Torex's Los Reyes PEA: a US$1.5B NPV and 37% IRR — with the usual PEA asterisk

Torex Gold (TSX: TXG) filed the NI 43-101 Technical Report and Preliminary Economic Assessment for the Los Reyes gold-silver project in Sinaloa, Mexico (effective April 25, 2026), reporting an after-tax NPV of US$1.5 billion and an IRR of 37%. Those are robust project economics for a developer of Torex's size and clearly move Los Reyes up the pipeline.

The word doing the heavy lifting is 'Preliminary.' A PEA is the earliest economic study permitted under NI 43-101, and it may include inferred resources — the lowest-confidence category — in the mine plan. That is why headline PEA IRRs so often compress by the time a company reaches a pre-feasibility or feasibility study, where inferred material must be excluded from the economic case.

The number to track next is how much of the Los Reyes plan rests on inferred ounces, and what gold price Torex assumed. A 37% IRR at a conservative price is a very different asset than the same IRR at a spot-chasing price. As disclosed in Torex's July 7, 2026 SEDAR+ filing.