Torex Gold Resources Inc.

Thank you for standing by. This is the conference operator. Welcome to the Torex Gold second quarter 2026 results conference call and webcast. As a reminder, all participants are in a listen-only mode and the conference call is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star and then one using a 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 and zero. I would now like to turn the conference call over to Laura Toten, Manager, Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. On behalf of the Torex team, welcome to our Q2 2026 conference call. Before we begin, I wish to inform listeners that a presentation accompanying today's conference call can be found under the Investors section of our website at www.torexgold.com. I would 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 Q2 2026 MD&A. On the call today, we have Andrew Snowden, President and CEO, and Dan Rollins, CFO. Following the presentation, Andrew and Dan 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 CDAR+. Also note that all amounts mentioned in this call are U.S. dollars unless otherwise stated. I will now turn the call over to Andrew.

Thank you, Laura, and good morning, everyone, and welcome to the Forex Gold Q2 results call. First results call for me in the role as president and CEO following Jody's retirement last month. The main takeaway from the quarter is that our Morelis operation is performing to plan with production very much on track to achieve our annual production guidance. For those of you following along on the slides, I'm talking first to slide four, which summarizes our second quarter results. And this tracks expectations as we mined through planned lower grade and lower gold recovery stokes in the quarter, producing just over 96,000 ounces, putting us at around 197,000 ounces gold equivalent year to date. I expect Q2 to be the lowest production quarter of the year as we return to higher grade areas than mine in Q3 and Q4. and we are already seeing the benefits of these improved grades with production of over 43,000 ounces gold equivalent in the month of July, which is setting us up well for a good step up in production here into Q3. Falling sustaining costs of $2,459 an ounce were elevated in part due to this lower production quarter, but importantly our margins remained robust at 46%. We also continue to generate strong free cash flow of $94 million, supporting about $55 million in capital returns to shareholders during the quarter. Most importantly, we delivered yet another safe quarter with no lost time injuries for the fifth consecutive quarter, maintaining a zero lost time injury frequency rate per million hours worked for both our employees and contractors. And turning next to slide five, you can see our own sustaining costs on a year-to-date basis at $2,165 an ounce, which is elevated compared to our typical run rate due to three key factors. Firstly, the impact of the lower grades on production and sales. As I mentioned, these grades will, though, pick up and improve costs in the second half of the year. Secondly, we saw higher plant reagent costs, and that was due to both consumption rates and unit pricing. And this was required to process the lower recovery oil we were working through in the quarter and in the first half of the year. Thirdly, a stronger peso, which year-to-date has averaged about 17.5 to 1, and that compares to our original guidance of 19 to 1, and that's created a meaningful impact given about 50% of our operating costs are peso-denominated. Although production is expected to step up over the coming quarters and accordingly costs will decrease significantly, we have revised our full-year oil and sustaining cost guidance to a range of $2,000 to $2,100 an ounce. Note that these costs are based on the updated full-year guided metal prices of $4,500 an ounce gold, and that used to be $4,000 gold in our original guidance. as well as updates to our silver and copper assumptions of $72.50 silver for the year and $6 a pound copper for the year which are more reflective of the metal prices we've seen year to date. Sustaining capital guidance has also been revised upwards to $135 to $145 million and that primarily reflects the impact of the peso as well as some additional equipment leases at MediaLuna. Importantly, we're still tracking to plan for our original full-year production guidance of 420,000 to 470,000 ounces, and we'll be generating significant free cash flow through the course of the year. Operationally, Q2 was a very strong quarter, as you can see here on slide six. Mining rates at both MediaLuna and ELG continue to outperform at 7,700 tons per day at MediaLuna and nearly 3,100 tons per day at ELG. And we expect rates at each mine to stay around these levels through the remainder of the year. On the processing side, throughput in Q2 was also ahead of design at nearly 10,800 tons per day, and you can see this shown on slide six on the left-hand chart here. This is a level we expect we'll be able to continue to achieve through the remainder of the year. Copper and silver recoveries both saw meaningful improvements in Q2, and while gold recovery showed some improvements quarter over quarter, it remains slightly below the targeted 90% set out in the technical report. As noted earlier, we are expecting an improvement in recoveries through the remainder of the year, and have already begun to see better recoveries in July, where we saw about 88%. Turning next to slide eight for an update on our projects, MediaLuna North continues to progress on schedule, with first production still expected by the end of the year. A few milestones in the quarter. Notably, we broke through on the north vent adit in June, which will enable installation of our ventilation fans, which will support first ore production and mine level development. We also broke through on the one-kilometer haulage drift, which is connecting the MediaLuna North deposit into the existing MediaLuna ore handling system, another key milestone for the project. Our focus now is on expediting the procurement and construction contracts to commence construction activities in the underground line. At Los Reyes, with the compelling results of the preliminary economic assessment that we walked through on the call we had last month, with that PEA now in hand, work has commenced on the PFS, which is expected to be completed by late 2027. Drilling is also well underway with four rigs on site now actively working and the 20,000 meters of drilling planned for this year and will be focused on de-risking and upgrading the resources across the three main trends. I was down in Los Reyes myself last month visiting the team of the property and the ramp up of activities is going exceptionally well there at the Los Reyes site. On the subject of drilling, we also recently released our quarterly Morelis Drilling and Exploration Update, which is summarized on slide nine. And I'm very pleased to say that with the exceptional results we've seen to date to the east and south of Medelluna, we're accelerating the program in this area with an additional over 13,000 meters of drilling planned for this year. This is targeting to add new resources in this area with our year-end MRMR updates expected to be released in March of next year. As a result, our overall budget for exploration has increased from $77 million to a record $85 million across our portfolio of assets. This accelerated program will begin to explore the potential that the San Miguel corridor between MediaLuna and MediaLuna West may be mineralized, with the San Miguel Fault likely acting as the main source of mineralizing fluid. ELG Underground continues to return strong results that demonstrate potential both at depth and along strike of the main mineralized trends and second order structures. The program continues to support our target of replacing reserves and resources with our year-end update in March. And with that, I'll turn the call over to Dan to walk us through the financial results.