Ms. Jody Kuzenko reports

TOREX GOLD REPORTS YEAR-END 2023 RESERVES & RESOURCES

Torex Gold Resources Inc. has released year-end 2023 mineral reserves and resources for the Morelos complex, which includes the producing El Limon Guajes (ELG) mine complex (consisting of the ELG open pits and ELG underground), advanced-development-phase Media Luna deposit, predevelopment-phase EPO deposit and surface stockpiles.

(All amounts are expressed in U.S. dollars unless otherwise stated.)

Gold equivalent (AuEq) mineral reserves and mineral resources take into account respective metal prices and metallurgical recoveries for gold (Au), silver (Ag) and copper (Cu) by deposit. Metal prices used to estimate mineral reserves and mineral resources have increased by $100 per ounce (oz) for Au, $2 per oz for Ag and 25 cents per pound (lb) for Cu relative to year-end 2022, reflecting continued strength in underlying metal prices. These prices are in line with the midpoint of metal prices used by precious metal peers.

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

"A key strategic focus for Torex is to grow reserves and resources and our 2023 drilling program was very successful in this regard. The results delivered in 2023 continue to bolster confidence that we will achieve our goal to maintain annual AuEq production of more than 450,000 ounces (oz) beyond 2027 and extend the overall life of our Morelos assets well beyond 2033.

"At ELG underground, proven and probable reserves increased to 654,000 oz AuEq, which now sees us with a reserve life out to late 2028. Measured and indicated resources expanded by 432,000 oz AuEq (570,000 oz AuEq prior to mined depletion), while inferred resources increased by 119,000 oz AuEq. Resource growth was a direct result of successful drilling, as well as the assumption of a lower cut-off grade, reflecting higher metal price assumptions and lower costs due to steady increases in underground mining rates.

"At EPO, infill drilling was successful in upgrading inferred resources, while stepout drilling expanded the overall mineralized footprint. Indicated resources increased by 481,000 oz AuEq to 1,153,000 oz at year-end, surpassing even our aggressive target of one million AuEq ounces. The updated resource will form the basis of an internal prefeasibility study to be completed in the second half of 2024.

"Our strategy to grow reserves and resources has been supported with meaningful investment, with an average of $31-million invested annually for each of the last three years, reflecting the strategic pivot towards drilling made in 2020. Since releasing the March, 2022, technical report, we have increased our measured and indicated resource (1) base by 1,979,000 oz AuEq (prior to mined depletion) over the last two years and strengthened the production profile by increasing our proven and probable reserves by 719,000 oz AuEq (prior to processed depletion) over the same period. The ongoing success demonstrates the significant mineral endowment at Morelos and the potential to generate significant shareholder value from Morelos far into the future."

Detailed breakdowns of mineral reserve and mineral resource estimates can be found in tables included in this news release. The detailed breakdowns include tonnes, grade and contained metal estimates by metal, as well as notes accompanying the applicable mineral reserve and resource estimates.

(1) Measured and indicated resources are reported inclusive of proven and probable reserves. For more information on the changes in measured and indicated mineral resources and proven and probable mineral reserves for the year ended Dec. 31, 2022, see the news release, titled, "Torex Gold Reports Year-End 2022 Reserves & Resources," dated March 28, 2023, filed on SEDAR+ and the company's website.

Proven and probable mineral reserves

Total proven and probable reserves are estimated at 4,771,000 oz AuEq at an average grade of 3.95 grams per tonne (g/t), representing a 4-per-cent decrease relative to year-end 2022 reserves of 4,947,000 oz AuEq at 3.98 g/t. Prior to depletion (processed), reserves increased 350,000 oz AuEq (plus 7 per cent). Of the proven and probable reserves at year-end 2023, 71 per cent of the AuEq estimate is attributable to Au, 24 per cent to Cu and 5 per cent to Ag.

During 2023, 67 per cent of the 526,000 oz AuEq depleted (processed) was replaced, driven by drilling success (gain of 148,000 oz), block model updates (gain of 105,000 oz), lower cut-off grade in ELG underground (gain of 86,000 oz) and other changes (gain of 11,000 oz).

The decline in ELG open pits primarily reflects depletion (389,000 oz AuEq), partially offset by optimizations carried out to the block model during 2023.

At ELG underground, proven and probable reserves increased 146,000 oz AuEq net of depletion of 134,000 oz AuEq (280,000 oz prior to depletion), with 129,000 oz added through drilling, 86,000 oz added via a lower cut-off grade (reflecting higher metal prices and lower unit costs) and 65,000 oz added through block model optimizations.

At Media Luna, proven and probable reserves primarily reflect changes to measured and indicated resources delivered during 2022 as these results were not available to be incorporated into the year-end 2022 update. Modestly higher tonnes at modestly lower Au, Ag and Cu grades reflect the conversion of probable reserves to the proven category (following resources upgraded to the measured category during 2022), refinements to the block model carried out during 2023 and the benefit of additional probable reserves (reflecting resources upgraded to the indicated category during 2022). The impact of these changes on a gold equivalent basis was offset by the higher relative contribution of Cu and Ag on AuEq reserves given higher metal prices used for Cu (plus 8 per cent) and Ag (plus 12 per cent) relative to the higher price used for Au (plus 7 per cent).

Metal prices used in the estimation of mineral reserves have increased relative to year-end 2022. Higher metallurgical recoveries for ELG underground reflect the increased proportion of reserves to be processed through the upgraded processing plant starting in late 2024 relative to the proportion anticipated at year-end 2022, including improved Cu and Ag recoveries due to the installation of copper and iron sulphide flotation circuits as part of the Media Luna project.

The impact of updated AuEq formulas on AuEq values (incorporating higher metal prices and updated metallurgical recoveries) on proven and probable reserves is negligible when comparing year-end Au, Ag and Cu reserves assuming the AuEq formulas used at year-end 2022.

Measured and indicated mineral resources

Measured and indicated mineral resources are estimated at 7,828,000 oz AuEq at an average grade of 5.0 g/t, representing a 5-per-cent increase relative to the 7,468,000 oz AuEq at 4.86 g/t at year-end 2022. Prior to depletion, resources increased 901,000 oz AuEq (plus 12 per cent). Of the measured and indicated resource at year-end 2023, 67 per cent of the AuEq estimate is attributable to Au, 27 per cent to Cu and 6 per cent to Ag.

Over all, 542,000 oz AuEq depleted (mined) during 2023 was more than offset by drilling success (gain of 782,000 oz) and a lower cut-off grade in ELG underground (gain of 208,000 oz), partially offset by block model updates (decline of 56,000 oz) and other changes (decline of 33,000 oz).

At ELG underground, measured and indicated resources increased 432,000 oz AuEq net of depletion of 138,000 oz (increase of 570,000 oz prior to depletion), with 301,000 oz added through drilling, 208,000 oz added via a lower cut-off grade (reflecting higher metal prices and lower unit costs) and 62,000 oz added through block model optimizations.

Measured and indicated resources specific to Media Luna declined 51,000 oz AuEq, reflecting refined geological interpretation related to dikes encountered during underground development.

Infill drilling at EPO was successful in further expanding the mineral endowment with infill drilling increasing indicated resources to 1,153,000 oz AuEq at a grade of 5.14 g/t compared with 671,000 oz AuEq at 5.16 g/t at year-end 2022. The updated resource, which surpassed the company's target of one million AuEq ounces, will form the basis of an internal prefeasibility study to be completed in the second half of 2024.

The increase in Au, Ag and Cu prices used to estimate mineral resources mirrors the increase in metal prices used to estimate mineral reserves year over year. Metallurgical recoveries used to estimate mineral resources broadly reflect the assumptions used to estimate mineral reserves. Refined metallurgical recoveries for EPO reflect the results of metallurgical studies completed as part of the continuing internal prefeasibility study.

The impact of updated AuEq formulas on AuEq values (incorporating higher metal prices and updated metallurgical recoveries) on measured and indicated resources is minimal when comparing year-end Au, Ag and Cu resources assuming the AuEq formulas used at year-end 2022.

Inferred mineral resources

Total inferred resources are estimated at 2,156,000 oz AuEq at an average grade of 4.45 g/t, representing a 2-per-cent increase relative to the 2,112,000 oz AuEq at 4.15 g/t at year-end 2022. Of the inferred mineral resource at year-end 2023, 60 per cent of the AuEq estimate is attributable to Au, 33 per cent to Cu and 7 per cent Ag.

At ELG underground, drilling was successful in expanding inferred resources by 119,000 oz AuEq after taking into account the significant proportion of inferred resources upgraded to the measured and indicated categories during the year.

At EPO, stepout drilling helped offset a majority of inferred resources upgraded to the indicated category through infill drilling in 2023.

The impact of updated AuEq formulas on AuEq values (incorporating higher metal prices and updated metallurgical recoveries) on inferred resources is minimal and estimated at 12,000 oz AuEq when comparing year-end Au, Ag and Cu resources assuming the AuEq formulas used at year-end 2022. The impact was most noticeable at EPO given higher metallurgical recoveries for Ag and Cu relative to Au.

Quality assurance/quality control

Torex maintains an industry-standard analytical quality assurance/quality control (QA/QC) and data verification program to monitor laboratory performance and to ensure high-quality assay results. Results from this program confirm reliability of the assay results. All sampling is conducted by Torex Gold, with analytical work for exploration programs at El Limon Guajes performed by SGS de Mexico S.A. de C.V. in Durango and by SGS in Nuevo Balsas, Mexico (each lab is independent of the company). Gold analyses comprise fire assays with atomic absorption or gravimetric finish. External check assays for QA/QC purposes are performed by ALS Chemex de Mexico S.A. de C.V. (independent of the company). The analytical QA/QC program at El Limon Guajes is currently overseen by Carlo Nasi, chief mine geologist for Minera Media Luna S.A. de C.V.

Torex has a sampling and analytical QA/QC program in place that has been approved by Bureau Veritas (BV) and is overseen by Fernando Viera, geologist, modelling and resource estimation, for Minera Media Luna S.A. de C.V. 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 cluster (Media Luna and EPO).

Qualified persons

Carolina Milla, PEng, is the qualified person under National Instrument 43-101, and she has reviewed and approved the scientific and technical information pertaining to mineral resources in this news release. 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 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.

The scientific and technical data contained in this news release pertaining to mineral reserves have been reviewed and approved by Johannes (Gertjan) Bekkers, PEng, the vice-president, mines technical services, for Torex Gold, who is a qualified person as defined by NI 43-101. Mr. Bekkers is a registered member of the Professional Engineers of Ontario, has worked the majority of his career in open-pit and underground hard rock mining in Canada and overseas in progressively senior engineering roles with relevant experience in mine design and planning, mining economic viability assessments, and mining studies.

Additional information on the Morelos complex, including, but not limited to, sampling and analyses, analytical labs, and methods used for data verification is available in the company's most recent annual information form (AIF) dated March 30, 2023, and the 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, 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 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 (environmental, social and governance) excellence.

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