Torex Gold Resources Inc.

Thank you for standing by. This is the conference operator. Welcome to the TORX Gold First Quarter 2026 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. During the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach 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 Q1 2026 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. 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 Q1 2026 MD&A. On the call today, we have Jody Kozenko, 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 company financial statements and MD&A are posted on our website and have also been 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 to everyone on the line. As this will be my final earnings call as CEO of Torex, I wanted to take a moment here to reflect on how the company has evolved since I joined back in 2018. Back then, we were a single mine company with production from ELG and a mine life out to 2024. MediLuna wasn't yet in reserves and we were facing a potential gap in production between the depletion of the open pits and the start of MediLuna mining. In the years since, We've extended the mine life of the open pits and systematically stepped up production from ELG underground to ensure stable production until Medialuna came online. We tunneled seven kilometers underneath a river to connect to the south side of Morelos. We designed and built and successfully ramped up Medialuna ahead of schedule. And we now have steady production of gold, copper and silver coming from two mines with a third on track to come online later this year. We've also invested meaningfully in exploration, adding 10 years of mine life at Morelos, now out to at least 2034, and we have a very clear line of sight to continue to extend mine life far beyond that. From a financial perspective, we funded Medialuna out of cash flow and a small amount of debt. Not even three quarters after starting at Medialuna, we are now once again debt-free and generating strong free cash flow. announcing a return of capital program for our shareholders for the first time in the company's history late last year, and stepping that up even further with our results announced last night. We've also expanded our portfolio with the addition of Los Reyes and four early stage exploration properties, extending our footprint outside of Guerrero and venturing into Sinaloa, Chihuahua, and the United States. As I step into retirement here and Andrew takes the helm, I leave the company a place that I'm proud of and excited about the future under Andrew's leadership as the company continues to grow in Mexico and beyond. Now getting into it, our quarterly results turning to key highlights here on slide four. Finished production was lighter quarter over quarter due to mine sequencing at Medelluna as we mined through lower grade and lower recovery stoves per this year's mine plan. all in sustaining costs of $1,917 per ounce, were elevated primarily as a result of the lower finished production, higher reagent consumption, and stronger than expected Mexican peso. However, our financials remained very strong with a record ASIC margin of 60% for the quarter, as well as record quarterly revenue and adjusted EBITDA. Despite $165 million of tax and royalty payments to government, we generated $157 million of free cash flow, enabling the full repayment of debt outstanding while also returning $121 million to shareholders through dividends and buybacks during the quarter. Importantly and critically, all of this success was accomplished safely. I am so pleased to say that our lost time injury frequency is once again zero per million hours worked for both employees and contractors. It's truly remarkable safety performance. Full year guidance is outlined here on slide five. With the return to higher grades and recovery stopes planned in the second half of this year, production and costs are expected to strengthen accordingly. As such, we remain on track to achieve both production and cost guidance for the year And I'd note here that Q2 production costs are expected to be similar to those achieved in quarter one. Moving on to our operational performance on slide six, the processing plant was impacted by two extended periods of maintenance during the quarter. One was planned and the other was unplanned when we went down in February to replace a faulty batch of bolts, which subsequently created issues with the discharge grates in the sag mill. I'm pleased to say that following the repair, The plant has returned to operating above design levels and in the month of April, we averaged over 11,400 tons per day. Recoveries in the chart on the right reflect the lower recovery stopes that I mentioned and are expected to remain at current levels through quarter two before increasing in the back half of the year. Mining rates at both Medialuna and Yilji Underground are ahead of plan as shown here on slide seven. At Medialuna, we were able to achieve consistent production at design mining rates of 7,500 tons per day. This is nine months ahead of the schedule set out in the technical report and three months earlier than our latest forecast. This is due to how far advanced we were in capital development in 2025, which provided us the operational flexibility we needed. It's also due to the performance of the ore handling systems, including the Y-Hose Tunnel Conveyor, that the team got working very reliably, very quickly. At ELG Underground, rates continue to deliver ahead of their targeted 2,800 tons per day, a trend we plan to continue until MediLuna North comes online in quarter four of this year. Updates on our projects are summarized here on slide eight. At MediLuna North, we continue to make excellent progress on the north edit breakthrough, which is on track for mid-year. Once completed, ventilation fans will be installed, allowing access to the ore body for infrastructure construction to support first ore production. We have also continued to progress on plan the main haulage ramp back to the existing MediLuna infrastructure, with breakthrough on this ramp expected in late June. At Los Reyes, work on the preliminary economic assessment continues to progress and is on schedule for completion mid-year. The study is contemplating a combined open pit and underground mine, with mill throughput of 5,000 tons per day. Our target is for production between 140 and 150,000 gold equivalent ounces per year with an initial mine life of at least 10 years. Field work on site has not yet resumed at Los Reyes, but we continue to be in active discussions with all three levels of government and the local communities to create the conditions to safely and importantly, sustainably return to the area and resume work. Finally, before I hand the call over to Andrew, I'll touch on the exploration results we shared last week, summarized here on slide nine. In the MediLuna cluster, we're seeing strong potential to expand resources to the south and east of the mine, with surface mapping suggesting potential continuity between these two zones. Additionally, infill drilling is being conducted at the mine to upgrade inferred resources to indicated with our year-end update, with the target to offset depletion. Drilling at Medialuna North has recommenced, targeting to expand resources even further to the north of the new mine, while drilling at Medialuna West will resume in the second half of this year, looking to build on the inaugural resource we declared in March of this year. At ELG Underground, following the discovery of mineralized structures running parallel to the Ellymore sewer trend announced in May last year, We've continued to find more of these structures, which importantly remain open a long strike and at depth. We also continue to encounter mineralization beyond the boundary of known resources at the sub-SIL and Éléments West trends. All of this suggests that we've yet to fully unlock the full potential of ELG underground and expect another year of resource expansion and reserve replacement with our year-end update next March. At our regional targets at Morelos, early drilling at Atzcala is giving us a better idea of the structural orientation of the Breccia bodies, while drilling at El Mirangel commenced last month. We look forward to sharing the results of these programs once they are available. With that, I'll hand the call over to Andrew to take you through financials.