TOREX GOLD REPORTS SOLID FIRST QUARTER RESULTS Strong Start to the Year with All-in Sustaining Margin1 of 52%

For Immediate Release

TOREX GOLD REPORTS SOLID FIRST QUARTER RESULTS

Strong Start to the Year with All-in Sustaining Margin1 of 52%

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

TORONTO, Ontario, May 13, 2021 –Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG)

reports first quarter financial and operational results for the three months ended March 31, 2021.

Jody Kuzenko, President & CEO of Torex, stated:

“2021 is off to a very solid start with gold production of 129,509 ounces – the highest first quarter of production

on record at El Limón Guajes (“ELG”). All-in sustaining costs of $854 per ounce during the quarter resulted in

an all-in sustaining margin of $924 per ounce – a 52% margin relative to the realized gold price.

“Our strong operational results underpinned the solid quarterly earnings, with adjusted EBITDA of $144.9 million

and adjusted net earnings of $57.2 million . Our balance sheet has never been stronger, having exited the

quarter in a net cash position of $16 7.3 million with no remaining debt . As guided at the start of the year,

operating cash flow is expected to be weighted towards the second half of the year giv en the seasonality of

income tax, royalty, and profit-sharing payments; as expected, cash flow from operations of $65.2 million was

impacted by $40.8 million of income tax payments and $4.0 million of royalty payments related to fiscal 2020.

“We continue to progress on the plan to de-risk and advance Media Luna – making the necessary progress on

the early works program, infill drilling, and successfully obtaining the MIA permit modification required to start

south of the river infrastructure. We also continue to demonstrate that we are a company that generates value

safely and responsibly. On the ESG front, post quarter end, we announced plans to develop a n 8.5-megawatt

solar plant at our operations, ratified an industry leading 2 -year Collective B argaining Agreement, became a

signatory to the International Cyanide Management Code and released our 2020 Responsible Gold Mining

Report, aligned with best industry practice on disclosure, which can be found on our newly launched website at

www.torexgold.com.

“There is no doubt that our team has built up significant momentum over th e past three quarters , and we are

well positioned to achieve 2021 guidance as we continue to deliver on our commitments reliably and safely.”

FIRST QUARTER 2021 HIGHLIGHTS

• Safety excellence continues: No lost time injuries recorded during the quarter; exited the quarter with

a LTIF of 0.15 per 1 million hours worked and a TRIF of 2.96 per 1 million hours worked , both on a

rolling 12-month basis.

• Gold production: Produced 129,509 ounces of gold, the strongest first quarter on record at ELG.

• Gold sold: Sold 129,019 ounces of gold at an average realized price of $1,778 per ounce.

• Total cash costs 1 and All-in sustaining costs 1: Total cash cost of $5 80 per ounce sold and all-in

sustaining cost of $854 per ounce. Resultant all-in sustaining margin1 of $924 per ounce, implying a

margin of 52% relative to the realized gold price.

• Net earnings and adjusted net earnings1: Reported net earnings of $55.0 million or $0.64 per share

on a basic basis and $0.62 per share on a diluted basis. Adjusted net earnings of $57.2 million, or $0.67

per share on a basic basis and $0.66 per share on a diluted basis.

• EBITDA1 and adjusted EBITDA 1: Generated EBITDA of $ 152.7 million and adjusted EBITDA of

$144.9 million.

• Cash flow from operations: Cash flow from operations totalled $ 65.2 million ($79.2 million prior to

changes in non-cash working capital). Cash flow from operations included $40.8 million of income taxes

and $4.0 million of royalties accrued but not paid out in 2020. As previously guided, cash flow from

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Torex Gold Resources Inc.

operations is expected to be weighted to the second half of the year given the seasonality of annual

cash payments. Cash flow from operations during Q2 is expected to be impacted by $30 .0 million of

payments related to the mandated employee profit sharing in Mexico for 2020.

• Free cash flow1: Generated $9.3 million in free cash flow.

• Debt free: Exited the quarter debt free after repaying $40.0 million remaining on the 2019 debt facility.

Debt facility amended providing $150.0 million of available credit, greater financial flexibility, and lower

borrowing costs over the 2-year term of the agreement.

• Net Cash 1: Net cash of $ 167.3 million including $ 172.0 million in cash and $ 4.7 million of lease

obligations.

• Updated mineral reserve/resource2: Released year-end 2020 mineral reserve and resource estimate

for ELG with step-out and infill drilling within the ELG Und erground deposits adding 93,000 ounces of

gold reserves partially offsetting a combined 487,000 ounces of open pit and underground gold reserves

processed during the year . An updated resource estimate for Media Luna incorporating the results of

the 2020 infill drilling program is expected to be released in Q2 2021.

1. Refer to “Non-IFRS Financial Performance Measures” in the Company’s March 31, 2021, management’s discussion and analysis (“MD&A”), dated May 12, 2021, for

further information and a detai led reconciliation. The MD&A is available on Torex Gold’s website (www.torexgold.com) and filed on the Company’s SEDAR profile

(www.sedar.com).

2. Refer to press release dated March 30, 2021 for further details. Updated mineral reserve and resource estimates can also be found on Torex Gold’s website

(www.torexgold.com) and within the Company’s 2020 Annual Information Form (AIF) filed on the Company’s SEDAR profile (www.sedar.com). The qualified person

for the mineral reserve estimate is Clifford Lafleur P.Eng, the Director of Mineral Resources and Mine Engineering for the Company. Mr. Lafleur review ed and

approved the disclosure on the ELG mineral reserves and resources.

CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call today at 9:00 AM (ET) where senior management will discuss the first

quarter 2021 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 w ill be available on the Company’s website at

https://torexgold.com/investors/upcoming-events/. 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 Gold Property, an area of 29,000 hectares in the highly prospective

Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the

El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”) comprising the El Limón, Guajes and El

Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub -Sill and El

Limón Deep (“ELD”), and the processing plant and related infrastructure, which commenced commercial

production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project,

and for which the Company issued an up dated preliminary economic assessment in September 2018. The

property remains 75% unexplored.

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Torex Gold Resources Inc.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOREX GOLD RESOURCES INC.

Jody Kuzenko Dan Rollins

President and CEO Vice President, Corporate Development & Investor Relations

Direct: (647) 725-9982 Direct: (647) 260-1503

[email protected] [email protected]

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This press release contains "forward -looking statements" and "forward -looking information" within the meaning of applicable Canadian

securities legislation. Forward-looking information also includes, but is not limited to, statements that: operating cash flow is expected to be

weighted towards the second half of the year ; the Company continues to progress on the plan to de -risk and advance Media Luna ; the

Company continues to demonstrate that it is a company that generates value safely and responsibly; the Company’s plans to develop an

8.5-megawatt solar plant at its operations; the Company is well positioned to achieve 2021 guidance as it continues to deliver on our

commitments reliably and safely ; and the expected release date of an updated resource estimate for Med ia Luna. Generally, forward-

looking information and statements can be identified by the use of forward -looking terminology such as “plans,” “expects,” or “does not

expect,” “is expected,” “estimates,” “guided” or variations of such words and phrases or statements that certain actions, events or results

“may,” “could,” “would,” “might,” or “will be taken,” or “ well positioned to” occur. Forward-looking information is subject to known and

unknown risks, uncertainties and other factors that may cause the a ctual results, level of activity, performance or achievements of the

Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks

and uncertainties associated with: the ability to upgrade mineral resources to mineral reserves; risks associated with mineral reserve and

mineral resource estimation; uncertainty involving skarns deposits; the ability of the Company to obtain permits for the Media Luna Project;

the ability of the Company to conclude a feasibility study of the Media Luna Project that demonstrates within a reasonable confidence that

the Media Luna Project can be successfully constructed and operated in an economically viable manner; government or regulatory actions

or inactions; and those risk factors identified in the technical report (the “Technical Report”) released on September 4, 2018, entitled “NI

43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Preliminary Economic Assessment”, which has an effective

date of March 31, 2018 , and the Company’s annual information form and management’s discussion and analysis or other unknown but

potentially significant impacts. Notwithstanding the Company's efforts, there can be no guarantee that the Company’s measures to protect

employees and surrounding communities from COVID-19 during this period will be effective. Forward-looking information and statements

are based on the assumptions discussed in the Technical Report 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 management believes are relevant and reasonable in the circumstances at the date such statements are made. 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.

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Torex Gold Resources Inc.

TABLE 1: OPERATING & FINANCIAL RESULTS SUMMARY

1. Adjusted net earnings, total cash costs, all-in sustaining costs, all-in sustaining costs margin, average realized gold price, EBITDA, adjusted EBIDTA, free cash flow and

net cash (debt) are financial performance measures with no standard meaning under International Financial Reporting Standards (“IFRS”). Refer to “Non-IFRS Financial

Performance Measures” in the MD&A for further information and a detailed reconciliation.

2. Comparative free cash flow amounts have been recast to align with current period presentation. Refer to “Non-IFRS Financial Performance Measures” in the MD&A for

further information and a detailed reconciliation.

Mar 31, Dec 31, Mar 31,

In millions of U.S. dollars, unless otherwise noted 2021 2020 2020

Operating Results

Lost time injury frequency /million hours worked 0.15 0.15 0.31

Total recordable injury frequency /million hours worked 2.96 2.52 3.45

Gold produced oz 129,509 130,649 108,537

Gold sold oz 129,019 133,063 108,064

Total cash costs 1 $/oz 580 579 794

All-in sustaining costs 1 $/oz 854 886 975

All-in sustaining costs margin 1 $/oz 924 961 596

Average realized gold price 1 $/oz 1,778 1,847 1,571

Financial Results

Revenue $ 231.2 251.6 172.0

Cost of sales $ 131.9 143.0 144.1

Earnings from mine operations $ 99.3 108.6 27.9

Net income (loss) $ 55.0 91.9 (47.0)

Per share - Basic $/share 0.64 1.07 (0.55)

Per share - Diluted $/share 0.62 1.05 (0.57)

Adjusted net earnings 1 $ 57.2 60.9 19.9

Per share - Basic 1 $/share 0.67 0.71 0.23

Per share - Diluted 1 $/share 0.66 0.71 0.23

EBITDA 1 $ 152.7 165.9 39.4

Adjusted EBITDA 1 $ 144.9 158.5 67.4

Cost of sales $/oz 1,022 1,075 1,333

Cash from operating activities $ 65.2 137.1 29.5

Cash from operating activities before

changes in non-cash working capital $ 79.2 140.8 21.8

Free cash flow 1 2 $ 9.3 86.9 3.3

Net cash (debt) 1 $ 167.3 161.6 (26.3)

Three Months Ended