Torex Gold Resources Inc.

Morelos

Our 100% owned Morelos Property in Mexico is a world-class asset measuring 29,000 hectares within the highly prospective Guerrero Gold Belt, 180 kilometres southwest of Mexico City. The Property hosts our Morelos Complex, which includes the Media Luna Underground and ELG Underground mines, the development-stage Media Luna North project, a fully-integrated processing plant, and related infrastructure.

In 2025, Morelos delivered annual production of 383,178 ounces of gold equivalent¹, which included 319,149 ounces of gold, 1.4 million ounces of silver, and 36 million pounds of copper, making the site one of the largest gold producers in Mexico. Development of Media Luna North is currently underway with first production expected by late 2026. Annual gold equivalent production in 2026 is guided at 420,000 to 470,000 ounces², comprised of 320,000 to 365,000 ounces of gold, 2.2 to 2.5 million ounces of silver, and 60 to 65 million pounds of copper.

Annual production from Morelos is expected to range between 420,000 to 470,000 gold equivalent ounces² through at least 2030 with a mine life through at least 2035. The Company is also actively exploring additional deposits across the property that should enhance and extend the life of Morelos Complex, with a pathway to sustaining production above 450,000 gold equivalent ounces through 2033 already defined.

Annual production from Morelos is expected to to range between 420,000 to 470,000 gold equivalent ounces² through at least 2030.

The Morelos Property is an approximately four-hour drive from Mexico City and easily accessible via paved roads. It is located near established centres of supply for materials. Power for mining operations is sourced from a 230 kV line tied into the national grid, supplemented by an 8.7 MW solar plant. Water for processing and exploration is sourced from nearby wells.

Watch

Media Luna - The Plena Sol Solar Plant (Animation)

The ELG Underground mine and the processing plant are located on the north side of the Balsas River while Media Luna and Media Luna North are located to the south. The seven-kilometre long Guajes Tunnel unifies the north and south sides of the property and significantly reduces travel times between the two sites. Ore from Media Luna is transported to the processing plant via an underground conveyor that spans the length of the Guajes Tunnel. The tunnel also provides a conduit to transport people, supplies, and materials.

The processing plant has nameplate capacity of 10,600 tonnes per day of ore and was recently upgraded, with copper and iron-sulphide flotation circuits added ahead of the leaching circuit in order to treat higher copper levels associated with ore from Media Luna and Media Luna North. The primary products produced from the processing plant are a precious metal rich copper concentrate and gold/silver doré.

Media Luna contributes the largest amount of feed for the processing plant, with steady state mining rates of 7,500 tonnes per day. ELG Underground is expected to contribute approximately 2,800 tonnes per day through 2026 until construction of Media Luna North is complete, before returning to levels more consistent with previous years (1,500 to 2,000 tonnes per day). Media Luna North is designed for mining capacity of up to 2,300 tonnes per day.

Torex is also committed to a greener future and has deployed a hybrid electric fleet for mining at Media Luna. Over 70% of the fleet at Media Luna is battery electric, which will not only reduce carbon emissions from the mine, but also reduce the amount of ventilation required which in turn will reduce energy consumption relative to diesel powered underground operations.

Torex is committed to a greener future and deploys the largest battery electric mining fleet in Latin America.

Notes
1. Gold equivalent production for full-year 2025 is based on average annual market prices of $3,432/oz gold, $40.03/oz silver, and $4.51/lb copper: AuEq (oz) = Au (oz) + 1,000 * (40.03 / 3,432) x Ag (koz) + 1,000,000 x (4.51 / 3,432) x Cu (mlb).
2. Gold equivalent production guidance is based on $4,000/oz gold, $45/oz silver, and $4.90/lb copper: AuEq (oz) = Au (oz) + 1,000 * (40.03 / 3,432) x Ag (koz) + 1,000,000 x (4.51 / 3,432) x Cu (mlb).

Exploration & Drilling

Growing reserves and resources is one of Torex’s strategic pillars. As such, the Company is evaluating opportunities to extend the mine life at ELG Underground, expand and upgrade resources within the Media Luna Cluster, and test highly prospective targets across the broader Morelos Property.

Drilling in 2024 continued to expand mineral resources and extend the reserve life of ELG Underground, further upgrade and expand resources at Media Luna North, and highlighted the mineralized prospectivity of Media Luna West. Drilling was successful in growing gold equivalent reserves by 7% while also expanding Inferred Resources by 4%. Details of the year-end 2024 mineral reserve and resource estimates including gold, copper, silver, and gold equivalent grades and contained metal can be found in Reserves and Resources.

For 2026, Torex plans to invest $43 million for drilling and exploration at Morelos with a target of drilling 113,500 metres. The priority of the drilling program is to replace reserves and grow resources at ELG Underground, expand and upgrade resources across the Media Luna Cluster, and drill test the regional targets Atzcala and El Naranjo to define potential mineralized footprints.

Through the targets identified to date, there is significant potential to enhance and extend the production profile at Morelos with the goal of mining at Morelos for decades to come.

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Assets

Morelos

Exploration & Drilling