On Track to Deliver on Full Year Guidance with 112,440 Ounces Produced in Q1

Torex Gold Resources Inc. (TSX: TXG) reports Q1 2022 gold production of 112,440 ounces and gold sold of 108,010 ounces. The differential between production and sales during the quarter reflects the timing of the last gold pour at the end of March and subsequent sale in early April.

TABLE 1: Q1 2022 OPERATIONAL HIGHLIGHTS

The Company plans to release its first quarter financial and operational results after market close on Wednesday, May 11, 2022, followed the next morning by a conference call. 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 a solid start to the year with Q1 gold production of 112,440 ounces, slightly ahead of budget given higher than anticipated processed grades. The operational performance was equally matched by excellent safety performance, with the Company exiting March with no lost time injuries and achieving more than 8 million hours worked without a lost time injury.

“Recoveries during the quarter were modestly impacted by lower recovery ore in the Guajes open pit, similar to levels encountered during the previous quarter. Recoveries are forecast to improve through the remainder of the year as the proportion of higher recovery ore is expected to increase as mining transitions to different areas of the Guajes open pit.

“With a solid start to the year, and the expectation that production will further increase in the back half of 2022, we are well on track to deliver full year production guidance of 430,000 to 470,000 ounces of gold.”

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 Mining Complex, Media Luna Project, 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 to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property.