# Torex Gold Releases Results of Los Reyes Preliminary Economic Assessment Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030 Original source: https://money.tmx.com/en/quote/TXG/news/8068976295319136/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment Publisher: tmx Original announcement: 2026-07-07T22:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Torex Gold Resources Inc. - Ticker: TXG - Exchange: TSX - Region: Sinaloa, Mexico - Primary commodity: Gold - Secondary commodities: Silver - Document categories: Resource update, Economic study - Extracted: 2026-09-19 02:49:34 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Torex Gold has released a Preliminary Economic Assessment \(PEA\) for its Los Reyes project in Sinaloa, Mexico, outlining robust economics with an after-tax NPV\(5%\) of $1.491 billion and an IRR of 37.3%. The study projects a 14.4-year mine life, competitive operating costs, and a quick payback period of 1.9 years. The PEA is based on an updated mineral resource estimate and assumes conventional processing methods for gold and silver. Reasoning: The Los Reyes PEA presents compelling economics with a high IRR and NPV, rapid payback, and competitive costs, supported by strong metallurgical recoveries. However, its preliminary nature, reliance on Inferred resources, and the nominal basis for economic inputs introduce a degree of uncertainty. - Positive factor: Strong after-tax IRR of 37.3% and NPV\(5%\) of $1.491 billion, indicating robust project economics. - Positive factor: Rapid payback period of 1.9 years, suggesting quick capital recovery. - Positive factor: Competitive cost profile with mine-site AISC of $1,617/oz AuEq and $738/oz Au \(by-product basis\). - Positive factor: High metallurgical recoveries for both gold \(94.8%\) and silver \(81.1%\). - Positive factor: Significant contained metal in the updated resource estimate, with 2.111 Moz AuEq in M&I categories. - Negative factor: The study is a Preliminary Economic Assessment \(PEA\), which is conceptual in nature and includes Inferred Mineral Resources, leading to higher uncertainty. - Negative factor: The IRR basis is stated as 'nominally based' in the notes, which is less conservative than real terms, potentially overstating the return. - Negative factor: The PEA relies on a significant portion of Inferred Mineral Resources \(20.9 Mt at 0.92 gpt Au and 36.6 gpt Ag\) which are considered too speculative for economic viability. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 22 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 20. Some facts used in scoring do not have a stored record. ## Resource Estimates (20) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-2) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:1ad395785c80c7f1b879 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 26448000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 961 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.47 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. - Positive factor: Significant indicated gold resource for the open pit mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Positive factor: Cut-off grade disclosed, allowing for transparency. Evidence · table > 1.13 Context: 26,448 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-3) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:1ad395785c80c7f1b879 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 26448000 - Grade: 30.8 - Grade Unit: g/t - Contained Metal: 26192 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.47 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This represents a substantial portion of the project's silver resource in a higher confidence category, supporting future studies. - Positive factor: Significant indicated silver resource for the open pit mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Positive factor: Cut-off grade disclosed, allowing for transparency. Evidence · table > 30.8 Context: 26,448 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-4) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:08d52fbf018d6c4cee1d - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 8056000 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 240 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.31 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Lower grade compared to the indicated resource. Evidence · table > 0.93 Context: 8,056 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-5) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:08d52fbf018d6c4cee1d - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 8056000 - Grade: 34.4 - Grade Unit: g/t - Contained Metal: 8917 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.31 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Lower grade compared to the indicated resource. Evidence · table > 34.4 Context: 8,056 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-6) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:3fb1e730a2731c189a60 - Deposit or zone: Underground Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 5361000 - Grade: 2.48 - Grade Unit: g/t - Contained Metal: 428 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 3.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This high-grade indicated resource provides a strong foundation for the underground mining component, though the cut-off grade is not explicitly stated in the table. - Positive factor: High-grade indicated gold resource for the underground mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Cut-off grade for underground mill not explicitly stated in the table. Evidence · table > 2.48 Context: 5,361 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-7) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:3fb1e730a2731c189a60 - Deposit or zone: Underground Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 5361000 - Grade: 129 - Grade Unit: g/t - Contained Metal: 22231 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 3.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This high-grade indicated resource provides a strong foundation for the underground mining component, though the cut-off grade is not explicitly stated in the table. - Positive factor: High-grade indicated silver resource for the underground mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Cut-off grade for underground mill not explicitly stated in the table. Evidence · table > 129.0 Context: 5,361 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-8) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:90bed696b5d8ae4dd4f0 - Deposit or zone: Underground Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 5430000 - Grade: 1.84 - Grade Unit: g/t - Contained Metal: 322 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 2.65 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature of this component introduces higher risk and uncertainty, and the cut-off grade is not explicitly stated. - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Cut-off grade for underground mill not explicitly stated in the table. Evidence · table > 1.84 Context: 5,430 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-9) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:90bed696b5d8ae4dd4f0 - Deposit or zone: Underground Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 5430000 - Grade: 72.7 - Grade Unit: g/t - Contained Metal: 12685 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 2.65 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature of this component introduces higher risk and uncertainty, and the cut-off grade is not explicitly stated. - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Cut-off grade for underground mill not explicitly stated in the table. Evidence · table > 72.7 Context: 5,430 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-10) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:46630e68e478ebcba422 - Deposit or zone: Open Pit Heap Leach - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 19441000 - Grade: 0.25 - Grade Unit: g/t - Contained Metal: 154 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This indicated resource provides a lower-grade option for heap leaching, expanding the project's processing flexibility, but the cut-off grade is not explicitly stated. - Positive factor: Adds to the indicated resource base, providing material for heap leach operations. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Lower grade compared to mill feed, typical for heap leach but less valuable per tonne. - Negative factor: Cut-off grade for open pit heap leach not explicitly stated in the table. Evidence · table > 0.25 Context: 19,441 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-11) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:46630e68e478ebcba422 - Deposit or zone: Open Pit Heap Leach - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 19441000 - Grade: 11.9 - Grade Unit: g/t - Contained Metal: 7437 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This indicated resource provides a lower-grade option for heap leaching, expanding the project's processing flexibility, but the cut-off grade is not explicitly stated. - Positive factor: Adds to the indicated resource base, providing material for heap leach operations. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Lower grade compared to mill feed, typical for heap leach but less valuable per tonne. - Negative factor: Cut-off grade for open pit heap leach not explicitly stated in the table. Evidence · table > 11.9 Context: 19,441 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-12) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:d364eed8f180566495fb - Deposit or zone: Open Pit Heap Leach - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 7413000 - Grade: 0.24 - Grade Unit: g/t - Contained Metal: 57 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This inferred resource provides additional material for heap leaching but is very low grade and highly speculative due to its inferred classification and unstated cut-off. - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Very low grade, typical for heap leach but highly speculative in the inferred category. - Negative factor: Cut-off grade for open pit heap leach not explicitly stated in the table. Evidence · table > 0.24 Context: 7,413 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-13) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:d364eed8f180566495fb - Deposit or zone: Open Pit Heap Leach - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 7413000 - Grade: 12.6 - Grade Unit: g/t - Contained Metal: 3013 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 0.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This inferred resource provides additional material for heap leaching but is very low grade and highly speculative due to its inferred classification and unstated cut-off. - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Very low grade, typical for heap leach but highly speculative in the inferred category. - Negative factor: Cut-off grade for open pit heap leach not explicitly stated in the table. Evidence · table > 12.6 Context: 7,413 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-14) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:31edf1ce504f381bdc9b - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 31809000 - Grade: 1.36 - Grade Unit: g/t - Contained Metal: 1388 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.88 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant indicated gold resource for the open pit mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Positive factor: Cut-off grade disclosed, allowing for transparency. Evidence · table > 1.36 Context: 31,809 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-15) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:31edf1ce504f381bdc9b - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 31809000 - Grade: 47.3 - Grade Unit: g/t - Contained Metal: 48423 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.88 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant indicated gold resource for the open pit mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Positive factor: Cut-off grade disclosed, allowing for transparency. Evidence · table > 47.3 Context: 31,809 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-16) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:d9ca4322c600f8f0ed83 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13487000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 562 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.85 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Lower grade compared to the indicated resource. Evidence · table > 1.30 Context: 13,487 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-17) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:d9ca4322c600f8f0ed83 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 13487000 - Grade: 49.8 - Grade Unit: g/t - Contained Metal: 21602 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.85 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Lower grade compared to the indicated resource. Evidence · table > 49.8 Context: 13,487 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-18) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:e0fb6e3d2d3d9a87f8d0 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 51250000 - Grade: 0.94 - Grade Unit: g/t - Contained Metal: 1542 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.28 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant indicated gold resource for the open pit mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Positive factor: Cut-off grade disclosed, allowing for transparency. Evidence · table > 0.94 Context: 51,250 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-19) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:e0fb6e3d2d3d9a87f8d0 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 51250000 - Grade: 33.9 - Grade Unit: g/t - Contained Metal: 55860 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.28 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant indicated gold resource for the open pit mill component. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Positive factor: Cut-off grade disclosed, allowing for transparency. Evidence · table > 33.9 Context: 51,250 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-20) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:b265d7f8549456d03e81 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 20899000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 620 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Lower grade compared to the indicated resource. Evidence · table > 0.92 Context: 20,899 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--b261cf7a-8c88-4b67-bb71-95df77c22030#fact-resource-facts-21) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2026-04-25T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:b265d7f8549456d03e81 - Deposit or zone: Open Pit Mill - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 20899000 - Grade: 36.6 - Grade Unit: g/t - Contained Metal: 24615 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt #### Prior Estimate - Resource Date: 2026-04-25 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-07T00:00:00.000Z Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to the overall resource base, indicating potential for future conversion. - Positive factor: Resource estimate prepared by a QP under NI 43-101 standards. - Negative factor: Inferred category has lower geological confidence and cannot be used for reserves. - Negative factor: Lower grade compared to the indicated resource. Evidence · table > 36.6 Context: 20,899 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.