Torex Gold Resources Inc Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Cosmos Chiu - CIBC World Markets - Analyst : Hi, thanks, Jody, Andrew and Dan. Maybe my first question is on Media Luna. As you mentioned, you are expecting to declare commercial production, shortly after the tie in is complete. What's your definition of commercial production and when can we start expect when can we Start to expect depreciation on the Media Luna topics to be to be taken. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 20, 2025 / 2:00PM, TXG.TO - Q4 2024 Torex Gold Resources Inc Earnings Call

Question: Cosmos Chiu - CIBC World Markets - Analyst : May 1, okay thank you. Potentially maybe another question or maybe Jody, but it's on taxes, as you mentioned, there is a draw out for Mexican taxes that will be paid in March. As you mentioned, the group's a bit higher this year compared to previous years, given the higher profitability. I'm just wondering, like, we spent a bit of money on the CapEx for Media Luna. I would have thought that there would be some kind of tax benefit or tax offset coming from that CapEx or is that coming through somewhere else?

Question: Cosmos Chiu - CIBC World Markets - Analyst : Right and maybe one last question, during this tie-in period, 28 days, what kind of news flow can we expect from the company to maybe, help us with gaining confidence that the tie-in is going well?

Question: Cosmos Chiu - CIBC World Markets - Analyst : Of course, thank you, certainly looking forward to it. Those are my questions. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 20, 2025 / 2:00PM, TXG.TO - Q4 2024 Torex Gold Resources Inc Earnings Call

Question: Don DeMarco - National Bank Financial - Analyst : Thank you, operator, and good morning, Jody and team. Jody, thanks for your comments on safety at the beginning of the call. Certainly, something for all of us to take to heart. And congratulations on the financial being Q4. But first question for Andrew. So, Andrew, 2025 non-sustaining CapEx is guided at USD90 million to USD100 million. How much of this should we model in Q1 and Q2? How should we think about the distribution of this over here?

Question: Don DeMarco - National Bank Financial - Analyst : Great thanks. Okay, so that's helpful. And then next question to Dan. Dan, so you mentioned slide 21 showing the pyramid at targets. Does the company have a target level of resources to find this year or potentially over the next three to five years?

Question: Don DeMarco - National Bank Financial - Analyst : Okay, thank you. Yeah, certainly a lot of names in that pyramid, so we'll look for this. That this, continued news flow and exploration, in addition to the wrap up of media Luna over this year and the years to come. Okay, that's all for me thank you and good luck with Q1.

Question: Eric Winmill - Scotiabank - Analyst : Great, good morning, Jody and team. Thanks for taking my question. Just, on the cyanide consumption, there was some interesting commentary and your disclosures about cyanide consumption levels and wondering how we should think about that going forward with Media Luna and maybe more specifically in terms of the cost impact there. Any color would be appreciated.

Question: Eric Winmill - Scotiabank - Analyst : Okay, great, really appreciate it. Thank you, and maybe a bit of a tough question to answer, but obviously you know tariffs are in the news front and center these days. Any potential impacts you think in terms of imports into Mexico and some of your reagents, things like that?

Question: Eric Winmill - Scotiabank - Analyst : Okay, fantastic. Again, I know it's tough to see what's going to happen in the future but appreciate the added guidance that helps. Maybe just last one from me and not to get too granular, but on the exploration, I was interested in the comments here about this sort of first pass drilling at some of these targets. I think you said El Durango and Todos Santos and maybe Atzcala just wondering what the status is on some of those targets and are you looking at, sort of mold and demo and the drill rigs? And obviously you need to wait for assets to come back before you scale up those programs or what's the kind of status of some of these, earlier maybe Greenfield or regional targets?

Question: Eric Winmill - Scotiabank - Analyst : Okay fantastic that helps we'll look forward to the updates there and yeah, I really appreciate you taking my questions back in the [future cheers].

Question: Jeremy Hoy - Canaccord Genuity - Analyst : Good morning, Jody, Andrew and Yeah, thanks for taking my question. On the theme of exploration, some great targets there, your mind and regionally, can you just remind us what's required for permitting to bring that into the mind plan? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 20, 2025 / 2:00PM, TXG.TO - Q4 2024 Torex Gold Resources Inc Earnings Call

Question: Jeremy Hoy - Canaccord Genuity - Analyst : Okay, and so assuming success, nothing major required to actually get in there and buy them?

Question: Jeremy Hoy - Canaccord Genuity - Analyst : Yeah, great. Last question for me is if I, if we could just get an update on your thinking around capital returns, I believe that what you've got the NCIB in place and have been discussing internally a potentially low but sustainable dividend is that still the case and when might we hear more about that?

Question: Jeremy Hoy - Canaccord Genuity - Analyst : That's great call thank you. I'll step back in the queue.