# Torex Gold Releases Results of Los Reyes Preliminary Economic Assessment

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60

Original source: https://money.tmx.com/en/quote/TXG/news/8068976295319136/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment

Publisher: tmx

Original announcement: 2026-07-07T22:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Torex Gold Resources Inc.

- Ticker: TXG

- Exchange: TSX

- Region: Sinaloa, Mexico

- Primary commodity: Gold

- Secondary commodities: Silver

- Document categories: Resource update, Production, Metallurgy

- Extracted: 2026-08-24 04:53:08 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Torex Gold has released the results of a Preliminary Economic Assessment for its Los Reyes project in Sinaloa, Mexico, outlining compelling economics with an estimated after-tax IRR of 37.3% and an after-tax NPV \(5%\) of $1.49 billion. The PEA forecasts average annual production of 134 koz AuEq over a 14.4-year mine life, with initial capital expenditures estimated at $515 million and a quick payback period of 1.9 years. The project is expected to be fully funded internally through cash flow from the Morelos Complex and includes an updated mineral resource estimate.

Reasoning: The Los Reyes PEA demonstrates robust economics with a 37.3% after-tax IRR and $1.49 billion after-tax NPV, supported by a long mine life, strong production, and competitive costs, making it a compelling growth project for Torex Gold.

- Positive factor: High after-tax IRR of 37.3%

- Positive factor: Significant after-tax NPV \(5%\) of $1.49 billion

- Positive factor: Quick payback period of 1.9 years

- Positive factor: Robust all-in sustaining cost margin of 56%

- Positive factor: Strong production profile over a 14.4-year mine life

- Positive factor: High gold and silver recoveries

- Positive factor: Potential for internal funding from existing operations

- Positive factor: Updated mineral resource estimate

- Negative factor: PEA is preliminary in nature

- Negative factor: Includes Inferred Mineral Resources which are speculative

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 40

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The PEA and mineral resource estimate are presented in a 'Technical Report titled Los Reyes Project NI 43-101 Technical Report'.

Evidence · text

> The Technical Report titled Los Reyes Project NI 43-101 Technical Report and Preliminary Economic Assessment

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The mineral resource estimate was reviewed and verified by John Sims, a Qualified Person under NI 43-101.

Evidence · text

> Disclosure of a scientific or technical nature in this press release in respect of the Los Reyes mineral resource estimate has been reviewed and verified by John Sims, President of Sims Resources LLC, an independent contractor and qualified person as a CPG member with AIPG, and a Qualified Person under NI 43-101

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The document is a Preliminary Economic Assessment for the Los Reyes project.

Evidence · text

> Torex Gold Releases Results of Los Reyes Preliminary Economic Assessment

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The PEA includes Inferred Mineral Resources, which are considered too speculative geologically to have economic considerations applied.

Evidence · text

> It is important to note that the PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: Gold recovery is estimated at 94.8% and silver recovery at 81.1% using whole-ore leaching and Merrill Crowe, which are strong to exceptional for these metals and process.

Evidence · table

> 94.8%

Context: Gold recovery \(average\)

**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 0.17 gpt gold only cutoff was applied to ex-pit processed material for the open pit mill resource.

Evidence · text

> A 0.17 gpt gold only cutoff was applied to ex-pit processed material

## Extracted facts

Stored fact records: 40. Some facts used in scoring do not have a stored record.

## Resource Estimates (40)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-0)

Los Reyes · gold

#### Identity

- Project: Los Reyes
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 26448000
- Grade: 1.47
- Grade Unit: gpt
- Contained Metal: 1251000
- Contained Unit: oz
- Cutoff Grade: 0.17

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: The Indicated gold equivalent resource for the Open Pit Mill component highlights the combined value of gold and silver.

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant contained gold equivalent

Evidence · table

> 1.47

Context: 26,448

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-1)

Los Reyes · silver

#### Identity

- Project: Los Reyes
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 26448000
- Grade: 30.8
- Grade Unit: gpt
- Contained Metal: 26192000
- Contained Unit: oz
- Cutoff Grade: 0.17

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated silver resource for the Open Pit Mill component adds substantial value as a byproduct to the project.

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant contained silver

Evidence · table

> 30.8

Context: 26,448

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-2)

Los Reyes · gold

#### Identity

- Project: Los Reyes
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 8056000
- Grade: 1.31
- Grade Unit: gpt
- Contained Metal: 339000
- Contained Unit: oz
- Cutoff Grade: 0.17

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold equivalent resource for the Open Pit Mill component provides future exploration potential but has lower confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 1.31

Context: 8,056

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-3)

Los Reyes · silver

#### Identity

- Project: Los Reyes
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 8056000
- Grade: 34.4
- Grade Unit: gpt
- Contained Metal: 8917000
- Contained Unit: oz
- Cutoff Grade: 0.17

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred silver resource for the Open Pit Mill component provides future exploration potential but has lower confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 34.4

Context: 8,056

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-4)

Los Reyes · gold

#### Identity

- Project: Los Reyes
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 5361000
- Grade: 3.91
- Grade Unit: gpt
- Contained Metal: 674000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: The Indicated gold equivalent resource for the Underground Mill component highlights the strong combined value of gold and silver.

- Positive factor: Indicated category provides good confidence

- Positive factor: High gold equivalent grade for underground mining

Evidence · table

> 3.91

Context: 5,361

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-5)

Los Reyes · silver

#### Identity

- Project: Los Reyes
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 5361000
- Grade: 129
- Grade Unit: gpt
- Contained Metal: 22231000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated silver resource for the Underground Mill component shows very high grades, significantly contributing to project value.

- Positive factor: Indicated category provides good confidence

- Positive factor: Very high silver grade for underground mining

Evidence · table

> 129.0

Context: 5,361

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-6)

Los Reyes · gold

#### Identity

- Project: Los Reyes
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 5430000
- Grade: 2.65
- Grade Unit: gpt
- Contained Metal: 463000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold equivalent resource for the Underground Mill component provides future exploration potential but has lower confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 2.65

Context: 5,430

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-7)

Los Reyes · silver

#### Identity

- Project: Los Reyes
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 5430000
- Grade: 72.7
- Grade Unit: gpt
- Contained Metal: 12685000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred silver resource for the Underground Mill component provides future exploration potential but has lower confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 72.7

Context: 5,430

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-8)

Los Reyes · gold

#### Identity

- Project: Los Reyes
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 19441000
- Grade: 0.3
- Grade Unit: gpt
- Contained Metal: 187000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: The Indicated gold equivalent resource for the Open Pit Heap Leach component provides a low-cost processing option for lower-grade material.

- Positive factor: Indicated category provides good confidence

- Positive factor: Suitable for heap leach processing

Evidence · table

> 0.30

Context: 19,441

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-9)

Los Reyes · silver

#### Identity

- Project: Los Reyes
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 19441000
- Grade: 11.9
- Grade Unit: gpt
- Contained Metal: 7437000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated silver resource for the Open Pit Heap Leach component adds byproduct value to the lower-grade material.

- Positive factor: Indicated category provides good confidence

- Positive factor: Adds byproduct value to heap leach

Evidence · table

> 11.9

Context: 19,441

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-10)

Los Reyes · gold

#### Identity

- Project: Los Reyes
- Commodity: gold
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 7413000
- Grade: 0.3
- Grade Unit: gpt
- Contained Metal: 71000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold equivalent resource for the Open Pit Heap Leach component provides future exploration potential but has lower confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 0.30

Context: 7,413

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-11)

Los Reyes · silver

#### Identity

- Project: Los Reyes
- Commodity: silver
- Region: mexico
- Reported Region: Sinaloa, Mexico
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 7413000
- Grade: 12.6
- Grade Unit: gpt
- Contained Metal: 3013000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred silver resource for the Open Pit Heap Leach component provides future exploration potential but has lower confidence.

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 12.6

Context: 7,413

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-12)

Los Reyes · gold

#### Identity

- Project: Los Reyes
- Commodity: gold
- Ticker: TXG

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: The 94.8% gold recovery is exceptional for whole-ore leaching and Merrill Crowe, significantly enhancing project profitability.

- Positive factor: Exceptional gold recovery for the process route

- Positive factor: Contributes to strong project economics

Evidence · table

> 94.8%

Context: Gold recovery \(average\)

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-13)

Los Reyes · silver

#### Identity

- Project: Los Reyes
- Commodity: silver
- Ticker: TXG

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: The 81.1% silver recovery is strong for whole-ore leaching and Merrill Crowe, adding significant value to the project.

- Positive factor: Strong silver recovery for the process route

- Positive factor: Contributes to strong project economics

Evidence · table

> 81.1%

Context: Silver recovery \(average\)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-14)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 26448000
- Grade: 1.13
- Grade Unit: g/t
- Contained Metal: 961
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 1.13

Context: 26,448

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-15)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 26448000
- Grade: 30.8
- Grade Unit: g/t
- Contained Metal: 26192
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 30.8

Context: 26,448

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-16)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 26448000
- Grade: 1.13
- Grade Unit: g/t
- Contained Metal: 961
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 1.13

Context: 26,448

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-17)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 26448000
- Grade: 30.8
- Grade Unit: g/t
- Contained Metal: 26192
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 30.8

Context: 26,448

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-18)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 8056000
- Grade: 0.93
- Grade Unit: g/t
- Contained Metal: 240
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 0.93

Context: 8,056

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-19)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 8056000
- Grade: 34.4
- Grade Unit: g/t
- Contained Metal: 8917
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 34.4

Context: 8,056

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-20)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 5361000
- Grade: 2.48
- Grade Unit: g/t
- Contained Metal: 428
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 2.48

Context: 5,361

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-21)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 5361000
- Grade: 129
- Grade Unit: g/t
- Contained Metal: 22231
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 129.0

Context: 5,361

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-22)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 5361000
- Grade: 2.48
- Grade Unit: g/t
- Contained Metal: 428
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 2.48

Context: 5,361

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-23)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 5361000
- Grade: 129
- Grade Unit: g/t
- Contained Metal: 22231
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 129.0

Context: 5,361

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-24)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 5430000
- Grade: 1.84
- Grade Unit: g/t
- Contained Metal: 322
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 1.84

Context: 5,430

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-25)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 5430000
- Grade: 72.7
- Grade Unit: g/t
- Contained Metal: 12685
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 72.7

Context: 5,430

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-26)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 31809000
- Grade: 1.36
- Grade Unit: g/t
- Contained Metal: 1388
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 1.36

Context: 31,809

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-27)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 31809000
- Grade: 47.3
- Grade Unit: g/t
- Contained Metal: 48423
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 47.3

Context: 31,809

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-28)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 13487000
- Grade: 1.3
- Grade Unit: g/t
- Contained Metal: 562
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 1.30

Context: 13,487

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-29)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 13487000
- Grade: 49.8
- Grade Unit: g/t
- Contained Metal: 21602
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 49.8

Context: 13,487

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-30)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 19441000
- Grade: 0.25
- Grade Unit: g/t
- Contained Metal: 154
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 0.25

Context: 19,441

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-31)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: indicated
- Tonnes: 19441000
- Grade: 11.9
- Grade Unit: g/t
- Contained Metal: 7437
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 11.9

Context: 19,441

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-32)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 19441000
- Grade: 0.25
- Grade Unit: g/t
- Contained Metal: 154
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 0.25

Context: 19,441

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-33)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 19441000
- Grade: 11.9
- Grade Unit: g/t
- Contained Metal: 7437
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 11.9

Context: 19,441

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-34)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 7413000
- Grade: 0.24
- Grade Unit: g/t
- Contained Metal: 57
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 0.24

Context: 7,413

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-35)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 7413000
- Grade: 12.6
- Grade Unit: g/t
- Contained Metal: 3013
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 12.6

Context: 7,413

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-36)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 51250000
- Grade: 0.94
- Grade Unit: g/t
- Contained Metal: 1542
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 0.94

Context: 51,250

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-37)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: measured
- Tonnes: 51250000
- Grade: 33.9
- Grade Unit: g/t
- Contained Metal: 55860
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Indicated gold resource for the Open Pit Mill component contributes significantly to the project's overall economic viability. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated category provides good confidence

- Positive factor: Significant tonnage and contained gold

Evidence · table

> 33.9

Context: 51,250

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-38)

gold

#### Identity

- Commodity: gold
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 20899000
- Grade: 0.92
- Grade Unit: g/t
- Contained Metal: 620
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 0.92

Context: 20,899

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/torex-gold-releases-results-of-los-reyes-preliminary-economic-assessment--edc34412-def7-4312-971f-f58b40434d60#fact-resource-facts-39)

silver

#### Identity

- Commodity: silver
- Ticker: TXG

#### Resource Data

- Category: inferred
- Tonnes: 20899000
- Grade: 36.6
- Grade Unit: g/t
- Contained Metal: 24615
- Contained Unit: koz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-07-07T00:00:00.000Z

Reasoning: This Inferred gold resource for the Open Pit Mill component provides future exploration potential but has lower confidence. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Adds to overall resource base

- Negative factor: Inferred category has lower confidence

Evidence · table

> 36.6

Context: 20,899

## 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.