Solidly on track to deliver full-year production guidance following strong third quarter results

Torex Gold Resources Inc. (TSX: TXG) reports Q3 2024 gold production of 119,412 ounces and gold sold of 122,130 oz. With year-to-date gold production of 348,728 oz, the Company is on track to achieve annual gold production guidance of 400,000 to 450,000 oz.

TABLE 1: PRELIMINARY THIRD QUARTER 2024 OPERATIONAL RESULTS

Operational results are preliminary in nature and subject to final reconciliation. Financial and operational results for Q3 2024 will be released after market close on Wednesday November 6, 2024.

Jody Kuzenko, President & CEO of Torex, stated:

“We delivered a strong operational result during the third quarter with gold production of 119,412 oz, bringing year-to-date gold production to 348,728 oz. With this solid performance, we are well on track to deliver on full-year production guidance for the sixth consecutive year.

“The increased production relative to the first two quarters of the year reflects the impact of higher processed grades, stable mine production and steady recoveries, partially offset by slightly lower tonnes processed and timing of gold pours at quarter-end. As expected, mining rates at ELG Underground remained above 2,000 tonnes per day while, at the open pit, the lower strip ratio relative to the first half of the year was in line with the mine plan as we move into the final phases of the El Limón open pit.

“Overall, the strong operational performance combined with a record high gold price supports continued margin expansion and robust cash flow generation. The forecast cash flow generation in combination with an already strong funding position provides the financial capacity and flexibility to complete and ramp-up Media Luna in 2025, commence the development of EPO mid next year, increase investment in value-creating exploration and drilling, and place the Company in a solid position to consider returning capital to shareholders.”

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 Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company’s principal asset is the Morelos Complex, which includes the El Limón Guajes Mine Complex, the Media Luna Project, a processing plant, and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key strategic objectives are: integrate and optimize the Morelos Property; deliver Media Luna to full production; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and build on ESG excellence.