Torex GOLD Releases Inaugural Climate Change Report Including 2030 Ghg Reduction Targets
For Immediate Release
TOREX GOLD RELEASES INAUGURAL CLIMATE CHANGE REPORT
INCLUDING 2030 GHG REDUCTION TARGETS
TORONTO, Ontario, November 23, 2022 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)
announces the Company has released its inaugural Climate Change Report (the “Report”) aligned with the
recommendations of the Task Force on Climate -Related Financial Disclosure (“TCFD”) . The Report includes
greenhouse gas (“GHG”) emissions reduction targets in support of its overall commitment to achieve net zero
GHG emissions by 2050 , which include a 10% reduction in absolute emissions (reduction of Scope 1 and 2
GHG emissions by 2030 compared to a ctual 2021 baseline ); and a 25% reduction in business as usual
emissions (reduction of Scope 1 and 2 GHG emissions in 2030 forecasted if no action is taken on intervention
measures to reduce carbon emissions at the Media Luna Project). The Report can be found on the Company’s
website at https://torexgold.com/responsible-mining-esg/overview/.
The Company also confirms that it has received permitting approval from Mexico’s Secretariat of Environmental
and Natural Resources (SEMARNAT) for construction of a new 8.7 megawatt (“MW”) solar plant on its Morelos
Property. In addition, the Company will be imminently awarding a contract to support its primary production with
a new battery electric vehicle (“BEV”) scoop fleet at its Media Luna Project. Both initiatives are key pillars of the
Company’s pathway to credibly achieve its planned GHG reductions.
Jody Kuzenko, President & CEO of Torex, stated:
“We are pleased to present Torex Gold’s inaugural Climate Change Report and to disclose our 2030 GHG
emissions reduction targets as part of our commitment to accountability and transparency to investors and
stakeholders on our approach to climate change. Our targets are supported by a clear and credible pathway ,
which includes a set of planned, approved and funded measures to 2030 that will allow us to produce meaningful
emissions reductions through an absolute reduction in GHG emissions, while bringing the Media Luna Project
into commercial production in 2025 – a project that will deliver one of Mexico’s largest underground mines.
“The Company’s 2030 GHG reduction targets are the result of extensive foundational work conducted over the
past few years to review and analyze baseline emissions data, forecast future data, evaluate costing, and
engage with site employees to identify economic and achievable energy efficiency and carbon reduction
opportunities. The measures we will undertake include the development of a new 8.7 MW solar plant, for which
we recently received permitting approval for construction, and the introduction of new BEV equipment at the
Media Luna Project. Our emissions reduction pathway also includes ventilation on demand technology at both
ELG underground and Media Luna, and an energy and carbon management program, including biodiesel and
diesel tracking. These initiatives will allow Torex to achieve emissions reductions while achieving cost savings
and efficiencies in our business through reduction in the consumption of electricity and diesel, which, over time,
will result in lower operating costs.
“We are proud of the progress we have made on our climate change strategy as we grow our Company in
Mexico and beyond. As we grow, we look forward to keeping up the momentum in advancing our climate change
commitments and providing annual progress updates on performance against our climate change targets.”
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 M exico City. The Company’s principal asset is the Morelos
Complex, which includes the El Limón Guajes (“ELG”) Min e Complex, the Media Luna Project, the 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 extend and op timize production from the ELG Mining Complex, de -risk and advance Media
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Torex Gold Resources Inc.
Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the
entire Morelos Property.
For further information, please contact:
TOREX GOLD RESOURCES INC.
Jody Kuzenko Dan Rollins
President and CEO Senior Vice President, Corporate Development & Investor Relations
Direct: (647) 725-9982 Direct: (647) 260-1503
[email protected] [email protected]
CAUTIONARY NOTE
Forward Looking Information
This news release contains “forward -looking statements” and “forward -looking information” within the meaning of applicable Canadian
securities legislation. Forward -looking statements and information includes, but is not limited to: the Company’s overall co mmitment to
achieve net zero GHG emissions by 2050; the Company’s GHG emission reduction targets; the imminent award of the contract for new
battery electric vehicles; pathway to achieve the targets, including a set of planned measures, the implementation of the solar plant, the
new BEVs, the ventilation on demand technology, an energy and carbon management program, including biodiesel and diesel track ing;
these initiatives will allow the Company to achieve emissions reductions and achieving cost savings an d efficiencies in the Company’s
business and over time, lower operating costs; the Company’s key strategic objectives to extend and optimize production from the ELG
Mining Complex, de-risk and advance the Media Luna Project to commercial production, build on ESG excellence, and grow organically
through ongoing exploration across the entire Morelos Property and through potential value accretive M&A. Generally, forwar d-looking
information can be identified by the use of forward-looking terminology such as “targets”, “pathway”, “planned”, “expects”, “forecast”, “future”,
“strategy” or “commitment” or variations of such words and phrases or state that certain actions, events or results “may”, “c ould”, “would”,
“will be taken”, “occur”, or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or achievements of the Company to be materially different f rom those
expressed or implied by such forward-looking information, including, without limitation, risk associated with the ability to accurately identify
and assess issues that are important to stakeholders and the ability to identify, assess, mitigate and monitor risks to the e nterprise and
those risk factors identified in the Company’s technical report titled “Morelos Property - NI 43-101 Technical Report - ELG Mine Complex
Life of Mine Plan and Media Luna Feasibility Study” dated effective March 16, 2022 (Technical Report) and the Company’s annual
information form (AIF) and management’s discussion and analysis (MD&A) each available under the Company’s profile on SEDAR at
www.sedar.com and the Company’s website at www.torexgold.com. Forward-looking information is based on the assumptions discussed
in the Technical Report, AIF and MD&A and such other reasonable assumptions, estimates, analysis and opinions of management made
in light of its experience and perception of trends, current conditions and expected developments, and other factors that man agement
believes are relevant and reasonable in the circumstances at the date such statements are ma de. Although the Company has attempted
to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there
may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a
result of new information or future events or otherwise, except as may be required by applicable securities laws.