Ms. Jody Kuzenko reports

TOREX GOLD REPORTS RESULTS FROM 2023 EXPLORATION DRILLING PROGRAM AT MEDIA LUNA WEST

Torex Gold Resources Inc. has provided results from the 2023 exploration drilling program at Media Luna West. The drilling results support the company's strategy to further prove up the potential of the Media Luna Cluster and unlock additional near-mine opportunities in order to enhance the future production profile of the Morelos complex and extend the reserve life beyond 2033.

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

"We are highly encouraged by the results of our 2023 exploration drilling program at Media Luna West, which continue to enhance our confidence in the mineralized potential of the ever-expanding Media Luna cluster. While exploration at Media Luna West is still at an early stage relative to the nearby Media Luna and EPO deposits, the latest results, when combined with historical results and a new structural model, highlight the potential for Media Luna West to become a future source of feed for the Morelos complex. Follow-up drilling at Media Luna West is planned for 2024 as we advance this zone to the next exploration stage."

Highlights

Media Luna West is an earlier stage exploration target located in close proximity to the Media Luna and EPO deposits as well as existing and planned infrastructure associated with the Media Luna project, including the Guajes Tunnel.

Several holes drilled as part of the 2023 program returned mineralized intercepts including ML23-986A which returned an impressive 29.76 grams per tonne gold equivalent (gpt AuEq) over an interval of 14.10 metres (m) including 27.50 gpt gold (Au), 27.9 gpt silver (Ag) and 1.20 per cent copper (Cu).

This hole was drilled approximately 200 m north of historic drill hole MLW-02 (results published on Dec. 14, 2012) which returned intercepts of 4.11 gpt AuEq over 37.30 m and 10.41 gpt AuEq over 9.05 m, and 50 m west of historic drill hole MLW-04 (results published on Oct. 19, 2012) which returned an intercept of 7.26 gpt AuEq over 20.32 m.

Full results from the 2023 exploration drilling program at Media Luna West are reported in Table 3. Results for historical holes drilled at Media Luna West are reported in Table 4.

2023 exploration drilling program at Media Luna West

A total of seven holes (excluding three mother holes) and 9,722 m were drilled as part of the 2023 exploration drilling program at Media Luna West. The purpose of the program was to provide continuity to historical drilling carried out at Media Luna West based on the structural architecture and orebody knowledge acquired from the comprehensive drilling at the nearby EPO deposit since 2022.

Assay results from all seven drill holes have been received. Two of the drill holes (ML23-965 and ML23-970A) intersected mineralization peripheral to the main feeder of the system where high-grade gold and copper mineralization was encountered (ML23-986A).

The current distribution of the multiple intercepts confirms a north-south extension of more than 600 m with a width similar to the EPO deposit, which suggests Media Luna West could have a similar mineralized potential to that of EPO. The exploration potential of this structural corridor is open to the north and is likely favoured by intersecting with the swarm of east-west dikes that define the best mineralization trap within both the nearby Media Luna and EPO deposits.

The next attached table summarizes the most notable historical holes in Media Luna West which were reported within several press releases published in 2012 and 2013.

Drill hole intercepts are core lengths and not true widths. AuEq grades use the same metal prices ($1,550/ounce Au, $20/oz Ag and $3.50/pound Cu) and metallurgical recoveries (85 per cent Au, 75 per cent Ag and 89 per cent Cu) used in the year-end 2022 mineral resource estimate for the EPO deposit (AuEq (gpt) equals Au (gpt) plus Ag (gpt) multiplied by 0.0114 plus Cu (per cent) multiplied by 1.6212).

Media Luna West geology

The Media Luna West target is part of the Media Luna cluster, hosted within the Mesozoic carbonate-rich Morelos platform, overlayed by Cuautla and Mezcala formation, and which has been intruded by Paleocene stocks, sills and dikes of granodioritic to tonalitic composition.

The north-south-trending Cuajiote thick skin fault controls the architecture of the potential deposit with other subparallel second order faults generating the favourable traps for the different events of fluids at multiple stages of deformation.

Skarn-hosted copper and finally gold-silver mineralization is developed in the ground preparation related to intense extension fracture in the footwall of the faults related to the emplacement of the almost north-south dikes. Also, the mineralization was favored by the contact of Morelos limestone and Media Luna granodiorite during the normal faulting, as well as within altered dikes and sills of the skarn envelope associated with minor deformation stages.

The main portion of this mineralized package is dipping approximately 70 degrees to the west in the hanging block of main dikes and approximately 30 degrees at the footwall associated with the flat fracturing previously developed by the reverse faulting.

The skarn is characterized by a mineral assemblage of pyroxene, garnet and magnetite. Metal deposition and sulphidation 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 sulphides, primarily pyrrhotite. The style of mineralization at Media Luna West 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 sulfide mineralization, it is free and generally dissociated from the previous copper event mainly related to chalcopyrite.

Quality assurance/quality control

At the company's Morelos property (see description herein), all the Media Luna project drill core is logged and sampled at the core facility within the project camp under the supervision of Jennifer Betancourt, 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 one-kilogram sample to greater than 70 per cent passing two millimetres followed by pulverization of 500 grams to greater than 85 per cent passing 75 mum (micrometres). Gold is analyzed at the BV facilities in Hermosillo, Mexico, following internal analytical protocols (FA430) and comprises a 30 g fire assay with an atomic absorption finish. Samples yielding results greater than 10 g/t Au are reassayed 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 multielement geochemical analysis by an aqua regia digestion with detection by ICP-ES/MS using BV internal analytical protocol AQ270. Overlimits for the multielement 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 Jennifer Betancourt, chief exploration geologist for the Media Luna project. The program includes 5 per cent 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

Scientific and technical data contained in this news release has 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 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 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-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.

We seek Safe Harbor.