Ms. Jody Kuzenko reports

TOREX GOLD ANNOUNCES INITIAL RETURN OF CAPITAL PROGRAM

Torex Gold Resources Inc. has initiated its return of capital program, which is a key priority within the company's capital allocation framework developed to maximize shareholder returns through all commodity cycles. The return of capital program will consist of a quarterly dividend of 15 Canadian cents per Torex common share and discretionary share repurchases through the company's normal course issuer bid. During the third quarter of 2025, the company repurchased $10.0-million (Canadian) ($7.2-million) of shares under its current NCIB. (All amounts are expressed in U.S. dollars unless otherwise stated.)

Jody Kuzenko, president and chief executive officer of Torex, stated: "With the pivot back to positive free cash flow in June, the ramp-up of Media Luna tracking to plan and modest levels of debt outstanding, the time is right to return capital to our shareholders through a sustainable quarterly dividend and opportunistic share repurchases. This mix of dividends and share repurchases balances the preferences, investment mandates and styles of our diverse shareholder base.

"The return of capital plan announced today represents the first step towards a broader program, one which we expect to evolve through 2026, as our balance sheet continues to strengthen. As we advance our capital allocation priorities, including paying down debt and building a minimum cash balance of $200-million, we expect to provide more definitive thresholds with respect to the specific quantum of capital to be returned to shareholders on an annual basis.

"Given the robust free cash flow generation anticipated, even at more modest metal prices than we see today, we can return capital through dividends and share repurchases without impacting our ability to fund other capital allocation priorities to unlock future value. These plans include extending the mine life and enhancing margins at Morelos, advancing the recently acquired Los Reyes project through the development cycle and into production, and unlocking the geologic potential with robust drilling programs across our entire portfolio of projects throughout Mexico as well as Nevada.

"Over all, we see this initial return of capital program as a prudent next step in the evolution of our business, one which will reward our shareholders, and especially those that have supported Torex since the initial acquisition of Morelos more than 15 years ago."

Inaugural quarterly dividend

The company's board of directors has declared an inaugural quarterly dividend of 15 Canadian cents per share, which is payable on Dec. 4, 2025, to shareholders of record as at the close of business on Nov. 20, 2025. The dividend qualifies as an eligible dividend for Canadian income tax purposes.

Based on the company's closing share price of $54.70 (Canadian) per share on the Toronto Stock Exchange on Nov. 4, 2025, the quarterly dividend declared implies a forward annualized dividend yield of 1.10 per cent. Based on 96.1 million shares outstanding as of Nov. 4, 2025, the total dividend to be paid in December is expected to be approximately $14.4-million (Canadian) ($10.2-million).

Share repurchase program

The current NCIB commenced on Nov. 21, 2024, and will expire on Nov. 20, 2025. The company intends to seek approval from the Toronto Stock Exchange to renew the NCIB for another year on substantially the same terms. Additional details will be provided at the time of the renewal following receipt of the requisite TSX approval.

Future share repurchases will be dependent on the underlying price of the company's shares while considering long-term metal prices, internal cost of capital hurdle rates and underlying market conditions.

Total capital returned

Year to date, the company has returned $10.0-million (Canadian) ($7.2-million) through share repurchases in third quarter 2025. During this period, the company repurchased 239,204 shares at an average price of $41.79 (Canadian) per share. The company has not repurchased any additional shares subsequent to quarter-end.

About Torex Gold Resources Inc.

Torex Gold is a Canadian mining company engaged in the exploration, development and production of gold, copper and silver from its flagship Morelos complex in Guerrero, which is currently Mexico's largest single gold producer. The company also owns the advanced-stage Los Reyes gold-silver project in Sinaloa, Mexico, and recently acquired a portfolio of early-stage exploration properties, including the Batopilas and Guigui projects in Chihuahua, Mexico, and the Gryphon and Medicine Springs projects in Nevada, United States.

The company's key strategic objectives are to: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; increase reserves and resources; pursue disciplined growth and capital allocation; retain and attract best industry talent; and be an industry leader in responsible mining. In addition to realizing the full potential of the Morelos property, the company continues to seek opportunities to acquire assets that enable diversification and deliver value to shareholders.

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