Ms. Jody Kuzenko reports

TOREX GOLD REPORTS IMPRESSIVE RESULTS FROM THE 2023 ELG UNDERGROUND DRILLING PROGRAM

Torex Gold Resources Inc. has provided an update on the company's continuing drilling program at ELG underground. The ELG underground exploration strategy is focused on expanding resources, as well as extending and optimizing the life of ELG underground well beyond 2026.

Jody Kuzenko, president and chief executive officer of Torex, stated: "We are excited about the latest assays from the drilling program at ELG underground as the high-grade intercepts continue to validate the long-term potential of this evolving orebody. Importantly, as our understanding of the structural controls matures, so does our confidence in our ability to continue to replace reserves and resources and to significantly grow the overall mineral endowment of the ELG cluster. Our approach is to systematically drill and demonstrate the expansion of known ore shoots and target new mineralization through future exploration, all with a view to extending and enhancing the mine plan and further unlocking the significant cash generation capability of the Morelos asset."

Highlights

Infill drilling within ELG underground continues to deliver outstanding results, which support upgrading inferred resources to the indicated category. Additionally, advanced exploration drilling following up on high-grade intercepts previously identified yielded impressive results that highlight the potential to expand resources. The results reported confirm the associated structural corridors of the ELG underground, including north-northwest trends referred to as Sub-Sill, El Limon Sur and El Limon West, as well as a northeast trend referred to as El Limon Deep.

El Limon Sur trend:

• Drill hole LS-293 returned 20.74 grams per tonne gold equivalent over 4.6 metres, being the first subsequent hole of a program at El Limon Sur Deep zone following the previously reported high-grade intercept from drill hole LS-220 (88.92 g/t AuEq over 14.5 m). LS-293 confirms the continuity and extension of the high-grade gold mineralization at El Limon Sur Deep for another 100 m at depth.
• Advanced exploration drilling where El Limon Sur trend intersects La Flaca fault returned multiple economic intercepts, including 11.75 g/t AuEq over 22.9 m in LDUG-239, 11.55 g/t AuEq over 14.9 m in LDUG-290, 10.03 g/t AuEq over 14.4 m in LDUG-296, 11.71 g/t AuEq over 8.9 m in LDUG-277, 11.36 g/t AuEq over 8.7 m in LDUG-308 and 8.13 g/t AuEq over 12.4 m in LDUG-280. Given the results to date, this area represents a potential new mining front within ELG underground.
• Resource delineation drilling below the northern wall of El Limon Sur open pit was successful in confirming and extending high-grade mineralization outside of the current resource block model. Several holes returned notable intercepts, including 44.93 g/t AuEq over 8.2 m in LS-152, 28.50 g/t AuEq over 4.5 m in LS-149, 14.45 g/t AuEq over 14.0 m in LS-234, 11.38 g/t AuEq over 12.4 m in LS-272 and 11.37 g/t AuEq over 10.5 m in LS-276.

El Limon Deep trend:

• Infill and stepout drilling continues to extend mineralization at depth, with notable high-grade intercepts including 33.91 g/t AuEq over 9.1 m in LDUG-256 and 35.81 g/t AuEq over 4.8 m in LDUG-268. High-grade mineralization appears to be related to the intersection of La Flaca fault with the Sub-Sill trend, highlighting the possibility to encounter higher-grade mineralization where La Flaca fault intersects the other north-northwest-trending structural corridors.

Sub-Sill trend:

• Infill drilling returned high-grade intercepts within the extension of the Sub-Sill zone including 19.45 g/t AuEq over 12.1 m and 21.32 g/t AuEq over 4.0 m in SST-312, and 23.32 g/t AuEq over 4.7 m in SST-313. Additionally, two holes drilled 250 m north of La Flaca fault encountered mineralization, opening the exploration potential for additional mineralization to the north.

El Limon West trend:

• Three drill intercepts encountered mineralization along El Limon West trend, indicating the potential for another new mining front within ELG underground. Notable results included LS-287 with 17.74 g/t AuEq over 5.4 m and 10.04 g/t AuEq over 13.4 m, as well as LS-229 with 6.90 g/t AuEq over 3.4 m. These drill holes have extended the continuity of mineralization 100 m to the south, as well as 100 m below the deepest hole drilled to date within this zone.

2023 ELG underground drilling program

As of the end of September, approximately 54,600 m across 235 holes had been drilled as part of the 2023 ELG brownfield and near-mine exploration and drilling programs, representing 96 per cent of the planned metres for the year. Year to date, assay results have been received for 55 per cent of the total holes drilled.

With the additional drilling and evolving interpretation of the geology of ELG underground, it is believed that there will be greater structural control of the mineralization as the deposits get deeper. To date, at least three main north-northwest structural corridors have been recognized and are assumed to be the main feeders of the system. The intersection of these north-northwest structures with the previously identified northeast-trending faults (La Flaca and Z71) appears to be responsible for the high-grade ore shoots identified to date.

During fourth quarter, the priority will be to systematically drill El Limon Sur trend, where the greatest contribution of new ounces is expected. A geometric delineation program will be carried out, aimed at defining the full extent of the mineralization, which will be subject to resource categorization at the end of 2024.

Assay results reported in this press release include drill holes completed under the 2023 underground drilling program for which assays were received following the cut-off date for the July 11, 2023, press release (except drill hole LS-220, which was previously reported).

El Limon Sur trend

El Limon Sur trend is a north-northwest-trending structural corridor which hosts El Limon Sur Deep and Sub-Sill South zones, as well as a developing new zone located where the trend intersects La Flaca fault. Drilling along El Limon Sur trend during 2023 has been focused on three key areas, with the aim of extending the mineralized footprint to the northwest, to the southeast and at depth, directions in which mineralization remains open.

The first area of focus was follow-up drilling around the high-grade mineralization encountered at El Limon Sur Deep, which was outlined in the July 11, 2023, press release. The most notable intercept from the latest round of drilling was LS-293, which extended higher-grade mineralization 100 m below LS-220, a previously reported drill hole that returned 88.92 g/t AuEq over 14.5 m. This area is a key focus given the potential to extend higher-grade gold and copper mineralization at depth and to the southeast.

The second area of focus along El Limon Sur trend was a cluster of high-grade intercepts at the intersection of the trend and La Flaca fault. Drilling within this area returned multiple drill intercepts in excess of 10 g/t AuEq and widths in excess of 10 m, which are encouraging for future resource expansion. Several holes also returned impressive levels of copper mineralization, indicating the potential to sweeten future copper production once upgrades to the processing plant are completed as part of the Media Luna project in late 2024.

This particular section of El Limon Sur trend presents evidence of potentially being a main feeder of the mineralized system. Previous drilling intersected high-grade mineralization at the 400-metre level, indicating the potential for continuous mineralization 250 m below where the majority of drilling in this rapidly developing zone has been focused.

The third area of focus was infill drilling with the aim of upgrading and expanding resources within Sub-Sill South, specifically below El Limon Sur open pit. Drill results within this area were better than anticipated with several holes returning intercepts in excess of 10 g/t AuEq and widths in excess of 10 m. This mineralization could be reached through a subsequent expansion of El Limon Sur open pit or potentially through an expansion of Sub-Sill South.

A key drilling focus for the rest of 2023 is to test the continuity of mineralization across El Limon Sur trend down to the 600-metre level, which is approximately 300 m below the current level of mineralization at the Sub-Sill South zone. If the continuity of the mineralization is confirmed, the geological concept of the north-northwest-trending structural corridors will be validated, and further drilling will be carried out to replicate the results along the Sub-Sill trend and El Limon West trend, as well as at depth along El Limon Sur trend.

El Limon Deep trend

El Limon Deep trend is a northeast-trending structural corridor, closely related to La Flaca fault. Infill and stepout drilling along the northeast corridor near the intersection with the Sub-Sill trend returned several impressive intercepts, which indicate the potential to expand resources at depth while upgrading inferred resources to the indicated category. Notable holes include LDUG-256 and LDUG-268, which returned intercepts with AuEq grades in excess of an ounce per tonne.

The intersection of the north-northwest structural corridors with La Flaca fault will be a key area of focus for its 2024 brownfield exploration program.

Sub-Sill trend

The Sub-Sill trend is a north-northwest-trending structural corridor. Exploration drilling along the Sub-Sill trend has been limited by mining operations in the area. However, the resource categorization drilling that has been conducted continues to confirm the continuity of mineralization at depth and to the north of the current mining areas.

Additionally, drilling at the northern end of the Sub-Sill trend (LDUG-234 and LDUG-241), 250 m from La Flaca fault, encountered mineralization above the resource cut-off grade, which suggests the potential for a new zone of mineralization. This zone is close to existing mine infrastructure and could be developed quickly if the zone can be expanded through future drilling and proved to be economic.

El Limon West trend

El Limon West trend is a north-northwest-trending structural corridor that hosts a potential new underground mining front below El Limon Sur open pit. Drilling in this area has been extremely successful in expanding the mineralized potential of this evolving area of ELG underground. Drill hole LS-229 was successful in extending the known mineralized footprint more than 100 m at depth while drill hole LS-287 returned two high-grade intercepts which have extended the mineralized footprint 100 m to the south, directions in which mineralization remains open.

Development of a new mining front at El Limon West could be reached through future underground infrastructure at El Limon Sur Deep, potentially through the bottom of El Limon Sur open pit or through the Guajes tunnel, which passes approximately 300 m to the south.

Geology of the ELG mine complex

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 and afterward uplifted close to surface by maar-diatreme complexes.

Skarn-hosted gold mineralization develops along contacts of the intrusive rocks and carbonate-rich sedimentary rocks of the Cuautla and Morelos formations, as well as along the footwall contact of the Mezcala formation. At depth, the mineralization has a strong structural control related to the main stages of deformation, with the collision of allochthonous terrain being responsible for the major north-south faults, while the almost east-west faulting is associated with the beginning of the subduction process.

Gold mineralization at ELG occurs in special 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 north-south- and north-east-trending faults. Early-stage deposition corresponds to skarn alteration and mineralization at ELG, and is 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 spatially associated with the skarn, preferentially occurring in pyroxene-rich exoskarn but also hosted in garnet-rich endoskarn that has been affected by retrograde alteration, which suggests that the most important gold event is late stage and of epithermal origin.

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, and in some cases, these are the ore controls of the main gold mineralization stage at depth.

The style of mineralization at El Limon Deep, El Limon Sur, Sub-Sill and El Limon West trends is characterized by gold with locally high silver and copper grades. Given that gold precipitates due to the buffer exerted by the early stage of calc-silicate alteration and sulphide mineralization, it is free and generally dissociated from the previous copper event mainly related to chalcopyrite.

Quality assurance/quality control and qualified person

Torex maintains an industry-standard analytical quality assurance and quality control 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 ELG underground, sampling and analyses, analytical labs, and methods used for data verification is available in the company's technical report entitled "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 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 El Limon 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 to optimize and extend production from the ELG mine complex, derisk and advance Media Luna to commercial production, build on environmental, social and governance excellence, and to expand through continuing exploration across the entire Morelos property.

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