Ms. Jody Kuzenko reports

TOREX GOLD REPORTS STRONG CLOSE TO 2023

Torex Gold Resources Inc. had gold production of 137,993 ounces during the fourth quarter, and full-year gold production of 453,778 ounces, near the midpoint of the guided range of 440,000 to 470,000 ounces. Gold sold during the quarter was 138,794 ounces resulting in full-year gold sales of 444,750 ounces. The difference between gold sold versus produced was due to the timing of pours at year-end.

Operational results are preliminary in nature and subject to final reconciliation. Financial and operational results for the fourth quarter and year-end 2023 will be released after market close on Wednesday, Feb. 21, 2024. A conference call hosted by senior management will be held the following day at 9 a.m. ET.

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

"We closed out 2023 on a high note with gold production of 137,993 ounces during the fourth quarter, the second-highest production quarter on record. With this strong finish, the team delivered on full-year production guidance for the fifth straight year. The operational performance was matched by an equally impressive safety performance, with no lost-time injuries at ELG or the Media Luna project for the second quarter in a row.

"A number of operational records were broken this year. The operational momentum in ELG underground continued with an average mining rate of 2,300 tonnes per day (tpd) during the quarter, and an average rate of 2,070 tpd for the year, surpassing the previous annual record set in 2022. In the ELG open pits, average ore production of 19,404 tpd set a new record for daily ore tonnes mined in a quarter and, as anticipated, gold grades improved in the quarter with the period of heavy waste stripping concluded. Throughput rates in the processing plant remained above 13,000 tpd for the fourth consecutive quarter as plant uptime averaged 92.7 per cent during Q4. The consistent performance in the processing plant culminated in a new annual throughput record of 13,178 tpd.

"We look forward to carrying this operational and safety momentum into 2024, which will be a pivotal year for Torex as we continue to generate cash at ELG, bring Media Luna into production, complete an internal economic study on EPO and further drive value through the drill bit at Morelos."

Fourth quarter and year-end 2023 conference call and webcast details

Torex plans to release its fourth quarter and year-end financial and operational results after market close on Wednesday, Feb. 21, 2024. A conference call and webcast hosted by senior management will be held on Feb. 22, 2024, at 9 a.m. ET.

Telephone access

Please join the conference call approximately 10 minutes prior to the scheduled start time. Dial-in details for the conference call are as follows:

Toronto local or international:   1-416-915-3239

Toll-free (North America):  1-800-319-4610

Webcast access

A webcast will be available on the company's website. The webcast will be archived on 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 optimize and extend production from the ELG mine 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.

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