Torex Gold Resources Inc.

Thank you for standing by. This is the conference operator. Welcome to TORx Gold's fourth quarter and full year 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 zero. I would now like to turn the conference over to Dan Rollins, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. On behalf of the Torex team, welcome to our fourth quarter and full year 2025 conference call. Before we begin, I wish to inform listeners that a presentation accompanying today's conference call can be found under the investor section of our website at www.torxgold.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 Q4 2025 MD&A. On the call today, we have Jody Kazenko, President and CEO, and Andrew Snowden, CFO. Following the presentation, Jody and Andrew 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 release and the accompanying financial statements and MD&A are posted on our website and have been filed on CDR Plus. 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 to everyone on the line. I thought it important to start with our strategy slide here at the outset. It underpins some of the opening comments I want to make about the CEO transition that was announced a few weeks ago. As most who follow us well know, one of the key reasons Torex has been able to deliver results so consistently over the years is that we have anchored our business in systems, planning, scheduling, and executing work in very defined, clear, and thoughtful ways. And these systems are in place across all aspects of our organization, not just production and maintenance work at the operations. Succession planning within Torex is no different. This is something we plan for at all staff levels of the business. Since Andrew joined Torex as CFO in 2021, he's been an integral part of developing and executing against the strategy that has yielded very successful results to date and beyond strategy. Designing and implementing the systems that have made us successful. Certainly, certainly within finance, but well beyond that as well, including systems that touch project and operations, maintenance and supply chain. All of this has positioned us nicely to now actually execute on the succession plan. So this transition really is a product of planning. Planning that will deliver continuity for Torex and by extension, our shareholders. Our stakeholders should expect to see no less than the consistent results this team has delivered together over the past several years. This also means that there won't be a material shift from the strategic pillars outlined here on slide four. Our focus in 2026 will continue to be on surfacing the value that now sits within our expanded portfolio. First, by demonstrating the long-term potential of Morelos through drilling, by delivering the preliminary economic assessment for the Los Reyes asset by mid-year, starting drilling at the early stage exploration projects acquired in Nevada and Chihuahua, and with the cash flow we're now generating with MediLuna behind us, aggressively returning capital to shareholders. Reflecting on the accomplishments from 2025 here on slide five, the year was truly a transformational one for our company. We achieved commercial production at MediLuna in May and successfully ramped up ahead of plan through the year, exiting 2025 at a mining rate of 7,000 tons per day, well ahead of our targeted 6,500 tons a day. We remain on track to achieve design levels of 7,500 tons a day out of MediLuna by mid-year, six months ahead of the schedule outlined in the feasibility study. The success of this ramp up can be seen on the slide. You can see strong second half production as mining rates hit stride and throughput at the process plant remains strong and stable. Production is expected to remain around these H225 levels going forward. Noting that in this year, production is slightly weighted to the back half. And there are a couple of reasons for this. Grade and what we're seeing at the mine through stope sequencing and achieving that 7,500 tons per day run rate by mid year. Strong 2025 production supported by a backdrop of high metal prices resulted in record annual all-in sustaining cost margin of 51%. Additionally, record quarterly free cash flow of $166 million enabled us to fully repay the debt we had accumulated through the Medialuna project. I want to take a moment to underscore this point here. Torx paid for Medialuna out of cash flow. No streams, no royalties, no equity raise. And here we are, six months post-commercial production, debt-free. Lastly on this slide, but certainly not least, our next level safety program has been appraised across the business, which is evident in the lost time injury frequency of 0.07 per million hours worked for both employees and contractors. Compare this to the most recently reported Mexican mining industry average of 3.61. 2025 has certainly marked one of the safest years on record at the Morelos complex. We expect 2026 to be no different. Slide six outlines our 2026 guidance, which was released last month. Gold equivalent production of 420 to 470 is markedly higher than the 383,000 ounces produced in 2025. This primarily reflects the full year of production from the processing plant and steady state mining rates at Medelluna this year. Costs are largely in line with the all-in sustaining costs of $17.83 per ounce gold achieved in 2025. This has elevated over previous years due to the impact that significantly higher metal prices have on the taxes, royalties to government, and the Mexican-legislated profit sharing that we pay our employees. Sustaining capital expenditures are slightly higher than the 107 spent in 2025, as you would expect, because this marks the first full year of commercial production from Medialuna. Non-sustaining capital expenditures this year include 100 to 105 million related to Medialuna North project costs, as well as 65 to 70 million on various projects across Morelos that are centered on optimizing and driving efficiencies. One example of a project like this is the construction of a conveyor that connects the Guajas Tunnel to the Guajas Crusher. This conveyor will reduce re-handling costs by more than a dollar per ton mined from Medelluna. At our guided metal prices of $4,000 per ounce gold, $45 per ounce silver, and $4.90 copper, and the Mexican exchange rate at 19 to 1, we have forecasted generating $450 million of free cash flow this year. With where metal prices are sitting today, we're now forecasting this to be upwards of $700 million of free cash in 2026. Moving on to our five-year outlook here on slide seven, you'll note the stable production profile we expect to deliver through at least 2030. This outlook is also markedly improved from the previous five-year outlook of 450 to 500,000 ounces of gold equivalent per year through 2029. So if you normalize this year's outlook for the 2024 reserve metal prices used in the prior outlook, production would actually be closer to 480 to 530,000 ounces of gold equivalent. This is a market step-up. A few factors contribute to this increase, including the MediLuna ramp up being ahead of schedule, continued mine life extension and ELG underground from ongoing exploration success, and mill throughput consistently delivering above design levels. On the subject of mill throughput, performance is outlined here on the left on slide 8. You can see the second half performance was ahead of the design rates, even when considering the five days of scheduled mill maintenance we had in October. The chart on the right showcases the quick ramp up we had for gold and copper recoveries, both consistently achieving design levels of 90% and 92% respectively, and silver recoveries are also ramping up nicely to their design level of 85%. On the mining front, mining rates at both Medelluna and ELG Underground are shown here on slide nine. The chart on the left displays the steady ramp up at Medelluna this year, The key to unlocking the final step up to 7,500 tons a day by mid-year was the successful commissioning of the final rock breaker, the final waste pass, and the final waste conveyor this quarter, all of which have now been completed. ELG underground mining rates have also been consistently ahead of the 2,800 tons per day we targeted last year and even delivered a new quarterly mining record in Q4. I expect to see mining rates around this 2,800 tons per day through the end of this year before reducing to more normalized levels when consistent feed is being delivered from MediLuna North at the end of 2027. Those two things go together. Further details on the progress of MediLuna North is provided here on slide 10. As we announced with our annual guidance release, total project CAPEX is now expected to range between 108 and 113 million. compared to the pre-feasibility study estimate of $82 million. This increase primarily reflects the decision to purchase the mining fleet outright instead of leasing it, which just made sense in the context of this record metal price environment. Underground development is progressing very well. It sits today at about 40% complete. You can see the completed development here in gray and the development planned in red. We've already started development on the north vent at it and have started on the haulage tunnel from the MediLuna side coming in towards MediLuna North. With the development on track and procurement sitting at 30% of orders placed, including all long lead items, we expect first mine production by year end and then expect to quickly ramp up this new mine through 2027. Moving on to slide 11, I'll touch on our next development project in the pipeline, Los Reyes. The preliminary economic assessment is progressing nicely and is on track to be completed by mid-year. For 2026, we have budgeted $18 million to complete the PEA, commence the PSS, and conduct 20,000 meters of drilling on the property. I want to note here that delivery of the PEA is not dependent on resuming drilling activities at site, given the amount of drilling completed to date. That said, additional drilling will be required to adequately advance the pre-feasibility study. We have to conduct more metallurgical testing, some geotechnical work. We have work to do to de-risk the resource model, and in certain areas, we're looking to upgrade more inferred resources to the indicated category. I want to make a comment here on security at Las Reyes. No different than the approach in Guerrero, the safety of our employees and contractors is the most important consideration for this project. We will not resume drilling at Las Reyes until we have confidence, complete confidence, that it can be done both safely and sustainably. That's key. We're working closely with local communities, and we're working closely with all three levels of government to create the conditions for these employees and contractors to return to their fieldwork. Lastly, our exploration program for the year is summarized here on slide 12. The overall budget for this program has increased to a record $77 million for 2026. Approximately $43 million of that will be attributed to Morelos, as you would expect, to conduct just over 113,000 meters of drilling. Similar to previous years, the program will focus on replacing reserves and expanding resources at ELG Underground and the MediLuna Cluster. with a smaller portion of the budget set aside to explore two higher priority regional targets, Escala and El Naranjo. I've already mentioned that $18 million has been earmarked for both exploration and study-related costs at Las Reyes. These coming months here will determine weather and the extent to which it will be spent. In Nevada, we expect to spend $12 million, primarily on 7,500 meters of drilling at Griffin, where we have the option to earn into 100% of the property. Additionally, 2,500 meters of drilling will be conducted at Medicine Springs, where I'm pleased to say we earned into 100% ownership as of January. Finally, $4 million is set aside for 5,000 meters of drilling at Batopilas and early-stage targeting work at Gigi. All in, we're pretty excited about our exploration program this year. It's quite robust, with plenty of high-quality targets across the entire suite of assets. In terms of news flow, you can expect our annual reserve and resource update late March, per usual, and we'll look to provide an update on some of our exploration programs in Q2. With that, I'll turn the call over to Andrew to walk through our financial results.