Annual Production Tracking Towards Upper End of Guided Range

Torex Gold Resources Inc. (TSX: TXG) reports gold production of 111,220 ounces for the quarter ended September 30, 2021 from its El Limón Guajes mining complex in Mexico. Gold sold during the quarter was 118,980 ounces at an average realized gold price of $1,785 per ounce. With 358,780 ounces of gold produced through to the end of the third quarter, production is well on track to be toward the upper end of the 2021 guided range of 430,000 to 470,000 ounces.

TABLE 1: Q3 2021 OPERATIONAL HIGHLIGHTS

Torex plans to release its third quarter 2021 financial and operational results on Wednesday, November 3, 2021, followed 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:

“Our overall performance in 2021 has been solid, and this quarter was no different. With 358,780 ounces produced through to the end of September, we are well on track to achieve the upper end of the guided range of 430,000 to 470,000 ounces in 2021. Importantly, these ounces continue to be delivered safely, with no lost time injuries during the quarter.

“As expected, third quarter production of 111,220 ounces was lower than the first two quarters of the year as we are mining in areas of the pit where grades are closer to reserve levels, and we expect a similar level of production in the fourth quarter. This quarter also brought with it some operational challenges, including a shutdown of our rope conveyor to carry out necessary maintenance, and a rock fall incident at the El Limón pit. The combination of these events impacted the amount of waste mined in the quarter as haul trucks were redirected to moving ore and stockpiles to feed the processing plant. With the rope conveyor restarted in mid-August and the rock fall incident investigated and fully addressed, mining rates have now returned to normal levels.

“We continue to demonstrate ourselves as a consistent and reliable operator that safely delivers on what we say we will do despite the challenges we may face. We have a truly excellent team, and we look forward to a strong finish to what has been an excellent year so far for Torex.”

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 (“ELD”), 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.