# Torex Gold Reports Year-End 2025 Reserves & Resources Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816 Original source: https://money.tmx.com/en/quote/TXG/news/6378054458311265/torex-gold-reports-year-end-2025-reserves-resources Publisher: tmx Original announcement: 2026-03-24T22:00:00.000Z 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 - Extracted: 2026-09-19 03:41:09 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Torex Gold announced its year-end 2025 mineral reserves and resources, highlighting a 64% increase in overall Inferred Resources and the addition of the Los Reyes project to its resource base. While Proven & Probable Reserves and Measured & Indicated Resources at Morelos saw slight declines net of depletion, successful drilling at ELG Underground and an inaugural Inferred Resource at Media Luna West contributed to overall growth. The company also updated its metal price assumptions for Morelos, reflecting a more positive outlook. Reasoning: Torex Gold reports a mixed but generally positive resource and reserve update. While Morelos reserves and M&I resources saw slight declines net of depletion and grade dilution due to RPEEE adjustments, significant growth in Inferred resources and the acquisition of Los Reyes add substantial new ounces and diversification. Exploration success at Media Luna West and ELG Underground is a key positive. - Positive factor: Significant increase in overall Inferred Resources \(64% increase in contained AuEq\) driven by new discoveries and acquisitions. - Positive factor: Inaugural Inferred Resource declared at Media Luna West \(506 koz AuEq at 5.11 gpt AuEq\), demonstrating exploration success. - Positive factor: Acquisition of Los Reyes project adds substantial Indicated \(2,047 koz AuEq\) and Inferred \(765 koz AuEq\) resources, diversifying the asset base. - Positive factor: ELG Underground drilling added close to two years to the reserve life, indicating successful infill and extension drilling. - Positive factor: Metal price assumptions for Morelos reserves and resources have increased, reflecting a more favorable economic outlook for the project. - Negative factor: Overall Proven & Probable Reserves for Morelos decreased by 5% net of depletion, despite gains from drilling. - Negative factor: Overall Measured & Indicated Resources for Morelos decreased by 2% net of depletion, with a 16% decrease in average grade. - Negative factor: The application of RPEEE at Morelos, including 'must take' material, added tonnes but lowered resource grades, potentially diluting the overall quality. - Negative factor: Los Reyes resource estimate is historical, unchanged from Prime Mining's October 2024 estimate, indicating no new work by Torex Gold yet. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 88 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 88. Some facts used in scoring do not have a stored record. ## Resource Estimates (88) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-0) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven reserves at Media Luna Underground show good grade and contained metal, contributing positively to the overall reserve base. - Positive factor: High grade for underground mining method. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7396000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.93 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 696 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-1) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven silver reserves at Media Luna Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7396000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 25.7 against 3.92 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 6106 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-2) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven copper reserves at Media Luna Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7396000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.82 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 134 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-3) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable reserves at Media Luna Underground show good grade and contained metal, contributing positively to the overall reserve base. - Positive factor: Good grade for underground mining method. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 15210000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.41 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1178 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-4) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable silver reserves at Media Luna Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 15210000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 21.9 against 3.92 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 10719 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-5) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable copper reserves at Media Luna Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 15210000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.82 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 273 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-6) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable gold reserves at Media Luna North Underground contribute to the overall reserve base, though grade is moderate. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 5546000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.89 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 337 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-7) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable silver reserves at Media Luna North Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 5546000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 25.6 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 4556 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-8) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable copper reserves at Media Luna North Underground show good grade, contributing to the polymetallic nature of the deposit. - Positive factor: Good copper grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 5546000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.1 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 135 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-9) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven gold reserves at ELG Underground show high grade, contributing positively to the overall reserve base. - Positive factor: High grade for underground mining method. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1412000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 4.36 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 198 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-10) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven silver reserves at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1412000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 7.2 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 328 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-11) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven copper reserves at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1412000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.31 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 10 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-12) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable gold reserves at ELG Underground show high grade, contributing positively to the overall reserve base. - Positive factor: High grade for underground mining method. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3598000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 4.17 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 482 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-13) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable silver reserves at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3598000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 7.2 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 828 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-14) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable copper reserves at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3598000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.29 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 23 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-15) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable gold reserves at ELG Open Pit contribute to the overall reserve base. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 614000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.43 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 48 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-16) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable silver reserves at ELG Open Pit contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 614000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 15.8 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 312 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-17) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Probable copper reserves at ELG Open Pit contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 614000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.46 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 6 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-18) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven gold reserves in stockpiles provide additional material for processing. - Positive factor: QP signed off on the estimate. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 5876000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.15 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 218 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-19) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven silver reserves in stockpiles provide additional material for processing. - Positive factor: QP signed off on 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 5876000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.5 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 669 against 5096 previously ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-20) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Proven copper reserves in stockpiles provide additional material for processing. - Positive factor: QP signed off on 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 5876000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.1 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 13 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-21) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:1c16924ebc93c011050f - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 39653000 - Grade: 2.48 - Grade Unit: g/t - Contained Metal: 3158 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### Metal Equivalent - Metal Eq. Grade: 3.8 - Metal Eq. Unit: gpt AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Proven & Probable gold reserves for Morelos show a slight decrease in contained metal, indicating depletion and model adjustments. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained gold equivalent \(5%\) compared to previous estimate. Evidence · table > 3,158 Context: 39,653 #### 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 39653000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.48 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 3158 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-22) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:1c16924ebc93c011050f - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 39653000 - Grade: 18.4 - Grade Unit: g/t - Contained Metal: 23519 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### Metal Equivalent - Metal Eq. Grade: 3.8 - Metal Eq. Unit: gpt AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Proven & Probable silver reserves for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained silver \(12%\) compared to previous estimate. Evidence · table > 23,519 Context: 39,653 #### 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 39653000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 18.4 against 3.92 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 23519 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-23) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:1c16924ebc93c011050f - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 39653000 - Grade: 0.68 - Grade Unit: % - Contained Metal: 594 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### Metal Equivalent - Metal Eq. Grade: 3.8 - Metal Eq. Unit: gpt AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Proven & Probable copper reserves for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained copper \(9%\) compared to previous estimate. Evidence · table > 594 Context: 39,653 #### 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 39653000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.68 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 594 against 5096 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-24) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Measured gold resources at Media Luna Underground provide a high-confidence base for future development. - Positive factor: High confidence category \(Measured\). - Positive factor: Good grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9618000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.03 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 936 against 7431 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-25) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Measured silver resources at Media Luna Underground contribute to the polymetallic nature of the deposit. - Positive factor: High confidence category \(Measured\). - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9618000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 28.2 against 5.06 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 8728 against 7431 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-26) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Measured copper resources at Media Luna Underground provide a high-confidence base for future development. - Positive factor: High confidence category \(Measured\). - Positive factor: Good copper grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9618000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.92 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 196 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-27) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated gold resources at Media Luna Underground provide a solid base for future development. - Positive factor: Good confidence category \(Indicated\). - Positive factor: Good grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 24070000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.33 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1800 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-28) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated silver resources at Media Luna Underground contribute to the polymetallic nature of the deposit. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 24070000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 23.5 against 5.06 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 18165 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-29) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated copper resources at Media Luna Underground contribute to the polymetallic nature of the deposit. - Positive factor: Good confidence category \(Indicated\). - Positive factor: Good copper grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 24070000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.87 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 461 against 7431 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-30) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred gold resources at Media Luna Underground provide future exploration potential, but with lower confidence. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 8211000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.26 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 596 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-31) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred silver resources at Media Luna Underground provide future exploration potential, but with lower confidence. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 8211000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 19.3 against 4.22 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 5087 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-32) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred copper resources at Media Luna Underground provide future exploration potential, but with lower confidence. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 8211000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.84 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 152 against 2243 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-33) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated gold resources at Media Luna North Underground provide a solid base for future development. - Positive factor: Good confidence category \(Indicated\). - Positive factor: Good grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7598000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.13 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 520 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-34) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated silver resources at Media Luna North Underground contribute to the polymetallic nature of the deposit. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7598000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 26.8 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 6537 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-35) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated copper resources at Media Luna North Underground provide a solid base for future development. - Positive factor: Good confidence category \(Indicated\). - Positive factor: Good copper grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7598000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.11 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 187 against 7431 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-36) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred gold resources at Media Luna North Underground provide future exploration potential, but with lower confidence. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9687000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.78 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 554 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-37) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred silver resources at Media Luna North Underground provide future exploration potential, but with lower confidence. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9687000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 31.9 against 4.22 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 9936 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-38) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred copper resources at Media Luna North Underground provide future exploration potential, but with lower confidence. - Positive factor: Good copper grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 9687000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.08 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 230 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-39) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inaugural Inferred gold resources at Media Luna West Underground represent a significant new discovery with high grade, adding to future potential. - Positive factor: Inaugural Inferred Resource, indicating new discovery. - Positive factor: High grade for underground mining method. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3079000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 4.49 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 445 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-40) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inaugural Inferred silver resources at Media Luna West Underground represent a new discovery, adding to future potential. - Positive factor: Inaugural Inferred Resource, indicating new discovery. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3079000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 8.6 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 848 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-41) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inaugural Inferred copper resources at Media Luna West Underground represent a new discovery, adding to future potential. - Positive factor: Inaugural Inferred Resource, indicating new discovery. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3079000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.35 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 23 against 2243 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-42) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Measured gold resources at ELG Underground show high grade, providing a high-confidence base for future development. - Positive factor: High confidence category \(Measured\). - Positive factor: High grade for underground mining method. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3974000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 4.01 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 512 against 7431 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-43) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Measured silver resources at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: High confidence category \(Measured\). - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3974000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 6.1 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 775 against 7431 previously ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-44) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Measured copper resources at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: High confidence category \(Measured\). - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 3974000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.26 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 22 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-45) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated gold resources at ELG Underground provide a solid base for future development. - Positive factor: Good confidence category \(Indicated\). - Positive factor: Good grade for underground mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7364000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.57 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 845 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-46) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated silver resources at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7364000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 6 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1427 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-47) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated copper resources at ELG Underground contribute to the polymetallic nature of the deposit. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 7364000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.24 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 39 against 7431 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-48) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred gold resources at ELG Underground provide future exploration potential, but with lower confidence. - Positive factor: Good grade for underground mining method. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1074000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.92 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 135 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-49) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred silver resources at ELG Underground provide future exploration potential, but with lower confidence. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1074000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 6.4 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 220 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-50) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred copper resources at ELG Underground provide future exploration potential, but with lower confidence. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 1074000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.29 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 7 against 2243 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-51) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:362d5024d002f0773462 - Deposit or zone: ELG 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated gold resources at ELG Open Pit provide a solid base for future development. - Positive factor: Good confidence category \(Indicated\). - Positive factor: Good grade for open pit mining. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 523000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.54 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 59 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-52) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:362d5024d002f0773462 - Deposit or zone: ELG 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated silver resources at ELG Open Pit contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 523000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 14.4 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 241 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-53) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:362d5024d002f0773462 - Deposit or zone: ELG 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 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Indicated copper resources at ELG Open Pit contribute to the polymetallic nature of the deposit. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 523000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.45 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 5 against 7431 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-54) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:a0df33222023df8379a4 - Deposit or zone: ELG 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred gold resources at ELG Open Pit are very small, providing limited future potential. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Very small tonnage. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 6000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 3.56 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-55) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:a0df33222023df8379a4 - Deposit or zone: ELG 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred silver resources at ELG Open Pit are very small, providing limited future potential. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Very small tonnage. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 6000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 5.9 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-56) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:a0df33222023df8379a4 - Deposit or zone: ELG 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 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### 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: 2026-03-24T00:00:00.000Z Reasoning: Inferred copper resources at ELG Open Pit are very small, providing limited future potential. - Positive factor: QP signed off on the estimate. - Positive factor: Cut-off grade disclosed. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Very small tonnage. 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 6000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.45 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 0 against 2243 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-57) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:42d9aa4b7b9d0fee486f - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 53146000 - Grade: 2.73 - Grade Unit: g/t - Contained Metal: 4672 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### Metal Equivalent - Metal Eq. Grade: 4.25 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Measured & Indicated gold resources for Morelos show a slight decrease in contained metal and a notable drop in grade, likely due to RPEEE adjustments and inclusion of lower-grade material. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained gold equivalent \(2%\) compared to previous estimate. - Negative factor: Significant decrease in average grade \(16%\) compared to previous estimate. Evidence · table > 2.73 Context: 53,146 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 53146000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.73 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 4672 against 7431 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 4672 from 7431 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-58) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:42d9aa4b7b9d0fee486f - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 53146000 - Grade: 21 - Grade Unit: g/t - Contained Metal: 35874 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### Metal Equivalent - Metal Eq. Grade: 4.25 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Measured & Indicated silver resources for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained silver \(8%\) compared to previous estimate. Evidence · table > 21.0 Context: 53,146 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 53146000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 21 against 5.06 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 35874 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-59) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:42d9aa4b7b9d0fee486f - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 53146000 - Grade: 0.78 - Grade Unit: % - Contained Metal: 910 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### Metal Equivalent - Metal Eq. Grade: 4.25 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Measured & Indicated copper resources for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained copper \(4%\) compared to previous estimate. Evidence · table > 0.78 Context: 53,146 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 53146000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.78 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 910 against 7431 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 910 from 7431 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-60) Morelos · gold #### Identity - Project: Morelos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:f1b35f149c184ae9c3aa - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 22057000 - Grade: 2.44 - Grade Unit: g/t - Contained Metal: 1731 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### Metal Equivalent - Metal Eq. Grade: 4.1 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred gold resources for Morelos show a substantial increase in contained metal, indicating successful exploration and new discoveries, despite a slight grade decrease. - Positive factor: Significant increase in contained gold equivalent \(30%\) compared to previous estimate. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Slight decrease in average grade \(3%\) compared to previous estimate. Evidence · table > 2.44 Context: 22,057 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 22057000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.44 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1731 against 2243 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 1731 from 2243 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-61) Morelos · silver #### Identity - Project: Morelos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:f1b35f149c184ae9c3aa - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 22057000 - Grade: 22.7 - Grade Unit: g/t - Contained Metal: 16093 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### Metal Equivalent - Metal Eq. Grade: 4.1 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred silver resources for Morelos show a notable increase in contained metal, indicating successful exploration. - Positive factor: Significant increase in contained silver \(9%\) compared to previous estimate. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). Evidence · table > 22.7 Context: 22,057 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 22057000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 22.7 against 4.22 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 16093 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-62) Morelos · copper #### Identity - Project: Morelos - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:f1b35f149c184ae9c3aa - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 22057000 - Grade: 0.85 - Grade Unit: % - Contained Metal: 412 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### Metal Equivalent - Metal Eq. Grade: 4.1 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred copper resources for Morelos show a substantial increase in contained metal, indicating successful exploration. - Positive factor: Significant increase in contained copper \(18%\) compared to previous estimate. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). Evidence · table > 0.85 Context: 22,057 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 22057000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.85 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 412 against 2243 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 412 from 2243 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-63) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:4fe1dc0fa8ea4ccc770d - Deposit or zone: Open Pit - Mill - Mining method: open\_pit - Material type: Mill #### Resource Data - Category: indicated - Tonnes: 24657000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 899 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Indicated gold resources for Los Reyes Open Pit \(Mill\) are a significant addition from the acquisition, though the estimate is historical. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-64) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:4fe1dc0fa8ea4ccc770d - Deposit or zone: Open Pit - Mill - Mining method: open\_pit - Material type: Mill #### Resource Data - Category: indicated - Tonnes: 24657000 - Grade: 35.7 - Grade Unit: g/t - Contained Metal: 28261 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Indicated silver resources for Los Reyes Open Pit \(Mill\) are a significant addition from the acquisition, though the estimate is historical. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-65) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:1e2d8e304df14a4fe4ad - Deposit or zone: Underground - Mill - Mining method: underground - Material type: Mill #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Indicated gold resources for Los Reyes Underground \(Mill\) are a significant addition from the acquisition, though the estimate is historical. - Positive factor: Good confidence category \(Indicated\). - Positive factor: Good grade for underground mining. - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-66) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:1e2d8e304df14a4fe4ad - Deposit or zone: Underground - Mill - Mining method: underground - Material type: Mill #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Indicated silver resources for Los Reyes Underground \(Mill\) are a significant addition from the acquisition, though the estimate is historical. - Positive factor: Good confidence category \(Indicated\). - Positive factor: High silver grade for underground mining. - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-67) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:21258a704bb5eaa0a9bf - Deposit or zone: Open Pit - Heap Leach - Mining method: open\_pit - Material type: Heap Leach #### Resource Data - Category: indicated - Tonnes: 20254000 - Grade: 0.29 - Grade Unit: g/t - Contained Metal: 190 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Indicated gold resources for Los Reyes Open Pit \(Heap Leach\) are a significant addition from the acquisition, though the estimate is historical and grade is low. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. - Negative factor: Low grade for open pit heap leach. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-68) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:21258a704bb5eaa0a9bf - Deposit or zone: Open Pit - Heap Leach - Mining method: open\_pit - Material type: Heap Leach #### Resource Data - Category: indicated - Tonnes: 20254000 - Grade: 8.4 - Grade Unit: g/t - Contained Metal: 5492 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Indicated silver resources for Los Reyes Open Pit \(Heap Leach\) are a significant addition from the acquisition, though the estimate is historical. - Positive factor: Good confidence category \(Indicated\). - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-69) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:7d2708e7a3ea52e07321 - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 49042000 - Grade: 0.95 - Grade Unit: g/t - Contained Metal: 1491 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Indicated gold resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical. - Positive factor: Significant addition of contained gold equivalent \(2,047 koz AuEq\) from acquisition. - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. Evidence · table > 0.95 Context: 49,042 #### 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-70) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:7d2708e7a3ea52e07321 - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 49042000 - Grade: 34.2 - Grade Unit: g/t - Contained Metal: 53995 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.3 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Indicated silver resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical. - Positive factor: Significant addition of contained silver from acquisition. - Positive factor: QP signed off on the estimate. - Negative factor: Historical estimate, unchanged from previous owner. Evidence · table > 34.2 Context: 49,042 #### 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-71) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:057d9b13438003b89aed - Deposit or zone: Open Pit - Mill - Mining method: open\_pit - Material type: Mill #### Resource Data - Category: inferred - Tonnes: 7211000 - Grade: 0.89 - Grade Unit: g/t - Contained Metal: 207 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Inferred gold resources for Los Reyes Open Pit \(Mill\) are a significant addition from the acquisition, though the estimate is historical and with lower confidence. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-72) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:057d9b13438003b89aed - Deposit or zone: Open Pit - Mill - Mining method: open\_pit - Material type: Mill #### Resource Data - Category: inferred - Tonnes: 7211000 - Grade: 42.8 - Grade Unit: g/t - Contained Metal: 9916 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Inferred silver resources for Los Reyes Open Pit \(Mill\) are a significant addition from the acquisition, though the estimate is historical and with lower confidence. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-73) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:5e4ff971a1354ab624e0 - Deposit or zone: Underground - Mill - Mining method: underground - Material type: Mill #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Inferred gold resources for Los Reyes Underground \(Mill\) are a significant addition from the acquisition, though the estimate is historical and with lower confidence. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-74) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:5e4ff971a1354ab624e0 - Deposit or zone: Underground - Mill - Mining method: underground - Material type: Mill #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Inferred silver resources for Los Reyes Underground \(Mill\) are a significant addition from the acquisition, though the estimate is historical and with lower confidence. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-75) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:0c4661763a59e6fe81b1 - Deposit or zone: Open Pit - Heap Leach - Mining method: open\_pit - Material type: Heap Leach #### Resource Data - Category: inferred - Tonnes: 5944000 - Grade: 0.3 - Grade Unit: g/t - Contained Metal: 58 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Inferred gold resources for Los Reyes Open Pit \(Heap Leach\) are a significant addition from the acquisition, though the estimate is historical, with lower confidence and low grade. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. - Negative factor: Low grade for open pit heap leach. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-76) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:0c4661763a59e6fe81b1 - Deposit or zone: Open Pit - Heap Leach - Mining method: open\_pit - Material type: Heap Leach #### Resource Data - Category: inferred - Tonnes: 5944000 - Grade: 7.3 - Grade Unit: g/t - Contained Metal: 1398 - Contained Unit: koz #### 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: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Inferred silver resources for Los Reyes Open Pit \(Heap Leach\) are a significant addition from the acquisition, though the estimate is historical and with lower confidence. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. 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 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-77) Los Reyes · gold Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: gold - Region: mexico - Reported Region: Mexico - 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:a96b8ce821fdfc4b9d20 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 17210000 - Grade: 0.97 - Grade Unit: g/t - Contained Metal: 538 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.38 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred gold resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical and with lower confidence. - Positive factor: Significant addition of contained gold equivalent \(765 koz AuEq\) from acquisition. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. Evidence · table > 0.97 Context: 17,210 #### 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-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-78) Los Reyes · silver Historical result Needs review: historical\_restatement #### Identity - Project: Los Reyes - Commodity: silver - Region: mexico - Reported Region: Mexico - 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:a96b8ce821fdfc4b9d20 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 17210000 - Grade: 39 - Grade Unit: g/t - Contained Metal: 21561 - Contained Unit: koz #### Prior Estimate - Resource Date: 2024-10-15 #### Metal Equivalent - Metal Eq. Grade: 1.38 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-10-15T00:00:00.000Z #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred silver resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical and with lower confidence. - Positive factor: Significant addition of contained silver from acquisition. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Historical estimate, unchanged from previous owner. Evidence · table > 39.0 Context: 17,210 #### 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-79) Torex \(All\) · gold #### Identity - Project: Torex \(All\) - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:81beead2e9f7f2f76e80 - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 39653000 - Grade: 2.48 - Grade Unit: g/t - Contained Metal: 3158 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### Metal Equivalent - Metal Eq. Grade: 3.8 - Metal Eq. Unit: gpt AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Proven & Probable gold reserves for Torex Gold show a slight decrease in contained metal, indicating depletion and model adjustments across the company's assets. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained gold equivalent \(5%\) compared to previous estimate. Evidence · table > 3,158 Context: 39,653 #### 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 39653000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.48 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 3158 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-80) Torex \(All\) · silver #### Identity - Project: Torex \(All\) - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:81beead2e9f7f2f76e80 - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 39653000 - Grade: 18.4 - Grade Unit: g/t - Contained Metal: 23519 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### Metal Equivalent - Metal Eq. Grade: 3.8 - Metal Eq. Unit: gpt AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Proven & Probable silver reserves for Torex Gold show a decrease in contained metal, contributing to the overall decline in AuEq. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained silver \(12%\) compared to previous estimate. Evidence · table > 23,519 Context: 39,653 #### 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 39653000 against 40408000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 18.4 against 3.92 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 23519 against 5096 previously ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-81) Torex \(All\) · copper #### Identity - Project: Torex \(All\) - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Johannes \(Gertjan\) Bekkers - Resource group id: resource:81beead2e9f7f2f76e80 - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 39653000 - Grade: 0.68 - Grade Unit: % - Contained Metal: 594 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 40408000 - Prior Grade: 3.92 - Prior Contained Metal: 5096 #### Metal Equivalent - Metal Eq. Grade: 3.8 - Metal Eq. Unit: gpt AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Proven & Probable copper reserves for Torex Gold show a decrease in contained metal, contributing to the overall decline in AuEq. - Positive factor: QP signed off on the estimate. - Negative factor: Overall decrease in contained copper \(9%\) compared to previous estimate. Evidence · table > 594 Context: 39,653 #### 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 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 39653000 against 40408000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.68 against 3.92 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 594 against 5096 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-82) Torex \(All\) · gold #### Identity - Project: Torex \(All\) - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:ebef54c096e90b1d2ce9 - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 102188000 - Grade: 1.88 - Grade Unit: g/t - Contained Metal: 6163 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### Metal Equivalent - Metal Eq. Grade: 2.83 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Measured & Indicated gold resources for Torex Gold show a substantial increase in contained metal, primarily driven by the Los Reyes acquisition, despite a significant drop in overall grade. - Positive factor: Significant increase in contained gold equivalent \(25%\) compared to previous estimate, largely due to Los Reyes acquisition. - Positive factor: QP signed off on the estimate. - Negative factor: Significant decrease in average grade \(44%\) compared to previous estimate, likely due to RPEEE adjustments and lower-grade Los Reyes material. Evidence · table > 1.88 Context: 102,188 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 102188000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.88 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 6163 against 7431 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 6163 from 7431 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-83) Torex \(All\) · silver #### Identity - Project: Torex \(All\) - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:ebef54c096e90b1d2ce9 - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 102188000 - Grade: 27.4 - Grade Unit: g/t - Contained Metal: 89870 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### Metal Equivalent - Metal Eq. Grade: 2.83 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Measured & Indicated silver resources for Torex Gold show a substantial increase, primarily driven by the Los Reyes acquisition. - Positive factor: Significant increase in contained silver due to Los Reyes acquisition. - Positive factor: QP signed off on the estimate. Evidence · table > 27.4 Context: 102,188 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 102188000 against 45679000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 27.4 against 5.06 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 89870 against 7431 previously ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-84) Torex \(All\) · copper #### Identity - Project: Torex \(All\) - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:ebef54c096e90b1d2ce9 - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 102188000 - Grade: 0.4 - Grade Unit: % - Contained Metal: 910 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 45679000 - Prior Grade: 5.06 - Prior Contained Metal: 7431 #### Metal Equivalent - Metal Eq. Grade: 2.83 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Measured & Indicated copper resources for Torex Gold show a substantial increase, primarily driven by the Los Reyes acquisition. - Positive factor: Significant increase in contained copper due to Los Reyes acquisition. - Positive factor: QP signed off on the estimate. Evidence · table > 0.40 Context: 102,188 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 102188000 against 45679000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.4 against 5.06 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 910 against 7431 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 910 from 7431 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-85) Torex \(All\) · gold #### Identity - Project: Torex \(All\) - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:c391e1a88c5e63e762cb - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 39267000 - Grade: 1.8 - Grade Unit: g/t - Contained Metal: 2269 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### Metal Equivalent - Metal Eq. Grade: 2.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred gold resources for Torex Gold show a substantial increase in contained metal, indicating successful exploration and new acquisitions, despite a notable drop in overall grade. - Positive factor: Significant increase in contained gold equivalent \(64%\) compared to previous estimate, driven by new discoveries and acquisitions. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). - Negative factor: Significant decrease in average grade \(31%\) compared to previous estimate. Evidence · table > 1.80 Context: 39,267 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 39267000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.8 against 4.22 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 2269 from 2243 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-86) Torex \(All\) · silver #### Identity - Project: Torex \(All\) - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:c391e1a88c5e63e762cb - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 39267000 - Grade: 29.8 - Grade Unit: g/t - Contained Metal: 37654 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### Metal Equivalent - Metal Eq. Grade: 2.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred silver resources for Torex Gold show a substantial increase in contained metal, indicating successful exploration and new acquisitions. - Positive factor: Significant increase in contained silver due to new discoveries and acquisitions. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). Evidence · table > 29.8 Context: 39,267 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 39267000 against 16526000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 29.8 against 4.22 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 37654 against 2243 previously ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/torex-gold-reports-year-end-2025-reserves-resources--69ff61b8-25c0-4d00-9969-9314b5682816#fact-resource-facts-87) Torex \(All\) · copper #### Identity - Project: Torex \(All\) - Commodity: copper - Region: mexico - Reported Region: Mexico - Ticker: TXG #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101, jorc - QP Signed: Yes - Qualified person names: Rochelle Collins - Resource group id: resource:c391e1a88c5e63e762cb - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 39267000 - Grade: 0.48 - Grade Unit: % - Contained Metal: 412 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2025-12-31 - Prior Tonnes: 16526000 - Prior Grade: 4.22 - Prior Contained Metal: 2243 #### Metal Equivalent - Metal Eq. Grade: 2.91 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-24T00:00:00.000Z Reasoning: Total Inferred copper resources for Torex Gold show a substantial increase in contained metal, indicating successful exploration and new acquisitions. - Positive factor: Significant increase in contained copper due to new discoveries and acquisitions. - Positive factor: QP signed off on the estimate. - Negative factor: Lower confidence category \(Inferred\). Evidence · table > 0.48 Context: 39,267 #### 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 39267000 against 16526000 previously **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.48 against 4.22 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 412 against 2243 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 412 from 2243 ## 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.