Ms. Jody Kuzenko reports

TOREX GOLD REPORTS RESULTS FROM 2023 DRILLING AT EPO

Torex Gold Resources Inc. has released initial results from the 2023 drilling program at EPO, a deposit located to the north of the Media Luna deposit, in close proximity to the Guajes Tunnel, south of the Balsas River. Results from the 2023 program continue to highlight the potential to upgrade inferred resources to the indicated category, and expand inferred resources through step-out drilling to the north and south of the deposit.

Jody Kuzenko, president and chief executive officer, stated:

"The geology of the Morelos property continues to impress and support our strategy to enhance the production and cash flow profile beyond 2027, and extend the overall life of the Morelos complex. The focus of our renewed investment in exploration and drilling is on expanding the resource potential of the Media Luna cluster and making stand-alone discoveries across the broader Morelos property.

"We are pleased with the results to date from the 2023 drilling program at EPO as the assay results indicate the potential to upgrade additional inferred mineral resources while expanding mineralization. We are also optimistic about the potential to further increase the size of EPO, as the deposit remains highly prospective with mineralization open to the north, south and potentially at depth. Results from the 2023 program will be incorporated into the year-end mineral resource update and will form the basis of an internal study evaluating the feasibility of developing an economic mining front at EPO, which could leverage the infrastructure currently being developed for Media Luna, including the Guajes Tunnel.

"Drill results from the resource categorization program have been positive, with infill drilling along the southern end of the deposit returning intercepts with similar grades and widths as previous drilling. Several drill holes returned favourable assay results, including 9.78 grams per tonne gold equivalent (g/t AuEq) over 21.3 metres (m) in drill hole ML23-957D, 11.08 g/t AuEq over 5.3 m in ML23-941D, 5.08 g/t AuEq over 5.0 m in ML23-954D, 7.11 g/t AuEq over 14.1 m in ML23-938D and 3.96 g/t AuEq over 49.75 m in ML23-933D.

"Initial results from the resource expansion program have also been encouraging, with four step-out holes confirming the mineralized footprint of the deposit approximately 500 m to the north of the current block model. Notable assay results from the resource expansion program include 6.14 g/t AuEq over 15.75 m and 4.04 g/t AuEq over 11.2 m in drill hole ML23-942, 4.69 g/t AuEq over 3.1 m, 4.49 g/t AuEq over 3.4 m and 6.26 g/t AuEq over 3.0 m in ML23-935, 4.80 g/t AuEq over 8.6 m in ML23-956, as well as 7.99 g/t AuEq over 7.1 m and 8.81 g/t AuEq over 6.2 m in ML23-949A. The intercepts show a strong structural control of the mineralization by the dikes, with assays demonstrating a higher proportion of copper mineralization relative to gold.

"Additionally, an evolving structural interpretation for the Morelos property, in conjunction with historical drill results, indicate the potential to extend the mineralized footprint of EPO to the south. Drilling to test the southern extensions of the deposit and validate the structural interpretation is planned for the second half of the year.

"Over all, initial results from the 2023 drilling program at EPO are very encouraging and, combined with the success of the 2022 drilling campaign, continue to demonstrate the potential for EPO to become a new mining front on the south side of the Balsas River, which would support our strategic goal of filling the mill with higher-grade feed beyond 2027."

The gold equivalent grade calculation accounts for the same metal prices ($1,550 per ounce gold (Au), $20/oz silver (Ag) and $3.50 per pound copper (Cu)) as well as metallurgical recoveries (85 per cent Au, 75 per cent Ag and 89 per cent Cu) used in the current mineral resource estimate for the EPO deposit (effective date of Dec. 31, 2022).

Assay results from the resource categorization program at EPO can be found in Table 3 and results from the expansion drilling program at EPO can be found in Table 4.

2023 EPO drilling program

Through the end of July, approximately 24,140 m and 54 holes were drilled as part of the 2023 drilling program at EPO, with assays received for 34 holes. This represents 72 per cent of the approximately 35,000 m of total drilling planned at EPO in 2023.

A recent structural study has identified at least three north-south-oriented thick-skin faults, with the Cuajiote fault believed to be responsible for the El Limon Guajes and Media Luna cluster mineralization. Specifically at EPO, this structural interpretation highlights the exploration potential to the south and to the north, toward the highly prospective Todos Santos target, all of which further demonstrate the continuity of the Media Luna cluster.

Resource categorization program

The resource categorization program in 2023 is aimed at upgrading Inferred resources along the southern portion of the deposit to the Indicated category. The initial results suggest a portion of the inferred resources in the area of focus will be upgraded to indicated resource category (Figures 1 and 2).

Assay results have been received for 30 holes drilled under the resource categorization program (approximately 21,280 m), 24 of which returned intercepts with mineralization in excess of 2.0 g/t AuEq and over three m in length.

The returned intercepts generally exhibit similar thickness and grades to those defined by the 2022 drilling program, which supports the goal of upgrading inferred resources to the indicated category within the southern portion of the deposit while also indicating the potential to expand inferred resources immediately to the west and east of the current block model.

Resource expansion program

Initial results from the resource expansion program at EPO have been successful, with four step-out drill holes confirming the mineralized footprint of EPO approximately 500 m to the north of the current block model. Drilling for the remainder of 2023 will be focused on extending mineralization to the north and south of the deposit.

The control of the Cuajiote fault on EPO suggests that mineralization could extend to the north and to the south, with the latter interpretation being supported by historical drill results within the interpreted extent of the deposit. Step-out drilling planned for the second half of 2023 will be targeted at both validating the structural interpretation and extending the mineralized footprint of the deposit to the south (Figure 3).

EPO GEOLOGY

The EPO deposit is part of the Media Luna Cluster, hosted within the Mesozoic carbonate-rich Morelos Platform, overlayed by Cuautla and Mezcala formation, and has been intruded by Paleocene stocks, sills, and dykes of granodioritic to tonalitic composition.

The north-south Cuajiote thick-skin fault controls the architecture of the deposit with other sub-parallel second order faults generating the favorable trap for the different event of fluids at multiple stages of deformation.

Skarn-hosted copper was deposited in an early-stage mineralization event. Gold-silver mineralization was developed in the ground preparation of intense flat fractures found in the footwall of the faults at the contact of Morelos limestone and Media Luna granodiorite during reverse movement, as well as within altered dykes and sills of the skarn envelope associated with minor deformation stages.

The main portion of this mineralized package dips slightly to the west at approximately 30degree; in the lowest part of the known mineralization, the dip steepens to approximately 60degree, while the northernmost portion of the deposit dips to the north, resulting in a broad antiformal geometry of the deposit.

The skarn is characterized by a mineral assemblage of pyroxene, garnet, and magnetite. Metal deposition and sulfidation occurred during retrograde alteration and is associated with a mineral assemblage comprising amphibole, phlogopite, chlorite, and calcite plus or minus quartz plus or minus epidote as well as variable amounts of magnetite and sulfides, primarily pyrrhotite. Additional mineralization is associated with skarn developed within and along dykes and sills above the main granodiorite intrusion.

Additional information on the Media Luna deposit, the Media Luna Feasibility Study, and the analytical and sampling process 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 (the "Technical Report") on SEDAR and the Company's website.

QUALITY ASSURANCE / QUALITY CONTROL

At the Company's Morelos Property (see description below), all the Media Luna Project drill core is logged and sampled at the core facility within the project camp under the supervision of Nicolas Landon, Chief Exploration Geologist for the Media Luna Project. A geologist marks the individual samples for analysis and sample intervals, sample numbers, standards and blanks are entered into the database. The core is cut in half lengthwise using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a plastic sample bag and sealed with zip ties in preparation for shipment. The other half of the core is returned to the core box and retained for future reference in the Company core shack with the assay pulps and coarse rejects. The core samples are picked up at the project camp and delivered to Bureau Veritas ("BV") to conduct all the analytical work.

Sample preparation is carried out by BV at its facilities in Durango, Mexico and consists of crushing a 1 kg sample to >70% passing 2 mm followed by pulverisation of 500 g to >85% passing 75 mum. Gold is analyzed at the BV facilities in Hermosillo, Mexico following internal analytical protocols (FA430) and comprises a 30g fire assay with an atomic absorption finish. Samples yielding results >10 g/t Au are re-assayed by fire assay with gravimetric finish (FA530-Au). Copper and silver analyses are completed at the BV facilities in Vancouver, Canada as part of a multi-element geochemical analysis by an aqua regia digestion with detection by ICP-ES/MS using BV internal analytical protocol AQ270. Overlimits for the multi-element package are analyzed by internal protocol AQ374.

Torex has a sampling and analytical Quality Assurance/Quality Control ("QA/QC") program in place that has been approved by BV and is overseen by Nicolas Landon, Chief Exploration Geologist for the Media Luna Project. The program includes 5% each of Certified Reference Materials and Blanks; blind duplicates are not included, but Torex evaluates the results of internal BV laboratory duplicates. Torex uses an independent laboratory to check selected assay samples and reference materials and has retained a consultant to audit the QA/QC data for every drill campaign at Media Luna. The QA/QC procedure is described in more detail in the Technical Report filed on SEDAR.

QUALIFIED PERSONS

The scientific and technical data contained in this news release has been reviewed and approved by Carolina Milla, P.Eng. Ms. Milla is a member of the Association of Professional Engineers and Geoscientists of Alberta (Member ID #168350), has experience relevant to the style of mineralization under consideration, is a qualified person under NI 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 to 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.

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 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 optimize and extend production from the ELG Mine 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.

We seek Safe Harbor.