag, and 85% Cu.
d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm3.
e) AuEq = Au (gpt) + (Ag (gpt) * 0.0114) + (Cu (%) * 1.5086).Morelos - ELG Underground:
a) Mineral resources are reported above a 2.2 gpt AuEq cut-off grade. The assumed underground mining method is mechanized cut-and-fill.
b) Mineral resources were estimated using ordinary kriging method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.
c) Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.
d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm3.
e) AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140).Morelos - ELG Open Pit:
a) Mineral resources for ELG Open Pit are reported above an in-situ cut-off grade of 0.78 gpt Au.
b) Mineral resources were estimated using ordinary kriging method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks. Mineral resources are reported inside an optimized pit shell, underground mineral reserves at ELD within the El Limón pit shell have been excluded from the open pit mineral resources.
c) Average metallurgical recoveries are 89% Au, 30% Ag, and 15% Cu.
d) The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm3.
e) AuEq = Au (gpt) + (Ag (gpt) * 0.0045) + (Cu (%) * 0.2632).Notes to accompany Los Reyes mineral resources:The effective date of the estimates is October 15, 2024. Mineral resources for Los Reyes are based on underlying metal prices of $1,950/oz Au and $25.24/oz Ag, unless otherwise noted.The estimate was prepared by John Sims, President of Sims Resources LLC, an independent contractor and QP as a CPG member with AIPG.Los Reyes - Open Pit (Mill and Heap Leach):
a) Open Pit Resource estimates are based on economically constrained open pits generated using the Hochbaum Pseudoflow algorithm in Datamine's Studio NPVS and the following optimization parameters:
b) Assumes mill recoveries of 95.6% for Au and 81% for Ag and heap leach recoveries of 73% Au and 25% Ag.
c) Pit slopes by area ranging from 42-47 degrees overall slope angle.
d) 5% ore loss and 5% dilution factor applied to the 5 m x 5 m x 5 m open pit resource block models.
e) Mining costs of $2.00 per tonne of waste mined and $2.50 per tonne of ore mined. Milling costs of $16.81 per tonne processed. Heap leach costs of $5.53 per tonne processed. G&A cost of $2.00 per tonne of material processed. Royalty of 3% and selling cost of 1% were also applied.
f) A 0.17 gpt gold only cutoff was applied to ex-pit processed material (which is above the heap-leaching NSR cutoff).
g) AuEq (Open Pit Mill) = Au (gpt) + (Ag (gpt) * 0.0110) and AuEq (Open Pit Heap Leach) = Au (gpt) + (Ag (gpt) * 0.0046).Los Reyes - Underground (Mill):
a) Underground Resource estimates are based on economically constrained stopes generated using Datamine's Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters:
b) Diluted to a minimum 4 m stope width with a 98% mining recovery.
c) Assumes mill recoveries of 95.6% for Au and 81% for Ag.
d) Mechanized cut-and-fill mining with a $60.00 per tonne cost. Milling costs of $16.81 per tonne processed. G&A cost of $4.00 per tonne of material processed. Royalty of 3% and selling cost of 1% were also applied.
e) AuEq (Underground Mill) = Au (gpt) + (Ag (gpt) * 0.0110).ABOUT TOREX GOLD RESOURCES INC.
Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa and a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Medicine Springs project in Nevada, USA as well as an option to acquire the Gryphon project in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.comQUALIFIED PERSONS
The technical and scientific information contained in this press release pertaining to metal production and 2026 production guidance has been reviewed and approved by Miguel Pimentel P.Eng., Vice President, Metallurgy and Process Engineering of the Company, who is a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").The scientific and technical information contained in this press release pertaining to mineral resources has been reviewed and approved by Rochelle Collins, P.Geo., Principal, Mineral Resources of Torex Gold Resources Inc. and a Qualified Person under NI 43-101.The scientific and technical information contained in this press release pertaining to mineral reserves for the Morelos Complex has been reviewed and approved by Johannes (Gertjan) Bekkers, P.Eng., a contractor to Torex Gold (previously served as Vice-President, Mines Technical Services for the Company) and a Qualified Person under NI 43-101. The scientific and technical data contained in this press release pertaining to mineral resources for Los Reyes have been reviewed and approved by John Sims, President of Sims Resources LLC, an independent contractor and qualified person as a CPG member with AIPG, and a Qualified Person under NI 43-101.CAUTIONARY NOTES ON FORWARD-LOOKING INFORMATION
This press release contains “forward-looking statements” and “forward-looking information” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, information with respect to production and cost performance for the remainder of 2026 and beyond (including that gold equivalent production is tracking to plan, expected second quarter production levels, and expected increases and cost improvements in the second half of 2026); the Company’s ability to continue to generate significant free cash flow and deliver on its capital allocation priorities; the timing and amount of returns to shareholders under the Company’s enhanced return of capital program (including the targeted return of $350.0 million in 2026 through a combination of share repurchases and dividends), the declaration and payment of dividends, and the Company’s plans with respect to the NCIB; the Company’s ability to deliver significant free cash flow while also delivering on its capital allocation priorities; the timing for the release of a preliminary economic assessment for Los Reyes and the Company’s expectations regarding the long-term value of Los Reyes; project development timelines and expectations for Media Luna North and Los Reyes; expected timelines and investments in exploration and drilling at Morelos, Los Reyes, and at the assets in Chihuahua and Nevada (including the Company’s ability to put in place conditions to allow a safe return to drilling at Los Reyes); and the upcoming President and CEO transition (including the appointment and announcement of a new CFO). Forward-Looking Information also includes the Company’s key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Generally, Forward-Looking Information and statements can be identified by the use of forward-looking terminology such as “forecast,” “plans,” “expects,” or “does not expect,” “is expected,” “strategic,” “to be” or variations of such words and phrases or statements that certain actions, events or results “will”, “may,” “could,” “would,” “might,” “on track,”, or “well positioned to” occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the technical report (the “Technical Report”) released on March 31, 2022, entitled “NI 43-101 Technical Report ELG Mine Complex Life Of Mine Plan and Media Luna Feasibility Study”, which has an effective date of March 16, 2022, the Company’s annual information form (“AIF”) for the year ended December 31, 2025, and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2026 or other unknown but potentially significant impacts. Forward-Looking Information and statements are based on the assumptions discussed in the Technical Report, AIF and MD&A and such other reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including without limitation, that political and legal developments will be consistent with current expectations. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, MD&A and AIF are filed on SEDAR+ at www.sedarplus.ca and available on the Company’s website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296220 Original: Torex Gold Reports Q1 2026 Results

Torex Gold Reports Enhanced Return of Capital ProgramMay 6, 2026 5:00 PM
NewsfileTargeting to return $350 million in 2026 through share repurchases and dividends(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - May 6, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) announces an enhanced return of capital program, which builds on the Company's inaugural program announced in November 2025. Under the enhanced program, Torex is targeting to return $350 million to shareholders in 2026 through a combination of share repurchases and dividends, including capital returns through the end of March. For the second quarter of 2026, the Company has declared a quarterly dividend of C$0.16 per share, which reflects a 7% increase over the prior quarterly dividend of $0.15 per share which was first declared in November 2025. Jody Kuzenko, President & CEO of Torex, stated:"The enhancements we have made in returning capital to our shareholders reflects our confidence in the underlying strength and free cash flow potential of the business without compromising our ability to execute on other key capital allocation priorities, especially within the current price environment for gold, silver, and copper. "At current metal prices, we expect to generate more than $650 million in free cash flow in 2026. The $350 million of capital we expect to return to shareholders represents approximately 55% of forecasted free cash flow for the year (approximately 40% before non-sustaining capital expenditures). This builds on the $165 million that has been returned to shareholders to date through dividends and share repurchases since returning to positive free cash flow in June 2025, including $121 million returned during the first quarter of 2026."As we evolve our return of capital program through sustainable dividends and share repurchases, we will continue to allocate capital to drive long-term value by extending the mine life and enhancing margins at Morelos, advancing the recently acquired Los Reyes project through the development cycle and into production, and unlocking value through robust drilling programs across our entire portfolio of assets in Mexico as well as Nevada."Quarterly Dividend The Company's Board of Directors has declared a quarterly dividend of C$0.16 per common share which is payable on June 4, 2026 to shareholders of record at the close of business on May 21, 2026. The dividend qualifies as an eligible dividend for Canadian income tax purposes. Based on Torex's closing share price of C$55.62 per share on May 5, 2026, the quarterly dividend declared implies a forward annualized dividend yield of approximately 1.1%. Based on 93,749,407 shares outstanding as of March 31, 2026, the total dividend to be paid in June is expected to be C$15.0 million ($11.0 million).Share Repurchase ProgramTorex plans to purchase shares under its existing NCIB program, which the Company renewed on November 20, 2025. Through March 31, 2026, the Company has repurchased 2,416,468 shares at an average price per share of C$69.81 under the current NCIB, including 2,141,801 shares at an average price per share of C$70.69 during the first quarter of 2026. Share repurchases during the first quarter represent a 2.2% reduction in shares outstanding since the start of the year.ABOUT TOREX GOLD RESOURCES INC.Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa and a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Medicine Springs project in Nevada, USA as well as an option to acquire the Gryphon project in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.comCAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTSThis press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, statements regarding future free cash flow generation; the targeted amount of capital to be returned to shareholders in 2026; the percentage of free cash flow (including the percentage calculated excluding the impact of non-sustaining capital expenditures) to be returned to shareholders in 2026; and the sustainability of capital returns through dividends and share repurchase. Forward-Looking Information also includes the Company's key strategic objectives to: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; pursue disciplined growth and capital allocation; retain and attract best industry talent; and be an industry leader in responsible mining. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "guidance", "expects", "planned", "forecast" or variations of such words and phrases or statements that certain actions, events or results are "on track to" or "will", or "is expected to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the Company's technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, the Company's most recent annual information form ("AIF") and management's discussion and analysis for the three months ended March 31, 2026 ("MD&A"). Forward-Looking Information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296307 Original: Torex Gold Reports Enhanced Return of Capital Program

Torex Gold Provides Q1 2026 Morelos Drilling & Exploration UpdateApril 30, 2026 6:00 PM
NewsfileResults provide optimism in expanding resources to the east and south of Media Luna and replacing reserves at ELG Underground(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - April 30, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to provide results from the ongoing drilling and exploration program within ELG Underground and the Media Luna Cluster. These results support the Company's objective of expanding resources while enhancing and extending the current production profile of the Morelos Complex.Jody Kuzenko, President & CEO of Torex, stated:"Kicking off a record year of exploration spend across our portfolio of assets, the first quarter drilling results from Morelos have set the stage for what we expect will be another year of successful resource expansion and mine life additions. "At Media Luna, we're beginning to see strong potential to expand resources to the south of the mine, with notable intercepts including 16.74 grams per tonne gold equivalent ("gpt AuEq")1 over 15.7 metres ("m") in drill hole MLLI-048 and 10.67 gpt AuEq over 17.9 m, including 27.12 gpt AuEq over 6.4 m, in MLLI-042. Continuous mineralization has also been encountered to the east of Media Luna (in the area referred to as Media Luna East), as demonstrated in drill hole MLE26-010, which returned 2.26 gpt AuEq over 95.2 m, including 4.67 gpt AuEq over 15.0 m. Importantly, surface mapping suggests potential continuity between these zones which will be the focus of follow-up drilling. Drilling at Media Luna North has commenced while drilling at Media Luna West is expected to kick-off later in the year."At ELG Underground, the continued discovery of mineralized structures at the El Limón Sur trend and mineralization encountered beyond the boundary of defined resources at both the Sub-Sill and El Limón West trends (including 26.86 gpt AuEq over 4.8 m and 9.35 gpt AuEq over 9.5 m in drill hole LDUG-428), continue to demonstrate the resource upside potential of ELG Underground. These initial results form a solid start to what we believe will be another excellent year of drilling success at ELG Underground."Going forward, we plan to publish exploration and drilling results from the Morelos Complex on a quarterly basis. The steady cadence of quarterly updates will showcase the strong results we expect to deliver from robust drilling programs planned at ELG Underground and the Media Luna Cluster in 2026, which will position us well to deliver another year of mineral resource and reserve growth."1. For additional information on the calculation of AuEq presented in this release see Tables 1 to 5, below, and the notes thereto.MEDIA LUNA CLUSTER Approximately 62,500 m of drilling is planned for the Media Luna Cluster this year. Assay results presented in this news release are for the 6,024 m drilled at Media Luna between the cutoff date for inclusion in the year-end reserve and resource estimate of November 1, 2025 and January 31, 2026, and an additional 2,355 m of drilling from the eastern extension of Media Luna completed between November 1, 2025 and February 7, 2026. The results from drilling at the main Media Luna orebody indicate strong potential to expand resources to the south and east of the mine (including in the area referred to as Media Luna East). These results, in conjunction with the orebody knowledge gained through the comprehensive 2025 drilling program conducted at Media Luna North and Media Luna West, continue to support our positive outlook on the long life potential of the Media Luna Cluster (Figure 1).Intercepts drilled to the south and east of Media Luna confirm mineralization extends beyond the boundary of known resources within the San Miguel Corridor and indicate the potential to delineate new Inferred Resources within these areas as part of the year-end mineral reserve and resource update. Notable results were encountered south of the Media Luna mine in drill holes MLLI-048 (16.74 gpt AuEq over 15.7 m) and MLLI-042 (10.67 gpt AuEq over 17.9 m) and east of the mine in drill holes MLE26-012D (3.08 gpt AuEq over 49.2 m, including 5.72 gpt AuEq over 14.8 m) and MLE26-010 (2.26 gpt AuEq over 95.2 m, including 4.67 gpt AuEq over 15.0 m). Surface geological mapping also suggests there is potential for continuity of the mineralization between these mineralized zones, which will be the focus of follow-up drilling (Figure 2). If drilling is successful in delineating resources to the south and east of Media Luna, it could potentially open up new mining fronts in close proximity to existing and planned infrastructure at the mine.Additionally, results from infill drilling at Media Luna continue to support the potential to upgrade Inferred Resources to the Indicated category with the goal of replacing mine depletion in 2026. Most notably from the infill drilling program, drill hole MLLI-050 returned 20.71 gpt AuEq over 4.9 m, including 87.00 gpt AuEq over 1.1 m, and 7.47 gpt AuEq over 10.7 m.Table 1: Highlights from the Q1 2026 drilling program at the Media Luna ClusterDrill HoleFrom
(m)To
(m)Core Length
(m)True Width
(m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)MLLI-042547.6552.44.83.01.41129.73.418.57incl.550.0552.42.41.52.28205.55.5113.80
564.5582.417.912.38.0433.91.3710.67incl.576.0582.46.44.422.0053.42.7527.12MLLI-048472.0487.715.711.015.1216.20.8816.74incl.479.1481.92.81.963.765.80.1664.10MLE26-012D470.8520.049.2NA2.187.50.503.08incl.478.4480.62.2NA6.983.60.137.25incl.503.5518.314.8NA4.198.20.885.72
536.9548.111.2NA2.324.20.162.64incl.545.9546.40.5NA16.0013.60.5817.11MLE26-010460.5555.795.2NA1.5011.10.382.26incl.460.5475.515.0NA4.236.50.224.67 Notes to Table:
1) Intercepts are reported both as core length and true widths. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Core recovery is shown in Table 3.
3) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for Media Luna.
4) All assay results are uncapped. Core lengths subject to rounding.The Media Luna Cluster 2026 drilling program is focused on expanding and upgrading mineral resources and replacing depletion. At Media Luna, drilling is targeting to upgrade Inferred Resources to the Indicated category to support reserve replacement while step-out drilling is targeting to expand mineralization to the south and east of the deposit to support the delineation of Inferred Resources. At Media Luna North, drilling will be targeting to upgrade Inferred Resources to the Indicated category while expanding resources within the northern extensions of the deposit. At Media Luna West, drilling will be focused on expanding resources following the delineation of an inaugural Inferred Resource in 2025. ELG UNDERGROUNDThe 2026 drilling program at ELG Underground is targeting approximately 36,000 m of drilling to offset depletion, grow mineral reserves, and expand resources within the main mineralized trends. Assay results presented in this news release are for the 10,324 m drilled between November 1, 2025 and January 31, 2026. The main goal of the 2026 drilling program is to expand and upgrade resources in order to build on the multi-year track record of mine life extensions at ELG Underground. Building off the success of the 2025 drilling program at ELG Underground, which extended mine life by two years, early drilling from the 2026 program continues to demonstrate the mineralization potential north of the La Flaca fault as well as at depth along the key mineralized trends (Figure 3). Table 2: Recent highlights from the 2026 drilling program at the ELG UndergroundDrill HoleFrom
(m)To
(m)Core Length
(m)True Width
(m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)LS-462106.6110.23.53.133.780.13.8434.03incl.108.1110.22.11.853.940.25.0054.34LS-468148.5150.01.51.45.8413.60.556.90LS-469127.9141.513.69.58.7521.20.9110.49incl.131.6140.48.86.212.3527.31.1514.56LS-470192.1205.713.510.85.8828.50.557.13
289.0296.47.46.82.9917.60.413.88
384.0388.94.94.73.0328.10.484.16LS-472175.9178.22.31.75.583.10.075.73
195.8202.97.15.54.3813.90.485.34
213.2218.45.23.63.476.00.314.05LDUG-420163.5178.014.511.314.008.50.2414.49incl.169.0173.54.53.534.349.70.1334.67LDUG-42756.966.69.88.86.192.90.036.27incl.63.064.71.61.518.539.00.0618.74
96.199.73.73.51.7817.20.392.63
272.9279.86.95.93.2025.30.914.99incl.276.5278.01.51.310.387.00.0210.50LDUG-42875.580.34.84.026.4317.90.1226.86
294.7304.29.57.78.6312.10.359.35incl.301.0302.61.6NA17.5929.21.0519.67 Notes to Table:
1) Intercepts are reported both as core length and true widths. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Core recovery is shown in Table 4.
3) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for ELG Underground.
4) All assay results are uncapped. Core lengths subject to rounding.Drilling to further explore the second order mineralized structures that were discovered to be running parallel to the El Limón Sur trend in 2025 has confirmed the continuity of high-grade mineralization. Additionally, drilling uncovered two new high-grade mineralized structures that were identified subsequent to the May 20, 2025, press release titled 'Torex Gold Reports Latest Drilling Results from ELG Underground'. While drill results from these structures were included in the year-end reserve and resource update, subsequent drilling has confirmed mineralization extends to a depth of 700 meters above sea level ("m.a.s.l.") and remains open at depth and along strike (Figures 4 & 5). Notable intercepts include 10.49 gpt AuEq over 13.6 m at drill hole LS-469 and 34.03 gpt AuEq over 3.5 m at drill hole LS-462 at the lower boundary of the current resource (800 m.a.s.l.). The intercepts from drill hole LS-468 (15.89 gpt AuEq over 1.4 m and 4.81 gpt AuEq over 5.5 m) confirm the mineralization extension at depth within the El Limón Sur trend.At the Sub-Sill trend, drilling results north of the La Flaca fault support the exploration potential for new resources similarly located at the El Limón Sur and El Limón West trends (Figure 3). The most notable intercepts are found in drill holes LDUG-420 (14.49 gpt AuEq over 14.5 m), LDUG-427 (6.27 gpt AuEq over 9.8 m), and LDUG-428 (26.86 gpt AuEq over 4.8 m and 9.35 gpt AuEq over 9.5 m) (Figure 6).At the El Limón West trend, follow-up drilling to test the mineralization potential at depth in the northern ore shoot encountered 7.13 gpt AuEq over 13.5 m and 4.16 gpt AuEq over 4.9 m in drill hole LS-470, approximately 150 m below the current resource boundary (Figure 7). These results support the potential extension of mineralization down to the previously drilled hole LS-374 which encountered 19.58 gpt AuEq over 4.5 m, including 34.32 gpt AuEq over 1.2 m, at 500 m.a.s.l. Mineralized intercepts at the north and south boundaries of the current resource, notably drill holes LS-466 (5.96 gpt AuEq over 6.3 m) and LS-472 (5.34 gpt AuEq over 7.1 m), may result in the addition of new Inferred Resources with the year-end update.The continued discovery of mineralized structures enhances the potential for other undiscovered mineralized trends/corridors within ELG Underground and continues to demonstrate the underlying resource potential of the deposit. These new discoveries also support the potential to expand and upgrade resources with the year-end mineral reserves and resources update. Follow-up drilling later this year will test the mineralization continuity along strike and at depth within the key mineralized corridors.Additionally, drilling is also planned to test potential feeders of the Guajes pit mineralization and potential mineralization continuity along the El Limón Sur and El Limón West trends north of La Flaca fault. Early indications below the Guajes pit show favourable alteration along the alleged mineralization feeders.MORELOS DISTRICTMore broadly across the Morelos Property, approximately 15,000 m of drilling is planned for this year at El Naranjo and Atzcala, focused on confirming the continuity of mineralization and defining the mineralized footprint.At Atzcala, a total of 1,852 m has been drilled year-to-date at the first of several priority targets. Early indications point to a west-northwest structural orientation of the phreatomagmatic breccia bodies, providing an improved understanding of the geological controls. Geochemical results indicate the presence of shallow gold anomalies associated with elevated mercury values, showing a strong correlation that supports the potential for a deeper mineralized system.Work is currently underway to secure the required permits and Temporary Occupation Agreements for the next phase of drilling. In parallel, Controlled-Source Audio-frequency Magneto-Tellurics (CSAMT) geophysical coverage is being refined to improve depth penetration and better constrain subsurface targets.At El Naranjo, all required permits were granted during the quarter, enabling the initiation of road construction and drill pad preparation for priority targets for which drilling commenced in April.MORELOS COMPLEX GEOLOGYThe Morelos Complex comprises the Media Luna Cluster and ELG Underground. They are hosted within the Mesozoic carbonate-rich Morelos Platform, overlayed by Cuautla and Mezcala formations and have been intruded by Paleocene stocks, sills, and dikes of granodioritic to tonalitic composition.The north-south thick-skin deep-seated faults control the architecture of the mineralized zones with sub-parallel second-order faults generating favourable traps for the different mineralizing fluids during the multiple stages of deformation.Cu-Ag and later Au mineralization is hosted within the intense extension fractures in the footwalls and hanging walls of the faults related to the emplacement of the approximately north-south-striking dikes and breccias. Mineralization is better developed along the contact of Morelos formation limestones and Media Luna granodiorite. The margins of altered dikes and sills of the calc-silicate envelope also act as a secondary control of mineralization.The mineral assemblage is characterized by pyroxene, garnet, and magnetite. Metal deposition occurred during hydrated minerals alteration and is associated with a mineral assemblage comprising of amphibole, phlogopite, chlorite, and calcite ± quartz ± epidote as well as variable amounts of magnetite and sulfides, primarily pyrrhotite. The style of mineralization is characterized by Au with locally high Ag and Cu grades. Given that Au precipitates due to the buffer exerted by the early stage of calc-silicate alteration and sulfide mineralization, it occurs as free Au and is generally dissociated from the earlier Cu mineralization event that is mainly represented by chalcopyrite.QUALITY ASSURANCE AND QUALITY CONTROL ("QA/QC")Torex maintains an industry-standard analytical QA/QC and data verification program to monitor laboratory performance. Results from these programs confirm the reliability of the assay results.The exploration program and analytical QA/QC program for Media Luna Cluster exploration drilling is currently overseen by José Antonio San Vicente Díaz, Chief Exploration Geologist for Minera Media Luna, S.A. de C.V. All samples reported have been checked against Company and Lab standards and blanks. No core duplicate samples are taken.HQ-size core is sawn in half with half the core retained in the core box and the other half bagged and tagged for shipment to the sample preparation facility. Sample preparation is carried out by ALS, an accredited laboratory, at its facilities in Zacatecas, Mexico and consists of crushing a 1 kg sample to >70% passing 2 mm followed by pulverization of 500 g to >85% passing 75 µm. Au is analyzed at the ALS facilities in Vancouver, Canada following internal analytical protocols (Au-AA23) and comprises a 30 g fire assay with an atomic absorption finish. Samples yielding results >10 gpt Au are re-assayed by fire assay with gravimetric finish (Au-GRA21). Cu and Ag analyses are completed at the ALS facilities in Vancouver, Canada as part of a multi-element geochemical analysis by four-acid digestion with detection by ICP-MS under ALS internal analytical protocol ME-MS61r. Approximately 5% of the samples collected from exploration are sent for analyses checks and assayed for Au, Ag, and Cu. External pulp check assays for QA/QC purposes are performed at Bureau Veritas, an accredited laboratory.Internal and external check control results are reviewed daily by the Minera Media Luna database team, and an external audit by GeoSoporte Mexico is carried out quarterly. The pulp check samples are analyzed for Au, Ag, and Cu. Overall comparability between Bureau Veritas and ALS Global is good to excellent, with high correlation.The analytical QA/QC program mine exploration and delineation programs at ELG and the Media Luna mine are overseen by Carlo Nasi, Manager, Geology for Minera Media Luna, S.A. de C.V. All sample preparation and analytical work for the mine exploration and mine delineation programs is performed by Corporación Química Platinum S.A. de C.V. ("CQPSACV") at Minera Media Luna site facilities in Mexico beginning as of August 2025 and by SGS de Mexico S.A. de C.V. ("SGSSACV") in Durango, Mexico until December 2025 (each lab is independent of the Company). Mine exploration core samples (HQ or NQ sized) are sawn lengthwise in half. One half of the core is bagged and sealed for analysis and one half of the core is retained in the core box for reference. Mine delineation program samples are whole core BQ sized drill core. All the core is photographed. For HQ and NQ core size, photos are taken before and after being sawn. Data is stored in a core photo database. At Minera Media Luna site facilities in Mexico, sample preparation is carried out by CQPSACV using internal protocols PT-100_PME Dry and PT-100-PME Crush and consists of dry and crush 3 to 5 kg, and occasionally > 5 kg to >75% passing 2 mm followed by pulverization of 500 g to >85% passing 75 µm. Assaying for Au, Ag, Cu and iron ("Fe") is carried out by CQPSACV at Minera Media Luna site facilities following internal analytical protocols. Au analysis comprises a 30 g fire assay with an atomic absorption finish (PT-312-DEAu). Samples yielding results >10.0 ppm Au are re-assayed by fire assay with gravimetric finishing (PT-101-PFA 30). Ag up 300 ppm, Cu up to 2,500 ppm, and Fe up to 3% analysis are completed via Aqua Regia digestion and atomic absorption finish (PT-102-PDP). Ag samples yielding results > 300 ppm are re-assayed by fire assay with gravimetric finishing (PT-101-PFA). Cu overlimit > 2,500 ppm, Fe overlimit > 3% are re-assayed via Aqua Regia digestion and atomic absorption finish (PT-102-PDP-AL).Sample preparation by SGSSACV was carried out in their facilities in Durango, Mexico and using SGSSACV internal protocols G_PRP89 and consist of dry and crush 3 to 5 kg to >75% passing 2 mm followed by pulverization of 250 g to >85% passing 75 µm. Au is analyzed at the SGSSACV facilities in Durango, Mexico following internal analytical protocols. Au analysis comprises a 30 g fire assay with an atomic absorption finish (GE_FAA30V5). Samples yielding results >10 gpt Au are re-assayed by fire assay with gravimetric finish to 10,000 ppm (GO_FAG30V). Cu and Ag analyses up to 300 ppm Ag and Cu up to 10%, are completed via Aqua Regia digestion and atomic absorption finish (GO_AAS21C50). Fe analysis up to 15% were completed by four acid digestion with detection by ICP-OES using SGSSACV internal analytical protocol GE_ICP40Q12.Multi-element geochemical analysis is done by an Aqua Regia digestion with detection by ICP-OES using SGSSACV internal analytical protocol GE_ICP40Q12 and CQPSACV internal analytical protocol PT-321_DMI. External pulp check assays for QA/QC purposes are performed at ALS Chemex, de Mexico S.A. de C.V., and by SGSSACV in Durango both accredited laboratories and independent of the Company. The pulp check samples are analyzed for Au, Ag, and Cu. Overall comparability is good between Minera Media Luna site facilities and ALS Chemex or SGSSACV.Additional information on sampling and analyses, analytical labs, and methods used for data verification is available in the Company's technical report entitled the "Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico", dated effective March 16, 2022 filed on March 31, 2022 (the "2022 Technical Report") and in the annual information form ("AIF") dated March 25, 2026, each filed on SEDAR+ at www.sedarplus.ca and the Company's website at www.torexgold.com.QUALIFIED PERSONScientific and technical information contained in this news release has been reviewed and approved by Rochelle Collins, P.Geo. Principal, Mineral Resource Geologist with Torex Gold Resources Inc. and a "qualified person" ("QP") as defined by NI 43-101. Ms. Collins has verified the data disclosed herein, including sampling, analytical, and test data underlying the drill results. Verification included site visits, visually reviewing the drill holes in three dimensions, comparing the assay results to the original assay certificates, reviewing the drilling database, and reviewing core photography consistent with standard practice. ABOUT TOREX GOLD RESOURCES INC.Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa and a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Medicine Springs project in Nevada, USA as well as an option to acquire the Gryphon project in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.com CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTSThis press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "objective", "target", "continue", "potential", "focus", "demonstrate", "belief" or variations of such words and phrases or statements that certain actions, events or results "will", "would", "could" or "is expected to" occur. Forward-Looking Information also includes, but is not limited to, statements that drilling results disclosed herein: provide optimism in expanding resources to the east and south of Media Luna and replacing reserves at ELG Underground; support the Company's objective of expanding resources while enhancing and extending the current production profile of the Morelos Complex; set the stage for what we expect will be another year of successful resource expansion and mine life additions; continue to demonstrate the resource upside potential of ELG Underground and form a solid start to what we believe will be another excellent year of drilling success at ELG Underground; support a positive outlook on the long-life potential of the Media Luna Cluster; demonstrate mineralization potential and support exploration potential; may result in the addition of new Inferred Resources; and statements related to future drilling plans and targets, the publishing of quarterly results, the expectation of delivering mineral resource and reserve growth and resource upgrades with the goal of replacing mine depletion in 2026, and plans to secure required permits and Temporary Occupation Agreements. Forward-Looking Information also include the Company's key strategic objectives to: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties associated with: the ability to upgrade mineral resources to categories of mineral resources with greater confidence levels or to mineral reserves; risks associated with mineral reserve and mineral resource estimation; and those risk factors identified in the 2022 Technical Report, the AIF, and the Company's management's discussion and analysis for the year ended December 31, 2025 (the "MD&A") or other unknown but potentially significant impacts. Forward-Looking Information is based on the assumptions discussed in the 2022 Technical Report, AIF, and MD&A, and such other reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The 2022 Technical Report, AIF, and MD&A are filed on SEDAR+ at www.sedarplus.ca and the Company's website at www.torexgold.com.Figure 1: Plan view of the Media Luna Cluster showing potential to expand mineralization to the south and east of the Media Luna mine.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/295170_e1c7e18d34c1693d_001full.jpgFigure 2: Plan view depicting the mineralization potential to the south and east of the main Media Luna orebody.Note: inclusions are noted in table 3.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/295170_e1c7e18d34c1693d_002full.jpgFigure 3: Plan view of the ELG Underground showing potential mineralization extensions running parallel to the key mineralized trends.Note: inclusions are noted in table 4.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/295170_e1c7e18d34c1693d_003full.jpgFigure 4: Long section of El Limón Sur trend showing mineralization remains open at depth.Section thickness 300 m.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/295170_e1c7e18d34c1693d_004full.jpgFigure 5: Cross section of El Limón Sur trend showing the mineralized structures running parallel to those previously identified.Section thickness 300 m.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/295170_e1c7e18d34c1693d_005full.jpgFigure 6: Long section of the Sub-Sill trend showing potential to expand resources north of the La Flaca fault.Section thickness 300 m.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/295170_e1c7e18d34c1693d_006full.jpgFigure 7: Long section of the El Limón West trend showing potential to expand resources beyond the boundary of defined resources.Section thickness 300 m.To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1863/295170_e1c7e18d34c1693d_007full.jpgTable 3: Media Luna drill results








Intercept
Drill HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)MLE26-007Adv. Expl.423201.61984285.91213.590-69428393.2399.05.7NA1.497.60.782.8579.0%MLE26-008Adv. Expl.423172.51984220.51204.790-81452393.0400.27.2NA1.1322.90.652.46100.0%MLE26-009Adv. Expl.423173.21984220.51204.989-65548465.4473.88.4NA4.6711.71.507.2498.1%Including






465.9467.21.3NA14.068.70.9415.6890.6%Including






472.1473.21.2NA5.1248.45.6114.80100.0%MLE26-010Adv. Expl.423202.71984285.81213.590-54641460.5555.795.2NA1.5011.10.382.26100.0%Including






460.5475.515.0NA4.236.50.224.67100.0%MLE26-011DAdv. Expl.423173.21984220.51204.9

542472.6486.513.9NA1.329.30.682.5497.9%MLE26-012DAdv. Expl.423202.71984285.81213.5

588470.8520.049.2NA2.187.50.503.0899.9%Including






478.4480.62.2NA6.983.60.137.25100.0%Including






503.5518.314.8NA4.198.20.885.72100.0%







536.9548.111.2NA2.324.20.162.6498.2%Including






545.9546.40.5NA16.0013.60.5817.11100.0%MLLI-035Drill Test422553.61984638.3703.5154-29850459.2461.42.21.51.6644.61.254.25100.0%







559.3563.74.43.01.36116.73.368.27100.0%MLLI-042Drill Test422864.81984558.7766.7195-39660547.6552.44.83.01.41129.73.418.57100.0%Including






550.0552.42.41.52.28205.55.5113.80100.0%







564.5582.417.912.38.0433.91.3710.67100.0%Including






576.0582.46.44.422.0053.42.7527.12100.0%MLLI-043Drill Test422553.21984638.6703.8169-22606166.8183.016.310.10.7232.41.203.06100.0%Including






166.8169.83.01.91.4588.83.237.79100.0%







198.5201.22.71.82.6467.53.959.88100.0%







461.2473.011.88.63.4032.31.035.48100.0%MLLI-045Drill Test422553.11984638.3703.4169-30633551.4561.810.36.10.5029.81.302.97100.0%Including






552.4553.41.00.61.50109.04.4910.13100.0% Notes to Table
1) Core lengths subject to rounding. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for Media Luna.
5) All assay results are uncapped.Table 3 (continued): Media Luna drill results








Intercept
Drill 
HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)MLLI-046Infill422986.81984732.7916.011022274135.0140.75.74.61.3246.82.095.28100.0%







148.3184.035.726.13.3710.10.504.30100.0%Including






149.5150.61.10.83.7199.13.8611.21100.0%Including






174.9177.22.31.711.874.50.2012.25100.0%MLLI-047Drill Test422864.61984558.8766.8200-22490260.0281.321.414.11.1270.42.155.48100.0%Including






260.0261.41.40.91.85204.76.8515.52100.0%MLLI-048Drill Test422864.81984558.7766.7192-32581472.0487.715.711.015.1216.20.8816.74100.0%Including






479.1481.92.81.963.765.80.1664.10100.0%MLLI-049Infill422980.31984725.0914.9231-721774.577.93.42.62.114.60.543.04100.0%







171.0173.62.61.91.5734.00.653.05100.0%MLLI-050Infill422986.81984736.8917.510245168105.4116.110.78.16.209.10.717.47100.0%Including






111.6114.02.41.917.149.00.7018.39100.0%







128.3133.24.94.919.9016.10.3820.71100.0%Including






130.7131.81.11.185.1437.50.8587.00100.0%







147.1152.35.24.81.804.60.132.07100.0%MLLI-051Infill422980.41984725.8917.2242405119.227.28.06.73.219.10.514.15100.0%Including






21.922.80.90.813.033.70.4913.87100.0%







33.043.910.910.62.6642.81.325.34100.0%Including






33.734.60.90.920.887.40.6121.96100.0%Including






41.942.60.70.62.26150.04.7911.90100.0%MLLI-052Infill422981.11984725.0914.8215-18235118.1120.82.62.53.4013.91.886.61100.0%







140.5159.018.516.80.7297.22.415.85100.0%Including






153.7155.51.81.61.14222.85.5913.00100.0%







164.4170.05.65.00.4551.91.393.35100.0% Notes to Table
1) Core lengths subject to rounding. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for Media Luna.
5) All assay results are uncapped.Table 3 (continued): Media Luna drill results








Intercept
Drill 
HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)MLLI-053Infill422981.11984724.0914.7205-1015391.195.64.54.16.8219.10.828.37100.0%Including






91.192.00.90.823.458.10.2824.00100.0%Including






93.494.20.80.77.1257.42.5511.97100.0%MLUI-001Infill423040.21985040.21062.6260-1324664.468.13.73.00.5311.41.072.40100.0%







162.5169.06.66.21.0610.41.112.98100.0%MLUI-002Infill423040.41985039.91062.6254-1528645.050.55.54.83.294.60.373.94100.0%







60.276.015.813.91.8910.10.633.03100.0%Including






68.770.21.51.33.2137.72.557.80100.0%







249.1251.92.72.42.7066.32.317.28100.0%Including






250.8251.30.60.55.1999.63.7912.57100.0% Notes to Table
1) Core lengths subject to rounding. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for Media Luna.
5) All assay results are uncapped.Table 4: ELG Underground drill results








Intercept
Drill HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)LS-444Infill422149.41989627.7806.023611230168.7174.05.34.12.944.40.543.8798.7LS-452Infill422214.31989509.4810.72531826021.025.24.23.14.9910.30.125.3198.7







181.2187.05.85.75.684.10.406.3899.3Including






185.0187.02.02.013.646.20.5814.65100.0LS-453Infill422149.31989629.0808.727051195130.6133.83.23.02.882.00.063.00100.0







149.0152.03.02.60.95191.80.003.4098.0LS-454Infill422214.31989509.7810.72592921930.742.611.910.84.9810.70.205.4499.3Including






39.442.63.22.913.7521.70.4914.82100.0







134.4138.03.63.14.3836.70.726.01100.0LS-455Infill422149.31989631.5808.624051210No significant values100.0LS-456Infill422214.21989509.8810.62621821535.237.72.52.33.363.10.103.55100.0LS-460Infill422148.91989629.6806.02881018097.6101.13.62.74.120.02.164.1698.9LS-461Step-Out422085.81989359.7907.9270-60171No significant values100.0LS-462Infill422149.01989629.6805.3288-7180106.6110.23.53.133.780.13.8434.03100.0Including






108.1110.22.11.853.940.25.0054.34100.0LS-463Step-Out422086.21989359.5907.6270-72220158.0176.518.513.50.865.20.221.28100.0LS-466Step-Out422079.41989325.9912.6273-60201129.7131.41.71.56.2642.41.649.46100.0







151.2157.56.36.03.9326.21.055.96100.0LS-467Step-Out422150.41989631.9804.6345-36520314.2325.411.28.30.636.40.261.13100.0Including






319.9320.60.70.57.0840.21.7110.34100.0LS-468Step-Out422079.81989326.0912.8273-74216148.5150.01.51.45.8413.60.556.9060.0







182.0183.41.41.214.1022.50.9315.89100.0







204.8210.35.53.93.3528.10.684.81100.0LS-469Step-Out422078.71989326.0912.8273-49171127.9141.513.69.58.7521.20.9110.49100.0 Notes to Table
1) Core lengths subject to rounding. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for ELG Underground.
5) All assay results are uncapped.Table 4 (continued): ELG Underground drill results








Intercept
Drill HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)LS-470Step-Out422107.21989269.7919.4270-63423192.1205.713.510.85.8828.50.557.1399.9







289.0296.47.46.82.9917.60.413.88100.0







384.0388.94.94.73.0328.10.484.16100.0LS-471Infill422106.21989746.9803.6273428557.558.61.10.82.251.40.012.28100.0LS-472Step-Out422107.11989269.8919.4270-54240175.9178.22.31.75.583.10.075.73100.0







195.8202.97.15.54.3813.90.485.34100.0
Drill Test422864.81984558.7766.7192-32581213.2218.45.23.63.476.00.314.05100.0LS-473Infill422105.71989746.9800.8273-2385No significant values100.0LS-474Infill422105.91989745.4802.125514135No significant values100.0LS-475Step-Out422079.41989325.4912.7273-68198131.0138.07.05.51.588.70.552.5771.0
Infill422986.81984736.8917.510245168168.5172.33.73.33.049.00.654.2198.4LS-476Infill422122.41989694.6804.62902460No significant values100.0LS-477Step-Out422085.91989359.5907.5270-66180133.3134.51.20.91.427.00.372.10100.0LS-478Infill422122.31989694.6802.3290-20100No significant values100.0LS-480Step-Out422085.81989359.4907.627052156No significant values100.0LS-481Infill422122.51989693.0802.4262-2280No significant values100.0LS-482Step-Out422087.01989360.5907.6292-56167121.1122.71.71.23.1027.10.594.39100.0LS-483Infill422122.81989693.1801.7262-4580No significant values100.0LS-484Infill422179.11989874.2796.8345-20250160.4173.112.712.64.716.80.135.01100.0Including






170.3173.12.82.89.5524.50.4510.60100.0
Infill422981.11984725.0914.8215-18235180.9187.46.65.914.4020.30.5715.58100.0Including






183.6187.43.83.520.2430.70.8321.97100.0LS-485Infill422179.01989874.3796.5345-29250122.5131.28.78.53.0135.92.818.0098.9Including






128.8130.01.21.27.2775.86.3718.51100.0 Notes to Table
1) Core lengths subject to rounding. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for ELG Underground.
5) All assay results are uncapped.Table 4 (continued): ELG Underground drill results








Intercept
Drill 
HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)SST-444Infill422208.41990125.9675.0158-269361.966.95.04.81.5922.00.913.34100.0LDUG-414Step-Out422299.91990428.8721.124030240230.8237.06.25.12.033.60.102.23100.0LDUG-416Step-Out422301.21990433.4721.13393631579.485.05.63.90.1617.80.641.43100.0LDUG-417Step-Out422301.51990433.3720.43452429167.770.73.02.40.6331.90.411.70100.0LDUG-418Step-Out422258.91990500.41009.1165-53160No significant values100.0LDUG-419Step-Out422301.11990433.1722.733355130No significant values
LDUG-420Step-Out422258.71990500.91009.0165-60210163.5178.014.511.314.008.50.2414.49100.0Including






169.0173.54.53.534.349.70.1334.67100.0LDUG-421Step-Out422301.01990433.4720.033315120No significant values100.0LDUG-422Step-Out422258.71990501.31008.8165-6925228.033.05.04.30.7012.50.241.24100.0LDUG-423Step-Out422301.11990433.3719.4333-9120No significant values100.0LDUG-424Step-Out422302.11990426.9722.019545100No significant values100.0LDUG-426Step-Out422292.11990578.0744.826348248200.6209.08.46.60.1758.32.394.76100.0Including






207.0208.01.00.80.47186.66.2212.89100.0LDUG-427Step-Out422164.81990623.51024.0165-4831556.966.69.88.86.192.90.036.27100.0Including






63.064.71.61.518.539.00.0618.74100.0







96.199.73.73.51.7817.20.392.63100.0







272.9279.86.95.93.2025.30.914.99100.0Including






276.5278.01.51.310.387.00.0210.50100.0LDUG-428Step-Out422164.51990624.01024.1166-5533075.580.34.84.026.4317.90.1226.86100.0







294.7304.29.57.78.6312.10.359.35100.0Including






301.0302.61.6NA17.5929.21.0519.67100.0LDUG-429Step-Out422292.11990578.0743.82633821989.0101.012.011.60.1877.31.052.86100.0 Notes to Table
1) Core lengths subject to rounding. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for ELG Underground.
5) All assay results are uncapped.Table 4 (continued): ELG Underground drill results








Intercept
Drill 
HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)LDUG-430Step-Out422292.31990577.4744.625145220No significant values
LDUG-431Step-Out422052.71990590.91067.690-57251219.2231.712.611.31.1122.00.742.58100.0Including






231.2231.70.60.510.1312.50.1310.50100.0LDUG-432Step-Out422258.31990501.21008.8145-5519096.898.11.31.30.1825.60.711.66100.0LDUG-433Step-Out422291.71990577.0744.325136230179.5191.812.312.10.346.50.511.24100.0LDUG-434Step-Out422292.41990577.3743.225127198140.7148.47.87.63.6119.70.414.52100.0LDUG-435Step-Out422292.41990577.3743.524134225No significant values
LDUG-436Step-Out422292.11990579.2744.228745190121.8123.41.61.215.0316.00.3915.86100.0 
Notes to Table
1) Core lengths subject to rounding. NA=Not Available (true width/thickness will be determined once the geological modelling is completed).
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for ELG Underground.
5) All assay results are uncapped.Table 5: Previously reported drilling results








Intercept
Drill HoleProgramUTM-E (m)UTM-N
(m)Elevation (m)Azimuth (°)Dip (°)Final Depth (m)From
(m)To
(m)Core Length
(m)True Width (m)Au
(gpt)Ag
(gpt)Cu
(%)AuEq
(gpt)Core
Recovery
(%)LS-374Step-Out 422207.3 1989279.1 945.0 268 -61 567 487.2 491.7 4.5 2.2 18.47 14.6 0.5719.58100.0including






490.5 491.7 1.2 0.6 33.54 12.0 0.3934.32100.0 
Notes to Table
1) Core lengths subject to rounding.
2) Coordinates are WGS 1984 UTM Zone 14N.
3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.
4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for ELG Underground.
5) All assay results are uncapped.
6) For more information on the above drilling results, please refer to the Company's press release titled Torex Gold Reports Latest Drilling Results from ELG Underground (May 20, 2025), which is available on www.torexgold.com and www.sedarplus.ca. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295170
Original: Torex Gold Provides Q1 2026 Morelos Drilling & Exploration Update

Torex Gold Reports Q1 2026 Production ResultsApril 9, 2026 6:00 PM
NewsfileMedia Luna now operating at design throughput rates; ELG Underground continues to deliver(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - April 9, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) reports first quarter 2026 gold equivalent ("AuEq") production of 100,874 ounces ("oz") and AuEq sales of 109,222 oz.1 The Company is on track to achieve full-year production guidance of 420,000 to 470,000 oz AuEq.2TABLE 1: PRELIMINARY FIRST QUARTER 2026 OPERATIONAL RESULTS1
ELG
UndergroundMedia Luna
UndergroundMorelos
ComplexOre tonnes mined per day3,070 tpd7,578 tpd-Ore processed per day--10,492 tpd     
AuAgCuAuEq2Grade processed2.79 gpt22.68 gpt0.79%-Recovery84.6%78.7%90.3%-Produced (before payable deductions)73,647 oz543.0 koz14.9 mlb100,874 ozSold (after payable deductions)81,233 oz539.0 koz15.6 mlb109,222 oz
Notes to Table:1) Operational results are preliminary in nature and subject to final reconciliation.2) Q1 2026 AuEq production and sales are based on average market prices of $4,873/oz Au, $84.33/oz Ag, and $5.83/lb Cu. AuEq (oz) = Au (oz) + 1,000 * (84.33 / 4,873) x Ag (koz) + 1,000,000 x (5.83 / 4,873) x Cu (mlb).Financial and operational results for the first quarter 2026 will be released after market close on Wednesday, May 6, 2026.Jody Kuzenko, President & CEO of Torex, stated:"The first quarter capped off the successful ramp-up of Media Luna, which achieved design throughput of 7,500 tonnes per day ("tpd") nine months ahead of the schedule set out in the technical report and three months ahead of the most recent forecast. In addition, performance at ELG Underground remained consistently strong as mining rates averaged more than 3,000 tpd. With Media Luna and ELG Underground operating at or above design levels, and first production from Media Luna North on track by the end of this year, the Company has initiated an internal evaluation of potential opportunities to increase plant throughput and expand production."Quarterly finished production (prior to payable deductions) of 100,874 AuEq oz was influenced by mine sequencing, which resulted in most production from Media Luna coming from lower grade and lower recovery stopes of the mine, together with modestly lower throughput given an extended planned maintenance period at the processing plant and some additional unplanned maintenance in February to replace bolts and grates at the SAG mill. With access to higher grade and recovery stopes forecast to pick-up mid-year, quarterly production is expected to remain at similar levels during Q2 before increasing in the second half of the year, consistent with annual guidance. "With solid momentum built in Q1 out of the mines, we are well-placed to deliver on full-year production guidance which, coupled with the current metal price environment, bodes well for significant free cash flow generation in 2026 and beyond. The strong free cash flow will enable us to aggressively return capital to shareholders through both dividends and share repurchases, execute on our robust exploration program to extend mine life at Morelos, unlock value across our portfolio of assets, and maintain a strong and flexible balance sheet."During the first quarter, the Company repurchased 2,141,801 shares (2.2% of shares outstanding at year-end 2025) at an average price of C$70.69 per share and paid a quarterly dividend of C$0.15 per share. The Company continues to opportunistically repurchase shares in the open market.FIRST QUARTER 2026 CONFERENCE CALL AND WEBCAST DETAILSTorex plans to release its first quarter financial and operational results after market close on Wednesday, May 6, 2026. A conference call and webcast hosted by senior management will be held on Thursday, May 7, 2026, at 9:00 AM ET.Telephone AccessFor expedited access to the conference call, registration is open to obtain an access code in advance, which will allow participants to join the call directly at the scheduled time. Alternatively, dial-in details are as follows:Toronto local or International: 1-647-846-8914
Toll-Free (North America): 1-833-752-3842Please join the conference call approximately ten minutes prior to the scheduled start time if using the dial-in details above.Webcast AccessA webcast will be available on the Company's website at www.torexgold.com/investors/upcoming-events/. The webcast will be archived on the Company's website at www.torexgold.com/investors/financial-reports/.ENDNOTES1)Q1 2026 AuEq production and sales are based on average market prices of $4,873/oz Au, $84.33/oz Ag, and $5.83/lb Cu. 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) 2026 AuEq production guidance assumes 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). ABOUT TOREX GOLD RESOURCES INC.Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa, Mexico and interests in a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and Medicine Springs projects in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.com QUALIFIED PERSONThe technical and scientific information in this press release pertaining to metal production has been reviewed and approved by Miguel Pimentel, P.Eng., Vice President, Metallurgy and Process Engineering of the Company, who is a qualified person under NI 43-101.CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTSThis press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "guidance", "expects", "planned", "forecast" or variations of such words and phrases or statements that certain actions, events or results are "on track to" or "will", or "is expected to" occur. Forward-Looking Information also includes, but is not limited to, statements regarding production expectations for the remainder of 2026 and the Company being on track to achieve full-year production guidance; timelines with respect to first production at Media Luna North; plans to opportunistically repurchase shares in the open market; and the ability to generate significant free cash flow to support the Company's capital allocation priorities, including exploration, returning capital to shareholders and maintaining a strong and flexible balance sheet. Forward-Looking Information also include the Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the Company's technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, the Company's annual information form ("AIF") for the year ended December 31, 2025, and management's discussion and analysis ("MD&A"). Forward-Looking Information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291769
Original: Torex Gold Reports Q1 2026 Production Results

Torex Gold Welcomes Jacques Perron to Its Board of DirectorsApril 7, 2026 6:00 PM
NewsfileToronto, Ontario--(Newsfile Corp. - April 7, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to announce the addition of Jacques Perron to its Board of Directors ("the Board") effective May 1, 2026. With the addition of Mr. Perron, the Board will be comprised of eight directors, seven of whom are independent directors.Rick Howes, Chair of the Board, stated:"Jacques brings a wealth of knowledge and expertise to the Board from a career that spans over forty years in the mining sector. Having held various director and executive positions throughout his career, his leadership in both technical and operational roles will add valued insight and perspective to the Board. His industry knowledge covers both precious and base metals through experience at a number of Canadian and U.S. mining companies with operations around the world."Jacques is well positioned to support the Board and Management through the Company's next phase of growth, including completion of Media Luna North and evaluating other opportunities to optimize and expand production at our flagship Morelos Property, advancing economic studies to support a construction decision on the Los Reyes project, and surfacing value through the portfolio of early-stage exploration assets acquired last year in northern Mexico and Nevada. His breadth of industry knowledge will offer strategic insight as we continue to build long-term value for our business in Mexico and beyond."Mr. Perron is currently the Chair of Arizona Metals Corp., and a Director of Franco-Nevada Corporation and Centerra Gold Inc. He has previously served as a Director of several other mining companies and as President and CEO of Pretium Resources Inc., Thompson Creek Metals Company Inc., and St Andrew Goldfields Ltd. Prior to that he held senior executive and operational roles at a number of other mining companies earlier in his career.Mr. Perron holds a Bachelor of Science in Mining Engineering from l'École Polytechnique de Montréal and is the Chair of the Canadian Mineral Industry Education Foundation (CMIEF).ABOUT TOREX GOLD RESOURCES INC.Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa, Mexico and recently acquired interests in a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and Medicine Springs projects in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.comCAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTSThis press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "expects", "planned", "guided", "strategy", "target", "goal", "objective", "aim" or variations of such words and phrases or statements that certain actions, events or results "will", or "is expected to" occur. Forward-Looking Information includes, but is not limited to, statements concerning the anticipated Board changes and timing thereof. Forward-Looking Information also includes the Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Forward-Looking Information can be identified by the use of forward-looking terminology such as "guidance", "expects", "planned", or variations of such words and phrases or statements that certain actions, events or results are "on track to" or "will", or "is expected to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the Company's technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, the Company's annual information form ("AIF") for the year ended December 31, 2025 and management's discussion and analysis ("MD&A") for the year ended December 31, 2025. Forward-Looking Information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291487
Original: Torex Gold Welcomes Jacques Perron to Its Board of Directors

Torex Gold Reports Year-End 2025 Reserves & ResourcesMarch 24, 2026 6:00 PM
NewsfileELG Underground continues to deliver; inaugural Inferred Resource declared at Media Luna West; Los Reyes added to the resource base(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - March 24, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to report year-end 2025 mineral reserves and resources for the Company's flagship Morelos Complex ("Morelos") as well as mineral resources for the Los Reyes Project ("Los Reyes"). Table 1: Year-over-year comparison of mineral reserves & mineral resources
CurrentPreviousVariance
TonnesAuEqAuEqTonnesAuEqAuEqTonnesAuEqAuEq
(kt)(gpt)(koz)(kt)(gpt)(koz)(kt)(gpt)(koz)Proven & Probable Reserves








Morelos39,6533.804,83940,4083.925,096(2%)(3%)(5%)Los Reyes---------Total39,6533.804,83940,4083.925,096(2%)(3%)(5%)Measured & Indicated Resources








Morelos53,1464.257,26245,6795.067,43116%(16%)(2%)Los Reyes49,0421.302,047------Total102,1882.839,30945,6795.067,431124%(44%)25%Inferred Resources








Morelos22,0574.102,90616,5264.222,24333%(3%)30%Los Reyes17,2101.38765------Total39,2672.913,67116,5264.222,243138%(31%)64% Notes to Table:A full breakdown of mineral reserves and resources including tonnes, grades, and contained metal as well as accompanying notes can be found in Tables 7 and 8 of this release.Gold equivalent (AuEq) mineral reserves and resources take into account respective metal prices and metallurgical recoveries for gold, silver, and copper. AuEq formulas for mineral reserves and mineral resources for Morelos and Los Reyes can be found in Tables 7 and 8 of this release.Mineral resources are reported inclusive of mineral reserves, excluding stockpiles.Year-end mineral reserves and resources as well as year-over-year variance are subject to rounding.Jody Kuzenko, President & CEO of Torex, stated:"We continue to enhance and extend our long-term production profile through a systematic approach to exploration and resource drilling which has, once again, added new reserves and reinforced the underlying, long-term, resource potential of Morelos. Drilling at ELG Underground has added close to two years to the reserve life of the deposit while the resumption of drilling at Media Luna mid-year offset most of the depletion resulting from the better than expected mine ramp up. At Media Luna West, an inaugural Inferred Resource of 506 thousand ounces gold equivalent ("koz AuEq") was delineated with an average grade of 5.11 grams per tonne ("gpt") AuEq."Mineral reserves for Morelos increased 4% prior to depletion (5% decrease net of depletion), with gains from drilling success at ELG Underground and Media Luna partially offsetting depletion and the reductions in reserves associated with updates to the geological model at Media Luna North. The acquisition of Los Reyes added 2,047 koz AuEq of Indicated Resources and 765 koz AuEq of Inferred Resources to the Company's overall resource inventory. With the intent of utilizing a consistent approach to resource modelling across our expanded asset base, we have aligned the application of the "RPEEE" guideline (reasonable prospects for eventual economic extraction) at Morelos with how it has been applied at Los Reyes. "With record investment in exploration and resource drilling of $77 million in 2026, Torex is well-positioned to build off the drilling success of the last few years as we focus on enhancing and extending the production profile at our flagship Morelos Complex, advancing and de-risking Los Reyes, and surfacing value across our early-stage exploration properties."AuEq mineral reserves and mineral resources take into account respective metal prices and metallurgical recoveries for gold ("Au"), silver ("Ag"), and copper ("Cu") by deposit within each of the underlying properties. Unless otherwise specified, AuEq formulas for mineral reserves and mineral resources can be found in Tables 7 and 8 of this release.Metal prices used to estimate mineral reserves and mineral resources for Morelos have increased modestly relative to the metal price assumptions previously assumed ($1,650/oz Au versus $1,500/oz Au for reserves and $1,800/oz Au versus $1,650/oz Au for resources). Mineral resources for Los Reyes are unchanged and in line with the estimate (effective date of October 15, 2024) previously reported by Prime Mining Corp., including metal prices of $1,950/oz Au and $25.24/oz Ag.Detailed breakdowns of mineral reserve and mineral resource estimates can be found in Tables 7 and 8 of this press release. The detailed breakdowns include tonnes, grade, and contained metal estimates by metal, as well as notes accompanying the applicable mineral reserve and mineral resource estimates.MORELOS Total Proven and Probable Reserves for Morelos are estimated at 4,839 koz AuEq at an average grade of 3.80 gpt, representing a 5% decrease relative to year-end 2024 reserves of 5,096 koz AuEq at 3.92 gpt. Prior to ore processed, Proven and Probable Reserves increased 207 koz AuEq (+4%), primarily due to ongoing reserve growth at ELG Underground and delineation of new reserves at Media Luna with the commencement of infill drilling towards the middle of the year following completion of the Media Luna Project. Table 2: Morelos – Change in Proven & Probable Reserves
TonnesAuAgCuAuEq
(kt)(koz)(koz)(Mlb)(koz)Proven & Probable Reserves




December 31, 202539,6533,15823,5195944,839December 31, 202440,4083,22626,8516565,096Change – Net(755)(69)(3,332)(61)(257)Change – Net (%)(2%)(2%)(12%)(9%)(5%)Change in Reserves Prior to Ore Processed




Ore Processed 3,5383462,04743464Reserves Added/Lost2,783277(1,285)(19)207Change – Prior to Ore Processed (%)7%9%(5%)(3%)4% Notes to TableRefer to Table 7 for additional disclosure on Proven and Probable Reserves for Morelos.Ore processed (depletion) in 2025 on a AuEq basis is based on the metal prices and recoveries assumed in the year-end 2024 mineral reserve estimate.AuEq values take into account metal prices and metallurgical recoveries used in the year-end 2024 and 2025 mineral reserve estimates.Year-end mineral reserves and year-over-year variance (2025 versus 2024) subject to rounding.Offsetting the reserves gains were refinements to the Media Luna North geological model (carried out in conjunction with the internal feasibility study) which has led to improved confidence in the underlying model, greater certainty regarding the location of non-mineralized dikes, and revised stope shapes. The resulting impact was an 8% decline in AuEq contained reserves and a 10% increase in reserve tonnes at Media Luna North.Table 3: Morelos – Change in Measured & Indicated Resources
TonnesAuAgCuAuEq
(kt)(koz)(koz)(Mlb)(koz)Measured & Indicated Resources




December 31, 202553,1464,67235,8749107,262December 31, 202445,6794,71438,8889497,431Change – Net7,467(42)(3,014)(39)(169)Change – Net (%)16%(1%)(8%)(4%)(2%)Change in Resources Prior to Ore Processed




Ore Processed 3,1463021,63841416Resources Added/Lost10,613261(1,375)2247Change – Prior to Ore Processed (%)23%6%(4%)0%3% Notes to TableRefer to Table 8 for additional disclosure on Measured and Indicated Resources for Morelos.Measured and Indicated Resources are inclusive of mineral reserves.Ore mined (depletion) in 2025 on a AuEq basis is based on the metal prices and recoveries assumed in the year-end 2024 mineral resource estimate.AuEq values take into account metal prices and metallurgical recoveries used in the year-end 2024 and 2025 mineral resource estimates.Year-end mineral resources and year-over-year variance (2025 versus 2024) subject to rounding.Measured and Indicated Resources are estimated at 7,262 koz AuEq at an average grade of 4.25 gpt, representing a 2% decrease relative to the 7,431 koz AuEq at 5.06 gpt at year-end 2024. Prior to ore mined, Measured and Indicated Resources increased 247 koz AuEq (+3%), reflecting a successful infill drill campaign at ELG Underground and commencement of infill drilling at Media Luna mid-year.Table 4: Morelos – Change in Inferred Resources
TonnesAuAgCuAuEq
(kt)(koz)(koz)(Mlb)(koz)Inferred Resources




December 31, 202522,0571,73116,0934122,906December 31, 202416,5261,22214,8133492,243Change – Net5,5325091,28063663Change – Net (%)33%42%9%18%30% Notes to Table:Refer to Table 8 for additional disclosure on Inferred Resources for Morelos.AuEq values take into account metal prices and metallurgical recoveries used in the year-end 2024 and 2025 mineral resource estimates.Year-end mineral resources and year-over-year variance (2025 versus 2024) subject to rounding.Total Inferred Resources are estimated at 2,906 koz AuEq at an average grade of 4.10 gpt, representing a 30% increase relative to the 2,243 koz AuEq at 4.22 gpt at year-end 2024. The increase in Inferred Resources reflects drilling success at Media Luna North and ELG Underground as well as an inaugural Inferred Resource at Media Luna West of 506 koz AuEq at a grade of 5.11 gpt.In addition to the impact of drilling, depletion, and model updates on mineral resource estimates for Morelos, the Company made adjustments within the application of RPEEE in estimating resources. The application of RPEEE at Morelos now aligns with how RPEEE is applied at Los Reyes.Mineral resource estimates prepared for open pit and underground mining methods are constrained for purposes of RPEEE within potentially mineable shapes. Open pit mining methods are constrained using optimized surfaces based on operational information above a cut-off grade and underground mining methods are reported within a potentially mineable shape above a cut-off grade. In cases where potentially mineable volumes contain material with grades below the stated cut-off grade, this material has also been included in the mineral resource estimate. This 'must take' material added tonnes and lowered resource grades versus previous resource estimates for Morelos. The application of RPEEE is aligned with CIM best practice guidelines. The direct application of RPEEE does not impact mineral reserves, which already account for economic extraction and incorporate dilution.LOS REYESTorex acquired the Los Reyes project in Sinaloa, Mexico in 2025 through the acquisition of Prime Mining. The mineral resource estimate for Los Reyes is unchanged from the mineral resource estimate previously published by Prime Mining (effective date of October 15, 2024). Table 5: Los Reyes – Mineral Resource Estimate
TonnesAuAgAuAgAuEqAuEq
(kt)(gpt)(gpt)(koz)(koz)(gpt)(koz)Indicated Resources






Open Pit - Mill24,6571.1335.789928,2611.521,209Underground - Mill4,1323.02152.440220,2434.70624Open Pit - Heap Leach20,2540.298.41905,4920.33215Total49,0420.9534.21,49153,9951.302,047Inferred Resource






Open Pit - Mill7,2110.8942.82079,9161.36316Underground - Mill4,0552.1078.627310,2472.96386Open Pit - Heap Leach5,9440.307.3581,3980.3364Total17,2100.9739.053821,5611.38765 Notes to Table:Refer to Table 8 for additional disclosure on Indicated and Inferred Resources for Los Reyes.AuEq values incorporated into the Los Reyes resource estimate follow industry best practices, are aligned with the methodology applied at Morelos, and take into account underlying metal prices and recoveries for each deposit and processing route. A preliminary economic assessment on Los Reyes is on track for completion by mid-2026 and will be based on the most recent resource model. The Company plans to commence a prefeasibility study on Los Reyes later this year, which is expected to be based on an updated resource model incorporating planned future drilling as well as a review of underlying metal prices and other parameters following completion of the preliminary economic assessment. METAL PRICE ASSUMPTIONSMetal prices for Au, Ag, and Cu used to estimate mineral reserves and mineral resources for Morelos have modestly increased relative to prior assumptions. Metal prices used to estimate mineral resources at Los Reyes are unchanged.Table 6: Metal price assumptions for the estimation on reserves and resources for Morelos Complex
CurrentPreviousVariance
AuAgCuAuAgCuAuAgCu
($/oz)($/oz)($/lb)($/oz)($/oz)($/lb)($/oz)($/oz)($/lb)Mineral Reserves








Morelos$1,650$21.00$3.85$1,500$19.00$3.50$150$2.00$0.35Mineral Resources         Morelos$1,800$24.00$4.10$1,650$22.00$3.75$150$2.00$0.35Los Reyes$1,950$25.24na$1,950$25.24na$0$0.00na The Company will continue to evaluate opportunities to unlock value from its underlying resource base (including reviewing cut-off grades) with a focus on maximizing margins and mine life while targeting to maintain annual production of at least 420 koz AuEq beyond 2030 at Morelos1 and maximizing the value of Los Reyes. One potential evaluation underway is looking to increase the size of the processing plant at Morelos either through debottlenecking alternatives or expansion of the flotation circuit.QUALIFIED PERSONS The scientific and technical data contained in this news release pertaining to mineral resources for the Morelos Complex have been reviewed and approved by Rochelle Collins, P.Geo., (PGO #1412), Principal, Mineral Resource Geologist with Torex Gold, who is a qualified person as defined by NI 43-101. The scientific and technical data contained in this news release pertaining to mineral resources for Los Reyes have been reviewed and approved by John Sims, President of Sims Resources LLC, an independent contractor and QP as a CPG member with AIPG, who is qualified person as defined by NI 43-101.The scientific and technical data contained in this news release pertaining to mineral reserves for the Morelos Complex have been reviewed and approved by Johannes (Gertjan) Bekkers, P.Eng., a contractor to Torex Gold (previously served as Vice-President, Mines Technical Services for the Company), who is a qualified person as defined by NI 43-101.Additional information on the Morelos Complex is available in the Company's most recent annual information form ("AIF") dated March 21, 2025 and the technical report entitled "Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico", dated effective March 16, 2022 filed on March 31, 2022 (the "Technical Report") on SEDAR+ at www.sedarplus.ca and the Company's website at www.torexgold.com. EndnotesReference to AuEq production beyond 2030 is predicated on the Company's latest five-year outlook for AuEq production of 420,000 to 470,000 oz through 2030 as outlined in the Company's press release "Torex Gold provides 2026 operational guidance and updated five-year outlook" dated January 14, 2026. The five-year outlook assumes Au production of 300,000 to 345,000 oz, Ag production of 2,500 to 2,800 koz, and Cu production of 70 to 75 Mlb. Metal prices used to estimate AuEq production are $4,000/oz Au, $45/oz Ag and $4.90/lb Cu. AuEq = Au (oz) + 1,000 x ($45/$4,000) x Ag (koz) + 1,000,000 x ($4.90/$4,000) x Cu (Mlb).ABOUT TOREX GOLD RESOURCES INC.Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa, Mexico and recently acquired a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and Medicine Springs projects in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.comCAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about: mineral resource and mineral reserve estimates; the underlying, long-term resource potential of the Morelos; anticipated spending on exploration and resource drilling in 2026; the ability of the Company to maintain production of at least 420 koz AuEq at Morelos beyond 2030; advancing exploration and development at Los Reyes; delivering a preliminary economic assessment on Los Reyes by mid-2026 and commencing a prefeasibility study on Los Reyes later in 2026. Forward-Looking Information also includes the Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Generally, Forward-Looking Information and statements can be identified by the use of forward-looking terminology such as "forecast," "plans," "expects," or "does not expect," "is expected," "strategic," "to be" or variations of such words and phrases or statements that certain actions, events or results "will," "may," "could," "would," "might," "on track," or "well positioned to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties associated with: the ability to add mineral resources, the ability to upgrade categories of mineral resources with greater confidence levels to mineral reserves, mineral reserve and mineral resource estimation, and such other risks identified in (a) the Technical Report, (b) the AIF, and (c) management's discussion and analysis ("MD&A") for the year ended December 31, 2025, and such other risks with unknown but potentially significant impacts. Forward-Looking Information is based on the assumptions discussed in the Technical Report, AIF and MD&A, and such other reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including without limitation, that political and legal developments will be consistent with current expectations. Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF and MD&A are filed on SEDAR+ at www.sedarplus.ca and the Company's website at www.torexgold.com. Table 7: Mineral Reserve Estimate (December 31, 2025) PropertyDepositReserve CategoryTonnes
(kt)Au
(gpt)Ag
(gpt)Cu
(%)Au
(koz)Ag
(koz)Cu
(Mlb)AuEq
(gpt)AuEq
(koz)MorelosMedia Luna UndergroundProven7,3962.9325.70.826966,1061344.601,095Probable15,2102.4121.90.821,17810,7192734.021,968Proven/Probable22,6072.5823.10.821,87416,8254084.213,062

   









Media Luna North UndergroundProven---------
Probable5,5461.8925.61.103374,5561354.03719
Proven/Probable5,5461.8925.61.103374,5561354.03719

  









ELG UndergroundProven1,4124.367.20.31198328104.96225
Probable3,5984.177.20.29482828234.74548
Proven/Probable5,0114.227.20.306801,157334.80773

  









ELG
Open PitProven---------
Probable6142.4315.80.464831262.6252
Proven/Probable6142.4315.80.464831262.6252
  









StockpilesProven5,8761.153.50.10218669131.23233

Probable---------

Proven/Probable5,8761.153.50.10218669131.23233

  









Total Proven/Probable39,6532.4818.40.683,15823,5195943.804,839     








Torex (All)TotalProven/Probable39,6532.4818.40.683,15823,5195943.804,839 Notes to accompany the mineral reserve table: Mineral reserves were developed in accordance with CIM (2019) guidelines.Mineral reserves are founded on Measured and Indicated Resources, with an effective date of December 31, 2025, unless otherwise noted.Mineral reserves are considered appropriate for metal prices of $1,650/oz gold ("Au"), $21/oz silver ("Ag"), and $3.85/lb copper ("Cu"), unless otherwise noted.Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Stockpile mineral reserves are estimated using production and survey data and apply the gold equivalent ("AuEq") formula for the intended processing method.AuEq on a total basis is established from combined contributions of the various deposits. AuEq estimates account for metal prices and metallurgical recoveries.The qualified person for the mineral reserve estimate is Johannes (Gertjan) Bekkers, P. Eng., an independent contractor and former VP of Mines Technical Services for Torex Gold.The qualified person is not aware of mining, metallurgical, infrastructure, permitting, or other factors that materially affect the mineral reserve estimates.Morelos – Media Luna Underground:Mineral reserves are reported above an in-situ ore cut-off grade of 2.4 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and include estimates for dilution and mining losses.AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).Morelos – Media Luna North Underground:Mineral reserves are reported above an in-situ ore cut-off grade of 2.5 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 89% Au, 88% Ag, and 92% Cu.Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and include estimates for dilution and mining losses.AuEq = Au (gpt) + (Ag (gpt) * 0.0126) + (Cu (%) * 1.6539).Morelos – ELG Underground:Mineral reserves are reported above an in-situ ore cut-off grade of 2.8 gpt AuEq and an in-situ incremental cut-off grade of 1.6 gpt AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.Mineral reserves within designed mine shapes assume mechanized cut and fill supplemented with long hole mining method and include estimates for dilution and mining losses.AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).Morelos – ELG Open Pit:ELG Open Pit mineral reserves are reported above an in-situ cut-off grade of 1.2 gpt Au and including low grade mineral reserves are reported above an in-situ cut-off grade of 0.88 gpt Au.Assumes average metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu.Mineral reserves within the designed pit include assumed estimates for dilution and ore losses.AuEq = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu (%) * 0.2697).Morelos – Stockpiles:Stockpiles include open pit and underground material previously mined.Open pit stockpiles assumed metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu and underground stockpiles assume 90% Au, 86% Ag, and 93% Cu.AuEq (blended) = Au (gpt) + (Ag (gpt) * 0.0056) + (Cu (%) * 0.5948) based on AuEq (open pit) = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu (%) * 0.2697) and AuEq (underground) = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).Table 8: Mineral Resource Estimate (December 31, 2025) PropertyDepositResource CategoryTonnes
(kt)Au
(gpt)Ag
(gpt)Cu
(%)Au
(koz)Ag
(koz)Cu
(Mlb)AuEq
(gpt)AuEq
(koz)MorelosMedia Luna UndergroundMeasured9,6183.0328.20.929368,7281964.881,508Indicated24,0702.3323.50.871,80018,1654614.033,115Measured/Indicated33,6872.5324.80.882,73626,8936564.274,623Inferred8,2112.2619.30.845965,0871523.861,018

  









Media Luna North UndergroundMeasured---------
Indicated7,5982.1326.81.115206,5371874.281,046
Measured/Indicated7,5982.1326.81.115206,5371874.281,046
Inferred9,6871.7831.91.085549,9362303.941,226

  









Media Luna West UndergroundMeasured---------
Indicated---------
Measured/Indicated---------
Inferred3,0794.498.60.35445848235.11506












ELG UndergroundMeasured3,9744.016.10.26512775224.50575
Indicated7,3643.576.00.248451,427394.03955
Measured/Indicated11,3383.726.00.251,3572,203624.201,530
Inferred1,0743.926.40.2913522074.46154
  









ELG Measured---------
Open PitIndicated5233.5414.40.455924153.7263

Measured/Indicated5233.5414.40.455924153.7263

Inferred63.565.90.451103.701

  









TotalMeasured/Indicated53,1462.7321.00.784,67235,8749104.257,262

Inferred22,0572.4422.70.851,73116,0934124.102,906

  








Los ReyesOpen Pit
MillMeasured---------
Indicated24,6571.1335.7-89928,261-1.521,209
Measured/Indicated24,6571.1335.7-89928,261-1.521,209
Inferred7,2110.8942.8-2079,916-1.36316

  









Underground
MillMeasured---------
Indicated4,1323.02152.4-40220,243-4.70624
Measured/Indicated4,1323.02152.4-40220,243-4.70624
Inferred4,0552.1078.6-27310,247-2.96386

  









Open Pit
Heap LeachMeasured---------
Indicated20,2540.298.4-1905,492-0.33215
Measured/Indicated20,2540.298.4-1905,492-0.33215
Inferred5,9440.307.3-581,398-0.3364

  









TotalMeasured/Indicated49,0420.9534.2-1,49153,995-1.302,047

Inferred17,2100.9739.0-53821,561-1.38765 
 








Torex (All)TotalMeasured/Indicated102,1881.8827.40.406,16389,8709102.839,309

Inferred39,2671.8029.80.482,26937,6544122.913,671 Notes to accompany the mineral resource table:Mineral resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral Reserve Best Practice guidelines (2019).Gold equivalent ("AuEq") of total mineral resources is established from combined contributions of the various deposits. AuEq estimates account for metal prices and metallurgical recoveries.Mineral resources are inclusive of mineral reserves (excluding stockpiles). Mineral resources that are not mineral reserves do not have demonstrated economic viability.Numbers may not add due to rounding.Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.Notes to accompany Morelos mineral resources:The effective date of the estimates is December 31, 2025. Mineral resources are depleted above a mining surface or to the as-mined solids as of December 31, 2025.Mineral resources for Morelos are based on underlying metal prices of $1,800/oz gold ("Au"), $24/oz silver ("Ag"), $4.10/lb copper ("Cu"), unless otherwise noted.The preparation of the estimates was prepared by Rochelle Collins, P. Geo. (Ontario), Principal, Mineral Resources for Torex Gold.Morelos – Media Luna Underground:Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining methods are a combination of long-hole open stoping and mechanized cut-and-fill.Mineral resources were estimated using ID3 method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm3.AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104).Morelos – Media Luna North Underground:Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining method is long-hole open stoping.Mineral resources were estimated using ID3 method applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.Assumes metallurgical recoveries of 89% Au, 88% Ag, and 92% Cu.The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.5 g/cm3.AuEq = Au (gpt) + (Ag (gpt) * 0.0132) + (Cu (%) * 1.6145).Morelos – Media Luna West Underground:Mineral resources are reported above a 2.1 gpt AuEq cut-off grade. The assumed mining method is from underground methods, using long-hole open stoping.Mineral resources were estimated using ID3 method applied to 3.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m.Assumes metallurgical recoveries of 88% Au, 75% Ag, and 85% Cu.The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm3.AuEq = Au (gpt) + (Ag (gpt) * 0.0114) + (Cu (%) * 1.5086).Morelos – ELG Underground:Mineral resources are reported above a 2.2 gpt AuEq cut-off grade. The assumed underground mining method is mechanized cut-and-fill.Mineral resources were estimated using ordinary kriging method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm3.AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104).Morelos – ELG Open Pit:Mineral resources for ELG Open Pit are reported above an in-situ cut-off grade of 0.78 gpt Au.Mineral resources were estimated using ordinary kriging method applied to 1.5 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks. Mineral resources are reported inside an optimized pit shell, underground mineral reserves at ELD within the El Limón pit shell have been excluded from the open pit mineral resources.Average metallurgical recoveries are 89% Au, 30% Ag, and 15% Cu.The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm3.AuEq = Au (gpt) + (Ag (gpt) * 0.0045) + (Cu (%) * 0.2627).Notes to accompany Los Reyes mineral resources:The effective date of the estimates is October 15, 2024. Mineral resources for Los Reyes are based on underlying metal prices of $1,950/oz Au and $25.24/oz Ag, unless otherwise noted.The estimate was prepared by John Sims, President of Sims Resources LLC, an independent contractor and QP as a CPG member with AIPG.Los Reyes – Open Pit (Mill and Heap Leach):Open Pit Resource estimates are based on economically constrained open pits generated using the Hochbaum Pseudoflow algorithm in Datamine's Studio NPVS and the following optimization parameters:Assumes mill recoveries of 95.6% for Au and 81% for Ag and heap leach recoveries of 73% Au and 25% Ag.Pit slopes by area ranging from 42-47 degrees overall slope angle.5% ore loss and 5% dilution factor applied to the 5 m x 5 m x 5 m open pit resource block models.Mining costs of $2.00 per tonne of waste mined and $2.50 per tonne of ore mined. Milling costs of $16.81 per tonne processed. Heap leach costs of $5.53 per tonne processed. G&A cost of $2.00 per tonne of material processed. Royalty of 3% and selling cost of 1% were also applied.A 0.17 gpt gold only cutoff was applied to ex-pit processed material (which is above the heap-leaching NSR cutoff).AuEq (Open Pit Mill) = Au (gpt) + (Ag (gpt) * 0.0110) and AuEq (Open Pit Heap Leach) = Au (gpt) + (Ag (gpt) * 0.0046).Los Reyes – Underground (Mill):Underground Resource estimates are based on economically constrained stopes generated using Datamine's Mineable Shape Optimizer (MSO) algorithm and the following optimization parameters:Diluted to a minimum 4 m stope width with a 98% mining recovery.Assumes mill recoveries of 95.6% for Au and 81% for Ag.Mechanized cut-and-fill mining with a $60.00 per tonne cost. Milling costs of $16.81 per tonne processed. G&A cost of $4.00 per tonne of material processed. Royalty of 3% and selling cost of 1% were also applied.AuEq (Underground Mill) = Au (gpt) + (Ag (gpt) * 0.0110).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289619
Original: Torex Gold Reports Year-End 2025 Reserves & Resources

Torex Gold Reports Q4 and Full-Year 2025 ResultsFebruary 18, 2026 6:00 PM
NewsfileRecord quarterly free cash flow generation has enabled full repayment of debt while continuing to return capital to shareholders(All amounts expressed in U.S. dollars unless otherwise stated)[DATELINE]Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) reports the Company's financial and operational results for the three months and year ended December 31, 2025. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results. Jody Kuzenko, President & CEO of Torex, stated:"2025 was a transformational and standout year for Torex. We delivered on several key aspects of our strategy - the culmination of years of hard work coming together - including completing the Media Luna Project, declaring commercial production, and ramping up to targeted mining and processing rates ahead of schedule; returning to strong free cash flow mid-year; and executing on our inaugural return of capital program. We also expanded our portfolio beyond Morelos through the acquisitions of Prime Mining and Reyna Silver, which provide a pipeline of assets to support our next phase of growth in Northern Mexico and Nevada. Most importantly, we achieved all of this safely, exiting the year with a lost-time injury frequency of 0.07 per million hours worked, marking one of our safest years ever."Q4 payable production of 114,844 gold equivalent ounces1 ("oz AuEq") resulted in second half payable production of 233,878 oz AuEq1, setting the pace we expect to continue through 2026 with Media Luna on track to achieve steady-state production of 7,500 tonnes per day ("tpd") by mid-year, if not earlier. The processing plant also continued to deliver, with throughput and gold and copper recoveries consistently achieving design levels. At ELG Underground, mining rates of 2,753 tpd for the year were right on plan and are expected to remain at or above this level through 2026. First production at Media Luna North (formerly EPO) remains on track for late 2026, which firmly establishes a minimum of at least 420,000 to 470,000 oz AuEq1 produced annually through 2030 and likely well beyond as we continue to unlock the full potential of Morelos through drilling and exploration."The strong operational performance through the second half of the year, supported by a backdrop of record metal prices, drove exceptional financial results, including record annual revenue of $1.3 billion and record annual adjusted EBITDA2 of $730 million. Although full-year all-in sustaining costs2 of $1,783/oz AuEq sold were above our guided range largely due to the impact of the higher gold price, we achieved an impressive record annual all-in sustaining costs margin2 of 51%. Free cash flow2 of $166 million in the fourth quarter was also a new record, enabling us to pay our inaugural dividend of $0.15 per share in December, repurchase more than 825,000 shares during the year and, at the end of January, fully repay the debt taken on to fund Media Luna."With a balance sheet that is in impeccable shape and our operations at Morelos firing on all cylinders, we're set to deliver another excellent year in 2026. With the Media Luna ramp up tracking ahead of schedule, work well underway on the preliminary economic assessment at Los Reyes, development of Media Luna North tracking to plan, and the upcoming transition of Andrew to President & CEO in June, Torex is well set up to embark on the next chapter of growth and value generation."FULL YEAR 2025 HIGHLIGHTSSafety performance: The Company exited the year with a lost-time injury frequency ("LTIF") of 0.07 per million hours worked for both employees and contractors on a rolling 12-month basis.Annual payable production: Delivered annual payable production of 376,364 gold equivalent ounces ("oz AuEq1"), including 315,678 ounces of gold ("oz Au"), 1,286 thousand ounces of silver ("koz Ag"), and 34.8 million pounds of copper ("mlb Cu"). At guidance metal prices, annual payable production was 389,857 oz AuEq1, marginally lower than the annual payable production guidance of 400,000 to 450,000 oz AuEq1.Record annual revenue: Annual gold equivalent ounces sold of 361,518 oz AuEq1 at a record annual average realized gold price2 of $3,612 per oz AuEq1, contributing to revenue of $1,305.6 million.Robust all-in sustaining margins: Annual all-in sustaining costs of $1,783 per oz AuEq sold1 or $1,630 per oz AuEq sold1 at guided metal prices, relative to guidance of $1,400 to $1,600 per oz AuEq sold1. All-in sustaining costs margin2 of $1,830 per oz AuEq sold1, implying a record annual all-in sustaining costs margin2 of 51%. Cost of sales was $668.7 million or $1,850 per oz AuEq sold1. Costs during the year reflect the impact of the higher gold market prices on royalties, Mexican profit sharing and land access agreements, known as temporary occupation agreements ("TOAs"), with local communities.Strong profitability and record annual adjusted EBITDA2: Reported net income of $403.4 million, or earnings of $4.58 per share on a basic basis and $4.53 per share on a diluted basis. Adjusted net earnings2 of $350.1 million, or $3.98 per share on a basic basis and $3.93 per share on a diluted basis. Generated a record annual EBITDA2 of $697.9 million and a record annual adjusted EBITDA2 of $730.3 million.Strong cash flow generation: Net cash generated from operating activities totalled $489.0 million and $530.2 million before changes in non-cash operating working capital. Net cash generated from operating activities (including changes in non-cash operating working capital) of $489.0 million includes income taxes paid of $204.8 million. Positive free cash flow2 of $107.3 million is net of cash outlays for capital expenditures, lease payments and interest, including borrowing costs capitalized.Strong financial liquidity: The Company has a credit facility of $350.0 million with a maturity date in June 2029 and a $200.0 million accordion feature that is available at the discretion of the lenders. The year closed with $426.3 million in available liquidity2, including $119.5 million in cash and $306.8 million available on the $350.0 million credit facility, net of borrowings of $30.0 million and letters of credit outstanding of $13.2 million. In January 2026, the Company fully repaid the remaining $30.0 million of borrowings on the credit facility.Media Luna Project completion: In late March, the tie-in period was completed at the processing plant and the Company achieved first production of copper concentrate, with commercial production at Media Luna declared on May 1, 2025. During the year $145.9 million of non-sustaining capital expenditures were incurred related to Media Luna, including $55.1 million following the declaration of commercial production primarily related to the construction of the paste plant and underground paste distribution system, tailings feed supply system, and underground material handling systems.Media Luna North Underground Project: During the year, $25.6 million of non-sustaining capital expenditures were incurred relating to Media Luna North, including $8.5 million of feasibility study costs and an additional $8.8 million of direct project costs. Development of the main access ramp at Media Luna North continued to track well. The Media Luna North internal feasibility study was completed including all associated infrastructure engineering, as well as geotechnical, hydrogeological, geochemistry, metallurgical evaluations, final mine design, sequence, and integrated mine scheduling with Media Luna. First production at Media Luna North is targeted for late 2026 with the declaration of commercial production shortly thereafter.Exploration and Drilling Activities: In December, the Company announced results from the drilling program at Media Luna West3. Drilling results support the Company's strategy to target near-mine opportunities in the Media Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex. Based on these results and ongoing modelling work, the Company expects to declare an inaugural Inferred Resource with the Company's annual mineral reserves and resources update in March 2026. The Company plans to invest a record $77 million in exploration and drilling in 2026 including $43 million at Morelos. Drilling at Los Reyes remains suspended given the security environment within the State of Sinaloa and will resume once the Company is fully satisfied its employees and contractors can safely access and operate at site. Executing on the strategy to create a diversified, Americas-focused precious metals producer: The acquisitions of Reyna Silver and Prime Mining enhance medium and long-term growth potential:Reyna Silver: In August, the Company completed the acquisition of Reyna Silver4 for total cash consideration of $27.4 million. The acquisition provides Torex with 100% ownership in two exciting exploration properties in Chihuahua, Mexico (Batopilas and Guigui), as well as exposure to two highly prospective properties in Nevada (Gryphon and Medicine Springs) via option agreements. In January 2026, the Company paid $0.3 million to the Medicine Springs optionors, and exercised its option to acquire a 100% interest in the Medicine Springs project.Prime Mining: In October, the Company completed the share acquisition of Prime Mining5 for total consideration of $436.2 million. As a result of the transaction, Torex acquired a 100% interest in the Los Reyes project located in Sinaloa, Mexico.CEO Transition: On February 4, 2026, the Company announced that Jody Kuzenko, President and Chief Executive Officer, will retire from the Company immediately following the Annual and Special Shareholder Meeting on June 17, 2026. As part of the Company's long-term succession planning, Andrew Snowden, Chief Financial Officer, will assume the role of President and CEO at that time. Q4 2025 HIGHLIGHTSSafety performance: The Company recorded no lost-time injuries during the quarter.Payable production: Delivered payable production of 114,844 oz AuEq1, including 93,335 oz Au, 454 koz Ag, and 12.6 mlb Cu.Gold equivalent sold: Sold 105,946 oz AuEq1 at a record quarterly average realized gold price2 of $4,393 per oz AuEq1, contributing to quarterly revenue of $465.3 million.All-in sustaining costs2: All-in sustaining costs of $1,905 per oz AuEq sold1. All-in sustaining costs margin2 were $2,488 per oz AuEq sold1, implying a record all-in sustaining costs margin2 of 57%. Cost of sales was $214.7 million or $2,027 per oz AuEq sold1 in the quarter.Net income and adjusted net earnings2: Reported net income of $166.8 million or earnings of $1.78 per share on a basic basis and $1.76 per share on a diluted basis. Adjusted net earnings of $167.0 million or $1.78 per share on a basic basis and $1.76 per share on a diluted basis.EBITDA2 and adjusted EBITDA2: Generated EBITDA of $260.4 million and adjusted EBITDA of $281.5 million.Cash flow generation: Net cash generated from operating activities totalled $244.3 million and $248.6 million before changes in non-cash operating working capital includes income taxes paid of $38.0 million and record quarterly free cash flow2 of $165.6 million.Media Luna North Underground Project: During the fourth quarter of 2025, $10.2 million was invested in the project, including $1.4 million of feasibility study costs and an additional $5.7 million of direct project costs inclusive of the development of the main access ramp which continued to track well with 1,135 m completed.Q1 2026 dividend: the Company has declared a quarterly dividend of C$0.15 per Torex Share payable on March 19, 2026 to shareholders of record on March 5, 2026.RETURN OF CAPITAL TO SHAREHOLDERSDuring H2 2025, the Company executed an initial return of capital program consisting of a quarterly dividend of C$0.15 per common share ("Torex Share") and share repurchases through the Company's normal course issuer bid ("NCIB").The Company paid an inaugural dividend to shareholders totaling $10.2 million (C$14.4 million) on December 4, 2025. For the first quarter of 2026, the Company has declared a quarterly dividend of C$0.15 per Torex Share payable on March 19, 2026 to shareholders of record on March 5, 2026.With respect to share repurchases, the Company repurchased 825,769 Torex Shares during the year for $33.9 million (C$47.1 million) at an average price per share of $40.96 (C$57.00) under the NCIB. Since the start of 2026, Torex has repurchased an additional 411,405 Torex Shares at an average share price of C$66.69 per share.Additionally, the Company has entered into an automatic share purchase plan ("ASPP") with its designated broker to facilitate the purchase of Torex Shares under its previously announced NCIB at times when the Company would ordinarily not be permitted to purchase its shares due to regulatory restrictions and ordinary course of business self-imposed blackout periods.Pursuant to the ASPP, prior to entering into a blackout period, the Company may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker in its sole discretion based on parameters established by the Company prior to the blackout period in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP.Outside of the pre-determined blackout periods, Torex Shares may be purchased under the NCIB based on the discretion of the Company's management, in compliance with the rules of the TSX and applicable securities laws. All repurchases made under the ASPP will be included in computing the number of Torex Shares purchased under the NCIB.CONFERENCE CALL AND WEBCAST DETAILSThe Company will host a conference call tomorrow at 9:00 AM (ET) where senior management will discuss the fourth quarter and year-end operating and financial results. For expedited access to the conference call, registration is open to obtain an access code in advance, which will allow participants to join the call directly at the scheduled time. Alternatively, dial-in details are as follows:Toronto local or International: 1-647-846-8914Toll-Free (North America): 1-833-752-3842A live webcast and replay of the conference call will be available on the Company's website at https://torexgold.com/investors/upcoming-events/. The webcast will be archived on the Company's website.FOOTNOTESGold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. For Q3 2025, market prices averaged $3,457/oz gold, $39.40/oz silver, and $4.44/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (39.40 / 3,457) x Ag (koz) + 1,000,000 x (4.44 / 3,457) x Cu (mlb). For Q4 2025, market prices averaged $4,135/oz gold, $54.73/oz silver, and $5.03/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (54.73 / 4,135) x Ag (koz) + 1,000,000 x (5.03 / 4,135) x Cu (mlb). For the year ended December 31, 2025, market prices averaged $3,432/oz gold, $40.03/oz silver, and $4.51/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (40.03 / 3,432) x Ag (koz) + 1,000,000 x (4.51 / 3,432) x Cu (mlb). Guidance for 2025 assumed metal prices of $2,500/oz gold, $28/oz silver, and $4.30/lb copper, and AuEq (oz) = Au (oz) + 1,000 * (28 / 2,500) x Ag (koz) + 1,000,000 x (4.30 / 2,500) x Cu (mlb).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. For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS, see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to "Non-GAAP Financial Performance Measures" of the Company's MD&A for the year ended December 31, 2025, dated February 18, 2026. The MD&A and the Company's audited consolidated financial statements and related notes for the year ended December 31, 2025, are available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).For more information on Media Luna West drilling results, see the Company's news release titled "Torex Gold Reports Promising Drill Results from Media Luna West" issued on December 1, 2025, and filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.For more information on the acquisition of Reyna Silver, see the Company's news releases titled "Torex Gold Announces Acquisition of Reyna Silver" issued on June 23, 2025, and "Torex Gold Announces Completion of Reyna Silver Acquisition" issued on August 20, 2025, and filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.For more information on the acquisition of Prime Mining, see the Company's news releases titled "Torex Gold to Acquire Prime Mining" issued on July 28, 2025, "Torex Gold Announces Completion of Prime Mining Acquisition" issued on October 22, 2025, and filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.Table 1: Operating and Financial Highlights


Three Months Ended


Year Ended



Dec 31,

Sep 30,

Dec 31,


Dec 31,

Dec 31,
 In millions of U.S. dollars, unless otherwise noted  2025   2025  2024   2025  2024 SafetyLost-time injury frequency1/million hours
0.07

0.42

0.61


0.07

0.61
Total recordable injury frequency1/million hours
0.73

0.99

1.48


0.73

1.48
Operating Results - Gold Equivalent basisGold equivalent producedoz AuEq
117,325

121,780

105,305


383,178

461,420
Gold equivalent payable produced2oz AuEq
114,844

119,034

105,132


376,364

460,579
Gold equivalent sold2oz AuEq
105,946

118,082

110,419


361,518

465,829
Total cash costs2,3$/oz AuEq
1,499

1,297

932


1,376

972
All-in sustaining costs2,3$/oz AuEq
1,905

1,658

1,112


1,783

1,183
Average realized gold price2,3$/oz AuEq
4,393

3,536

2,487


3,612

2,254
Financial ResultsRevenue$
465.3

416.4

295.0


1,305.6

1,115.5
Cost of sales$
214.7

207.3

153.5


668.7

647.3
Earnings from mine operations$
250.6

209.1

141.5


636.9

468.2
Net income$
166.8

114.4

60.4


403.4

134.6
Per share - Basic$/share
1.78

1.33

0.70


4.58

1.57
Per share - Diluted$/share
1.76

1.31

0.69


4.53

1.55
Adjusted net earnings3$
167.0

103.4

70.6


350.1

224.4
Per share - Basic3$/share
1.78

1.20

0.82


3.98

2.61
Per share - Diluted3$/share
1.76

1.18

0.81


3.93

2.58
EBITDA3$
260.4

235.3

162.8


697.9

539.4
Adjusted EBITDA3$
281.5

239.3

154.3


730.3

541.1
Cost of sales - gold equivalent basis$/oz AuEq
2,027

1,756

1,390


1,850

1,390
Net cash generated from operating activities$
244.3

186.8

122.8


489.0

449.5
Net cash generated from operating activities before changes in non-cash operating working capital$
248.6

204.0

136.3


530.2

458.9
Free cash flow3$
165.6

112.5

(7.7)

107.3

(123.9)Cash and cash equivalents$
119.5

107.1

110.2


119.5

110.2
Debt, net of deferred finance charges$
27.6

152.4

62.9


27.6

62.9
Lease-related obligations$
105.6

100.0

78.3


105.6

78.3
Net debt3$
(16.1)
(147.9)
(33.1)

(16.1)
(33.1)Available liquidity3$
426.3

289.0

331.5


426.3

331.5
 On a 12-month rolling basis, per million hours worked.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the year ended December 31, 2025, dated February 18, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Total cash costs, all-in sustaining costs, average realized gold price, adjusted net earnings, adjusted net earnings per share, EBITDA, adjusted EBITDA, free cash flow, net debt and available liquidity are non-GAAP financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS as issued by the International Accounting Standards Board see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to the Company's MD&A for the year ended December 31, 2025, dated February 18, 2026. The MD&A and the Company's audited consolidated financial statements and related notes for the year ended December 31, 2025, are available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 2: Reconciliation of Total Cash Costs and All-in Sustaining Costs to Production Costs and Royalties


Three Months Ended

Year Ended



Dec 31,

Sep 30,

Dec 31,

Dec 31,

Dec 31,
In millions of U.S. dollars, unless otherwise noted

2025

2025

2024

2025

2024
Gold soldoz
87,262

94,626

108,647

305,137

455,932
Total cash costs per oz sold















Production costs$
145.3

140.0

94.7

456.6

421.4
Royalties$
15.6

13.6

8.2

43.8

31.2
Less: Silver sales1$
(31.8)
(20.0)
(1.8)
(63.1)
(7.1)Less: Copper sales1$
(62.6)
(61.8)
(3.1)
(159.0)
(16.8)Add: Treatment, refining and other cost deductions$
1.4

2.4

-

5.0

-
Less: Realized gain on foreign currency contracts$
(3.5)
(2.8)
-

(8.1)
-
Total cash costs$
64.4

71.4

98.0

275.2

428.7
Total cash costs per oz sold$/oz
738

755

902

902

940
All-in sustaining costs per oz sold

 

 

 

 

 
Total cash costs$
64.4

71.4

98.0

275.2

428.7
General and administrative costs2$
9.7

9.2

7.3

35.4

31.4
Reclamation and remediation costs$
1.2

1.3

1.0

4.6

4.5
Sustaining capital expenditure3$
32.1

32.1

11.6

107.2

62.6
Total all-in sustaining costs$
107.4

114.0

117.9

422.4

527.2
Total all-in sustaining costs per oz sold $/oz
1,231

1,205

1,085

1,384

1,156



 

 

 

 

 
Gold equivalent sold4oz AuEq
105,946

118,082

110,419

361,518

465,829
Total cash costs per oz AuEq sold

 

 

 

 

 
Production costs$
145.3

140.0

94.7

456.6

421.4
Royalties$
15.6

13.6

8.2

43.8

31.2
Add: Treatment, refining and other cost deductions$
1.4

2.4

-

5.0

-
Less: Realized gain on foreign currency contracts$
(3.5)
(2.8)
-

(8.1)
-
Total cash costs$
158.8

153.2

102.9

497.3

452.6
Total cash costs per oz AuEq sold4$/oz AuEq
1,499

1,297

932

1,376

972
All-in sustaining costs per oz AuEq sold

 

 

 

 

 
Total cash costs$
158.8

153.2

102.9

497.3

452.6
General and administrative costs2$
9.7

9.2

7.3

35.4

31.4
Reclamation and remediation costs$
1.2

1.3

1.0

4.6

4.5
Sustaining capital expenditure3$
32.1

32.1

11.6

107.2

62.6
Total all-in sustaining costs$
201.8

195.8

122.8

644.5

551.1
Total all-in sustaining costs per oz AuEq sold4$/oz AuEq
1,905

1,658

1,112

1,783

1,183
 Includes provisional price adjustments on sales of copper concentrate and precipitate.This amount excludes a loss of $9.4 million, loss of $10.7 million and loss of $6.8 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and a loss of $33.9 million and loss of $15.7 million for the years ended December 31, 2025 and December 31, 2024, respectively, in relation to the remeasurement of share-based payments. This amount also excludes corporate depreciation and amortization expenses totalling $nil, $0.1 million and $0.2 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, $0.2 million and $0.3 million for the years ended December 31, 2025 and December 31, 2024, respectively, within general and administrative costs. Included in general and administrative costs is share-based compensation expense in the amount of $2.1 million or $24/oz ($20/oz AuEq) for the three months ended December 31, 2025, $2.0 million or $21/oz ($17/oz AuEq) for the three months ended September 30, 2025, $1.6 million or $15/oz ($14/oz AuEq) for the three months ended December 31, 2024, $8.2 million or $27/oz ($23/oz AuEq) for the year ended December 31, 2025 and $7.1 million or $16/oz ($15/oz AuEq) for the year ended December 31, 2024. This amount excludes other expenses totalling $nil, $nil and $1.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $nil and $7.1 million for the years ended December 31, 2025 and December 31, 2024, respectively.Sustaining capital expenditures includes lease payments (principal and interest) of $7.5 million, $7.1 million and $0.8 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $20.2 million and $3.6 million for the years ended December 31, 2025 and December 31, 2024, respectively.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to "Gold Equivalent Reporting" section of the Company's MD&A for the year ended December 31, 2025, dated February 18, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 3: Reconciliation of Sustaining and Non-Sustaining Capital Expenditures to Additions to Property, Plant and Equipment


Three Months Ended

Year Ended



Dec 31,

Sep 30,

Dec 31,

Dec 31,

Dec 31,
In millions of U.S. dollars

2025

2025

2024

2025

2024
Sustaining$
24.6

25.0

10.8

87.0

57.6
Lease Payments (Sustaining)$
7.5

7.1

0.8

20.2

3.6
Capitalized Stripping (Sustaining)$
-

-

-

-

1.4
Total Sustaining$
32.1

32.1

11.6

107.2

62.6
Non-sustaining

 

 

 

 

 
Media Luna Project1,2$
15.3

26.2

100.5

145.9

449.0
Media Luna North Project$
10.2

6.9

0.6

25.6

0.6
Media Luna North Drilling$
0.1

5.7

2.4

7.9

10.0
Working Capital Changes and Other$
9.7

(10.0)
12.7

66.0

31.5
Capital expenditures3$
67.4

60.9

127.8

352.6

553.7
 Non-sustaining capital expenditures includes lease payments (principal and interest) of $nil, $nil and $2.1 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $5.1 million and $5.0 million for the years ended December 31, 2025 and December 31, 2024, respectively.This amount includes a realized gain (or an increase in the capitalized expenditures) of $nil, $nil and loss of $0.1 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $nil and gain of $1.3 million for the years ended December 31, 2025 and December 31, 2024, respectively, in relation to the settlement of foreign exchange zero cost collars that were entered into to manage the capital expenditure risk related to a further strengthening of the Mexican peso.The amount of cash expended on additions to property, plant and equipment in the period as reported in the Consolidated Statements of Cash Flows.Table 4: Reconciliation of Average Realized Gold Price to Revenue


Three Months Ended

Year Ended



Dec 31,

Sep 30,

Dec 31,

Dec 31,

Dec 31,
In millions of U.S. dollars, unless otherwise noted

2025

2025

2024

2025

2024
Gold soldoz
87,262

94,626

108,647

305,137

455,932



 

 

 

 

 
Revenue$
465.3

416.4

295.0

1,305.6

1,115.5
Less: Silver sales1$
(31.8)
(20.0)
(1.8)
(63.1)
(7.1)Less: Copper sales1$
(62.6)
(61.8)
(3.1)
(159.0)
(16.8)Add: Treatment, refining and other cost deductions$
1.4

2.4

-

5.0

-
Less: Realized loss on gold contracts$
(1.3)
(1.3)
(19.9)
(4.7)
(64.1)Total proceeds$
371.0

335.7

270.2

1,083.8

1027.5
Average realized gold price$/oz
4,252

3,548

2,487

3,552

2,254



 

 

 

 

 
Gold equivalent sold2oz AuEq
105,946

118,082

110,419

361,518

465,829



 

 

 

 

 
Revenue$
465.3

416.4

295.0

1,305.6

1,115.5
Add: Treatment, refining and other cost deductions$
1.4

2.4

-

5.0

-
Less: Realized loss on gold contracts$
(1.3)
(1.3)
(19.9)
(4.7)
(64.1)Total proceeds$
465.4

417.5

275.1

1,305.9

1051.4
Average realized gold price$/oz AuEq
4,393

3,536

2,487

3,612

2,254
 Includes provisional price adjustments on sales of copper concentrate and precipitate.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to "Gold Equivalent Reporting" section of the Company's MD&A for the year ended December 31, 2025, dated February 18, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 5: Reconciliation of All-in Sustaining Costs Margin to Revenue


Three Months Ended

Year Ended



Dec 31,

Sep 30,

Dec 31,

Dec 31,

Dec 31,
In millions of U.S. dollars, unless otherwise noted

2025

2025

2024

2025

2024
Gold soldoz
87,262

94,626

108,647

305,137

455,932

















Revenue$
465.3

416.4

295.0

1,305.6

1,115.5
Less: Silver sales1$
(31.8)
(20.0)
(1.8)
(63.1)
(7.1)Less: Copper sales1$
(62.6)
(61.8)
(3.1)
(159.0)
(16.8)Add: Treatment, refining and other cost deductions$
1.4

2.4

-

5.0

-
Less: Realized loss on gold contracts$
(1.3)
(1.3)
(19.9)
(4.7)
(64.1)Less: All-in sustaining costs$
(107.4)
(114.0)
(117.9)
(422.4)
(527.2)All-in sustaining costs margin$
263.6

221.7

152.3

661.4

500.3



 

 

 

 

 
Average realized gold price$/oz
4,252

3,548

2,487

3,552

2,254



 

 

 

 

 
Total all-in sustaining costs margin$/oz
3,021

2,343

1,402

2,168

1,098
Total all-in sustaining costs margin%
71

66

56

61

49



 

 

 

 

 
Gold equivalent sold2oz AuEq
105,946

118,082

110,419

361,518

465,829



 

 

 

 

 
Revenue$
465.3

416.4

295.0

1,305.6

1,115.5
Add: Treatment, refining and other cost deductions$
1.4

2.4

-

5.0

-
Less: Realized loss on gold contracts$
(1.3)
(1.3)
(19.9)
(4.7)
(64.1)Less: All-in sustaining costs$
(201.8)
(195.8)
(122.8)
(644.5)
(551.1)All-in sustaining costs margin$
263.6

221.7

152.3

661.4

500.3



 

 

 

 

 
Average realized gold price$/oz AuEq
4,393

3,536

2,487

3,612

2,254



 

 

 

 

 
Total all-in sustaining costs margin2$/oz AuEq
2,488

1,878

1,375

1,830

1,071
Total all-in sustaining costs margin%
57

53

55

51

48
 Includes provisional price adjustments on sales of copper concentrate and precipitate.Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to "Gold Equivalent Reporting" section of the Company's MD&A for the year ended December 31, 2025, dated February 18, 2026 for the relevant average market prices by commodity, available on Torex's website (www.torexgold.com) and under the Company's SEDAR+ profile (www.sedarplus.ca).Table 6: Reconciliation of Adjusted Net Earnings to Net Income


Three Months Ended

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

Dec 31,

Sep 30,

Dec 31,

Dec 31,

Dec 31,


2025

2025

2024

2025

2024
Basic weighted average shares outstandingshares
93,644,666

86,095,076

85,988,115

88,033,127

85,977,291
Diluted weighted average shares outstandingshares
94,779,109

87,458,380

87,414,063

89,133,859

87,008,937

















Net income$
166.8

114.4

60.4

403.4

134.6



 

 

 

 

 
Adjustments:

 

 

 

 

 
Temporary suspension costs$
-

-

3.1

-

3.1
Unrealized foreign exchange loss (gain)$
0.2

(8.1)
(2.0)
(6.2)
(0.4)Unrealized loss (gain) on derivative contracts$
11.5

1.4

(16.4)
4.7

(16.7)Loss on remeasurement of share-based payments$
9.4

10.7

6.8

33.9

15.7
Derecognition of provisions for uncertain tax positions$
-

-

-

(9.2)
(12.1)Tax effect of above adjustments$
(3.5)
2.0

4.6

0.5

4.2
Tax effect of currency translation on tax base$
(17.4)
(17.0)
14.1

(77.0)
96.0
Adjusted net earnings$
167.0

103.4

70.6

350.1

224.4
Per share - Basic$/share
1.78

1.20

0.82

3.98

2.61
Per share - Diluted$/share
1.76

1.18

0.81

3.93

2.58
 Table 7: Reconciliation of EBITDA and Adjusted EBITDA to Net Income


Three Months Ended

Year Ended



Dec 31,

Sep 30,

Dec 31,

Dec 31,

Dec 31,
In millions of U.S. dollars

2025

2025

2024

2025

2024
Net income$
166.8

114.4

60.4

403.4

134.6



 

 

 

 

 
Finance costs (income), net$
6.2

7.2

(0.3)
21.2

(3.3)Depreciation and amortization1$
53.9

53.9

47.7

168.7

192.0
Current income tax expense$
96.9

94.5

42.9

232.0

149.6
Deferred income tax (recovery) expense$
(63.4)
(34.7)
12.1

(127.4)
66.5
EBITDA$
260.4

235.3

162.8

697.9

539.4



 

 

 

 

 
Adjustments:

 

 

 

 

 
Temporary suspension costs$
-

-

3.1

-

3.1
Unrealized loss (gain) on derivative contracts$
11.5

1.4

(16.4)
4.7

(16.7)Unrealized foreign exchange loss (gain)$
0.2

(8.1)
(2.0)
(6.2)
(0.4)Loss on remeasurement of share-based payments$
9.4

10.7

6.8

33.9

15.7
Adjusted EBITDA$
281.5

239.3

154.3

730.3

541.1
 Includes depreciation and amortization included in cost of sales, general and administrative expenses and exploration and evaluation expenses.Table 8: Reconciliation of Free Cash Flow to Net Cash Generated from Operating Activities


Three Months Ended

Year Ended



Dec 31,

Sep 30,

Dec 31,

Dec 31,

Dec 31,
In millions of U.S. dollars

2025

2025

2024

2025

2024
Net cash generated from operating activities$
244.3

186.8

122.8

489.0

449.5
Less:

 

 

 

 

 
Additions to property, plant and equipment1$
(67.4)
(60.9)
(127.8)
(352.6)
(553.7)Value-added tax receivables, net2$
1.6

(0.8)
3.1

14.7

(1.0)Lease payments$
(5.0)
(4.8)
(2.9)
(17.1)
(8.6)Interest and other borrowing costs paid3$
(7.9)
(7.8)
(2.9)
(26.7)
(10.1)Free cash flow$
165.6

112.5

(7.7)
107.3

(123.9) The amount of cash expended on additions to property, plant and equipment in the period as reported on the Condensed Consolidated Interim Statements of Cash Flows.Included in investing activities as reported on the Condensed Consolidated Interim Statements of Cash FlowsIncluding borrowing costs capitalized to property, plant and equipment.Table 9: Reconciliation of Net Debt to Cash and Cash Equivalents


Dec 31,

Sep 30,

Dec 31,
In millions of U.S. dollars

2025

2025

2024
Cash and cash equivalents$
119.5

107.1

110.2
Less:

 

 

 
Debt$
(27.6)
(152.4)
(62.9)Lease-related obligations$
(105.6)
(100.0)
(78.3)Deferred finance charges$
(2.4)
(2.6)
(2.1)Net debt$
(16.1)
(147.9)
(33.1) Table 10: Reconciliation of Available Liquidity to Cash and Cash Equivalents


Dec 31,

Sep 30,

Dec 31,
In millions of U.S. dollars

2025

2025

2024
Cash and cash equivalents$
119.5

107.1

110.2
Add: Available credit of the Debt Facility$
306.8

181.9

221.3
Available liquidity$
426.3

289.0

331.5
 Table 11: Reconciliation of Unit Cost Measures to Production Costs

Three Months Ended

Year Ended
In millions of U.S. dollars, unless otherwise noted
Dec 31, 2025




Sep 30, 2025




Dec 31, 2024




Dec 31, 2025




Dec 31, 2024



Gold sold (oz AuEq)
105,946

 

118,082

 

110,419

 

361,518

 

465,829

 
Gold sold (oz)
87,262

 

94,626

 

108,647

 

305,137

 

455,932

 
Tonnes mined - ELG open pit (kt)
-

 

251

 

2,400

 

1,965

 

25,888

 
Tonnes mined - ELG underground (kt)
292

 

272

 

207

 

1,005

 

765

 
Tonnes mined - Media Luna underground (kt)1
649

 

566

 

100

 

1,504

 

220

 
Tonnes processed (kt)
985

 

1,040

 

1,094

 

3,538

 

4,676

 
Total cash costs:
 

 

 

 

 

 

 

 

 
Total cash costs ($) - gold equivalent basis
158.8

 

153.2

 

102.9

 

497.3

 

452.6

 
Total cash costs per oz AuEq sold ($)
1,499

 

1,297

 

932

 

1,376

 

972

 
Total cash costs ($) - gold only basis
64.4

 

71.4

 

98.0

 

275.2

 

428.7

 
Total cash costs per oz sold ($)
738

 

755

 

902

 

902

 

940

 
Breakdown of production costs
$

$/t

$

$/t

$

$/t

$

$/t

$

$/t
Mining - ELG open pit
-

-

2.2

8.75

14.1

5.85

16.1

8.19

102.8

3.97
Mining - ELG underground
21.7

74.29

21.0

77.17

12.4

60.07

75.6

75.24

61.3

80.08
Mining - Media Luna underground1
36.1

55.62

25.4

44.88

-

-

74.2

49.34

-

-
Processing
47.5

48.23

45.3

43.56

42.9

39.21

157.0

44.37

180.1

38.52
Site support
25.3

25.69

23.9

22.98

16.0

14.60

76.6

21.65

59.0

12.61
Mexican profit sharing (PTU)
9.2

9.34

7.7

7.40

4.7

4.30

26.2

7.40

19.2

4.11
Capitalized stripping
-

 

-

 

-

 

-

 

(1.4)
 
Inventory movement
(2.2)
 

7.4

 

6.6

 

8.5

 

0.4

 
Concentrate logistics
4.3

 

5.1

 

-

 

12.8

 

-

 
Other
3.4

 

2.0

 

1.1

 

9.6

 

3.1

 
Production costs
145.3

 

140.0

 

97.8

 

456.6

 

424.5

 
 Media Luna underground tonnes mined and mining costs for 2025 are reported post the declaration of commercial production on May 1, 2025.ABOUT TOREX GOLD RESOURCES INC.Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa, Mexico and recently acquired a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and Medicine Springs projects in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.comQUALIFIED PERSONS The technical and scientific information in this press release pertaining to metal production has been reviewed and approved by Miguel Pimentel P.Eng., Vice President, Metallurgy and Process Engineering of the Company, who is a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").The technical and scientific information in this press release pertaining to production guidance has been reviewed and approved by Johannes (Gertjan) Bekkers, P.Eng., Vice President, Mines Technical Services of the Company, who is a qualified person under NI 43-101.CAUTIONARY NOTES ON FORWARD-LOOKING INFORMATIONThis press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, information with respect to the Company's medium and long-term growth potential including the next phase of growth in Northern Mexico and Nevada; payable production and mining rates in 2026; timelines for first production and the declaration of commercial production at Media Luna North; annual gold equivalent production through 2030 and beyond; the upcoming President and CEO transition; the Company's strategy to target near-mine opportunities in the Media Luna Cluster in order to further enhance and extend the production profile of the Morelos Complex; the declaration of an inaugural Inferred Resource in March 2026 based on drilling results and modelling work at Media Luna West; and the potential purchases of Torex Shares under the NCIB. Forward-Looking Information also includes the Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Generally, Forward-Looking Information and statements can be identified by the use of forward-looking terminology such as "forecast," "plans," "expects," or "does not expect," "is expected," "strategic," "to be" or variations of such words and phrases or statements that certain actions, events or results "will", "may," "could," "would," "might," "on track,", or "well positioned to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life Of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, the Company's annual information form ("AIF") for the year ended December 31, 2024, and management's discussion and analysis ("MD&A") for the year ended December 31, 2025 or other unknown but potentially significant impacts. Forward-Looking Information and statements are based on the assumptions discussed in the Technical Report, AIF and MD&A and such other reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including without limitation, that political and legal developments will be consistent with current expectations. Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, MD&A and AIF are filed on SEDAR+ at www.sedarplus.ca and available on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284342
Original: Torex Gold Reports Q4 and Full-Year 2025 Results

Torex Gold Announces CEO TransitionFebruary 4, 2026 5:30 PM
NewsfileJody Kuzenko to retire in June 2026; Andrew Snowden named as successorToronto, Ontario--(Newsfile Corp. - February 4, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) announces that Jody Kuzenko, who has served as President and Chief Executive Officer ("CEO") since 2020 and previously Chief Operating Officer ("COO") since 2018, will retire from the Company immediately following the Annual and Special Shareholder Meeting (the "Meeting") on June 17, 2026. As part of the Company's long-term succession planning, Andrew Snowden, who has served as Chief Financial Officer ("CFO") since 2021, will assume the role of President & CEO at that time. Mr. Snowden will stand for election to the Board of Directors at the Meeting and, in anticipation of her retirement, Ms. Kuzenko will not stand for re-election. Jody Kuzenko, President and CEO of Torex, stated:"After eight years with Torex and a career that has spanned almost 30 years, my mandate as CEO has been delivered and I have every confidence in Andrew to lead the Company through the next chapter of growth and success. We have delivered Media Luna, stabilized production, and set ourselves up for long-term success at Morelos; we have an impeccable balance sheet and significant free cash flow projected for the foreseeable future; and we have a pipeline of exploration assets to support our next phase of growth in Guerrero, Sinaloa, Chihuahua, Nevada and beyond. The business is firing on all cylinders, and the timing is right for this transition. The business is ready - this was part of the plan and Torex is in very capable hands."Rick Howes, Chair of the Torex Board of Directors, stated:"Under Jody's transformational leadership and the quality management team she has built, Torex operates one of the largest gold producing mines in Mexico, now with sizeable copper exposure, and has a well-earned reputation as a Company that consistently delivers on its commitments. On behalf of the Board of Directors, I want to thank Jody for her tireless dedication to delivering superior shareholder value while building a culture where teamwork, discipline and a strong commitment to responsible mining is deeply embedded. "It should come as no surprise that a Company like Torex that prides itself on planning and execution has a solid succession plan in place to support a seamless leadership transition. Over the last five years, Andrew has done an impeccable job as CFO and has played a pivotal role in the Company's success. The Board looks forward to continuing to work with him to seize the opportunities that lie ahead as Torex looks toward the future."Andrew Snowden joined Torex as CFO in January 2021 and is an accomplished mining executive with 25 years of international corporate experience having worked in the UK, Australia and Canada. During his time at Torex he has provided leadership in all areas of business and financial management including strategic planning, operational excellence, debt financing and corporate development. He is a member of the Institute of Corporate Directors (ICD.D), a member of the Institute of Chartered Professional Accountants of Ontario (CPA, CA) and has a Bachelor of Science degree from the University of Durham in England."I am honoured to serve as the next CEO of Torex and look forward to continuing to unlock the value of our assets for the benefit of our shareholders and the many people we touch in Mexico and beyond," said Snowden. "Jody has been an invaluable mentor, and I want to thank her and the Board of Directors for the confidence placed in me to lead Torex into an exciting new chapter of growth and value generation." ABOUT TOREX GOLD RESOURCES INC.
Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The Company also owns the Los Reyes gold-silver project in Sinaloa, Mexico and recently acquired a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and Medicine Springs projects in Nevada, USA.The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.FOR FURTHER INFORMATION, PLEASE CONTACT:TOREX GOLD RESOURCES INC.
Jody Kuzenko
President and CEO
Direct: (647) 725-9982
jody.kuzenko@torexgold.comDan Rollins
Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 260-1503
dan.rollins@torexgold.comCAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" and "forward-looking information" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Generally, Forward-Looking Information can be identified by the use of forward-looking terminology such as "expects", "planned", "guided", "strategy", "target", "goal", "objective", "aim" or variations of such words and phrases or statements that certain actions, events or results "will", or "is expected to" occur. Forward-Looking Information includes, but is not limited to, statements concerning the anticipated executive and Board changes and timing thereof. Forward-Looking Information also includes the Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and capital allocation; grow reserves and resources; project delivery excellence; retain and attract best industry talent; and be an industry leader in responsible mining. Forward-Looking Information can be identified by the use of forward-looking terminology such as "guidance", "expects", "planned", or variations of such words and phrases or statements that certain actions, events or results are "on track to" or "will", or "is expected to" occur. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such Forward-Looking Information, including, without limitation, risks and uncertainties identified in the Company's technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, the Company's annual information form ("AIF") for the year ended December 31, 2024 and management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2025. Forward-Looking Information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company does not undertake to update any Forward-Looking Information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws. The Technical Report, AIF, and MD&A are filed on SEDAR+ at www.sedarplus.ca and on the Company's website at www.torexgold.com.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282725
Original: Torex Gold Announces CEO Transition

BUY/ SELL / HOLD?

I am holding. Most are selling.

Does anyone have an opinion on the 10 to 1 stock consolidation?

Just the start of Good opportunity!!

2015..THE YEAR OF THE GOLD BABAY!!

Political News have not Impacted Timeline
Daniel Earle is providing an update on the El Limon-Guajes project and providing his near-term outlook for the company

According to the Mexican attorney general, 43 student teachers participating in a protest in the nearby town of Iguala were abducted by local police in late September and subsequently murdered. While searching for their remains in the area, a number of mass graves were discovered and in the resulting protests a further six people were killed. Authorities believe Iguala's mayor and his wife were behind the atrocity – they subsequently fled, as did the town's police chief.

This incident and related protests did blockade the project briefly but have not impacted the project timeline, accordingly to the company; however, these security issues have reportedly made it more difficult to ramp-up the number of contractor employees on site that are required to meet the construction schedule. Should staffing challenges continue, the company suggested that non-critical work for the ramp-up would be postponed to after the first gold pour.

Daniel Earle calculates that Torex is currently trading at 1.03x, the corporate NAV5%; this is above both the junior producers and its development-stage peers in the coverage universe, which trade at an average of 0.77x and 0.56x NAV5%, respectively

Overall construction of the El Limon-Guajes project was approximately 20% complete (as of September 30) and the project appears to be on schedule for initial production in H2/15. Daniel Earle would suggest, however, that timeline and capex creep occur regularly in the construction of mining projects and particularly ones that are technically challenging (grade/strip ratio risk, metallurgy, topography, etc.), as Daniel Earle believe this one is. These delays and cost overruns are typically disclosed in the later stages of construction, in Daniel Earle's view.

Daniel Earle likes the Morelos project. However, before recommending the stock, Daniel Earle would look for either reduced risks via project advancement or a more attractive valuation relative to producers to compensate for the elevated level of risk at the current stage, with commercial production being approximately a year and a half away. Daniel Earle maintains his HOLD recommendation and his target price remains unchanged at $1.75.

Torex Gold Resources, Inc. (TORXF)
$ 1.3588 + 0.1007 (8.00%)
Volume: 50,965

I started a OTCMKT board.

The admin will close it ...

I'll just stick to this one ...

$TORXF - TXG.TO - Torex Gold - Is There A Reason To Be Bullish?

http://seekingalpha.com/article/1628262-torex-gold-is-there-a-reason-to-be-bullish?source=email_rt_article_readmore

Introduction

In this article, I'll have a look at Torex Gold Resources (TORXF.PK), a near-term gold mine developer in the Guerrero Gold Belt in Mexico, approximately 180 km south of Mexico City. The company is planning to develop its 5Moz+ gold mine at the El Limon zone of its 29,000 hectare Morelos project. This project is expected to cost $675M and was originally planned to start production in Q1 2015. In this article, I'll have a closer look at the El Limon Bankable Feasibility Study, run some numbers on the expected annual cash flow and talk about the risks, as Torex Gold needs to relocate a village. This will result in my investment thesis at the end of this article.

(click to enlarge)

Torex Gold seems to be fully valued if you only consider the El Limon mine, as the company is currently trading at 92.5% of the project's NPV. The real additional potential will be in defining a viable resource estimate on the Media Luna zone which is just 3 miles south of the El Limon zone. As the Media Luna target seems to be mineralized at depth, I'm afraid it will be an underground operation which would require a substantial capex.

With $325M in cash and an agreement with a consortium of five international banks for a project financing facility of up to $250M, Torex Gold is almost fully financed for its $675M El Limon project, and expects to start construction any day now as the company is awaiting one final acceptance from SEMARNAT regarding its environmental permits.

The El Limon project

Torex's first goal is to bring the El Limon project into production which is located approximately 30 kilometers from Goldcorp's Los Filos mine.

Besides the El Limon zone of the Morelos project, the company has intersected extremely encouraging copper-gold-silver mineralization at the Media Luna Zone, approximately 5km south of the El Limon Zone. As Torex intersected high grade mineralization such as 49 meters of almost 4g/t gold-equivalent and 16.7 meters of 7.6g/t AuEq, the upcoming inferred resource estimate which will contain data of 80,000 meters of drilling could be very interesting. Unfortunately, most of the mineralization is at depth, so I'm doubtful the Media Luna zone can be mined by using an open pit method.

The Bankable Feasibility Study

Torex Gold recently completed a Bankable Feasibility Study on the El Limon project, outlining an operation with an average annual output of 375,000 ounces of gold once the project reaches full production in 2017. As the average grade is expected to be 2.61g/t, the operating cost is quite low at just $421/oz over the life of mine. Keep in mind, this cash cost does not include exploration and G&A expenditures and no sustaining capex (which is expected to be approximately $86M over the life of mine).

(click to enlarge)

The project seems to be very robust, even at the current low gold price. Torex Gold completed a feasibility study with a base case assumption using a gold price of just $1276/oz. Using this scenario, the after-tax NPV5% comes in at $900M, and the after-tax IRR is a very healthy 24.2%. Should gold re-test its highs and average $1750/oz during the life of mine, the after-tax NPV increases to $1.68B and the after-tax IRR goes up to 34.6%.

(click to enlarge)

As you can see, the project won't reach an average production rate of 300,000+ ounces of gold per annum before 2017. This is obviously the reason why the IRR is relatively low despite the moderate capital expenditures.

(click to enlarge)

Sensitivity Analysis

Let's now have a look at the cash flow based on different gold prices. In this simulation, I'll use the average annual output of 375,000 ounces of gold per annum at a cash cost of $500/oz (a 20% increase versus the expected $421/oz cash cost in the Bankable Feasibility Study).

Gold Price


Cash Flow

1000


187.5M

1100


225M

1200


262.5M

1300


300M

1400


337.5M

1500


375M

1750


469M

2000


562.5M

As you can see, at the average annual output of 375,000 ounces of gold, the El Limon project would generate approximately $300M per annum in operational cash flow. Unfortunately, the output of the mine is quite erratic as you could see in a previous image, so it's very difficult to make a detailed cash flow guesstimate per annum, as the cash costs will also fluctuate based on the output. The next table provides an estimate of the annual cash flows based on the output as calculated in the feasibility study and a $500/oz cash cost. The fixed gold price in this scenario is $1300/oz.

Y1


102M

Y2


196M

Y3


266M

Y4


253M

Y5


259M

Y6


276M

Y7


265M

Y8


347M

Y9


395M

Y10


339M

As you can see, the peak annual cash flow occurs in the final years of the current mine plan, and this is the main reason why the IRR and NPV remain relatively modest. If the peak annual cash flow would occur in the first years of operation, the IRR would increase to approximately 40% and the NPV5% would exceed the one billion dollar mark, using the company's base case $1276/oz scenario.

The Risks

A project of this size obviously carries some risk with it. In the El Limon case, Torex Gold had to relocate an entire village. Whilst this usually isn't an easy task to complete, Torex seems to have managed this well as the villagers have accepted the new location and the housing prototypes. This means the relocation continues to be on schedule to be completed by the end of 2014.

The permitting risk seems to be very low as the company received the final acceptance of the Environmental Impact Statement and the Change of Land Use. SEMARNAT requested Torex to submit environmental protection programs. Upon the acceptance of this submission, construction works at the El Limon zone can finally start as the company also already completed a collective bargaining agreement for the construction stage.

The final potential risk is the financing risk. This risk seems to be fairly low as well for Torex Gold, as the company has a working capital of $324M and no long-term debt. Torex Gold also mandated a consortium of major banks (consisting of ING, Société Générale, BNP Paribas, BMO and the Commonwealth Bank of Australia) to provide a $250M project finance facility without any mandatory gold hedging. The fact the company won't be forced to hedge gold at $1300/oz can be a blessing if the gold price goes up again.

The current working capital and the expected debt facility total approximately $575M, which is more than the required $552M capex up to commercial production net of revenue credits during the commissioning phase. Unfortunately, I don't think this will be sufficient (as the gold price is currently lower than the price anticipated by Torex Gold in the first two years of operation) and I think Torex Gold will have to raise more money during the construction or commissioning phase. A possible solution could be to open a $30-50M credit facility to provide working capital during the commissioning process, which should be sufficient to cover all costs.

Investment Thesis

Torex Gold could be an interesting investment for people who believe in a slightly higher gold price. As you can see in the next table, there isn't much value for fundamental investors, as the upside potential to the NPV/share based on a $1276/oz gold price is quite limited. For the following calculation, I used 625M shares outstanding compared to the current amount of 606.5M outstanding shares.

So as you can see, the upside potential at this moment using the $1276/oz base case scenario is just 7.5%. The real additional value and potential of the company and project will not be generated through the El Limon zone as the company is already trading at 92.5% of the El Limon NPV. The potential additional value creator will be in the further discovery of more viable deposits on the 29,000 hectares of land. Torex Gold expects to release a maiden NI43-compliant resource estimate on the Media Luna project in Q4 of this year, and I'm keen to see those preliminary tonnage and grade numbers.

$TORXF - TXG.TO - Torex On A Roll, Even If Stock Is Not

http://seekingalpha.com/article/1384191-torex-on-a-roll-even-if-stock-is-not?source=yahoo

Torex (TORXF.PK) stands out because it has two high value targets at its Morales project in the Guerro gold belt, right next door to Goldcorp's (GG) low cost Los Filos mine. Torex's Todos Santos is shaping up to be of the same genre. It is expected to run 2.6 grams of gold throughput at a low cash cost of $421, gearing up from a start up 128,000 oz in 2015 to 375,000 oz from 2017 on. There are 4.8 million oz of M&I and 0.6 inferred. Capex net of revenue credits is $552 million, for a 28.9% IRR at 1500 POG. Payback is 3.2 years.

Torex has $405 million in cash on hand, and $250 million in debt financing to independently build this mine. Market cap is $800 million, leaving an enterprise value of only $395 million. Warrants are well out of the money 47.5 million at 2.65 average. The are 25.5 million management options slightly out of the money at 1.48. With the stock at 1.32, I treat this as marginal dilution as cash needs to be paid for the shares.

Torex is now drilling out a new nearby target called Media Luna. As you can see this target is three times that of Todos Santos, and so far the results are every bit as promising. Click through and look at the grades and clusters in the Media Luna west zone target and northeast zone running hot.

With 100 holes drilled so far, the hunt with 12 rigs is for new inferred resources to be announced in 1Q 2014. Analysts generally feel that 4 million oz will be added to Torex's kitty from Media Luna.

But judging from the sniffs (see second to last graphic) from the initial Media Luna West target, Torex may have a third windfall on its hands. The good news about this district is Torex has been able to convert 85% of resources to reserves. Like at Todos Santos, the gold is found in magnetite skarn formations with the best hits located in the dips or "pools" between the marble overlay and the granodiorite underlay. These darker magnetite outcrops make for excellent targets (last graphic). This orientation is well suited for low cost flat room and pillar mining. There is potential for ramp access on the hillside rather than a shaft.

A 115 kn powerline crosses the property and there is ample water. Torex is involved with a village relocation. I am not aware of any serious mine opposition in this historic mining district. The permitting process in Mexico is not onerous, although can be bureaucratic. Torex submitted the EIA in early September 2012, which is undergoing a 6-9 month review. Expectations are that the company will receive the construction permits in mid-2013.

$TXG.TO trades as $TORXF in the US

$TXG.TO - Torex On A Roll, Even If Stock Is NotTorex On A Roll, Even If Stock Is Not

http://seekingalpha.com/article/1384191-torex-on-a-roll-even-if-stock-is-not?source=email_rt_article_readmore

Torex (TORXF.PK) stands out because it has two high value targets at its Morales project in the Guerro gold belt, right next door to Goldcorp's (GG) low cost Los Filos mine. Torex's Todos Santos is shaping up to be of the same genre. It is expected to run 2.6 grams of gold throughput at a low cash cost of $421, gearing up from a start up 128,000 oz in 2015 to 375,000 oz from 2017 on. There are 4.8 million oz of M&I and 0.6 inferred. Capex net of revenue credits is $552 million, for a 28.9% IRR at 1500 POG. Payback is 3.2 years.

Torex has $405 million in cash on hand, and $250 million in debt financing to independently build this mine. Market cap is $800 million, leaving an enterprise value of only $395 million. Warrants are well out of the money 47.5 million at 2.65 average. The are 25.5 million management options slightly out of the money at 1.48. With the stock at 1.32, I treat this as marginal dilution as cash needs to be paid for the shares.

Torex is now drilling out a new nearby target called Media Luna. As you can see this target is three times that of Todos Santos, and so far the results are every bit as promising. Click through and look at the grades and clusters in the Media Luna west zone target and northeast zone running hot.

With 100 holes drilled so far, the hunt with 12 rigs is for new inferred resources to be announced in 1Q 2014. Analysts generally feel that 4 million oz will be added to Torex's kitty from Media Luna.

But judging from the sniffs (see second to last graphic) from the initial Media Luna West target, Torex may have a third windfall on its hands. The good news about this district is Torex has been able to convert 85% of resources to reserves. Like at Todos Santos, the gold is found in magnetite skarn formations with the best hits located in the dips or "pools" between the marble overlay and the granodiorite underlay. These darker magnetite outcrops make for excellent targets (last graphic). This orientation is well suited for low cost flat room and pillar mining. There is potential for ramp access on the hillside rather than a shaft.

A 115 kn powerline crosses the property and there is ample water. Torex is involved with a village relocation. I am not aware of any serious mine opposition in this historic mining district. The permitting process in Mexico is not onerous, although can be bureaucratic. Torex submitted the EIA in early September 2012, which is undergoing a 6-9 month review. Expectations are that the company will receive the construction permits in mid-2013.

‘High Grade Is A Wonderful Thing’
Fred Stanford Talks About Torex’s $380M Financing and Bankable Feasibility
Kevin Michael Grace

November 6, 2012 - Torex Gold Resources Inc T.TXG announced October 23 it had closed a $380-million bought-deal share offering (including a $30-million oversubscription) to finance its Morelos Gold Project, 180 kilometres southwest of Mexico City, and working capital.

Morelos contains proven and probable reserves of 48.8 million tonnes grading 2.61 grams per tonne gold and 4.35 g/t silver for 4.09 million ounces gold and 6.81 million ounces silver. According to a bankable feasibility study announced September 4, based on $1,276-per-ounce gold, Morelos is scheduled to begin production in 2015 and produce 3.47 million ounces over 10.5 years at $421 per ounce, with cumulative cashflow of $1.56 billion. The initial CAPEX is $552 million; the aftertax net present value (NPV) is $900 million (at a 5% discount); the aftertax internal rate of return (IRR) is 24.9%; and the payback period is 3.6 years.

President/CEO Fred Stanford was interviewed by Kevin Michael Grace October 30, read it here. http://resourceswire.com/2012/11/high-grade-is-a-wonderful-thing/