TXG.TO · 2023-03-23 12:00:00

TOREX REPORTS ENCOURAGING RESULTS FROM DRILLING AT EPO Drilling results from 2022 program support objective of filling the mill beyond 2027

Drill Results

For Immediate Release

TOREX REPORTS ENCOURAGING RESULTS FROM DRILLING AT EPO

Drilling results from 2022 program support objective of filling the mill beyond 2027

TORONTO, Ontario, March 23, 2023 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) is

pleased to report results from the 2022 drilling program at EPO, a deposit located to the north of the Media Luna

deposit in close proximity to the Guajes Tunnel, south of the Balsas River. The program was focused on

upgrading Inferred Resources to the Indicated category and expanding Inferred Resources through step-out

drilling.

Jody Kuzenko, President & CEO stated:

“We are very encouraged by the results of the 2022 drilling program at EPO, which is expected to achieve our

target of upgrading approximately half of the current Inferred Mineral Resource to the Indicated category. We

are also optimistic about the potential to further increase the size of EPO, as the deposit remains open to the

north, south an d west. Results from infill drilling targeting to upgrade Inferred Resour ces to the Indicated

category conducted in 2022, and the infill program planne d for the first half of 2023, will form the basis of an

internal prefeasibility study on EPO, which we expect to complete in H1 2024.

“Infill drilling at EPO returned intersections with similar thickness and even better grades than previous drilling

in these areas. Based on the 2022 drill results, we expect a reasonably high conversion rate when upgrading

Mineral Resources from the Inferred category to the Indicated category. Notable assay results include 18.9

grams per tonne gold equivalent (“gpt AuEq”) over a core length (not true width) of 32.9 metres (“m”), 107.7 gpt

AuEq over 4.3 m, 10.8 gpt AuEq over 35.1 m, 7.3 gpt AuEq over 42.0 m, and 16.4 gpt AuEq over 17.2 m.

“Step-out drilling to the south and west of EPO was also successful in extending the mineralized footprint of the

deposit approximately 200 m to the west and 250 m to the south. Based on the results of the program, we

expect to add Inferred Mineral Resources within the area drilled off.

“Drilling EPO, with a view to advancing to the mine design stage, is a strategic priority given the potential for

EPO to play a key role in supporting our efforts to fill the mill and maintain consistent gold equivalent production

beyond 2027. These drill resu lts continue to demonstrat e the underlying resource potential of the Morelos

Property and reinforce our positive outlook on our ability to complement future production from Media Luna.”

Table 1: Highlights from the 2022 drilling program at EPO

Drill Hole Drilling Type From

(m)

Core

Length1

(m)

(g/t)

(%)

AuEq2

(g/t)

ML22-900D Infill – Indicated 634.21 667.08 32.87 12.25 72.38 3.59 18.90

ML22-924D Infill – Indicated 636.83 654.06 17.23 5.32 149.77 5.77 16.38

664.09 668.37 4.28 99.52 91.05 4.42 107.73

ML22-886D Infill – Indicated 646.27 681.32 35.05 4.93 75.61 3.11 10.83

ML22-927 Step-out – Inferred 484.65 502.00 17.35 9.11 11.47 0.31 9.75

553.92 595.94 42.02 5.99 21.08 0.67 7.31

ML22-926D Infill – Indicated 669.00 701.10 32.10 1.35 81.08 3.86 8.54

ML22-925D Infill – Indicated 674.01 702.47 28.46 1.19 45.92 2.12 5.16

727.46 732.55 5.09 8.51 137.21 5.78 19.44

ML22-909A Infill – Indicated 671.70 686.48 14.78 1.71 70.09 2.88 7.17

702.48 720.82 18.34 2.10 58.23 2.82 7.33

ML22-919D Infill – Indicated 665.27 671.56 6.05 6.82 35.06 1.46 9.58

685.15 693.96 8.47 8.04 11.31 0.78 9.43

ML22-815D Infill - Indicated 592.14 606.85 14.71 8.58 8.12 0.41 9.33

ML22-912D Infill – Indicated 523.14 541.91 18.77 4.23 8.21 0.08 4.45

ML22-920A Step-out – Inferred 621.69 626.00 4.31 12.47 16.32 0.19 12.96

Notes to Table:

1) Intersections are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.

2) The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011385 + Cu (%) * 1.621237 an d use the same metal prices

($1,550/oz gold, $20/oz silver and $3.50/lb copper) and metallurgical recoveries (85% gold, 75% silver and 89% copper) used in the Mineral Resource

estimate for the EPO deposit.

Page 2 Torex Gold Resources Inc.

Assay results from the infill drilling program at EPO can be fo und in Table 2 and resu lts from the expansion

drilling program in Table 3. Highlights from the 2022 drilling program at EPO are also outlined in Figure 1.

The gold equivalent grade calculation accounts for the same metal prices ($1,550/oz gold, $20/oz silver and

$3.50/lb copper) and metallurgical recoveries (85% gold, 75% silver and 89% copper) used in the current

Mineral Resource estimate for the EPO deposit, set out in the March 2022 Technical Report.

2022 EPO DRILLING PROGRAM

During 2022, approximately 30,100 metres were drilled at EPO, for which 100% of assays have been received.

Drill results from the 27,400 metres drilled at Media Luna in 2022 were released earlier this month (refer to press

release dated March 8, 2023 titled Torex Gold Reports Results From Drilling at Media Luna).

Drilling at EPO in 2 022 was focused on both upgra ding and expanding Mineral Re sources. Infill drilling was

primarily targeted at upgrading Inferred Mineral Resources to the Indicated category, with the Indicated

Resource to be used as the basis for an internal prefeasibility st udy on EPO. Expansion drilling was primarily

targeted at increasing the overall size of the Mineral Resource.

Figure 1: 2022 EPO drilling program successful in up grading Inferred Mineral Re sources to th e Indicated

category and expanding mineralized footprint of the deposit

In total, the Company invested over $19 million in drilling within the Media Luna Cluster in 2022. A similar level

of drilling is anticipated in 2023, wi th the 2023 program focused on upgr ading Inferred Resources at EPO and

expanding the overall mineralized footprint of the Media Luna Cluster.

Page 3 Torex Gold Resources Inc.

Infill Drilling Program

Approximately 16,100 metres of drilling in 2022 was directed towa rds upgrading Inferred Resources to the

Indicated category. Based on the results of the drilling program, which has reduced the drill spacing to 30 m by

30 m (from 70 m by 70 m), a relatively high conversion rate of Inferred Mineral Resources to the Indicated

category is anticipated. Given many of the drill holes returned gold equivalent grades higher than previous

drilling results, we expect a higher portion of containe d metal (gold, silv er and copper) to be upgraded to the

Indicated category relative to the level of tonnes upgraded.

Results from the Indicated Resource drilling carried out in 2022, in addition to drilling planned in H1 2023, will

form the basis of an internal prefeasibility study evalua ting the economics of developing a new mining front at

EPO. The prefeasibility study is expec ted to be completed in H1 2024. If economic, EPO would contribute to

the Company’s strategic priority of filling the mill beyond 2027 when, based on year-end 2021 Mineral Reserves

only, Media Luna is the only source of ore for the processing plant.

Results from the 2022 infill drilling program at EPO are outlined in Table 2.

Expansion Drilling Program

Approximately 14,000 metres of drilling in 2022 was directed to wards expanding Mineral Resources at EPO.

Based on the results of the drilling conducted in 2022, the Company expects to add Inferred Resources, which

are expected to offset a portion of Inferred Mineral Resources upgraded to the Indicated category.

Drilling carried out in 2022 was successful in extending the mineralized footprint of EPO ~2 00 m to the west

and ~250 m to the south, directions in which mineralization remains open.

Results from the 2022 expansion drilling program at EPO are outlined in Table 3.

MEDIA LUNA REGIONAL GEOLOGY

The Media Luna deposit is hosted within the Mesozo ic carbonate-rich Morelos Platform, which has been

intruded by Paleocene stocks, sills, and dykes of granodioritic to tonalitic composition. Skarn-hosted gold-silver-

copper mineralization is developed within the sedimentary rocks along the contacts of intrusive rocks as well as

within altered dykes of the skarn envelope. The main portion of this mineralized package dips to the southwest

at approximately 30°; in the lowest part of the known mineralization, the dip steepens to approximately 60°,

while the northernmost portion of the deposit dips to the north, resulting in a broad antiformal geometry of the

deposit.

Mineralization at Media Luna is hosted in skarn that developed at the contact of the intrusive granodiorite and

overlying sedimentary rocks. The skarn is characterized by a mineral assemblage of pyroxene, garnet, and

magnetite. Metal deposition and sulfidation occurred during retrograde alteration and is associated with a

mineral assemblage comprising amphibole, phlogopite, chlorite, and calcite ± quartz ± epidote as well as

variable amounts of magnetite and sulfides, primarily pyrr hotite. Additional mineralization is associated with

skarn developed within and along dykes and sills above the main granodiorite intrusion.

Additional information on the Media Luna deposit, the Media Luna Feasibility Study and the analytical and

sampling process is available in the Company’s technical report entitled the “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.sedar.com and the Company’s website at www.torexgold.com.

QUALITY ASSURANCE / QUALITY CONTROL

At the Company’s Morelos Property (see description below), all the Media Luna project drill core is logged and

sampled at the core facility within the project camp under the supervision of Nicolas Landon, Chief Exploration

Geologist for the Media Luna Project. A geologist marks the individual samples for analysis and sample

intervals, sample numbers, standards and blanks are entered into the database. The core is cut in half

lengthwise using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into

a plastic sample bag and sealed with zip ties in preparation for shipment. The other half of the core is returned

to the core box and retained for future reference in the Company core shack with the assay pulps and coarse

Page 4 Torex Gold Resources Inc.

rejects. The core samples are picked up at the project camp and delivered to Bureau Veritas (“BV”) to conduct

all the analytical work.

Sample preparation is carried out by BV at its facilities in Durango, Mexico and consists of crushing a 1 kg

sample to >70% passing 2 mm followed by pulverisation of 500 g to >85% passing 75 μm. Gold is analyzed at

the BV facilities in Hermosillo, Mexico following internal analytical protocols (FA430) and comprises a 30g fire

assay with an atomic absorption finish. Samples yielding results >10 g/t Au are re-assayed by fire assay with

gravimetric finish (FA530-Au). Copper and silver analyses are completed at the BV facilities in Vancouver,

Canada as part of a multi-element geochemical analysis by an aqua regia digestion with detection by ICP-

ES/MS using BV internal analytical protocol AQ270. Overlimits for the multi-element package are analyzed by

internal protocol AQ374.

Torex has a sampling and analytical Quality Assurance/Quality Control (“QA/QC”) program in place that has

been approved by BV and is overseen by Nicolas Landon, Chief Exploration Geologist for the Media Luna

Project. The program includes 5% each of Certified Reference Materials and Blanks; blind duplicates are not

included, but Torex evaluates the results of internal BV laboratory duplicates. Torex uses an independent

laboratory to check selected assay samples and reference materials and has retained a consultant to audit the

QA/QC data for every drill campaign at Media Luna. The QA/QC procedure is described in more detail in the

Technical Report filed on SEDAR.

QUALIFIED PERSONS

The scientific and technical data contained in this news release has been reviewed and approved by Carolina

Milla, P.Eng. Ms. Milla is a member of the Association of Professional Engineers and Geoscientists of Alberta

(Member ID #168350), has experience relevant to the style of mineralization under consideration, is a qualified

person under NI-43-101, and is an employee of Tore x. Ms. Milla has verified th e data disclose d, including

sampling, analytical, and test data underlying the drill results; veri fication included visually reviewing the

drillholes in three dimensions, comparing the assay results to the original assay certificates, reviewing the drilling

database, and reviewing core photography consistent with standard practice. Ms. Milla consents to the inclusion

in this release of said data in the form and context in which they appear.

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, 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 NOTES ON FORWARD LOOKING STATEMENTS

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 about: the objective of

filling the mill beyond 2027; the results of the 2022 drill program at EPO are expected to achieve the Company’s target of upgrading

approximately half of the current Inferred Mineral Resource to the Indicated category; the potential to further increase the size of

EPO, as the deposit remains open to the north, south and west; based on the 2022 infill drill results at EPO, the Company expects a

reasonably high conversion rate when upgrading Mineral Resources from the Inferred category to the Indicated category; given many

of the drill holes from the infill drilling results returned gold equivalent grades higher than previous drilling results, the Company

Page 5 Torex Gold Resources Inc.

expects a higher portion of contained metal (gold, silver and copper) to be upgraded to the indicated category relative to level of

tonnes upgraded; based on the results of the step‐out drilling program at EPO, the Company’s expects to add Inferred Mineral

Resources within the area drilled off; the Company’s a view to advancing EPO to the mine design stage, as a strategic priority given the

potential for EPO to play a key role in supporting the Company’s efforts to fill the mill and maintain consistent gold equivalent

production beyond 2027; the underlying resource potential of the Morelos Property and it reinforcing the Company’s positive outlook

on its ability to complement future production from Media Luna; if the prefeasibility study of EPO is economic, EPO would contribute

to the Company’s strategic priority of filling the mill beyond 2027 when, based on year‐end 2021 Mineral Reserves only, Media Luna

is the only source of ore for the processing plant; and the Company’s key strategic objectives to extend and optimize production from

the ELG Mining 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. Generally, forward‐looking information can be identified by the use of

forward‐looking terminology such as “objective”, “strategy”, “target”, “continue”, “potential” or variations of such words and phrases

or statements that certain actions, events or results “will”, “would”, or “is expected 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 upgrade mineral resources categories of mineral

resources with greater confidence levels or to mineral reserves; risks associated with mineral reserve and mineral resource estimation;

uncertainty involving skarns deposits; and those risk factors identified in the Technical Report and the Company’s annual information

form and management’s discussion and analysis or other unknown but potentially significant impacts. Forward‐looking information is

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.

Page 6 Torex Gold Resources Inc.

Table 2: Drill results from 2022 infill drilling at EPO targeting to upgrade Inferred Mineral Resources to the Indicated category

Final Intersection

Drill-Hole Area UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Length1 Au Ag Cu AuEq2 Lithology

(m) (m) (m) Type Hole (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)

ML22-781D EPO 422195.89 1985617.85 1460.66 DD ML22-766 722.35 613.79 615.16 1.37 3.17 31.05 0.14 3.75 Marble with Gar in patches and Py+ Apy in spots.

655.64 657.79 2.15 0.06 48.87 1.23 2.61 Skarn Com posite 1

ML22-787D EPO 422195.89 1985617.85 1460.66 DD ML22-766 682.80 507.78 514.64 6.86 1.15 43.00 0.39 2.27 Skarn Com posite 1

599.10 600.10 1.00 5.04 65.40 0.01 5.80 Skarn Com posite 2

605.83 617.87 12.04 2.06 6.16 0.09 2.27 Skarn Com posite 3

630.69 637.37 6.68 2.11 20.62 0.36 2.94 Skarn Com posite 4

656.05 657.46 1.41 3.94 5.48 0.29 4.47 Skarn Com posite 5

665.05 665.76 0.71 1.08 104.50 4.52 9.60 Skarn Com posite 6

ML22-788 EPO 421980.87 1985603.51 1440.41 CD 3.14 -80.85 783.75 612.77 614.30 1.53 6.51 7.80 0.38 7.22 Skarn Com posite 1

629.00 668.62 39.62 3.16 90.05 2.95 8.97 Skarn Com posite 2

ML22-792D EPO 422195.89 1985617.85 1460.66 DD ML22-766 682.35 512.60 515.16 2.56 1.09 53.18 0.35 2.27 Skarn Com posite 1

ML22-799D EPO 422195.89 1985617.85 1460.66 DD ML22-766 731.15 580.74 584.23 3.49 2.62 7.19 0.03 2.74 Skarn com posite 1

647.28 648.00 0.72 5.57 18.20 0.02 5.80 Skarn com posite 2

667.30 670.18 2.88 1.72 38.06 1.16 4.04 Skarn com posite 3

703.36 707.52 4.16 0.47 45.03 2.07 4.33 Skarn com posite 4

ML22-801D EPO 421983.00 1985601.11 1440.31 DD ML20-386B 667.60 612.31 613.86 1.55 1.49 150.08 2.97 8.01 Skarn com posite 1

624.06 628.02 3.96 9.96 141.48 5.39 20.31 Skarn com posite 2

ML22-803D EPO 422195.89 1985617.85 1460.66 DD ML22-766 695.20 568.77 577.62 8.85 1.79 13.04 0.06 2.03 Skarn com posite 1

656.92 657.92 1.00 4.22 8.20 0.54 5.19 Skarn com posite 2

665.26 668.00 2.74 2.72 5.57 0.49 3.59 Skarn com posite 3

677.60 679.83 2.23 0.31 16.96 0.96 2.05 Skarn com posite 4

ML22-807D EPO 421983.00 1985601.11 1440.31 DD ML20-386B 575.80 No significant values/ Abandoned

ML22-811D EPO 421983.00 1985601.11 1440.31 DD ML20-386B 675.30 603.18 605.10 1.92 0.30 29.92 1.13 2.47 Skarn com posite 1

613.41 624.12 10.71 0.86 18.83 0.78 2.35 Skarn com posite 2

ML22-815D EPO 421983.00 1985601.11 1440.31 DD ML20-386B 682.65 592.14 606.85 14.71 8.58 8.12 0.41 9.33 Skarn Com posite 1

629.94 635.51 5.57 0.59 39.28 0.96 2.58 Skarn Com posite 2

638.00 643.76 5.76 0.59 39.60 1.57 3.58 Skarn Com posite 3

ML22-824D EPO 421983.00 1985601.11 1440.31 DD ML20-386B 722.80 No significant values

ML22-830D EPO 421983.00 1985601.11 1440.31 DD ML20-386B 682.55 633.00 637.88 4.88 1.44 9.06 0.31 2.04 Skarn com posite 1

660.30 669.23 8.93 18.06 95.47 4.26 26.06 Skarn com posite 2

ML22-834 EPO 421981.42 1985602.89 1440.40 CD 69.54 -85.66 713.95 Completed/ don´t intersected skarn

ML22-843D EPO 421981.42 1985602.89 1440.40 DD ML22-834 737.65 683.67 706.31 22.64 1.43 19.69 0.82 2.98 Skarn com posite 1 (with BFP intersection)

ML22-849 EPO 422197.31 1985618.27 1461.01 CD 339.55 -81.65 727.25 601.21 611.00 9.79 2.68 4.90 0.15 2.97 Skarn Com posite 1

660.00 671.46 11.46 0.95 51.88 2.20 5.11 Skarn Com posite 2

ML22-851D EPO 421981.42 1985602.89 1440.40 DD ML22-834 726.95 629.83 634.80 4.97 2.08 21.18 1.32 4.45 Skarn com posite 1

ML22-861D EPO 422197.31 1985618.27 1461.01 DD ML22-849 486.85 Abandoned

ML22-864D EPO 422197.31 1985618.27 1461.01 DD ML22-849 719.20 628.96 637.31 8.35 0.71 44.17 0.88 2.64 Skarn com posite

ML22-869D EPO 422197.31 1985618.27 1461.01 DD ML22-849 710.45 562.52 567.10 4.58 7.49 14.53 0.04 7.73 Skarn Com posite 1

582.17 585.94 3.77 1.88 48.44 0.39 3.07 Skarn Com posite 2

ML22-874D EPO 422197.31 1985618.27 1461.01 DD ML22-849 752.40 535.15 545.62 10.47 2.09 31.68 0.20 2.78 Skarn com posite 1

ML22-881D EPO 422197.31 1985618.27 1461.01 DD ML22-849 713.40 635.33 637.98 2.65 1.20 16.24 0.45 2.12 Skarn com posite 1

654.52 666.00 11.48 0.34 22.10 1.04 2.28 Skarn com posite 2

672.65 689.16 16.51 8.05 135.94 6.47 20.09 Skarn com posite 3

ML22-886D EPO 422197.31 1985618.27 1461.01 DD ML22-849 694.25 606.60 610.10 3.50 5.15 7.25 0.39 5.86 Skarn com posite 1

646.27 681.32 35.05 4.93 75.61 3.11 10.83 Skarn com posite 2

ML22-891D EPO 422197.31 1985618.27 1461.01 DD ML22-849 252.85 Abandoned

ML22-893D EPO 422197.31 1985618.27 1461.01 DD ML22-849 699.60 542.17 544.96 2.79 1.66 47.93 0.06 2.30 Skarn com posite 1

550.86 552.67 1.81 12.09 27.99 0.14 12.63 Skarn com posite 2

571.32 574.92 3.60 15.73 128.71 0.16 17.46 Skarn com posite 3

ML22-898 EPO 422319.58 1985614.24 1479.08 CD 283.24 -82.41 254.00 Pilot Finished

ML22-898A EPO 422319.58 1985614.24 1479.08 CD ML22-898 356.10 No significant values/ Pilot Finished

ML22-900D EPO 422197.31 1985618.27 1461.01 DD ML22-849 723.75 634.21 667.08 32.87 12.25 72.38 3.59 18.90 Skarn com posite 1

700.00 701.63 1.63 3.70 31.91 1.64 6.73 Skarn com posite 2

ML22-903D EPO 422319.58 1985614.24 1479.08 DD ML22-898A 749.3 443.08 444.78 1.70 0.37 88.29 2.07 4.72 Skarn com posite 1

496.93 505.89 8.96 2.50 6.04 0.19 2.87 Skarn com posite 2

565.00 566.55 1.55 2.50 9.95 0.19 2.92 Skarn com posite 3

581.00 582.85 1.85 3.62 32.55 0.04 4.05 Skarn com posite 4

ML22-905 EPO 422197.03 1985617.61 1461.01 CD 306.33 -77.22 453.7 No significant values/ Pilot Finished

ML22-907D EPO 422319.58 1985614.24 1479.08 DD ML22-898A 659.3 469.57 471.58 2.01 11.26 4.60 0.07 11.43 Skarn com posite 1

489.70 491.68 1.98 1.95 3.56 0.13 2.20 Skarn com posite 2

500.42 514.92 14.50 2.71 5.55 0.10 2.93 Skarn com posite 3

646.26 650.25 3.99 1.17 132.04 0.14 2.90 Skarn com posite 4

ML22-909 EPO 421930.84 1985578.35 1432.34 CD 8.4 -76.4 223.85 No significant values/ Finished

Page 7 Torex Gold Resources Inc.

Table 2: Drill results from 2022 infill drilling at EPO targeting to upgrade Inferred Mineral Resources to the Indicated category (continued)

Notes to Table

1. Intersections are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.

2. The gold equivalent grade calculation used is as follows: AuEq (g/t) = Au (g/t) + Ag (g/t) * 0.011385 + Cu (%) * 1.621237 ac count for the same metal prices ($1,550/oz gold, $20/oz silver and $3.50/lb copper) and metallurgical

recoveries (85% gold, 75% silver and 89% copper) used in the Mineral Resource estimate for the EPO deposit.

Final Intersection

Drill-Hole Area UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Length1 Au Ag Cu AuEq2 Lithology

(m) (m) (m) Type Hole (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)

ML22-909A EPO 421930.84 1985578.35 1432.34 CD ML22-909 776.6 671.70 686.48 14.78 1.71 70.09 2.88 7.17 Skarn com posite 1

702.48 720.82 18.34 2.10 58.23 2.82 7.33 Skarn com posite 2

746.36 749.38 3.02 0.23 34.79 1.04 2.31 Skarn com posite 3

ML22-911D EPO 422197.03 1985617.61 1461.01 DD ML22-905 793.95 571.16 574.09 2.93 1.86 34.29 0.23 2.62 Skarn com posite 1

652.14 655.70 3.56 1.65 6.16 0.46 2.46 Skarn com posite 2

661.35 663.85 2.50 0.75 39.08 1.11 3.00 Skarn com posite 3

668.56 694.87 26.31 1.88 21.55 1.17 4.03 Skarn com posite 4

ML22-912D EPO 422319.58 1985614.24 1479.08 DD ML22-898A 755.3 431.90 432.67 0.77 0.02 108.30 3.47 6.88 Skarn com posite 1

439.21 440.97 1.76 0.03 51.57 1.82 3.56 Skarn com posite 2

488.82 496.00 7.18 1.64 11.56 0.33 2.30 Skarn com posite 3

513.91 517.27 3.36 4.56 7.21 0.04 4.71 Skarn com posite 4

523.14 541.91 18.77 4.23 8.21 0.08 4.45 Skarn com posite 5

596.00 599.98 3.98 1.88 3.18 0.09 2.06 Skarn com posite 6

607.00 608.59 1.59 2.15 10.15 0.43 2.97 Skarn com posite 7

664.00 666.00 2.00 2.17 5.65 0.23 2.60 Skarn com posite 8

681.65 683.92 2.27 6.26 9.00 0.48 7.14 Skarn com posite 9

ML22-916D EPO 422197.03 1985617.61 1461.01 DD ML22-905 700.15 640.72 660.00 19.28 2.71 23.88 1.14 4.82 Skarn com posite

670.45 678.32 7.87 1.56 50.94 2.92 6.87 Skarn com posite 2

ML22-918D EPO 421930.84 1985578.35 1432.34 DD ML22-909A 698.45 645.25 656.52 11.27 2.07 122.66 4.04 10.02 ISO

662.74 667.03 4.29 0.90 57.61 2.74 6.00 Skarn com posite 1

ML22-919D EPO 422197.03 1985617.61 1461.01 DD ML22-905 725.7 603.90 604.46 0.54 0.26 107.90 1.25 3.52 Skarn Com posite 1

617.67 618.32 0.62 0.35 147.80 0.07 2.16 Skarn Com posite 2

635.77 636.38 0.59 1.44 9.00 0.29 2.01 Skarn Com posite 3

639.00 640.00 0.96 1.75 29.90 0.73 3.28 Skarn Com posite 4

649.00 653.93 4.74 3.13 14.94 0.89 4.75 Skarn Com posite 5

665.27 671.56 6.05 6.82 35.06 1.46 9.58 Skarn Com posite 6

676.69 677.50 0.78 9.36 50.20 1.97 13.13 ISO

677.70 678.70 0.96 1.61 6.90 0.21 2.03 ISO

685.15 693.96 8.47 8.04 11.31 0.78 9.43 Skarn Com posite 7

693.96 694.72 0.73 0.09 31.50 1.59 3.03 Granodiorite with Qtz veinlets and C py +Apy in spots.

ML22-923D EPO 422197.03 1985617.61 1461.01 DD ML22-905 887.4 728.76 741.85 13.09 1.26 49.48 3.16 6.95 Skarn com posite 1

749.00 750.00 1.00 5.09 1.90 0.18 5.40 Skarn com posite 2

812.23 816.02 3.79 0.49 36.78 1.30 3.00 Skarn com posite 3

827.33 833.21 5.88 0.46 37.15 1.07 2.62 Skarn com posite 4

ML22-924D EPO 421930.84 1985578.35 1432.34 DD ML22-918D 719.45 636.83 654.06 17.23 5.32 149.77 5.77 16.38 Skarn com posite 1

664.09 668.37 4.28 99.52 91.05 4.42 107.73 Skarn com posite 2

ML22-925D EPO 422197.03 1985617.61 1461.01 DD ML22-905 817.1 576.64 578.34 1.70 3.15 85.06 0.09 4.26 Skarn com posite 1

674.01 702.47 28.46 1.19 45.92 2.12 5.16 Skarn com posite 2

727.46 732.55 5.09 8.51 137.21 5.78 19.44 Skarn com posite 3

749.03 763.00 13.97 0.48 21.07 0.88 2.16 Skarn com posite 4

768.61 774.00 5.39 1.38 24.97 1.39 3.91 Skarn com posite 5

793.00 796.00 3.00 0.31 29.55 0.86 2.04 Skarn com posite 6

798.03 801.35 3.32 0.19 15.52 1.22 2.35 Skarn com posite 7

ML22-926D EPO 421930.84 1985578.35 1432.34 DD ML22-909A 742.9 655.00 657.89 2.89 6.88 13.25 0.26 7.46 Skarn com posite 1

669.00 701.10 32.10 1.35 81.08 3.86 8.54 Skarn com posite 2

ML22-928D EPO 421930.84 1985578.35 1432.34 DD ML22-909A 784 644.85 647.40 2.55 0.95 33.28 0.69 2.44 Skarn com posite 1

654.33 658.84 4.51 1.67 12.38 0.32 2.32 Skarn com posite 2

682.00 684.80 2.80 1.28 22.35 0.39 2.17 Skarn com posite 3

707.66 708.37 0.71 8.47 24.00 0.46 9.49 Skarn com posite 4

717.00 723.40 6.40 1.06 3.75 0.56 2.01 Skarn com posite 5

Page 8 Torex Gold Resources Inc.

Table 3: Drill results from 2022 expansion drilling at EPO targeting to expand Inferred Mineral Resources

Notes to Table

1. Intersections are reported as core length (not true width/thickness). Core lengths reflect drilling core recovery.

recoveries (85% gold, 75% silver and 89% copper) used in the Mineral Resource estimate for the EPO deposit.

Final Intersection

Drill-Hole Area UTM-E UTM-N Elevation Hole Mother Azimuth Dip Depth From To Length1 Au Ag Cu AuEq2 Lithology

(m) (m) (m) Type Hole (m) (m) (m) (m) (gpt) (gpt) (%) (gpt)

ML22-809 EPO 422194.88 1985621.29 1460.91 CD 83.32 -82.74 707.95 454.10 462.54 8.44 2.61 7.76 0.16 2.95 Skarn com posite 1

476.00 478.00 2.00 0.89 16.15 0.75 2.29 Skarn com posite 2

480.00 490.46 10.46 2.16 18.16 0.47 3.12 Skarn com posite 3

646.04 655.59 9.55 1.76 15.36 0.28 2.39 Skarn com posite 4

659.00 661.23 2.23 1.52 23.26 0.39 2.41 Skarn com posite 5

ML22-820 EPO 422196.82 1985621.29 1461.04 CD 69.54 -70.20 198.80 No significant values/ Mother hole finished

ML22-820A EPO 422196.82 1985621.29 1461.04 CD ML22-820 617.80 No significant values

ML22-831 EPO 422199.46 1985617.37 1461.18 CD 181.96 -77.37 623.90 521.29 522.92 1.63 5.08 5.57 0.04 5.20 Skarn com posite 1

ML22-841 EPO 422199.23 1985616.44 1461.16 CD 177.99 -70.86 615.10 506.02 512.00 5.98 1.52 21.23 0.56 2.68 Dike with ISO and skarn level

521.60 522.82 1.22 0.62 54.15 1.51 3.68 Skarn com posite

ML22-857 EPO 421981.64 1985603.78 1440.48 CD 24.08 -69.45 753.75 233.04 236.35 2.44 2.42 87.88 0.12 3.61 Marble with stron g oxidation

238.35 239.25 0.89 0.57 60.80 5.67 10.46 Marble with stron g oxidation

240.15 240.69 0.53 0.02 6.00 3.51 5.79 Marble with stron g oxidation

602.78 604.78 1.97 1.38 78.75 0.28 2.72 Skarn com posite 1

609.83 610.83 0.98 0.06 178.50 0.02 2.13 Skarn com posite 2

622.60 623.84 1.22 0.13 80.00 1.48 3.44 Skarn com posite 3

651.93 652.66 0.72 0.53 37.00 0.77 2.20 Skarn com posite 4

655.30 660.51 5.13 0.48 22.50 0.99 2.35 Skarn com posite 5

666.07 678.47 12.21 1.05 14.72 1.37 3.43 Skarn com posite 6

ML22-865 EPO 421988.43 1985603.84 1440.53 CD 20.43 -62.28 839.15 506.28 507.15 0.87 1.10 39.60 0.34 2.10 Marble with A py and Py in spots.

514.90 516.03 1.13 1.65 37.35 0.19 2.39 Skarn com posite 1

522.60 523.26 0.66 1.91 16.50 0.28 2.55 Marble with P y in patches.

771.43 774.85 3.42 0.32 22.65 1.41 2.87 Breccia with P y replacing clasts.

777.65 779.45 1.80 0.61 95.32 3.25 6.97 Breccia with P y replacing clasts, Mag and Cpy in patches.

ML22-878 EPO 421983.67 1985603.64 1440.51 CD 310.46 -75.47 694.70 491.77 496.10 4.33 2.05 321.08 0.42 6.39 Breccia with clasts re placed by Py

641.72 649.95 8.23 1.75 74.88 2.11 6.03 ISO

ML22-885 EPO 421986.94 1985606.69 1440.48 CD 310.68 -66.52 644.60 No significant values

ML22-895 EPO 421984.80 1985606.26 1440.50 CD 125.94 -68.09 620.40 No significant values

ML22-899 EPO 421984.71 1985607.11 1440.34 CD 114.77 -73.09 708.20 556.81 563.00 6.19 0.57 26.34 0.83 2.21 Skarn com posite 1

597.21 601.47 4.26 0.19 47.55 1.37 2.95 Skarn com posite 2

639.00 655.70 16.70 1.92 18.41 0.77 3.38 Skarn com posite 3

674.44 678.71 4.27 2.30 16.80 0.96 4.04 Skarn com posite 4

ML22-904 EPO 421981.36 1985603.89 1440.53 CD 149.82 -73.74 673.05 252.22 254.13 1.87 6.50 32.10 0.11 7.04 Marble with oxided breccia levels

567.07 568.00 0.91 2.37 1.20 0.06 2.49 Dike with Po+ A py+ Apy band in upper contact.

571.69 572.23 0.53 429.40 28.90 0.37 430.33 Skarn com posite 1

643.90 644.80 0.88 2.48 4.40 0.46 3.28 Skarn com posite 2

ML22-908 EPO 421981.59 1985604.31 1440.43 CD 141.09 -79.49 195.50 No significant values/ Finished

ML22-908A EPO 421981.59 1985604.31 1440.43 CD ML22-908 653.60 607.33 609.14 1.81 2.45 2.98 0.34 3.03 Skarn com posite 1

628.59 629.89 1.30 1.05 62.55 1.28 3.82 Granodiorite with Qtz +Mo veinlets and A py+ Cpy in spots.

ML22-914 EPO 421981.13 1985603.96 1440.40 CD 170.19 -83.46 150.90 Finished

ML22-914A EPO 421981.13 1985603.96 1440.40 CD ML22-914 782.60 687.00 694.00 7.00 5.96 11.98 0.29 6.56 Skarn com posite 1

753.30 755.66 2.36 0.19 29.33 1.14 2.37 Skarn com posite 2

ML22-920 EPO 421982.53 1985603.52 1440.58 CD 151.84 -68.45 143.15 No significant values/ Finished

ML22-920A EPO 421982.53 1985603.52 1440.58 CD ML22-920 674.55 421.90 424.93 3.03 1.85 48.70 0.17 2.68 Breccia with P y replacing clasts and matrix.

621.69 626.00 4.31 12.47 16.32 0.19 12.96 Skarn com posite 1

ML22-927 EPO 422199.22 1985614.78 1460.91 CD 143.58 -76.43 641.85 371.54 375.73 4.19 5.85 53.53 0.39 7.09 ISO

454.37 455.00 0.63 2.41 205.80 5.67 13.96 Skarn com posite 1

464.66 473.76 9.10 1.95 9.47 0.32 2.57 Skarn com posite 2

484.65 502.00 17.35 9.11 11.47 0.31 9.75 Skarn com posite 3

539.44 544.00 4.56 0.47 14.80 0.85 2.02 Skarn com posite 4

553.92 595.94 42.02 5.99 21.08 0.67 7.31 Skarn com posite 5

← Back to feed