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Development - Torex Gold Resources Inc.

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Financial Outcomes<br />

All $ Are<br />

U.S. Millions<br />

Net Cumulative<br />

Cash Flow<br />

After Tax NPV<br />

@ 5% DCF<br />

US$ 1276 / oz.<br />

Base Case<br />

US$ 1500 / oz. US$ 1750 / oz. US$ 2000 / oz.<br />

$1,558 $2,121 $2,747 $3,374<br />

$900 $1,262 $1,679 $2,096<br />

After Tax IRR (%) 24.2% 28.9% 34.6% 39.8%<br />

Capex Payback<br />

(Years)<br />

3.6 3.2 2.8 2.5<br />

2017 EBITDA $276 $336 $417 $497<br />

12

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