Torex Gold Resources Inc.

Thank you for standing by. This is the conference operator. Welcome to TORX Gold's third quarter 2025 results conference call and webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then 1. I would now like to turn the conference over to Dan Rawlings, Senior Vice President of Corporate Development and Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. On behalf of the Torex team, welcome to our Q3 2025 conference call. Before we begin, I wish to inform listeners that a presentation accompanying today's conference call can be found on the investor section of our website at www.torexgold.com. I'd also like to note that certain statements to be made today by the management team may contain forward-looking information. As such, please refer to the detailed cautionary notes on page two of today's presentation, as well as those included in the Q3 2025 MD&A. On the call today, we have Jody Kazanko, President and CEO, and Andrew Snowden, CFO. Following the presentation, Jody, Andrew, and I will be available for the question and answer period. This conference call is being webcast and will be available for replay on our website. Last night's press releases and the company financial statements in MD&A are posted on our website and have been also filed on CDAR+. Also note that all amounts mentioned in this call are U.S. dollars unless otherwise stated. I'll now turn the call over to Jody.

Thank you, Dan, and good morning, everyone on the line. Last night, we released our quarter three earnings, and in every way, this has truly been a pivotal quarter for Torex. It really is the one we've been working for. Highlights as follows. The ramp-up at MediLuna Underground has been advancing ahead of plan. ELG Underground continues to exceed expectations. Our processing plant is delivering above nameplate on both throughput and recoveries. We hit a major milestone with our first quarter of significant free cash flow generation since the beginning of the MediLuna build. We have finally arrived here at our free cash flow inflection point. We used that money to substantially reduce our debt. We implemented our inaugural return of capital policy with both a dividend and a buyback program now in place. And during the quarter, we bought back $7 million worth of shares. And Over all that, we've taken our first steps on growth beyond Morelos, closing two acquisitions, adding five new assets to our portfolio. In what's been a transformational year for the company, our third quarter results are the first time we're really able to showcase the new operating and cash flow capability of our Morelos assets. Starting here with our strategic pillars on slide four, no changes to discuss in our overall strategy. We just continue to work this plan. I'll get into the detail on the progress under each of these pillars throughout the call, but I do want to start with an update on the pillars centered around being a leader in responsible mining. In our ongoing efforts to reestablish ourselves as one of the safest mining companies in the industry, we've been hard at work designing and executing a comprehensive program that we've called Next Level Safety. This is a combination of work streams aimed at safety leadership, risk mindset, safety systems, including fatal risk standards and critical control refreshers across the operations. And we're doing some real interesting work to even further enhance our culture of care. I'm proud to say this work is paying off. There were no lost time injuries during the quarter and the lost time injury frequency at the end of quarter three of 0.42 per million hours worked for both employees and contractors on a rolling 12 month basis, really an industry leading number. Getting into our operational results here on slide five, you can see the significant step up in production we had quarter over quarter. Quarter 3, coming in at 119,000 ounces gold equivalent, was much more representative of how successful the ramp-up at Medelluna has been, which, up until now, wasn't so obvious, given the impact of the capacitor failure we had, causing the 10-day shutdown at the mill in Quarter 2. All-in sustaining cost was also improved quarter over quarter, coming in at $16.58 per ounce, resulting in strong margins of 53%. Additionally, we generated $113 million of free cash flow, an important inflection point for the company as it allows us to execute on our capital allocation priorities, which included repaying $75 million of debt plus another $20 million post-quarter end. And it allows us to implement our inaugural return of capital policy, which Andrew will speak to shortly. Slide 6 sets out how we're tracking to our annual guidance. As you can see here, the gold price continues to put pressure on both production and cost guidance, given that we report on a gold-equivalent basis. And our guidance for this year was set at a gold price of $2,500 an ounce. Our year-to-date production of 262,000 ounces would have been closer to 270,000 ounces were it not for the higher gold price. And our year-to-date all-in sustaining costs of $1,732 would have been closer to $1,600. With that said, we're still aggressively chasing the low end of production guidance and the upper end of cost guidance for the year. To be clear, this statement is made at our guided metal prices. You will also note on this slide we made a minor adjustment to sustaining capital guidance during the quarter, increasing it by $15 million. This reflects the increased underground development we've had to undertake to support the MediLuna mine ramp-up to get us to hit our targeted tons in spite of the delays in commissioning of the PACE plans. That said, I'm very pleased to report that we've been PACE backfilling since September. We've got three stopes now filled with six more in the plan between now and year end. The last point on this slide is a reminder that non-sustaining capital guidance was revised in quarter two. There have been no further changes, and we continue to expect to come in within this range. Slide seven showcases the strong performance of the processing plant, which has been exceeding expectations for the past several months. The chart on the left shows throughput, which you can see has consistently been above 11,000 tons per day, well ahead of the nameplate capacity of 10,600 tons per day. While it's still too early for us to say that this type of performance can be considered steady state, it certainly points us in a direction that we have upside beyond 10.6, especially during months not impacted by major planned maintenance periods. The chart on the right shows recoveries, which were 94% for gold and 95% for copper in September, also ahead of their design levels of 90% and 92% respectively. reflecting how well the MET teams have optimized the flotation circuits since commissioning. Switching to the performance of our underground operations on slide eight, the chart on the left shows the steady ramp up of the mining rates at Medelluna. We have set a target to exit quarter three at 6,000 tons per day and the team exceeded expectations. They delivered a quarterly average of nearly 6,150 tons per day. You'll see that rates in September are about 7,800 tons per day, and this largely reflects the third primary ore pass and rock breaker coming online during that month, as well as a greater amount of development ore moved during the month. Just a caution here, do not carry the September number forward. We expect the monthly averages to return to levels more in line with our targeted ramp-up rate, especially as we're adding paced backfill to the cycle. and we maintain our guidance that we're looking to exit 2025 at 6,500 tons per day out of Medelluna. The chart on the right shows that mining rates at ELG underground are also well ahead of our targeted 2,800 tons per day, averaging 3,200 tons per day for each of August and September. We expect to continue mining at around 2,800 tons per day out of ELG until EPO comes online at the end of next year. On the topic of EPO, you'll see the updates set out here on slide 10. We continue to make good progress on design, development, and permitting, all concurrently. As at the end of October, we'd completed just over 500 meters of development in the ramp, taking off from the Wahis Tunnel, and remain very much on pace for first ore production by the end of 2026. Importantly, the modification to our MIA integral to permit construction of a waste dump facility was approved by Semranet in July. So this means we now have all necessary permits required to begin operating EPO. It also means that we have operational flexibility to dump waste on the south side or campaign it through the Waihez Tunnel on the conveyor. On the feasibility study work, our teams have now finalized mine design, the waste dump design, mine sequencing, and integrating that mine sequence and scheduling with MediaLuna. We've also initiated procurement processes for long lead equipment supply in support of construction, leveraging the specifications and engineering that we undertook with the MediLuna project. All in here, both our operations and projects are performing exceptionally well, and we fully expect this strong momentum to carry through to the remainder of the year. I'll now turn the call over to Andrew to talk about our financial resources.