# Torex Gold Reports Q1 2026 Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5 Original source: https://money.tmx.com/en/quote/TXG/news/4924564069314966/torex-gold-reports-q1-2026-results Publisher: tmx Original announcement: 2026-05-06T22:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Torex Gold Resources Inc. - Ticker: TXG - Exchange: TSX - Region: Mexico - Primary commodity: Gold - Secondary commodities: Silver, Copper - Document categories: Resource update, Production, Other - Extracted: 2026-09-19 03:18:26 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Torex Gold reported strong Q1 2026 results, with record revenue of $539.3 million and adjusted EBITDA of $358.6 million, driven by robust gold, silver, and copper prices. The company generated $157.3 million in free cash flow, which was used to repay debt, pay dividends, and repurchase shares. Production is tracking to plan, and the Media Luna underground mine achieved design throughput ahead of schedule, though all-in sustaining costs were above guidance. Reasoning: Torex Gold reported strong Q1 2026 financial and operational results, including record revenue and EBITDA, and significant free cash flow. Production is on track, and the Media Luna underground mine achieved design throughput ahead of schedule. The company also provided an update on its 2025 mineral reserves and resources, showing growth and new discoveries. However, AISC were above guidance due to higher metal prices and currency effects. - Positive factor: Strong financial performance with record revenue, adjusted EBITDA, and all-in sustaining costs margin. - Positive factor: Significant free cash flow generation used to repay debt, pay dividends, and repurchase shares. - Positive factor: Production tracking to plan with Media Luna underground mine achieving design throughput ahead of schedule. - Positive factor: Year-end 2025 Mineral Reserves and Resources update shows overall robust figures, including an inaugural Inferred Resource at Media Luna West and significant additions from Los Reyes acquisition. - Positive factor: Company is fully undrawn on its credit facility, indicating strong liquidity. - Negative factor: All-in sustaining costs were higher than guidance, influenced by higher metal prices impacting royalties and profit-sharing payments, and Mexican peso strength. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 72 ## Classification and evidence **Production Tracking to Plan** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company states that '2026 is off to a solid start with production tracking to plan'. Evidence · text > 2026 is off to a solid start with production tracking to plan **Strong Free Cash Flow** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company generated $157 million in free cash flow in Q1 2026. Evidence · text > The Company generated $157 million in free cash flow **Media Luna Ahead of Schedule** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Media Luna underground mine achieved a quarterly average design throughput of 7,500 tonnes per day nine months ahead of the schedule set out in the technical report and three months ahead of the most recent forecast. Evidence · text > The Media Luna underground mine achieved a quarterly average design throughput of 7,500 tonnes per day \("tpd"\) nine months ahead of the schedule set out in the technical report and three months ahead of the most recent forecast. **AISC Above Guidance** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Quarterly all-in sustaining costs of $1,917 per oz AuEq sold, relative to guidance of $1,750 to $1,850 per oz AuEq sold. Evidence · text > Quarterly all-in sustaining costs of $1,917 per oz AuEq sold 2 , relative to guidance of $1,750 to $1,850 per oz AuEq sold **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: At Media Luna West, an inaugural Inferred Resource of 506 koz AuEq was delineated. Evidence · text > At Media Luna West, an inaugural Inferred Resource of 506 koz AuEq was delineated **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: In March, the Company released its 2025 mineral reserves and resources update. Evidence · text > In March, the Company released its 2025 mineral reserves and resources update. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The scientific and technical information contained in this press release pertaining to mineral resources has been reviewed and approved by Rochelle Collins, P.Geo., Principal, Mineral Resources of Torex Gold Resources Inc. and a Qualified Person under NI 43-101. Evidence · text > Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects \("NI 43-101"\) **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: The scientific and technical information contained in this press release pertaining to mineral resources has been reviewed and approved by Rochelle Collins, P.Geo., Principal, Mineral Resources of Torex Gold Resources Inc. and a Qualified Person under NI 43-101. Evidence · text > Rochelle Collins, P.Geo., Principal, Mineral Resources of Torex Gold Resources Inc. and a Qualified Person under NI 43-101 **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: 66. Some facts used in scoring do not have a stored record. ## Resource Estimates (66) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-6) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:86bdf291777d94a26088 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: proven - Tonnes: 7396000 - Grade: 2.93 - Grade Unit: g/t - Contained Metal: 696 - Contained Unit: koz - Cutoff Grade: 2.4 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves at Media Luna Underground show a solid gold grade and contained metal, contributing to the project's overall value. - Positive factor: Proven reserve category indicates high confidence in the estimate. - Positive factor: Good gold grade for an underground operation. Evidence · table > 2.93 Context: 7,396 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-7) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:86bdf291777d94a26088 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: proven - Tonnes: 7396000 - Grade: 25.7 - Grade Unit: g/t - Contained Metal: 6106 - Contained Unit: koz - Cutoff Grade: 2.4 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves at Media Luna Underground include a substantial amount of silver, adding to the project's economic value. - Positive factor: Proven reserve category indicates high confidence in the estimate. - Positive factor: Significant contained silver as a byproduct. Evidence · table > 25.7 Context: 7,396 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-8) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:86bdf291777d94a26088 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: proven - Tonnes: 7396000 - Grade: 0.82 - Grade Unit: % - Contained Metal: 134 - Contained Unit: mlb - Cutoff Grade: 2.4 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves at Media Luna Underground include a strong copper grade, enhancing the project's polymetallic nature and economic potential. - Positive factor: Proven reserve category indicates high confidence in the estimate. - Positive factor: Good copper grade for an underground operation, contributing to polymetallic value. Evidence · table > 0.82 Context: 7,396 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-9) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:ce466d7e55e9bbf52bdf - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 15210000 - Grade: 2.41 - Grade Unit: g/t - Contained Metal: 1178 - Contained Unit: koz - Cutoff Grade: 2.4 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.02 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at Media Luna Underground contribute significantly to the project's gold inventory. - Positive factor: Probable reserve category indicates good confidence in the estimate. - Positive factor: Substantial contained gold ounces. Evidence · table > 2.41 Context: 15,210 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-10) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:ce466d7e55e9bbf52bdf - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 15210000 - Grade: 21.9 - Grade Unit: g/t - Contained Metal: 10719 - Contained Unit: koz - Cutoff Grade: 2.4 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.02 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at Media Luna Underground include a large amount of silver, enhancing the project's overall value. - Positive factor: Probable reserve category indicates good confidence in the estimate. - Positive factor: Significant contained silver as a byproduct. Evidence · table > 21.9 Context: 15,210 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-11) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:ce466d7e55e9bbf52bdf - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 15210000 - Grade: 0.82 - Grade Unit: % - Contained Metal: 273 - Contained Unit: mlb - Cutoff Grade: 2.4 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.02 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at Media Luna Underground include a good copper grade, adding to the project's economic potential. - Positive factor: Probable reserve category indicates good confidence in the estimate. - Positive factor: Strong copper grade contributing to polymetallic value. Evidence · table > 0.82 Context: 15,210 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-12) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:e94b77396d4ecb23dd7b - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 5546000 - Grade: 1.89 - Grade Unit: g/t - Contained Metal: 337 - Contained Unit: koz - Cutoff Grade: 2.5 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at Media Luna North Underground contribute to the overall reserve base with a moderate gold grade. - Positive factor: Probable reserve category indicates good confidence in the estimate. Evidence · table > 1.89 Context: 5,546 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-13) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:e94b77396d4ecb23dd7b - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 5546000 - Grade: 25.6 - Grade Unit: g/t - Contained Metal: 4556 - Contained Unit: koz - Cutoff Grade: 2.5 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at Media Luna North Underground include a notable amount of silver, adding to the project's value. - Positive factor: Probable reserve category indicates good confidence in the estimate. - Positive factor: Significant contained silver as a byproduct. Evidence · table > 25.6 Context: 5,546 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-14) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:e94b77396d4ecb23dd7b - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 5546000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 135 - Contained Unit: mlb - Cutoff Grade: 2.5 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at Media Luna North Underground feature a high copper grade, significantly contributing to the polymetallic value. - Positive factor: Probable reserve category indicates good confidence in the estimate. - Positive factor: Strong copper grade for an underground operation. Evidence · table > 1.10 Context: 5,546 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-15) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:4145192ae3a8fe882367 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: proven - Tonnes: 1412000 - Grade: 4.36 - Grade Unit: g/t - Contained Metal: 198 - Contained Unit: koz - Cutoff Grade: 2.8 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.96 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves at ELG Underground show a high gold grade, contributing to the project's overall value. - Positive factor: Proven reserve category indicates high confidence in the estimate. - Positive factor: High gold grade for an underground operation. Evidence · table > 4.36 Context: 1,412 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-16) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:4145192ae3a8fe882367 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: proven - Tonnes: 1412000 - Grade: 7.2 - Grade Unit: g/t - Contained Metal: 328 - Contained Unit: koz - Cutoff Grade: 2.8 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.96 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves at ELG Underground include a moderate amount of silver as a byproduct. - Positive factor: Proven reserve category indicates high confidence in the estimate. Evidence · table > 7.2 Context: 1,412 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-17) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:4145192ae3a8fe882367 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: proven - Tonnes: 1412000 - Grade: 0.31 - Grade Unit: % - Contained Metal: 10 - Contained Unit: mlb - Cutoff Grade: 2.8 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.96 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves at ELG Underground include a minor amount of copper, contributing to the polymetallic nature. - Positive factor: Proven reserve category indicates high confidence in the estimate. Evidence · table > 0.31 Context: 1,412 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-18) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:ab2b703b85b66abce855 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 3598000 - Grade: 4.17 - Grade Unit: g/t - Contained Metal: 482 - Contained Unit: koz - Cutoff Grade: 2.8 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.74 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at ELG Underground show a high gold grade, contributing significantly to the project's gold inventory. - Positive factor: Probable reserve category indicates good confidence in the estimate. - Positive factor: High gold grade for an underground operation. Evidence · table > 4.17 Context: 3,598 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-19) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:ab2b703b85b66abce855 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 3598000 - Grade: 7.2 - Grade Unit: g/t - Contained Metal: 828 - Contained Unit: koz - Cutoff Grade: 2.8 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.74 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at ELG Underground include a moderate amount of silver as a byproduct. - Positive factor: Probable reserve category indicates good confidence in the estimate. Evidence · table > 7.2 Context: 3,598 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-20) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:ab2b703b85b66abce855 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: probable - Tonnes: 3598000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 23 - Contained Unit: mlb - Cutoff Grade: 2.8 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.74 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at ELG Underground include a minor amount of copper, contributing to the polymetallic nature. - Positive factor: Probable reserve category indicates good confidence in the estimate. Evidence · table > 0.29 Context: 3,598 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-21) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:870fb01ed89fea0ba9b6 - Deposit or zone: ELG Open Pit - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 614000 - Grade: 2.43 - Grade Unit: g/t - Contained Metal: 48 - Contained Unit: koz - Cutoff Grade: 1.2 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 2.62 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at ELG Open Pit contribute to the overall reserve base with a moderate gold grade. - Positive factor: Probable reserve category indicates good confidence in the estimate. Evidence · table > 2.43 Context: 614 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-22) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:870fb01ed89fea0ba9b6 - Deposit or zone: ELG Open Pit - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 614000 - Grade: 15.8 - Grade Unit: g/t - Contained Metal: 312 - Contained Unit: koz - Cutoff Grade: 1.2 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 2.62 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at ELG Open Pit include a moderate amount of silver as a byproduct. - Positive factor: Probable reserve category indicates good confidence in the estimate. Evidence · table > 15.8 Context: 614 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-23) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:870fb01ed89fea0ba9b6 - Deposit or zone: ELG Open Pit - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 614000 - Grade: 0.46 - Grade Unit: % - Contained Metal: 6 - Contained Unit: mlb - Cutoff Grade: 1.2 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 2.62 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Probable reserves at ELG Open Pit include a minor amount of copper, contributing to the polymetallic nature. - Positive factor: Probable reserve category indicates good confidence in the estimate. Evidence · table > 0.46 Context: 614 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-24) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:6ecfe00d577d1ec20219 - Deposit or zone: Stockpiles #### Resource Data - Category: proven - Tonnes: 5876000 - Grade: 1.15 - Grade Unit: g/t - Contained Metal: 218 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 1.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves in stockpiles provide a consistent source of material with a moderate gold grade. - Positive factor: Proven reserve category indicates high confidence in the estimate. - Positive factor: Stockpiles represent readily available material for processing. Evidence · table > 1.15 Context: 5,876 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-25) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:6ecfe00d577d1ec20219 - Deposit or zone: Stockpiles #### Resource Data - Category: proven - Tonnes: 5876000 - Grade: 3.5 - Grade Unit: g/t - Contained Metal: 669 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 1.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves in stockpiles include a minor amount of silver as a byproduct. - Positive factor: Proven reserve category indicates high confidence in the estimate. Evidence · table > 3.5 Context: 5,876 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-26) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:6ecfe00d577d1ec20219 - Deposit or zone: Stockpiles #### Resource Data - Category: proven - Tonnes: 5876000 - Grade: 0.1 - Grade Unit: % - Contained Metal: 13 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 1.23 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Proven reserves in stockpiles include a minor amount of copper as a byproduct. - Positive factor: Proven reserve category indicates high confidence in the estimate. Evidence · table > 0.10 Context: 5,876 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-27) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:60854a3eba1a46397627 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: measured - Tonnes: 9618000 - Grade: 3.03 - Grade Unit: g/t - Contained Metal: 936 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.88 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Measured resources at Media Luna Underground demonstrate high confidence and a strong gold grade, supporting future mine planning. - Positive factor: Measured resource category indicates high geological confidence. - Positive factor: High gold grade for an underground operation. Evidence · table > 3.03 Context: 9,618 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-28) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:60854a3eba1a46397627 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: measured - Tonnes: 9618000 - Grade: 28.2 - Grade Unit: g/t - Contained Metal: 8728 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.88 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Measured resources at Media Luna Underground include a substantial amount of silver, adding to the project's economic value. - Positive factor: Measured resource category indicates high geological confidence. - Positive factor: Significant contained silver as a byproduct. Evidence · table > 28.2 Context: 9,618 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-29) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:60854a3eba1a46397627 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: measured - Tonnes: 9618000 - Grade: 0.92 - Grade Unit: % - Contained Metal: 196 - Contained Unit: mlb - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.88 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Measured resources at Media Luna Underground include a strong copper grade, enhancing the project's polymetallic nature and economic potential. - Positive factor: Measured resource category indicates high geological confidence. - Positive factor: Strong copper grade for an underground operation. Evidence · table > 0.92 Context: 9,618 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-30) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:7bb94d3036debdf7cf41 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 24070000 - Grade: 2.33 - Grade Unit: g/t - Contained Metal: 1800 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Media Luna Underground contribute significantly to the project's gold inventory with good confidence. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Substantial contained gold ounces. Evidence · table > 2.33 Context: 24,070 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-31) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:7bb94d3036debdf7cf41 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 24070000 - Grade: 23.5 - Grade Unit: g/t - Contained Metal: 18165 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Media Luna Underground include a large amount of silver, enhancing the project's overall value. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Significant contained silver as a byproduct. Evidence · table > 23.5 Context: 24,070 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-32) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:7bb94d3036debdf7cf41 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 24070000 - Grade: 0.87 - Grade Unit: % - Contained Metal: 461 - Contained Unit: mlb - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Media Luna Underground include a strong copper grade, adding to the project's economic potential. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Strong copper grade contributing to polymetallic value. Evidence · table > 0.87 Context: 24,070 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-33) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:5d80c63f6f7562dfd269 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8211000 - Grade: 2.26 - Grade Unit: g/t - Contained Metal: 596 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.86 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Media Luna Underground provide upside potential, though with lower geological confidence. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.26 Context: 8,211 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-34) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:5d80c63f6f7562dfd269 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8211000 - Grade: 19.3 - Grade Unit: g/t - Contained Metal: 5087 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.86 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Media Luna Underground include silver, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 19.3 Context: 8,211 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-35) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:5d80c63f6f7562dfd269 - Deposit or zone: Media Luna Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8211000 - Grade: 0.84 - Grade Unit: % - Contained Metal: 152 - Contained Unit: mlb - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.86 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Media Luna Underground include copper, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.84 Context: 8,211 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-36) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:a364551097cf78e42948 - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 7598000 - Grade: 2.13 - Grade Unit: g/t - Contained Metal: 520 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.28 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Media Luna North Underground contribute significantly to the project's gold inventory with good confidence. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Substantial contained gold ounces. Evidence · table > 2.13 Context: 7,598 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-37) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:a364551097cf78e42948 - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 7598000 - Grade: 26.8 - Grade Unit: g/t - Contained Metal: 6537 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.28 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Media Luna North Underground include a large amount of silver, enhancing the project's overall value. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Significant contained silver as a byproduct. Evidence · table > 26.8 Context: 7,598 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-38) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:a364551097cf78e42948 - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 7598000 - Grade: 1.11 - Grade Unit: % - Contained Metal: 187 - Contained Unit: mlb - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.28 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Media Luna North Underground include a strong copper grade, adding to the project's economic potential. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Strong copper grade contributing to polymetallic value. Evidence · table > 1.11 Context: 7,598 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-39) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:cf36d8bd8ed5f51b8a6b - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 9687000 - Grade: 1.78 - Grade Unit: g/t - Contained Metal: 554 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.94 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Media Luna North Underground provide upside potential, though with lower geological confidence. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.78 Context: 9,687 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-40) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:cf36d8bd8ed5f51b8a6b - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 9687000 - Grade: 31.9 - Grade Unit: g/t - Contained Metal: 9936 - Contained Unit: koz - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.94 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Media Luna North Underground include silver, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 31.9 Context: 9,687 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-41) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:cf36d8bd8ed5f51b8a6b - Deposit or zone: Media Luna North Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 9687000 - Grade: 1.08 - Grade Unit: % - Contained Metal: 230 - Contained Unit: mlb - Cutoff Grade: 2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.94 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Media Luna North Underground include copper, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.08 Context: 9,687 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-42) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:6a0cc99469fc7a94e3cd - Deposit or zone: Media Luna West Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3079000 - Grade: 4.49 - Grade Unit: g/t - Contained Metal: 445 - Contained Unit: koz - Cutoff Grade: 2.1 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 5.11 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: The inaugural Inferred Resource at Media Luna West Underground shows a high gold grade, representing new discovery potential for the project. - Positive factor: Inaugural Inferred Resource indicates new discovery potential. - Positive factor: High gold grade for an underground operation. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 4.49 Context: 3,079 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-43) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:6a0cc99469fc7a94e3cd - Deposit or zone: Media Luna West Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3079000 - Grade: 8.6 - Grade Unit: g/t - Contained Metal: 848 - Contained Unit: koz - Cutoff Grade: 2.1 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 5.11 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: The inaugural Inferred Resource at Media Luna West Underground includes silver, adding to the potential polymetallic value. - Positive factor: Inaugural Inferred Resource indicates new discovery potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 8.6 Context: 3,079 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-44) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:6a0cc99469fc7a94e3cd - Deposit or zone: Media Luna West Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 3079000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 23 - Contained Unit: mlb - Cutoff Grade: 2.1 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 5.11 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: The inaugural Inferred Resource at Media Luna West Underground includes copper, adding to the potential polymetallic value. - Positive factor: Inaugural Inferred Resource indicates new discovery potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.35 Context: 3,079 #### 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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-45) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:22aa1d3b2702f9da286c - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: measured - Tonnes: 3974000 - Grade: 4.01 - Grade Unit: g/t - Contained Metal: 512 - Contained Unit: koz - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Measured resources at ELG Underground demonstrate high confidence and a strong gold grade, supporting future mine planning. - Positive factor: Measured resource category indicates high geological confidence. - Positive factor: High gold grade for an underground operation. Evidence · table > 4.01 Context: 3,974 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-46) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:22aa1d3b2702f9da286c - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: measured - Tonnes: 3974000 - Grade: 6.1 - Grade Unit: g/t - Contained Metal: 775 - Contained Unit: koz - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Measured resources at ELG Underground include a minor amount of silver as a byproduct. - Positive factor: Measured resource category indicates high geological confidence. Evidence · table > 6.1 Context: 3,974 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-47) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:22aa1d3b2702f9da286c - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: measured - Tonnes: 3974000 - Grade: 0.26 - Grade Unit: % - Contained Metal: 22 - Contained Unit: mlb - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.5 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Measured resources at ELG Underground include a minor amount of copper, contributing to the polymetallic nature. - Positive factor: Measured resource category indicates high geological confidence. Evidence · table > 0.26 Context: 3,974 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-48) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:9d84090ceee5d1ea67b8 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 7364000 - Grade: 3.57 - Grade Unit: g/t - Contained Metal: 845 - Contained Unit: koz - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at ELG Underground contribute significantly to the project's gold inventory with good confidence. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Strong gold grade for an underground operation. Evidence · table > 3.57 Context: 7,364 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-49) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:9d84090ceee5d1ea67b8 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 7364000 - Grade: 6 - Grade Unit: g/t - Contained Metal: 1427 - Contained Unit: koz - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at ELG Underground include a minor amount of silver as a byproduct. - Positive factor: Indicated resource category indicates good geological confidence. Evidence · table > 6.0 Context: 7,364 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-50) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:9d84090ceee5d1ea67b8 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 7364000 - Grade: 0.24 - Grade Unit: % - Contained Metal: 39 - Contained Unit: mlb - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.03 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at ELG Underground include a minor amount of copper, contributing to the polymetallic nature. - Positive factor: Indicated resource category indicates good geological confidence. Evidence · table > 0.24 Context: 7,364 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-51) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:bb2c5cfe5aa20fbe4a25 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1074000 - Grade: 3.92 - Grade Unit: g/t - Contained Metal: 135 - Contained Unit: koz - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.46 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at ELG Underground provide upside potential with a high gold grade, though with lower geological confidence. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Positive factor: High gold grade for an underground operation. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 3.92 Context: 1,074 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-52) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:bb2c5cfe5aa20fbe4a25 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1074000 - Grade: 6.4 - Grade Unit: g/t - Contained Metal: 220 - Contained Unit: koz - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.46 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at ELG Underground include silver, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 6.4 Context: 1,074 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-53) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:bb2c5cfe5aa20fbe4a25 - Deposit or zone: ELG Underground - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 1074000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 7 - Contained Unit: mlb - Cutoff Grade: 2.2 - Cutoff Unit: gpt AuEq #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 4.46 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at ELG Underground include copper, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.29 Context: 1,074 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-54) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:630dbaa2352f00b7b71d - Deposit or zone: Open Pit - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 523000 - Grade: 3.54 - Grade Unit: g/t - Contained Metal: 59 - Contained Unit: koz - Cutoff Grade: 0.78 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.72 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at ELG Open Pit contribute to the overall resource base with a high gold grade and good confidence. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: High gold grade for an open pit operation. Evidence · table > 3.54 Context: 523 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-55) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:630dbaa2352f00b7b71d - Deposit or zone: Open Pit - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 523000 - Grade: 14.4 - Grade Unit: g/t - Contained Metal: 241 - Contained Unit: koz - Cutoff Grade: 0.78 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.72 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at ELG Open Pit include a moderate amount of silver as a byproduct. - Positive factor: Indicated resource category indicates good geological confidence. Evidence · table > 14.4 Context: 523 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-56) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:630dbaa2352f00b7b71d - Deposit or zone: Open Pit - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 523000 - Grade: 0.45 - Grade Unit: % - Contained Metal: 5 - Contained Unit: mlb - Cutoff Grade: 0.78 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.72 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at ELG Open Pit include a minor amount of copper, contributing to the polymetallic nature. - Positive factor: Indicated resource category indicates good geological confidence. Evidence · table > 0.45 Context: 523 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-57) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:f015370f42624e2c30fe - Deposit or zone: Open Pit - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 6000 - Grade: 3.56 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: koz - Cutoff Grade: 0.78 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.7 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at ELG Open Pit provide minor upside potential, though with lower geological confidence. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 3.56 Context: 6 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-58) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:f015370f42624e2c30fe - Deposit or zone: Open Pit - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 6000 - Grade: 5.9 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: koz - Cutoff Grade: 0.78 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.7 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at ELG Open Pit include minor silver, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 5.9 Context: 6 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-59) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: other - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:f015370f42624e2c30fe - Deposit or zone: Open Pit - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 6000 - Grade: 0.45 - Grade Unit: % - Contained Metal: 0 - Contained Unit: mlb - Cutoff Grade: 0.78 - Cutoff Unit: gpt Au #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Metal Eq. Grade: 3.7 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at ELG Open Pit include minor copper, adding to the potential polymetallic value. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.45 Context: 6 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-60) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:f906b149a5792e7754fb - Deposit or zone: Open Pit Mill - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 24657000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 899 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.52 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Los Reyes Open Pit Mill contribute substantially to the company's overall resource inventory with good confidence. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Significant contained gold ounces from the acquisition. Evidence · table > 1.13 Context: 24,657 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-61) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:f906b149a5792e7754fb - Deposit or zone: Open Pit Mill - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 24657000 - Grade: 35.7 - Grade Unit: g/t - Contained Metal: 28261 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.52 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Los Reyes Open Pit Mill include a large amount of silver, enhancing the project's overall value. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Significant contained silver as a byproduct from the acquisition. Evidence · table > 35.7 Context: 24,657 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-62) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:027ab6b184f68b6af990 - Deposit or zone: Open Pit Mill - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 7211000 - Grade: 0.89 - Grade Unit: g/t - Contained Metal: 207 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.36 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Los Reyes Open Pit Mill provide upside potential from the acquisition, though with lower geological confidence. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.89 Context: 7,211 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-63) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:027ab6b184f68b6af990 - Deposit or zone: Open Pit Mill - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 7211000 - Grade: 42.8 - Grade Unit: g/t - Contained Metal: 9916 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.36 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Los Reyes Open Pit Mill include silver, adding to the potential polymetallic value from the acquisition. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 42.8 Context: 7,211 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-64) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:41d9ab3f1f66b4c19901 - Deposit or zone: Underground Mill - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 4132000 - Grade: 3.02 - Grade Unit: g/t - Contained Metal: 402 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 4.7 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Los Reyes Underground Mill contribute significantly to the company's overall resource inventory with good confidence and high gold grade. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: High gold grade for an underground operation. Evidence · table > 3.02 Context: 4,132 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-65) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:41d9ab3f1f66b4c19901 - Deposit or zone: Underground Mill - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 4132000 - Grade: 152.4 - Grade Unit: g/t - Contained Metal: 20243 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 4.7 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Los Reyes Underground Mill include a very high silver grade, making it a significant contributor to the project's value. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Very high silver grade, significantly enhancing project value. Evidence · table > 152.4 Context: 4,132 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-66) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:1c7f4c6160f76248fe84 - Deposit or zone: Underground Mill - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 4055000 - Grade: 2.1 - Grade Unit: g/t - Contained Metal: 273 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 2.96 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Los Reyes Underground Mill provide upside potential from the acquisition, though with lower geological confidence. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.10 Context: 4,055 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-67) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:1c7f4c6160f76248fe84 - Deposit or zone: Underground Mill - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 4055000 - Grade: 78.6 - Grade Unit: g/t - Contained Metal: 10247 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 2.96 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Los Reyes Underground Mill include silver, adding to the potential polymetallic value from the acquisition. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 78.6 Context: 4,055 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-68) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:cb55623e5c723b09f3f1 - Deposit or zone: Open Pit Heap Leach - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 20254000 - Grade: 0.29 - Grade Unit: g/t - Contained Metal: 190 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 0.33 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Los Reyes Open Pit Heap Leach provide a large tonnage of lower-grade material suitable for heap leaching, contributing to the overall resource base. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Large tonnage amenable to heap leach processing. Evidence · table > 0.29 Context: 20,254 #### 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-69) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:cb55623e5c723b09f3f1 - Deposit or zone: Open Pit Heap Leach - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 20254000 - Grade: 8.4 - Grade Unit: g/t - Contained Metal: 5492 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 0.33 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Indicated resources at Los Reyes Open Pit Heap Leach include a notable amount of silver, enhancing the project's overall value. - Positive factor: Indicated resource category indicates good geological confidence. - Positive factor: Significant contained silver as a byproduct from the acquisition. Evidence · table > 8.4 Context: 20,254 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-70) Los Reyes · gold #### Identity - Project: Los Reyes - Commodity: gold - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:2f92fab3336927af306f - Deposit or zone: Open Pit Heap Leach - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 5944000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 58 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 0.33 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Los Reyes Open Pit Heap Leach provide upside potential from the acquisition, though with lower geological confidence. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.30 Context: 5,944 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-q1-2026-results--9a1c9f1f-2caa-4e64-a780-99fea7dfc3a5#fact-resource-facts-71) Los Reyes · silver #### Identity - Project: Los Reyes - Commodity: silver - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2024-10-15T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: John Sims - Resource group id: resource:2f92fab3336927af306f - Deposit or zone: Open Pit Heap Leach - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 5944000 - Grade: 7.3 - Grade Unit: g/t - Contained Metal: 1398 - Contained Unit: koz - Cutoff Grade: 0.17 - Cutoff Unit: gpt gold #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 0.33 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-06T00:00:00.000Z Reasoning: Inferred resources at Los Reyes Open Pit Heap Leach include silver, adding to the potential polymetallic value from the acquisition. - Positive factor: Inferred resources represent potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 7.3 Context: 5,944 #### 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 ## 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.