Assets

Flotation circuit construction Q3 2024
On the north side of the Balsas River, construction of the new copper (“Cu”) and iron sulphide (“FeS”) flotation circuits is advancing well. The two electrical houses (e-houses), required for the flotation area were delivered and installed during the quarter, with electrical cables being run in preparation for switchgear delivery. Assembly of the FeS regrind mill is now complete, as is the installation of the Cu flotation cells and the thickeners. Steel was also erected for the Cu concentrate storage and blending building (8 of 8 bays completed).

Water Treatment Plant Q3 2024
The new water treatment plant (WTP) being constructed as part of the Media Luna Project is a critical piece of infrastructure in the water recycling process at Morelos. The WTP will be used to balance the water circuits by recovering cyanide from the cyanide containing leach solutions to reduce cyanide consumption and also generate cyanide-free water for reuse in the grinding and flotation circuits. Reclaim water from the Guajes pit and paste plant will be returned to the process plant via the Guajes thickener and reclaim water system and be used for dilution with excess treated at the WTP for subsequent use in the process water circuit. During Q3, detox tanks for the first phase of water testing were installed and commissioning activities are expected to start in Q4 2024.

Construction advancing at the 230 kV switchyard Q3 2024
Power is currently supplied to Morelos via a 115 kV transmission line, the additional power draw needed for the Media Luna mine requires upgrading infrastructure to connect to the 230 kV national electrical system. Once infrastructure is in place, Morelos will be able to draw up 75 MW. However, operations at ELG and Media Luna combined will require only 65 MW of power. During Q3, transmission towers were erected and the grounding grid was installed. Block work was also completed on the electrical building while electrical trenches and duct banks were put in place. The transmission line between the switchyard and the 230 kV substation was hung during the quarter with connection to the substation now complete and switchyard expected to be completed in Q4 2024.

Paste plant construction Q3 2024
On the south side of the Balsas River, construction of the paste plant is also progressing well with installation of the thickener, binder silo, and building steel all having noticeably advanced. The paste plant remains on track to be completed in Q1 2025, with commissioning sequenced to occur after the processing plant infrastructure is commissioned.

Ore bin feed chutes at the 690 level Q3 2024
Steady progress was made underground at Media Luna during Q3. The feed chute and chute liner plates were installed at ore pass #8 and tailings feed pipe installation continues to progress in anticipation of the paste plant completion. Vibratory feeders and arch gates below both ore bins 1 and 2 at the 690 level are also substantially complete and commissioning will be completed in coordination with the Guajes conveyor. Commissioning of the conveyor is expected to commence imminently.

Guajes conveyor belt installation Q2 2024
With the majority of conveyor tables now hung, the Guajes conveyor installation has commenced. The conveyor will run the span of the 6.5-kilometre-long Guajes Tunnel, transporting ore and waste to the processing plant on the north side of the Balsas River. The placement of the belt within the tunnel is such that materials and personnel may easily transport underneath the belt given that the tunnel is 6.5 metres tall by 6 metres wide. Commissioning of the conveyor system is expected to take place in late Q3 2024.

Flotation area construction Q2 2024
On the north side of the Balsas River, construction of the flotation area is progressing well. Steel deliveries are ongoing, and preassembly of the copper cleaner flotation cells has commenced. Assembly of the copper rougher flotation cells is nearing completion and the installation of the thickeners and regrind mills is in progress.

Steel erection and assembly at the paste plant Q2 2024
On the south side of the Balsas River, construction of the paste plant is advancing. Steel erection began at the end of May and the plant is expected to be completed in Q1 2025 given paste plant commissioning is sequenced to occur after the process plant infrastructure is commissioned. Progress was made on the binder silo and tailings thickener adjacent to the filter building.

Readying conveyor drive ahead of belt installation Q2 2024
The Guajes conveyor head station is located on the north side of the Balsas River. The conveyor belt is currently being fed onto the conveyor table segments ahead of commissioning in late Q3 2024.

Guajes tailings thickener construction Q2 2024
Tailings from the processing facility will be either sent to the Paste Plant, and then placed as a backfill in the Media Luna Mine, or thickened via a new 30-metre diameter thickener and stored in the Guajes Pit Tailings Storage Facility. The construction of the Guajes tailings thickener and Paste Plant feed system is well underway. Reclaim water from the Guajes Pit and Paste Plant will return to the process plant for use in different process applications.

Guajes conveyor table installation Q1 2024
Following completion of the Guajes Tunnel, significant progress was made on the 6.5 kilometre conveyor with 78% of conveyor tables installed as of the end of Q1. The conveyor belt was also delivered to site in Q1 and is expected to be installed over the coming months with commissioning taking place in August.

Cu and FeS flotation circuit tanks Q1 2024
On the north side of the Balsas River, construction of the flotation facility is progressing well with installation of the copper and iron sulphide flotation cells and piping well underway. Ore from Media Luna and ELG Underground will utilize the existing grinding circuit and then pass through the copper flotation circuit to produce a copper concentrate. Tailings will then be processed through an iron sulphide circuit to remove iron content before doré is produced via the existing leach circuit.

Guajes conveyor head station Q1 2024
The Guajes conveyor system will transport ore and waste through the Guajes Tunnel from the Media Luna mine to the processing plant on the north side of the Balsas River. The conveyor will terminate outside the portal of the Guajes Tunnel at the Guajes conveyor head station. From there, ore and waste will be rehandled to its final destination.

Foundation work for paste plant Q1 2024
On the south side of the Balsas River, all concrete for the paste plant thickener area has been poured with the balance of the plant concrete to be completed during the second quarter to facilitate the start of steel erection in May.

Steel erection for Guajes thickener Q1 2024
On the north side of the Balsas River, installation of the Guajes tailings thickener has commenced. Tailings will be placed as either backfill in the Media Luna mine or thickened via the Guajes thickener and stored in the Guajes Pit Tails Storage Facility.

Paste plant pad Q4 2023
During the quarter, significant headway was made on foundation preparation for the paste plant, with concrete work starting in the paste plant thickener area.

Mazapa bypass road Q4 2023
Construction of the Mazapa – San Miguel bypass road, including the Mazapa bridge, is now complete, allowing for deliveries of larger pieces of equipment on the south side of the Balsas River for the paste plant and underground mine. Nearly 7 kilometres of roadwork has been completed.

Sandvik Rhino delivery Q4 2023
Mobile equipment deliveries began during the quarter, including the delivery of a Sandvik Rhino raise borer and the first Sandvik electric jumbo. The diesel-electric Rhino, pictured above, will support vertical raise development including ventilation raises, ore and waste passes, and finger raises.

Concrete works at the flotation plant Q4 2023
On the north side of the Balsas River, concrete foundation work for the flotation plant continued to make steady progress during the quarter. This area will house flotation cells, regrind mills, thickeners, and reagents necessary for the flotation operation. Steel installation for the flotation circuits is expected to commence shortly with the assistance of the central crane pictured above.

Backup generator station Q4 2023
Construction of the backup generator station, located outside of the entrance to South Portal Upper, is nearing completion. There are eight 1-megawatt generators that will temporarily power the Media Luna mine during construction and operation until connection is made to the permanent substation near ELG. Once the connection to permanent power is made, these generators will become back-up power to the Media Luna mine.

Footings for flotation area and tower crane Q3 2023
On the north side of the Balsas River, extension of the main water management culvert below the area of the new flotation plant was completed during Q3, allowing for the final placement of the remaining civil backfill that extends the flotation area pad. Relocation of power distribution infrastructure along with installation of new buried power conduits around the flotation plant was also completed, which will allow for the removal of overhead power lines in Q4 2023. This work enabled the start of the concrete foundations for the flotation plant and tower crane to begin, as pictured above.

Mazapa bypass road Q3 2023
Work continued during Q3 on both the Mazapa – San Miguel bypass road and the Mazapa bridge with the first concrete headwall completed. The bypass road is expected to be completed in Q4 2023 in order to commence deliveries of larger equipment related to both the paste plant and underground construction.

Safety briefing at MML camp Q3 2023
Safety will always come first and always at Torex. With over 1,200 contractors working on the Media Luna Project and all of the associated activity in addition to ongoing operations at ELG, keeping a sharp focus on safety has never been more critical. Pictured above is a safety briefing at the MML camp that has recently been expanded as part of the Media Luna Project.

First LHD from Sandvik in service Q3 2023
First equipment deliveries of a diesel haul truck and a diesel scoop (pictured above) were made at the end of September. Delivery of the first electric jumbo is scheduled for December with the remainder of the battery electric/diesel fleet expected to be delivered steadily over the next two years.

Foundation and electrical work for the back-up generator station Q3 2023
Located outside of the entrance to South Portal Upper, concrete foundation installation for the backup generator area began during Q3 and will be completed in Q4 2023, allowing for work to start on the paste plant foundations.

Civil works for MML camp expansion Q2 2023
More camp facilities are required to accommodate the extra personnel on site during construction. There are now over 1,200 employees and contractors on site working on the Media Luna Project.

Sedimentation pond construction Q2 2023
During the quarter, slope remediation of the South Portal access road was completed which allowed construction to advance on both the south sedimentation and decant pond dams, both located outside of South Portal Lower.

West adit vent breakthrough Q2 2023
A critical piece of the development schedule, the west adit vent provides fresh air supply to the underground construction crews at Media Luna. Eventually, ventilation to the underground mine will be provided by fresh air intake through the three portal tunnels and return air ventilation via the east and west exhaust adits.

New security building Q2 2023
The security building at ELG was relocated to make way for a modified access road to the site.

Copper flotation cells arrive at site Q2 2023
Ore from Media Luna and ELG Underground will utilize the existing grinding circuit and a new copper flotation circuit to produce a copper concentrate containing gold and silver. Tailings from the copper flotation circuit will be subsequently processed through a new iron sulphide flotation circuit, which will remove the iron prior to treating the precious metal bearing solution in the existing leach circuit to produce a gold/silver doré. The upgraded processing circuit can bypass the flotation circuits to accommodate batch processing of ELG Open Pit and stockpile ore, which tends to have lower levels of copper.

Guajes Tunnel Q1 2023
As of the end of April 2023, the Guajes Tunnel had passed the 4 kilometre mark with breakthrough anticipated in early Q1 2024, if not sooner.

Sandvik battery-electric ‘Rhino’ Q1 2023
Torex has finalized its purchase order for the primary underground production fleet to Sandvik, an order worth approximately $63 million, with deliveries scheduled to begin in Q3 2023. The order includes 35 vehicles in total, including 15 battery electric vehicles which, according to Sandvik, is Sandvik’s first foray into Latin America and third-largest battery electric vehicle fleet order to date.

Mazapa by-pass road Q1 2023
The gravel portion of this route, by-passing the Mazapa village to San Miguel, is being widened and upgraded for the Media Luna Project construction and operations period.

Paste plant pad preparation Q1 2023
During the quarter, final blasts related to the paste plant excavation were completed, paving the way for concrete pads to be poured for the paste plant and back-up generators.

Annual Town Hall Q1 2023
Jody Kuzenko, President and CEO of Torex, as well as the entire Executive Team, attended town hall meetings at the Morelos Complex. Pictured above is the inaugural Media Luna Town Hall that occurred on February 1st. The multiple town hall meetings ensure that employees hear from the CEO and Executive Team on business strategy and progress.

South Portal Lower Q4 2022
Steady progress was made on ventilation in South Portal Lower and the Guajes Tunnel during the quarter. With the access tunnel complete, development of the main spiral ramp has commenced.

Mazapa by-pass road Q4 2022
Upgrades to the main access road into the town of San Miguel have commenced, including a by-pass road which will divert construction related traffic away from village of Mazapa.

Guajes Tunnel Portal Q4 2022
The 6.5 kilometre Guajes Tunnel will connect the Media Luna Project on the south side of the Balsas River with the existing processing plant on the north side of the river. Advance rates are tracking well to expectations with breakthrough of the tunnel on track for Q1 2024. As at the end of December, the Guajes Tunnel had advanced more than 3.2 kilometres.

Paste plant pad preparation Q4 2022
The paste plant will be located on the south side of Balsas River. Blended tailings (leached Fe-S concentrate and leached Fe-S tailings) will be supplied to the paste plant via a pipeline routed through the Guajes Tunnel and the underground mine workings.

Raise bore Q4 2022
The Guajes Tunnel vent raise will support ventilation during construction and operational periods.