ELG Complex

Gold production started in December of 2015 and reached commercial production in April of 2016. It is expected to reach full design capacity of 14,000 tonnes per day by the end of 2018. Gold production guidance for 2018 is 325,000 to 350,000 gold ounces at AISC between US$940 to US$975 per gold ounce.

The Complex, which includes ELG and the Sub-Sill, is expected to produce 2.7 million ounces of gold over the LOM at an average LOM AISC of US$734 per ounce. Average annual gold production from 2019 through 2023 is expected to be 430,000 gold ounces.

  1. Cash Flow in 2018 includes Financing proceeds of $48m. Revenue adjusted to actual price for H1
  2. Metal Prices used $1,200/oz Au, $17.00/oz Ag, $3.00/lb Cu, USD:MXN 1:18, Reserves as of March 31, 2018
  3. Lowest quartile producer per ELG LoM AISC per ounce sold v. Wood Mackenzie Cost Curve for 2018 and 2019

Additional technical information is contained in the technical report entitled "Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Preliminary Economic Assessment, Guerrero State, Mexico" dated effective March 31, 2018, and filed on September 4, 2018 (the "Technical Report"). The technical information contained in this presentation is based upon the information contained in the Technical Report which is available on SEDAR as www.sedar.com and the Company's website at www.torexgold.com and as updated in the Company's continuous disclosure documents also available on www.sedar.com and www.torexgold.com.