Ms. Jody Kuzenko reports

TOREX GOLD REPORTS POSITIVE DRILLING RESULTS FROM ELG UNDERGROUND

Torex Gold Resources Inc. has released assay results from the company's continuing drilling program at the El Limon Guajes underground mine, including zones referred to as El Limon Deep (ELD), Sub-Sill, Sub-Sill South, El Limon Sur Deep and El Limon West (collectively ELG Underground).

Jody Kuzenko, president and chief executive officer of Torex, stated:

"We are excited about the positive results from the ongoing drilling program at ELG Underground. The program is a key facet of our strategy to optimize and extend the mine life at ELG Underground with a view to filling the mill beyond 2027.

"Infill and stepout drilling to the south at El Limon Sur Deep was successful in extending higher-grade mineralization outside of the current resource block model. Several drill holes returned notable intersects over favourable widths including 88.92 grams per tonne gold equivalent over 14.5 metres in drill hole LS-220, 11.20 g/t AuEq over 29.4 m and 19.03 g/t AuEq over 13.3 m in LS-221, 6.86 g/t AuEq over 16.6 m in LS-187, and 7.46 g/t AuEq over 11.6 m in LS-184. These drill results, which include several higher-grade subintervals in addition to other impressive intersects, validate the high-grade potential associated with the area that runs from El Limon Sur Deep to the La Flaca fault (600 m), known as the El Limon Sur trend, with potential to extend deeper.

"Drilling at El Limon Sur Deep also encountered areas of economic copper mineralization which we expect to mine after the flotation circuit, part of the Media Luna project, is commissioned in late 2024. This will enable us to maximize margins from this zone of the deposit and to complement copper production from Media Luna.

"Additionally, stepout drilling looking for the north-south continuity of the feeders on the north side of the Z71 fault completed in late 2022 encountered the deepest recognized mineralization at the 400 m elevation within the El Limon Sur trend, with drill hole SST-299 intersecting 4.17 g/t AuEq over 3.7 m. This hole was drilled within a cluster of holes which included an intersect of 9.56 g/t AuEq over five m in SST-278 and 6.23 g/t AuEq over 8.9 m in SST-282. This set of drill holes demonstrates the continuity of mineralization at depth at ELG Underground and supports previous information from exploratory drill holes that highlight the resource potential at depth.

"Stepout and infill drilling continue to support our ability to expand and upgrade resources within the ELD, Sub-Sill and Sub-Sill South deposits. Drilling at a zone approximately 100 m to the west of El Limon Sur Deep, referred to as El Limon West, continues to highlight the potential for another underground mining front below the El Limon Sur open pit. Further work will be conducted in the near future on El Limon West to explore the potential for a second, parallel corridor of mineralization to the El Limon Sur trend.

"Over all, the positive results from the underground drilling program support ongoing resource expansion and reserve growth within ELG Underground, which in turn supports our strategic focus on filling the mill with higher-grade feed beyond 2027."

ELG Underground -- 2023 drilling program

Through the end of May, approximately 34,300 metres and 177 holes were drilled as part of the 2023 drilling program at ELG Underground. This represents 60 per cent of the planned metres in this area for 2023 (30,000 m under the ELG Underground program and 27,000 m under the near-mine program), for which assays have been received for 54 per cent of the metres drilled. The level of infill drilling is expected to increase through the back half of the year, with a focus on upgrading inferred mineral resources to the indicated category. Stepout drilling from south of the La Flaca fault to El Limon Sur Deep will focus on further expanding mineralization with the goal of increasing inferred mineral resources across the ELG Underground.

The excellent results from the 2022 drilling program and initial results from the 2023 drilling program, including high-grade intersects in several of the underground deposits, have been instrumental in exploring the extent of the mineralization at depth. This is supported by an improved understanding of the structural controls of mineralization, which suggest high-grade feeders controlled by fault systems trending north-northwest/south-southeast and northeast/southwest, in the intrusive and sedimentary sequence, within a regional north-south deep structural trend. The improved interpretation of mineral controls will be incorporated into future drilling programs as the company looks to identify higher-margin feed to fill the mill beyond 2027.

Assay results reported in this press release include drill holes completed under the 2023 underground drilling program as well as drill holes completed in late 2022, for which assays were received after the cut-off date for inclusion in the year-end mineral resource estimate. Drill hole intersects are core lengths and not true widths.

El Limon Sur trend

Drilling completed in late 2022 that focused on the extension of the Sub-Sill and ELD deposits to the south encountered mineralization down to an elevation of 400 m (drill hole SST-299), which is 125 m below the lowest inferred resource at Sub-Sill and 275 m below the lowest elevation of inferred resources at ELD. This hole, as well as drill holes SST-278 and SST-282, confirm the existence of deep mineralization that was previously detected in exploratory holes. The mineralization appears to be related to the higher-grade feeders of the El Limon Sur trend.

• SST-278:
  • 13.16 g/t AuEq over 16.64 m (11.79 g/t Au, 14.3 g/t Ag and 0.74 per cent Cu);
    • Including 21.67 g/t AuEq over 5.39 m (19.73 g/t Au, 21.3 g/t Ag and 1.05 per cent Cu);
  • 9.56 g/t AuEq over 4.95 m (9.13 g/t Au, 6.2 g/t Ag and 0.22 per cent Cu);
• SST-282:
  • 6.23 g/t AuEq over 8.93 m (5.63 g/t Au, 12.2 g/t Ag and 0.28 per cent Cu);
• SST-299:
  • 4.17 g/t AuEq over 3.66 m (4.08 g/t Au, one g/t Ag and 0.05 per cent Cu).

The resource categorization and expansion program at El Limon Sur Deep has yielded outstanding results, particularly in extending mineralization outside of the current resource block model, both laterally and vertically to the north and south. Drilling at El Limon Sur Deep returned several impressive intersects over favourable widths, which confirm the high-grade potential of the main feeders. Drill results from this area include strong copper intersects which are expected to be mined after upgrades to the processing plant (including a copper flotation circuit) are completed in late 2024 as part of the Media Luna project.

• LS-220:
  • 88.92 g/t AuEq over 14.46 m (88.61 g/t Au, 20.6 g/t Ag and 0.04 per cent Cu);
    • Including 75.97 g/t AuEq over two m (75.53 g/t Au, 30 g/t Ag and 0.04 per cent Cu);
    • Including 759.47 g/t AuEq over 1.29 m (757.86 g/t Au, 126.1 g/t Ag and 0.04 per cent Cu);
• LS-221:
  • 11.20 g/t AuEq over 29.38 m (9.86 g/t Au, 42 g/t Ag and 0.52 per cent Cu);
    • Including 26.06 g/t AuEq over 4.55 m (25.31 g/t Au, 29.0 g/t Ag and 0.25 per cent Cu);
    • Including 28.98 g/t AuEq over 3.38 m (25.61 g/t Au, 108.2 g/t Ag and 1.27 per cent Cu);
  • 19.03 g/t AuEq over 13.31 m (11.84 g/t Au, 73.7 g/t Ag and 3.93 per cent Cu);
    • Including 28.29 g/t AuEq over 5.55 m (21.18 g/t Au, 94.5 g/t Ag and 3.72 per cent Cu);
• LS-197:
  • 7.38 g/t AuEq over 17.06 m (5.78 g/t Au, 44 g/t Ag and 0.66 per cent Cu);
    • Including 11.39 g/t AuEq over 3.84 m (8.88 g/t Au, 74.5 g/t Ag and 1 per cent Cu);
  • 10.39 g/t AuEq over 5.86 m (4.13 g/t Au, 125.9 g/t Ag and 2.94 per cent Cu);
• LS-187:
  • 6.86 g/t AuEq over 16.63 m (4.61 g/t Au, 34.4 g/t Ag and 1.14 per cent Cu);
    • Including 9.05 g/t AuEq over 3.89 m (3.60 g/t Au, 65.8 g/t Ag and 2.90 per cent Cu);
• LS-183:
  • 17.85 g/t AuEq over 5.21 m (16.66 g/t Au, 20.6 g/t Ag and 0.58 per cent Cu);
• LS-184:
  • 7.46 g/t AuEq over 11.62 m (six g/t Au, 40.7 g/t Ag and 0.60 per cent Cu);
• LS-203:
  • 9.95 g/t AuEq over 7.50 m (9.56 g/t Au, 10.1 g/t Ag and 0.17 per cent Cu).

Drilling at Sub-Sill South was also successful, with assay results highlighting the potential to upgrade inferred resources to the indicated category and expand inferred resources both laterally and vertically to the north and south.

• SST-320:
  • 9.88 g/t AuEq over 9.62 m (9.41 g/t Au, 11.3 g/t Ag and 0.21 per cent Cu);
• SST-321:
  • 5.77 g/t AuEq over three m (4.59 g/t Au, 23.3 g/t Ag and 0.56 per cent Cu);
• SST-286:
  • 5.07 g/t AuEq over 7.76 m (4.16 g/t Au, 8.2 g/t Ag and 0.51 per cent Cu).

ELD

At ELD, stepout drilling along the southwest extension of the deposit and infill drilling returned several impressive intersects that indicate the potential to expand resources at depth while upgrading inferred resources to the indicated category.

• LDUG-233:
  • 11.29 g/t AuEq over 34.89 m (9.48 g/t Au, 23.6 g/t Ag and 0.95 per cent Cu);
    • Including 21.13 g/t AuEq over 15.10 m (18.03 g/t Au, 45.5 g/t Ag and 1.59 per cent Cu);
• LDUG-229:
  • 9.70 g/t AuEq over 18.17 m (9.20 g/t Au, 6.3 g/t Ag and 0.26 per cent Cu);
  • 8.68 g/t AuEq over 16.87 m (7.63 g/t Au, 25.5 g/t Ag and 0.46 per cent Cu);
  • 10.65 g/t AuEq over four m (9.47 g/t Au, 10.9 g/t Ag and 0.65 per cent Cu);
  • 8.82 g/t AuEq over 5.18 m (8.71 g/t Au, 2.8 g/t Ag and 0.05 per cent Cu);
• LDUG-218:
  • 6.06 g/t AuEq over 4.75 m (5.80 g/t Au, 3.3 g/t Ag and 0.14 per cent Cu);
  • 7.24 g/t AuEq over 7.03 m (7.09 g/t Au, 2.9 g/t Ag and 0.07 per cent Cu).

Sub-Sill

Stepout drilling to the north and south of the deeper extension of the Sub-Sill deposit and infill drilling around the existing resource continue to support the potential to expand and upgrade resources at depth.

• SST-306:
  • 18.95 g/t AuEq over 4.08 m (18.83 g/t Au, 3.7 g/t Ag and 0.05 per cent Cu);
• SST-303:
  • 5.17 g/t AuEq over 7.61 m (4.39 g/t Au, 7.8 g/t Ag and 0.43 per cent Cu);
• SST-301:
  • 5.12 g/t AuEq over 6.11 m (5.04 g/t Au, 1.5 g/t Ag and 0.04 per cent Cu).

El Limon West

Follow-up drilling at El Limon West, a zone of mineralization below the El Limon Sur pit and approximately 100 m west of the El Limon Sur Deep deposit, continues to highlight the potential for another new mining front within ELG Underground. Mineralization at El Limon West is controlled and hosted by a phreatomagmatic breccia pipe, which differs from the mineralization commonly associated with the El Limon Sur trend. This indicates the potential of a second structural corridor and other styles of mineralization across the broader Morelos property and will be explored further in the near future.

• LS-207:
  • 6.16 g/t AuEq over 16.01 m (4.92 g/t Au, 30.4 g/t Ag and 0.54 per cent Cu);
• LS-218:
  • 8.83 g/t AuEq over 5.21 m (8.10 g/t Au, 25.1 g/t Ag and 0.26 per cent Cu);
• LS-169:
  • 7.52 g/t AuEq over 4.41 m (6.25 g/t Au, 30.3 g/t Ag and 0.56 per cent Cu).

El Limon Guajes mine complex geology

The ELG mine complex, located in the central part of the Guerrero gold belt in southwest Mexico, is hosted in the Mesozoic carbonate-rich Morelos platform, which has been intruded by Paleocene granodiorite stocks, sills and dikes. Skarn-hosted gold mineralization is developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks of the Cuautla and Morelos formations as well as along the footwall contact of the Mezcala formation.

Gold mineralization at ELG occurs in association with a skarn body that was developed along a two-kilometre-long corridor following the northeast contact of the ELG granodiorite stock. The skarn zone that occurs at the marble stratigraphic level of the Morelos formation is in contact with hornfels developed in the Mezcala formation. At El Limon, skarn mineralization is also structurally controlled by northeast-southwest- and west-northwest-east-southeast-trending faults and fracture zones. Skarn alteration and mineralization at ELG are fairly typical of calcic gold-skarn systems. Zones of coarse, massive, garnet-dominant skarn appear within and along the stock margin, with fine-grained pyroxene-dominant skarn more common at greater distances from the contact with the stock. Significant gold mineralization at ELG is associated with the skarn, preferentially occurring in pyroxene-rich exoskarn but also hosted in garnet-rich endoskarn that has been affected by retrograde alteration.

Pre- and postmineralization dikes and sills are found to crosscut the hornfels and marble, along the structural trends mentioned above, and are spatially associated with the skarn formation.

The style of mineralization at El Limon Sur Deep is like Sub-Sill and ELD, and is characterized by gold, with locally high silver and copper grades. Gold occurs in variably sulphidized, pyrrhotite-rich skarn, while silver and copper mineralization is controlled primarily by the degree of sulphidation of the host skarn. Mineralization is mainly associated with retrograde alteration characterized by the occurrence of phlogopite, amphibole, chlorite, calcite, and lesser amounts of quartz and epidote, and local magnetite.

Quality assurance/quality control and qualified person

Torex maintains an industry-standard analytical quality assurance and quality control (QA/QC) and data verification program to monitor laboratory performance and ensure high-quality assays. Results from this program confirm reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by SGS de Mexico SA de CV in Durango, and by SGS at Minera Media Luna site facilities in Mexico. Gold analyses comprise fire assays with atomic absorption or gravimetric finish. External check assays for QA/QC purposes are performed at ALS Chemex de Mexico SA de CV.

The analytical QA/QC program is currently overseen by Carlo Nasi, chief mine geologist for Minera Media Luna SA de CV.

Scientific and technical data contained in this news release have been reviewed and approved by Carolina Milla, PEng. Ms. Milla is a member of the Association of Professional Engineers and Geoscientists of Alberta (member ID No. 168350), has experience relevant to the style of mineralization under consideration, is a qualified person under National Instrument 43-101, and is an employee of Torex. Ms. Milla has verified the data disclosed, including sampling, analytical and test data underlying the drill results; verification included visually reviewing the drill holes in three dimensions, comparing the assay results with the original assay certificates, reviewing the drilling database and reviewing core photography consistent with standard practice. Ms. Milla consents to the inclusion in this release of said data in the form and context in which they appear.

Additional information on the El Limon Sur deposit, sampling and analyses, analytical labs, and methods used for data verification is available in the company's technical report entitled the "Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, Guerrero State, Mexico," dated effective March 16, 2022, filed on March 31, 2022, and in the annual information form (AIF) dated March 30, 2023, each filed on SEDAR and the company's website.

About Torex Gold Resources Inc.

Torex is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100-per-cent-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 Limon Guajes (ELG) 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 to extend and optimize production from the ELG mining complex, derisk and advance Media Luna to commercial production, build on ESG (environmental, social, governance) excellence, and to grow through continuing exploration across the entire Morelos property.

We seek Safe Harbor.