Torex Gold Reports Year-End 2025 Reserves & Resources

Core Viewpoint - Torex Gold Resources Inc. has reported year-end 2025 mineral reserves and resources for its Morelos Complex and the Los Reyes Project, highlighting a systematic approach to exploration and resource drilling that has added new reserves and reinforced long-term resource potential [2][3]. Mineral Reserves and Resources Summary - Proven and Probable Reserves for Morelos are estimated at 4,839 koz AuEq with an average grade of 3.80 gpt, reflecting a 5% decrease from 2024 due to depletion, although there was a 4% increase prior to depletion [8][9]. - Measured and Indicated Resources for Morelos increased to 7,262 koz AuEq at an average grade of 4.25 gpt, representing a 2% decrease from 2024, but a 3% increase prior to ore mined [12][13]. - Inferred Resources for Morelos increased significantly to 2,906 koz AuEq at an average grade of 4.10 gpt, marking a 30% increase from 2024, driven by successful drilling at Media Luna North and ELG Underground [13][14]. Los Reyes Project Summary - The Los Reyes project, acquired in 2025, has an Indicated Resource of 2,047 koz AuEq and an Inferred Resource of 765 koz AuEq, with estimates unchanged from previous reports by Prime Mining [19][20]. - A preliminary economic assessment for Los Reyes is expected to be completed by mid-2026, followed by a prefeasibility study later in the year [21]. Investment and Exploration Strategy - Torex plans to invest a record $77 million in exploration and resource drilling in 2026 to enhance and extend the production profile at Morelos and advance the Los Reyes project [4][23]. - The company aims to maintain annual production of at least 420 koz AuEq beyond 2030 at Morelos while maximizing the value of Los Reyes [23][30]. Metal Price Assumptions - Metal prices used for estimating mineral reserves and resources for Morelos have increased, with gold prices at $1,650/oz for reserves and $1,800/oz for resources, compared to previous assumptions of $1,500/oz and $1,650/oz respectively [6][22].