Torex Gold Provides Inaugural
Quarterly Update on Media Luna Project

On February 9, 2023, Torex Gold Resources Inc. (TSX: TXG) provided an inaugural quarterly update on the development of its Media Luna Project.

Jody Kuzenko, President & CEO of Torex, stated: “Development of Media Luna is well underway with the project tracking to schedule and to budget. At year-end, project completion stood at 15%, with first production still anticipated in late 2024. Capital expenditures are tracking well to the original budget, with 26% of the upfront costs committed at year-end including 14% incurred. Project activity is expected to ramp-up significantly in the months ahead, with 2023 expected to be the peak year of spending.

“During the quarter, procurement activities continued to advance with purchase orders executed for the Guajes conveyor radial stacker, cleaner flotation circuits, hydro cyclones and tailings positive displacement pumps, rock breakers, and electrical transformers and switchgear.

Letters of intent were signed for the production mobile equipment fleet in December and support mobile equipment fleet post year-end, with purchase orders (including for battery electric vehicles) nearing completion. The Guajes Tunnel remains on track for breakthrough in Q1 2024, with the tunnel successfully crossing under the Balsas River in December. Approval was also received to increase the power draw at our Morelos Property to 65 megawatts from 45 megawatts, building on approvals received earlier in 2022.

“We are off to a solid start as we continue to de-risk and advance Media Luna. With budget and schedule on track, $590 million of available liquidity at the end of the third quarter and strong forecast cash flow over the next two years, we are in a strong position to fund the development of the project, continue to invest in value enhancing exploration and drilling, and maintain $100 million of liquidity on the balance sheet.”

Torex expects to incur $390 to $440 million of capital expenditures at Media Luna in 2023, which is forecasted to be the peak year of investment. Quarterly expenditures are expected to remain relatively consistent through H1 2024, before declining as development activities wind down ahead of commercial production, which is anticipated in early 2025.

To read the complete report, Click Here.

2023 Operational Guidance & 5-Year Production Outlook

On January 17, 2023, Torex Gold Resources provided an 2023 Operational Guidance as well as a Five-Year Production Outlook for the Morelos Complex, which includes production from the ELG Mine Complex and from the Media Luna Project. To read the full report, Click Here.

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 Limón 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, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property.

For further information on Torex Gold Resources Inc. contact Jody Kuzenko, President and CEO, (647) 725-9982 or Dan Rollins, Senior Vice President, Corporate Development & Investor Relations, (647) 260-1503. Email: dan.rollins@torexgold.com or visit the website at www.torexgold.com.