Ms. Jody Kuzenko reports

TOREX GOLD REPORTS AN EXCELLENT CLOSE TO 2023

Torex Gold Resources Inc. has released its financial and operational results for the three months and year ended Dec. 31, 2023. Torex will host a conference call tomorrow morning at 9 a.m. ET to discuss the results.

Jody Kuzenko, president and chief executive officer of Torex, stated: "2023 was another strong year for Torex as we continued to demonstrate our ability to deliver operational excellence at ELG while making significant progress on building our future at the Media Luna Project. We closed 2023 on a high note with Q4 marking the second strongest quarter of production on record driven by new throughput and mining records achieved at our processing plant and at ELG Underground.

"We produced 453,778 ounces ("oz") of gold in 2023, near the midpoint of the full-year guided range, marking the fifth consecutive year we have delivered on original production guidance. At the same time, we continued to distinguish ourselves as one of the safest operators in the industry, with no lost-time injuries in the full year at ELG and none in the second half of the year at Media Luna. In Q4, we achieved 10 million hours worked without a lost-time injury at ELG for the third time since 2020.

"The exceptional work of our operations team was equally matched by our Media Luna Project team, where significant progress was made on both the north and south sides of the Balsas River. The project was 60% complete at year end and is well on track for first production in late 2024 and commercial production in early 2025. As at the end of the year, 84% of expenditures were committed and 56% incurred.

"The strong operational performance combined with the robust gold price resulted in annual adjusted EBITDA1 of $442 million and annual cash flow from operations of $301 million. Torex exited the year with $173 million in cash and $465 million in available liquidity1. We have now reached the point where our current liquidity position exceeds the forecast $384 million of remaining upfront expenditures on Media Luna, with the funding outlook further enhanced by robust and consistent cash flow anticipated from ELG through 2024. The successful completion of Media Luna is expected to result in a return to positive free cash flow in mid-2025 as production ramps up and capital expenditures normalize.

"There is no doubt that 2024 will be a pivotal year for Torex as we bring Media Luna into production by year end, while spending $30 million on drilling and exploration to continue to demonstrate the exceptional resource endowment of our Morelos asset. We remain fully focused on driving long-term value for our shareholders as we continue to demonstrate our ability to deliver with excellence and set the foundation for our ambitious growth agenda."

FULL YEAR 2023 HIGHLIGHTS

Strong safety performance continues: The Company exited the year with a lost-time injury frequency of 0.31 per million hours worked on a rolling 12-month basis. On October 18, the Company reached 10 million hours worked without a lost-time injury ("LTI") at its El Limon Guajes ("ELG") Mine Complex for the third time since 2020.

Annual gold production: Delivered annual gold production of 453,778 oz for the year, near the midpoint of the guided range of 440,000 to 470,000 oz, marking the fifth consecutive year that original production guidance has been achieved. During the year, the Company also achieved record annual mill throughput of 13,178 tonnes per day ("tpd") and a record annual mining rate from ELG Underground of 2,070 tpd, surpassing the previous annual record set in 2022.

Annual gold sold: Annual gold sold of 444,750 oz at an annual average realized gold price1 of $1,952 per oz, the highest annual realized price achieved by the Company, contributing to revenue of $882.6 million.Achieved full year revised cost guidance: Total cash costs1 of $866 per oz sold, at the upper end of the revised guided range of $840 to $870 per oz sold. All-in sustaining costs1 of $1,200 per oz sold, at the upper end of the revised guided range of $1,160 to $1,200 per oz sold. Full year cost guidance was impacted by the appreciation of the Mexican peso and the high strip, low grade phase of the open pit mine plan resulting in the lower average gold grade of ore processed. All-in sustaining costs margin1 of $752 per oz sold, implying an all-in sustaining costs margin1 of 38%. Cost of sales was $600.1 million or $1,349 per oz sold.

Strong profitability and EBITDA1: Reported net income of $204.4 million, or earnings of $2.38 per share on a basic basis and $2.34 per share on a diluted basis. Adjusted net earnings1 of $148.4 million, or $1.73 per share on a basic basis and $1.72 per share on a diluted basis. Net income includes a derivative loss of $25.3 million related to gold forward contracts and foreign exchange collar contracts entered into to reduce downside price risk and capital expenditure risk during the construction of the Media Luna Project. Generated EBITDA1 of $422.6 million and adjusted EBITDA1 of $442.2 million. Cash flow generation: Net cash generated from operating activities totalled $300.8 million and $340.8 million before changes in non-cash operating working capital, including income taxes paid of $116.2 million and negative free cash flow1 of $185.4 million net of cash outlays for capital expenditures, lease payments and interest, including borrowing costs capitalized. Negative free cash flow in 2023 was a direct result of $366.3 million invested in the Media Luna Project.

Strong financial liquidity: The Company extended and increased the available credit facilities with a syndicate of international banks in the third quarter of 2023, providing a total of $300.0 million in credit maturing in 2026. The year closed with net cash1 of $140.8 million, including $172.8 million in cash and $32.0 million of lease-related obligations, $nil borrowings on the credit facilities of $300.0 million and letters of credit outstanding of $7.9 million, providing $464.9 million in available liquidity1.

Media Luna Project: During Q4 2023, $124.0 million was invested in the project, the highest quarterly spend to date. Total spend in 2023 was $366.3 million, in line with revised annual project guidance of $360 to $390 million. Expenditures during the year were primarily focused on continued development of the Guajes Tunnel and South Portals. The successful breakthrough of the Guajes Tunnel was completed on December 21, 2023, three months earlier than scheduled in the March 2022 Technical Report. Breakthrough of the Guajes Tunnel represents a key de-risking milestone in the development of the Media Luna Project as the tunnel unifies the Morelos Complex by connecting the existing operations on the north side of the Balsas River with the growing resource base of the Media Luna Cluster on the south side. The Company also received the amended permit for in-pit tailings deposition in November, which means the project is now fully permitted for both the development and operational phases. As of December 31, 2023, physical progress on the Project was approximately 60%, with detailed engineering, procurement activities, underground development, and surface construction advancing. With 84% of upfront expenditures committed as at December 31, 2023 (including 56% incurred), expenditures to date have tracked reasonably well to the initial budget of $874.5 million, noting the strength of the Mexican peso and general inflationary environment remain headwinds to contend with. Quarterly expenditures are expected to remain consistent through Q3 2024 before declining in Q4 2024 as the project nears completion.

Exploration and Drilling Activities: In November, the Company announced results from the 2023 ELG Underground drilling program2 and the 2023 exploration drilling program at Media Luna West3. The ELG Underground exploration strategy is focused on expanding resources as well as extending and optimizing the life of ELG Underground beyond 2026. Initial drilling results from Media Luna West, in addition to infill and step-out drilling at EPO, 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.

FOURTH QUARTER 2023 HIGHLIGHTS

Safety performance: The Company exited the fourth quarter with no lost-time injuries at ELG or the Media Luna Project for the second quarter in a row.Gold production: Delivered gold production of 137,993 oz for the quarter, the second-highest production quarter on record, driven by strong gold grades to the mill and achieving a mining rate at ELG Underground of 2,300 tpd. 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% during the fourth quarter.

Gold sold: Sold 138,794 oz at an average realized gold price1 of $1,995 per oz, contributing to revenue of $282.4 million. Total cash costs1 and all-in sustaining costs1: Total cash costs of $885 per oz sold and all-in sustaining costs of $1,073 per oz sold. Cost of sales was $191.6 million or $1,380 per oz sold in the quarter.

Net income and adjusted net earnings1: Reported net income of $50.4 million or earnings of $0.59 per share on a basic basis and $0.58 per share on a diluted basis. Adjusted net earnings of $49.1 million or $0.57 per share on a basic basis and $0.57 per share on a diluted basis. Net income includes a net derivative loss of $31.5 million related to gold forward contracts and foreign exchange collar contracts. In the fourth quarter of 2023, the Company executed additional monthly gold forward contracts on future gold production to sell 17,000 oz of gold between July 2024 and September 2024 at $2,113 per oz. In the fourth quarter of 2023, the Company entered into an additional series of zero-cost collars whereby it sold a series of call option contracts and purchased put option contracts for $nil cash premium to hedge against changes in foreign exchange rates of the Mexican peso between October 2023 and December 2024 for a total notional value of $41.4 million.

EBITDA1 and adjusted EBITDA1: Generated EBITDA of $115.4 million and adjusted EBITDA of $142.6 million. Cash flow generation: Net cash generated from operating activities totalled $120.0 million and $133.5 million before changes in non-cash operating working capital, including income taxes paid of $12.0 million and negative free cash flow1 of $24.3 million.

These measures are Non-GAAP Financial Performance Measures or Non-GAAP ratios (collectively, "Non-GAAP Measures"). For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable IFRS financial measure see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to the Company's management's discussion and analysis ("MD&A") for the year ended December 31, 2023, dated February 21, 2024. The MD&A, and the Company's audited consolidated financial statements for the year ended December 31, 2023, are available on Torex's website and under the Company's SEDAR+ profile.

For more information on ELG Underground drilling results, see the Company's news release titled "Torex Gold Reports Impressive Results From the 2023 ELG Underground Drilling Program" issued on November 16, 2023, and filed on SEDAR+ and on the Company's website.

For more information on Media Luna West drilling results, see the Company's news release titled "Torex Gold Reports Results From 2023 Exploration Drilling Program at Media Luna West" issued on November 30, 2023, and filed on SEDAR+ and on the Company's website.

On a 12-month rolling basis, per million hours worked.

These measures are Non-GAAP Financial Performance Measures or Non-GAAP ratios (collectively, "Non-GAAP Measures"). For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to the Company's management's discussion and analysis ("MD&A") for the year ended December 31, 2023, dated February 21, 2024. The MD&A, and the Company's audited consolidated financial statements for the year ended December 31, 2023, are available on Torex's website and under the Company's SEDAR+ profile.

CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call tomorrow at 9:00 AM (ET) where senior management will discuss the full year and fourth quarter operating and financial results. Please dial in or access the webcast approximately ten minutes prior to the start of the call:

• Toronto local or International: 1-416-915-3239
• Toll-Free (North America): 1-800-319-4610

A live webcast of the conference call 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% 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 integrate and optimize its Morelos Property, deliver Media Luna to full production, grow reserves and resources, retain and attract best industry talent and build on ESG excellence.

We seek Safe Harbor.