Full Year Output at the Upper End of Guidance

Torex Gold Resources Inc. (TSX: TXG) reports record annual gold production of 468,200 ounces at El Limón Guajes for the full year 2021, including 109,410 ounces in the last quarter of the year. Gold sold during 2021 was 468,820 ounces at an average realized gold price¹ of $1,790 per ounce, including 109,390 ounces during the fourth quarter at an average realized price of $1,795 per ounce.

TABLE 1: FOURTH QUARTER AND FULL YEAR 2021 OPERATIONAL HIGHLIGHTS

Torex plans to release its fourth quarter and year-end 2021 financial and operational results after market close on Wednesday February 23, 2022, followed the next morning by a conference call hosted by senior management. Gold grades mined, gold grades processed, and gold recoveries will be reported with the quarterly results.

Jody Kuzenko, President & CEO of Torex, stated:

“We had an exceptional year in 2021, with annual gold production of 468,200 ounces – a new record for Torex. The full year result lands squarely on plan, at the upper end of the guided range of 430,000 to 470,000 ounces and beats the prior annual record of 454,811 ounces achieved in 2019. During the year, the Company also set a record milling rate of more than 12,360 tpd and a record underground mining rate of 1,260 tpd, both demonstrating the continuous improvement approach applied by our various operating teams.

“True to Torex form, our safety performance was also remarkable in the year as we closed out 2021 recording only one contractor lost time injury, with almost 6 million hours worked lost time injury free. That said, Q4 specific results out of the mines were impacted by a short-term suspension of blasting activities owing to a high potential uncontrolled blasting incident at the Media Luna project on the South Side of the Balsas River. While there were no injuries or infrastructure damage, as always, we took the steps to investigate and ensure that all standards were in order prior to resuming production. Additionally, our robust controls around in-process inventory enabled us, once again, to deliver on our Q4 production plan.

“The year ahead will be pivotal for Torex as we deliver an updated Technical Report for the broader Morelos property, which will include an integrated mine plan and associated economics of the combined ELG and Media Luna operations. Development activities at Media Luna are expected to significantly ramp-up this year as we advance the Guajes Tunnel and South Portal Lower and Upper, place orders for long-lead items, and begin integrating operations on the north side of the Balsas River with development on the south side. In addition, with exploration and drilling now forming a fundamental part of our go forward strategy, we will look to demonstrate the resource potential we know exists at Morelos.

“With a new annual production record set despite the ongoing challenges associated with COVID-19, our team continues to demonstrate the consistent and reliable results that people have come to expect of Torex, and I am confident that 2022 will bring more of the same.”

2022 OPERATIONAL GUIDANCE TO BE RELEASED NEXT WEEK

The Company expects to release operational guidance for 2022 next week. Guidance will include production, costs, as well as non-sustaining and sustaining capital expenditure expectations for ELG only. Capital expenditure guidance specific to the development of Media Luna will be released with the updated Technical Report, which is expected to be released by the end of Q1.

ABOUT TOREX GOLD RESOURCES INC.

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep, and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018. The property remains 75% unexplored.