TXG.TO · 2026-03-24 12:00:00

Torex Gold Reports Year-End 2025 Reserves & Resources ELG Underground continues to deliver; inaugural Inferred Resource declared at Media Luna West; Los Reyes added to the resource base

Corporate Updates

Torex Gold Reports Year-End 2025 Reserves &

Resources

ELG Underground continues to deliver; inaugural Inferred

Resource declared at Media Luna West; Los Reyes added to

the resource base

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

Toronto, Ontario--(Newsfile Corp. - March 24, 2026) - Torex Gold Resources Inc. (the "Company" or

"Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to report year-end 2025 mineral reserves and

resources for the Company's flagship Morelos Complex ("Morelos") as well as mineral resources for the

Los Reyes Project ("Los Reyes").

Table 1: Year-over-year comparison of mineral reserves & mineral resources

Current

Variance

Tonnes

AuEq

Tonnes

AuEq

Tonnes

AuEq

(kt)

(gpt)

(koz)

(kt)

(gpt)

(koz)

(kt)

(gpt)

(koz)

Proven & Probable Reserves

Morelos

39,653

3.80

4,839

40,408

3.92

5,096

(2%)

(3%)

(5%)

Los Reyes

Total

39,653

3.80

4,839

40,408

3.92

5,096

(2%)

(3%)

(5%)

Measured & Indicated Resources

Morelos

53,146

4.25

7,262

45,679

5.06

7,431

16%

(16%)

(2%)

Los Reyes

49,042

1.30

2,047

Total

102,188

2.83

9,309

45,679

5.06

7,431

124%

(44%)

25%

Inferred Resources

Morelos

22,057

4.10

2,906

16,526

4.22

2,243

33%

(3%)

30%

Los Reyes

17,210

1.38

765

Total

39,267

2.91

3,671

16,526

4.22

2,243

138%

(31%)

64%

Notes to Table:

A full breakdown of mineral reserves and resources including tonnes, grades, and contained metal as well as accompanying notes can be

found in Tables 7 and 8 of this release.

Gold equivalent (AuEq) mineral reserves and resources take into account respective metal prices and metallurgical recoveries for gold,

silver, and copper. AuEq formulas for mineral reserves and mineral resources for Morelos and Los Reyes can be found in Tables 7 and 8 of

this release.

Mineral resources are reported inclusive of mineral reserves, excluding stockpiles.

Year-end mineral reserves and resources as well as year-over-year variance are subject to rounding.

Jody Kuzenko, President & CEO of Torex, stated:

"We continue to enhance and extend our long-term production profile through a systematic approach to

exploration and resource drilling which has, once again, added new reserves and reinforced the

underlying, long-term, resource potential of Morelos. Drilling at ELG Underground has added close to

two years to the reserve life of the deposit while the resumption of drilling at Media Luna mid-year offset

most of the depletion resulting from the better than expected mine ramp up. At Media Luna West, an

inaugural Inferred Resource of 506 thousand ounces gold equivalent ("koz AuEq") was delineated with

an average grade of 5.11 grams per tonne ("gpt") AuEq.

"Mineral reserves for Morelos increased 4% prior to depletion (5% decrease net of depletion), with

gains from drilling success at ELG Underground and Media Luna partially offsetting depletion and the

reductions in reserves associated with updates to the geological model at Media Luna North. The

acquisition of Los Reyes added 2,047 koz AuEq of Indicated Resources and 765 koz AuEq of Inferred

Resources to the Company's overall resource inventory. With the intent of utilizing a consistent approach

to resource modelling across our expanded asset base, we have aligned the application of the

"RPEEE" guideline (reasonable prospects for eventual economic extraction) at Morelos with how it has

been applied at Los Reyes.

"With record investment in exploration and resource drilling of $77 million in 2026, Torex is well-

positioned to build off the drilling success of the last few years as we focus on enhancing and extending

the production profile at our flagship Morelos Complex, advancing and de-risking Los Reyes, and

surfacing value across our early-stage exploration properties."

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 within each of the

underlying properties. Unless otherwise specified, AuEq formulas for mineral reserves and mineral

resources can be found in Tables 7 and 8 of this release.

Metal prices used to estimate mineral reserves and mineral resources for Morelos have increased

modestly relative to the metal price assumptions previously assumed ($1,650/oz Au versus $1,500/oz

Au for reserves and $1,800/oz Au versus $1,650/oz Au for resources). Mineral resources for Los Reyes

are unchanged and in line with the estimate (effective date of October 15, 2024) previously reported by

Prime Mining Corp., including metal prices of $1,950/oz Au and $25.24/oz Ag.

Detailed breakdowns of mineral reserve and mineral resource estimates can be found in Tables 7 and 8

of this press release. The detailed breakdowns include tonnes, grade, and contained metal estimates by

metal, as well as notes accompanying the applicable mineral reserve and mineral resource estimates.

MORELOS

Total Proven and Probable Reserves for Morelos are estimated at 4,839 koz AuEq at an average grade

of 3.80 gpt, representing a 5% decrease relative to year-end 2024 reserves of 5,096 koz AuEq at 3.92

gpt. Prior to ore processed, Proven and Probable Reserves increased 207 koz AuEq (+4%), primarily

due to ongoing reserve growth at ELG Underground and delineation of new reserves at Media Luna with

the commencement of infill drilling towards the middle of the year following completion of the Media Luna

Project.

Table 2: Morelos – Change in Proven & Probable Reserves

Tonnes

AuEq

(kt)

(koz)

(Mlb)

(koz)

Proven & Probable Reserves

December 31, 2025

39,653

3,158

23,519

594

4,839

December 31, 2024

40,408

3,226

26,851

656

5,096

Change – Net

(755)

(69)

(3,332)

(61)

(257)

Change – Net (%)

(2%)

(12%)

(9%)

(5%)

Change in Reserves Prior to Ore Processed

Ore Processed

3,538

346

2,047

464

Reserves Added/Lost

2,783

277

(1,285)

(19)

207

Change – Prior to Ore Processed (%)

(5%)

(3%)

Notes to Table

Refer to Table 7 for additional disclosure on Proven and Probable Reserves for Morelos.

Ore processed (depletion) in 2025 on a AuEq basis is based on the metal prices and recoveries assumed in the year-end 2024 mineral

reserve estimate.

AuEq values take into account metal prices and metallurgical recoveries used in the year-end 2024 and 2025 mineral reserve estimates.

Year-end mineral reserves and year-over-year variance (2025 versus 2024) subject to rounding.

Offsetting the reserves gains were refinements to the Media Luna North geological model (carried out in

conjunction with the internal feasibility study) which has led to improved confidence in the underlying

model, greater certainty regarding the location of non-mineralized dikes, and revised stope shapes. The

resulting impact was an 8% decline in AuEq contained reserves and a 10% increase in reserve tonnes

at Media Luna North.

Table 3: Morelos – Change in Measured & Indicated Resources

Tonnes

AuEq

(kt)

(koz)

(Mlb)

(koz)

Measured & Indicated Resources

December 31, 2025

53,146

4,672

35,874

910

7,262

December 31, 2024

45,679

4,714

38,888

949

7,431

Change – Net

7,467

(42)

(3,014)

(39)

(169)

Change – Net (%)

16%

(1%)

(8%)

(4%)

(2%)

Change in Resources Prior to Ore Processed

Ore Processed

3,146

302

1,638

416

Resources Added/Lost

10,613

261

(1,375)

247

Change – Prior to Ore Processed (%)

23%

(4%)

Notes to Table

Refer to Table 8 for additional disclosure on Measured and Indicated Resources for Morelos.

Measured and Indicated Resources are inclusive of mineral reserves.

Ore mined (depletion) in 2025 on a AuEq basis is based on the metal prices and recoveries assumed in the year-end 2024 mineral resource

estimate.

AuEq values take into account metal prices and metallurgical recoveries used in the year-end 2024 and 2025 mineral resource estimates.

Year-end mineral resources and year-over-year variance (2025 versus 2024) subject to rounding.

Measured and Indicated Resources are estimated at 7,262 koz AuEq at an average grade of 4.25 gpt,

representing a 2% decrease relative to the 7,431 koz AuEq at 5.06 gpt at year-end 2024. Prior to ore

mined, Measured and Indicated Resources increased 247 koz AuEq (+3%), reflecting a successful infill

drill campaign at ELG Underground and commencement of infill drilling at Media Luna mid-year.

Table 4: Morelos – Change in Inferred Resources

Tonnes

AuEq

(kt)

(koz)

(Mlb)

(koz)

Inferred Resources

December 31, 2025

22,057

1,731

16,093

412

2,906

December 31, 2024

16,526

1,222

14,813

349

2,243

Change – Net

5,532

509

1,280

663

Change – Net (%)

33%

42%

18%

30%

Notes to Table:

Refer to Table 8 for additional disclosure on Inferred Resources for Morelos.

AuEq values take into account metal prices and metallurgical recoveries used in the year-end 2024 and 2025 mineral resource estimates.

Year-end mineral resources and year-over-year variance (2025 versus 2024) subject to rounding.

Total Inferred Resources are estimated at 2,906 koz AuEq at an average grade of 4.10 gpt,

representing a 30% increase relative to the 2,243 koz AuEq at 4.22 gpt at year-end 2024. The increase

in Inferred Resources reflects drilling success at Media Luna North and ELG Underground as well as an

inaugural Inferred Resource at Media Luna West of 506 koz AuEq at a grade of 5.11 gpt.

In addition to the impact of drilling, depletion, and model updates on mineral resource estimates for

Morelos, the Company made adjustments within the application of RPEEE in estimating resources. The

application of RPEEE at Morelos now aligns with how RPEEE is applied at Los Reyes.

Mineral resource estimates prepared for open pit and underground mining methods are constrained for

purposes of RPEEE within potentially mineable shapes. Open pit mining methods are constrained using

optimized surfaces based on operational information above a cut-off grade and underground mining

methods are reported within a potentially mineable shape above a cut-off grade. In cases where

potentially mineable volumes contain material with grades below the stated cut-off grade, this material

has also been included in the mineral resource estimate. This 'must take' material added tonnes and

lowered resource grades versus previous resource estimates for Morelos. The application of RPEEE is

aligned with CIM best practice guidelines. The direct application of RPEEE does not impact mineral

reserves, which already account for economic extraction and incorporate dilution.

LOS REYES

Torex acquired the Los Reyes project in Sinaloa, Mexico in 2025 through the acquisition of Prime

Mining. The mineral resource estimate for Los Reyes is unchanged from the mineral resource estimate

previously published by Prime Mining (effective date of October 15, 2024).

Table 5: Los Reyes – Mineral Resource Estimate

Tonnes

AuEq

(kt)

(gpt)

(koz)

(gpt)

(koz)

Indicated Resources

Open Pit - Mill

24,657

1.13

35.7

899

28,261

1.52

1,209

Underground - Mill

4,132

3.02

152.4

402

20,243

4.70

624

Open Pit - Heap Leach

20,254

0.29

8.4

190

5,492

0.33

215

Total

49,042

0.95

34.2

1,491

53,995

1.30

2,047

Inferred Resource

Open Pit - Mill

7,211

0.89

42.8

207

9,916

1.36

316

Underground - Mill

4,055

2.10

78.6

273

10,247

2.96

386

Open Pit - Heap Leach

5,944

0.30

7.3

1,398

0.33

Total

17,210

0.97

39.0

538

21,561

1.38

765

Notes to Table:

Refer to Table 8 for additional disclosure on Indicated and Inferred Resources for Los Reyes.

AuEq values incorporated into the Los Reyes resource estimate follow industry best practices, are

aligned with the methodology applied at Morelos, and take into account underlying metal prices and

recoveries for each deposit and processing route.

A preliminary economic assessment on Los Reyes is on track for completion by mid-2026 and will be

based on the most recent resource model. The Company plans to commence a prefeasibility study on

Los Reyes later this year, which is expected to be based on an updated resource model incorporating

planned future drilling as well as a review of underlying metal prices and other parameters following

completion of the preliminary economic assessment.

METAL PRICE ASSUMPTIONS

Metal prices for Au, Ag, and Cu used to estimate mineral reserves and mineral resources for Morelos

have modestly increased relative to prior assumptions. Metal prices used to estimate mineral resources

at Los Reyes are unchanged.

Table 6: Metal price assumptions for the estimation on reserves and resources for Morelos Complex

Current

Variance

($/oz)

($/lb)

($/oz)

($/lb)

($/oz)

($/lb)

Mineral Reserves

Morelos

$1,650

$21.00

$3.85

$1,500

$19.00

$3.50

$150

$2.00

$0.35

Mineral Resources

Morelos

$1,800

$24.00

$4.10

$1,650

$22.00

$3.75

$150

$2.00

$0.35

Los Reyes

$1,950

$25.24

$1,950

$25.24

$0.00

The Company will continue to evaluate opportunities to unlock value from its underlying resource base

(including reviewing cut-off grades) with a focus on maximizing margins and mine life while targeting to

maintain annual production of at least 420 koz AuEq beyond 2030 at Morelos

and maximizing the value

of Los Reyes. One potential evaluation underway is looking to increase the size of the processing plant

at Morelos either through debottlenecking alternatives or expansion of the flotation circuit.

QUALIFIED PERSONS

The scientific and technical data contained in this news release pertaining to mineral resources for the

Morelos Complex have been reviewed and approved by Rochelle Collins, P.Geo., (PGO #1412),

Principal, Mineral Resource Geologist with Torex Gold, who is a qualified person as defined by NI 43-

101.

The scientific and technical data contained in this news release pertaining to mineral resources for Los

Reyes have been reviewed and approved by John Sims, President of Sims Resources LLC, an

independent contractor and QP as a CPG member with AIPG, who is qualified person as defined by NI

43-101.

The scientific and technical data contained in this news release pertaining to mineral reserves for the

Morelos Complex have been reviewed and approved by Johannes (Gertjan) Bekkers, P.Eng., a

contractor to Torex Gold (previously served as Vice-President, Mines Technical Services for the

Company), who is a qualified person as defined by NI 43-101.

Additional information on the Morelos Complex is available in the Company's most recent annual

information form ("AIF") dated March 21, 2025 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 (the "Technical Report") on

SEDAR+ at

www.sedarplus.ca

and the Company's website at

www.torexgold.com

Endnotes

Reference to AuEq production beyond 2030 is predicated on the Company's latest five-year outlook for AuEq production of 420,000 to

470,000 oz through 2030 as outlined in the Company's press release "Torex Gold provides 2026 operational guidance and updated five-year

outlook" dated January 14, 2026. The five-year outlook assumes Au production of 300,000 to 345,000 oz, Ag production of 2,500 to 2,800

koz, and Cu production of 70 to 75 Mlb. Metal prices used to estimate AuEq production are $4,000/oz Au, $45/oz Ag and $4.90/lb Cu. AuEq =

Au (oz) + 1,000 x ($45/$4,000) x Ag (koz) + 1,000,000 x ($4.90/$4,000) x Cu (Mlb).

ABOUT TOREX GOLD RESOURCES INC.

Torex Gold Resources Inc. is a Canadian mining company engaged in the exploration, development,

and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, Mexico. The

Company also owns the 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, USA.

The Company's key strategic objectives are: optimize Morelos production and costs; disciplined growth

and capital allocation; grow reserves and resources; project delivery excellence; 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOREX GOLD RESOURCES INC.

Jody Kuzenko

President and CEO

Direct: (647) 725-9982

[email protected]

Dan Rollins

Senior Vice President, Corporate Development & Investor Relations

Direct: (647) 260-1503

[email protected]

CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" and "forward-looking information" (collectively,

"Forward-Looking Information") within the meaning of applicable Canadian securities legislation.

Forward-looking information includes, but is not limited to, statements about: mineral resource and

mineral reserve estimates; the underlying, long-term resource potential of the Morelos; anticipated

spending on exploration and resource drilling in 2026; the ability of the Company to maintain production

of at least 420 koz AuEq at Morelos beyond 2030; advancing exploration and development at Los

Reyes; delivering a preliminary economic assessment on Los Reyes by mid-2026 and commencing a

prefeasibility study on Los Reyes later in 2026. Forward-Looking Information also includes the

Company's key strategic objectives: optimize Morelos production and costs; disciplined growth and

capital allocation; grow reserves and resources; project delivery excellence; retain and attract best

industry talent; and be an industry leader in responsible mining. Generally, Forward-Looking Information

and statements can be identified by the use of forward-looking terminology such as "forecast," "plans,"

"expects," or "does not expect," "is expected," "strategic," "to be" or variations of such words and

phrases or statements that certain actions, events or results "will," "may," "could," "would," "might," "on

track," or "well positioned to" occur. 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 from those expressed or implied by such

Forward-Looking Information, including, without limitation, risks and uncertainties associated with: the

ability to add mineral resources, the ability to upgrade categories of mineral resources with greater

confidence levels to mineral reserves, mineral reserve and mineral resource estimation, and such other

risks identified in (a) the Technical Report, (b) the AIF, and (c) management's discussion and analysis

("MD&A") for the year ended December 31, 2025, and such other risks with unknown but potentially

significant impacts. 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 management believes are relevant and reasonable in the

circumstances at the date such statements are made, including without limitation, that political and legal

developments will be consistent with current expectations. 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. The Technical Report, AIF and MD&A are filed

on SEDAR+ at

www.sedarplus.ca

and the Company's website at

www.torexgold.com

Table 7: Mineral Reserve Estimate (December 31, 2025)

Property

Deposit

Reserve Category

Tonnes

(kt)

(gpt)

(%)

(koz)

(Mlb)

AuEq

(gpt)

AuEq

(koz)

Morelos

Media Luna

Underground

Proven

7,396

2.93

25.7

0.82

696

6,106

134

4.60

1,095

Probable

15,210

2.41

21.9

0.82

1,178

10,719

273

4.02

1,968

Proven/Probable

22,607

2.58

23.1

0.82

1,874

16,825

408

4.21

3,062

Media Luna

North

Underground

Proven

Probable

5,546

1.89

25.6

1.10

337

4,556

135

4.03

719

Proven/Probable

5,546

1.89

25.6

1.10

337

4,556

135

4.03

719

ELG

Underground

Proven

1,412

4.36

7.2

0.31

198

328

4.96

225

Probable

3,598

4.17

7.2

0.29

482

828

4.74

548

Proven/Probable

5,011

4.22

7.2

0.30

680

1,157

4.80

773

ELG

Open Pit

Proven

Probable

614

2.43

15.8

0.46

312

2.62

Proven/Probable

614

2.43

15.8

0.46

312

2.62

Stockpiles

Proven

5,876

1.15

3.5

0.10

218

669

1.23

233

Probable

Proven/Probable

5,876

1.15

3.5

0.10

218

669

1.23

233

Total

Proven/Probable

39,653

2.48

18.4

0.68

3,158

23,519

594

3.80

4,839

Torex (All)

Total

Proven/Probable

39,653

2.48

18.4

0.68

3,158

23,519

594

3.80

4,839

Notes to accompany the mineral reserve table:

Mineral reserves were developed in accordance with CIM (2019) guidelines.

Mineral reserves are founded on Measured and Indicated Resources, with an effective date of December 31, 2025, unless otherwise noted.

Mineral reserves are considered appropriate for metal prices of $1,650/oz gold ("Au"), $21/oz silver ("Ag"), and $3.85/lb copper ("Cu"),

unless otherwise noted.

Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Stockpile mineral reserves are

estimated using production and survey data and apply the gold equivalent ("AuEq") formula for the intended processing method.

AuEq on a total basis is established from combined contributions of the various deposits. AuEq estimates account for metal prices and

metallurgical recoveries.

The qualified person for the mineral reserve estimate is Johannes (Gertjan) Bekkers, P. Eng., an independent contractor and former VP of

Mines Technical Services for Torex Gold.

The qualified person is not aware of mining, metallurgical, infrastructure, permitting, or other factors that materially affect the mineral reserve

estimates.

Morelos – Media Luna Underground:

Mineral reserves are reported above an in-situ ore cut-off grade of 2.4 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt

AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.

Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining

and include estimates for dilution and mining losses.

AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).

Morelos – Media Luna North Underground:

Mineral reserves are reported above an in-situ ore cut-off grade of 2.5 gpt AuEq and an in-situ incremental cut-off grade of 2.0 gpt

AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 89% Au, 88% Ag, and 92% Cu.

Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining

and include estimates for dilution and mining losses.

AuEq = Au (gpt) + (Ag (gpt) * 0.0126) + (Cu (%) * 1.6539).

Morelos – ELG Underground:

Mineral reserves are reported above an in-situ ore cut-off grade of 2.8 gpt AuEq and an in-situ incremental cut-off grade of 1.6 gpt

AuEq. Cut-off grades and mining shapes assume metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.

Mineral reserves within designed mine shapes assume mechanized cut and fill supplemented with long hole mining method and

include estimates for dilution and mining losses.

AuEq = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).

Morelos – ELG Open Pit:

ELG Open Pit mineral reserves are reported above an in-situ cut-off grade of 1.2 gpt Au and including low grade mineral reserves

are reported above an in-situ cut-off grade of 0.88 gpt Au.

Assumes average metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu.

Mineral reserves within the designed pit include assumed estimates for dilution and ore losses.

AuEq = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu (%) * 0.2697).

Morelos – Stockpiles:

Stockpiles include open pit and underground material previously mined.

Open pit stockpiles assumed metallurgical recoveries of 89% Au, 30% Ag, and 15% Cu and underground stockpiles assume 90%

Au, 86% Ag, and 93% Cu.

AuEq (blended) = Au (gpt) + (Ag (gpt) * 0.0056) + (Cu (%) * 0.5948) based on AuEq (open pit) = Au (gpt) + (Ag (gpt) * 0.0043) + (Cu

(%) * 0.2697) and AuEq (underground) = Au (gpt) + (Ag (gpt) * 0.0122) + (Cu (%) * 1.6533).

Table 8: Mineral Resource Estimate (December 31, 2025)

Property

Deposit

Resource Category

Tonnes

(kt)

(gpt)

(%)

(koz)

(Mlb)

AuEq

(gpt)

AuEq

(koz)

Morelos

Media Luna

Underground

Measured

9,618

3.03

28.2

0.92

936

8,728

196

4.88

1,508

Indicated

24,070

2.33

23.5

0.87

1,800

18,165

461

4.03

3,115

Measured/Indicated

33,687

2.53

24.8

0.88

2,736

26,893

656

4.27

4,623

Inferred

8,211

2.26

19.3

0.84

596

5,087

152

3.86

1,018

Media Luna

North

Underground

Measured

Indicated

7,598

2.13

26.8

1.11

520

6,537

187

4.28

1,046

Measured/Indicated

7,598

2.13

26.8

1.11

520

6,537

187

4.28

1,046

Inferred

9,687

1.78

31.9

1.08

554

9,936

230

3.94

1,226

Media Luna

West

Underground

Measured

Indicated

Measured/Indicated

Inferred

3,079

4.49

8.6

0.35

445

848

5.11

506

ELG

Underground

Measured

3,974

4.01

6.1

0.26

512

775

4.50

575

Indicated

7,364

3.57

6.0

0.24

845

1,427

4.03

955

Measured/Indicated

11,338

3.72

6.0

0.25

1,357

2,203

4.20

1,530

Inferred

1,074

3.92

6.4

0.29

135

220

4.46

154

ELG

Measured

Open Pit

Indicated

523

3.54

14.4

0.45

241

3.72

Measured/Indicated

523

3.54

14.4

0.45

241

3.72

Inferred

3.56

5.9

0.45

3.70

Total

Measured/Indicated

53,146

2.73

21.0

0.78

4,672

35,874

910

4.25

7,262

Inferred

22,057

2.44

22.7

0.85

1,731

16,093

412

4.10

2,906

Los Reyes

Open Pit

Mill

Measured

Indicated

24,657

1.13

35.7

899

28,261

1.52

1,209

Measured/Indicated

24,657

1.13

35.7

899

28,261

1.52

1,209

Inferred

7,211

0.89

42.8

207

9,916

1.36

316

Underground

Mill

Measured

Indicated

4,132

3.02

152.4

402

20,243

4.70

624

Measured/Indicated

4,132

3.02

152.4

402

20,243

4.70

624

Inferred

4,055

2.10

78.6

273

10,247

2.96

386

Open Pit

Heap Leach

Measured

Indicated

20,254

0.29

8.4

190

5,492

0.33

215

Measured/Indicated

20,254

0.29

8.4

190

5,492

0.33

215

Inferred

5,944

0.30

7.3

1,398

0.33

Total

Measured/Indicated

49,042

0.95

34.2

1,491

53,995

1.30

2,047

Inferred

17,210

0.97

39.0

538

21,561

1.38

765

Torex (All)

Total

Measured/Indicated

102,188

1.88

27.4

0.40

6,163

89,870

910

2.83

9,309

Inferred

39,267

1.80

29.8

0.48

2,269

37,654

412

2.91

3,671

Notes to accompany the mineral resource table:

Mineral resources were prepared in accordance with the CIM Definition Standards (2014) and Estimation of Mineral Resource and Mineral

Reserve Best Practice guidelines (2019).

Gold equivalent ("AuEq") of total mineral resources is established from combined contributions of the various deposits. AuEq estimates

account for metal prices and metallurgical recoveries.

Mineral resources are inclusive of mineral reserves (excluding stockpiles). Mineral resources that are not mineral reserves do not have

demonstrated economic viability.

Numbers may not add due to rounding.

Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant

issues.

Notes to accompany Morelos mineral resources:

The effective date of the estimates is December 31, 2025.

Mineral resources are depleted above a mining surface or to the as-mined solids as of December 31, 2025.

Mineral resources for Morelos are based on underlying metal prices of $1,800/oz gold ("Au"), $24/oz silver ("Ag"), $4.10/lb copper ("Cu"),

unless otherwise noted.

The preparation of the estimates was prepared by Rochelle Collins, P. Geo. (Ontario), Principal, Mineral Resources for Torex Gold.

Morelos – Media Luna Underground:

Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining methods are a combination

of long-hole open stoping and mechanized cut-and-fill.

Mineral resources were estimated using ID3 method applied to 1.5 m capped downhole assay composites within lithology domains

and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.

Assumes metallurgical recoveries of 90% Au, 86% Ag, and 93% Cu.

The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm

AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104).

Morelos – Media Luna North Underground:

Mineral resources are reported above a 2.0 gpt AuEq cut-off grade. The assumed underground mining method is long-hole open

stoping.

Mineral resources were estimated using ID3 method applied to 1.0 m capped downhole assay composites within lithology domains

and internal grade domains. Block model block size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks.

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