Torex's Los Reyes PEA Prints a US$1.5B NPV

Torex Gold Resources (TSX: TXG) just put a number on its Sinaloa growth story, and it starts with a B.

Los Reyes is Torex's gold-silver project in Sinaloa, Mexico, sitting inside the country's gold-silver corridor. The freshly minted NI 43-101 Technical Report and PEA, effective April 25, 2026, frames the prize: an after-tax NPV of US$1.5 billion and a 37% IRR.

Here's why it lands. The PEA models average annual production of 134 koz AuEq — 93 koz gold plus 2,992 koz silver — over a 14.4-year mine life. Crucially, Torex sees the project financed entirely from internal cash flow, meaning this brownfield catalyst wouldn't need dilutive equity or new debt to get built. That optionality also makes Los Reyes a credible standalone project or an M&A target in a corridor where majors are hunting ounces.

The bear case: a PEA is preliminary economics, not a construction decision, and every headline NPV rides on metal-price and cost assumptions that can move against you.

Big NPV, self-funded plan, right neighborhood.

This is market commentary, not investment advice — small-cap resource stocks are highly speculative and you can lose your entire investment.