Torex Gold Reports Year-End 2025 Reserves & Resources

Executive Summary

• Torex Gold Resources Inc. reported year-end 2025 mineral reserves and resources for its flagship Morelos Complex and the acquired Los Reyes Project.
• Morelos Proven and Probable Reserves decreased 5% year-over-year to 4,839 koz AuEq (39.7 Mt at 3.80 gpt AuEq), primarily due to depletion, though reserves prior to depletion increased 4% due to drilling success at ELG Underground and Media Luna.
• Total Measured and Indicated Resources increased 124% to 102.2 Mt at 2.83 gpt AuEq, driven by the addition of Los Reyes resources (2,047 koz AuEq Indicated, 765 koz AuEq Inferred) and infill drilling at Morelos.
• The company announced record exploration investment of $77 million for 2026 and outlined a Preliminary Economic Assessment (PEA) for Los Reyes expected by mid-2026.

Key Details

• Morelos Proven & Probable Reserves:
  • Total: 39,653 kt at 3.80 gpt AuEq containing 4,839 koz AuEq.
  • Variance: -2% tonnes, -3% grade, -5% contained metal vs. Dec 31, 2024.
  • Prior to depletion: Reserves increased by 207 koz AuEq (+4%).
  • Depletion: 3,538 kt processed, removing 464 koz AuEq.
  • Key Drivers: Gains from ELG Underground and Media Luna infill drilling offset depletion and geological model updates at Media Luna North (which caused an 8% decline in AuEq contained reserves there).
• Morelos Measured & Indicated Resources:
  • Total: 53,146 kt at 4.25 gpt AuEq containing 7,262 koz AuEq.
  • Variance: +16% tonnes, -16% grade, -2% contained metal vs. Dec 31, 2024.
  • Prior to depletion: Resources increased by 247 koz AuEq (+3%).
  • Key Drivers: Successful infill drill campaign at ELG Underground and commencement of infill drilling at Media Luna.
• Morelos Inferred Resources:
  • Total: 22,057 kt at 4.10 gpt AuEq containing 2,906 koz AuEq.
  • Variance: +33% tonnes, -3% grade, +30% contained metal vs. Dec 31, 2024.
  • Key Drivers: Drilling success at Media Luna North and ELG Underground; inaugural Inferred Resource at Media Luna West of 506 koz AuEq at 5.11 gpt.
• Los Reyes Project Resources (Acquired via Prime Mining):
  • Indicated Resources: 49,042 kt at 1.30 gpt AuEq containing 2,047 koz AuEq.
    • Open Pit - Mill: 24,657 kt at 1.52 gpt AuEq (1,209 koz).
    • Underground - Mill: 4,132 kt at 4.70 gpt AuEq (624 koz).
    • Open Pit - Heap Leach: 20,254 kt at 0.33 gpt AuEq (215 koz).
  • Inferred Resources: 17,210 kt at 1.38 gpt AuEq containing 765 koz AuEq.
  • Status: Resource estimate unchanged from Prime Mining’s Oct 15, 2024 estimate. PEA on track for mid-2026; Prefeasibility Study planned for later in 2026.
• Metal Price Assumptions (Morelos):
  • Reserves: Au $1,650/oz, Ag $21.00/oz, Cu $3.85/lb (increased from previous $1,500/oz Au, $19.00/oz Ag, $3.50/lb Cu).
  • Resources: Au $1,800/oz, Ag $24.00/oz, Cu $4.10/lb (increased from previous $1,650/oz Au, $22.00/oz Ag, $3.75/lb Cu).
  • Los Reyes Prices: Au $1,950/oz, Ag $25.24/oz (unchanged).
• Strategic Updates:
  • Record exploration and resource drilling investment of $77 million planned for 2026.
  • Target to maintain annual production of at least 420 koz AuEq beyond 2030 at Morelos.
  • Evaluating potential expansion of the Morelos processing plant (debottlenecking or flotation circuit expansion).
  • Alignment of "RPEEE" (Reasonable Prospects for Eventual Economic Extraction) guidelines between Morelos and Los Reyes.

Notable Quotes

• Jody Kuzenko, President & CEO: "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."
• Jody Kuzenko, President & CEO: "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."