Torex Gold Resources Inc

Statement from Faysal Rodriguez, Senior Vice President Mexico Minera Media Luna December 6, 2024   We are profoundly saddened by the deaths of three colleagues who passed away due to carbon monoxide exposure at our ELG underground mine yesterday. We are in close touch with the families of our employees and our first priority is to provide them with our full support. While details are very limited at this time, the exposure was an isolated incident in an area of the mine that was being set up for ventilation following a stope blast. Two experienced ventilation employees went into a restricted area where carbon monoxide was present, and the other died as he was similarly exposed to the gas when he tried to rescue his colleagues. We are cooperating fully with the appropriate authorities. As we start the work to understand how this tragedy occurred, we have assembled our own internal team to begin our investigation so that we can prevent something like this from ever happening again. There are no words to bring comfort during this time of heartbreak. We are arranging grief counselling for our team members as we begin to mourn this immense loss. Our deepest condolences and prayers to the family members and friends of those who lost their lives.

Today, we carried out the last blast in our El Limon Pit ED3 as we wind down our open pit operations and transition to underground mining. We marked the last blast with the symbolism, class and respect it deserves as we honour the past and look with optimism to the future. A very sentimental day for our team. 🇲🇽🇨🇦💕 Minera Media Luna #TheNextTen

We are pleased to share the latest results from our 2024 drilling program at ELG Underground, which are, in a word, impressive. The results highlight the extension of higher-grade mineralization, indicating potential resource expansion and reserve replacement, which support our target of sustaining annual production at Morelos for many years to come.    Key highlights:    ✅ We continue to encounter high-grade mineralization across the main mineralized trends. Of particular note, drilling at the El Limón Sur Trend returned 94.30 gpt AuEq over 6.1 m, including 151.67 gpt AuEq over 3.7 m in LDUG-356, 27.72 gpt AuEq over 18.8 m in LDUG-350, 45.16 gpt AuEq over 3.1 m in LDUG-351, and 23.51 gpt AuEq over 5.1 m in LDUG-390.     ✅ Surface mapping to test the northern extension of the El Limón West Trend encountered favourable results that point to mineralization extending ~700 m to the north of the current known resource, towards the La Flaca fault.   ✅ Drilling at the El Limón Sur, Sub-Sill, and El Limón West trends all confirm that mineralization remains open at depth and along strike in each of these zones, while drilling at the El Limón Deep Trend returned high-grade intercepts (including 18.34 gpt AuEq over 11.2 m in LDUG-382) that confirm the continuity of mineralization in a southwest plunge.   Read more about our drilling results here: https://lnkd.in/ex_A4TTJ

Today, Torex announced that it has received approval from the Toronto Stock Exchange of its notice of intention to make a normal course issuer bid (NCIB) - otherwise knows as a share buyback. We believe this provides the Company with an effective means of returning capital to our shareholders in accordance with our corporate strategy. This also sets the stage for our broader capital return policy once we complete the Media Luna Project and pivot back to positive free cash flow in mid-2025. Read more about our announcement here: https://lnkd.in/ecYRg42Z

We have just announced assay results from our ongoing drilling program at EPO, a deposit in close proximity to Media Luna that is becoming a key part of the ongoing growth story at our Morelos Property. Key highlights are as follows: ✅ Within the northeastern portion of the deposit, drilling has highlighted the potential to upgrade Inferred Resources to Indicated Resources, with the most notable intercepts from drill hole ML23-1009 which returned 10.67 grams per tonne gold equivalent over 36.6 metres, including 44.80 gpt AuEq over 7.6 m; and drill hole ML23-1001 which returned 6.82 grams per tonne gold equivalent over 18.9 metres;   ✅ Drilling directly south of the defined resource encountered mineralization, highlighting the potential to expand Indicated Resources in that direction. Most notably, drill hole ML24-1035D intercepted 5.70 grams per tonne gold equivalent over 7.5 metres;   ✅ Drilling has also confirmed the expansion of mineralization to the north of EPO and has defined a northwest corridor with at least 100 metres of vertical continuity. Notably, drill hole ML24-1017 intercepted 6.35 grams per tonne gold equivalent over 5.1 metres.   “We look forward to seeing the results from the second half of the 2024 program, which I expect will further indicate the potential to build on our resource inventory with the year-end mineral reserve and resource update and support the Company’s target of sustaining annual gold equivalent production between 450,000 to 500,000 ounces beyond 2030. With only a few months remaining before Media Luna delivers first production and the Company returning to a strong free cash flow position, EPO is setting the stage for the capital efficient growth potential we see within the Media Luna Cluster and across the whole Morelos Property.” – Jody Kuzenko, President & CEO   Read more here: https://lnkd.in/e3W8VwSN

This evening, Torex released our Q3 results – it was another solid operational quarter with exceptionally strong financial results. Key highlights are as follows:   ✅ Robust all-in sustaining costs margin of 52%   ✅ Generated $113 million in cash prior to spending $114 million on Media Luna, which means we generated nearly enough cash to cover our quarterly spend on the project ✅ Exited Q3 with available liquidity of $347 million, which is essentially unchanged from Q2   ✅ Produced 119,412 ounces of gold in the quarter – putting us at 348,728 ounces produced year to date – and well on track to meet annual production guidance for the sixth year in a row   ✅ With this solid financial and operational performance, we are comfortably positioned to fund the remaining spend on the Media Luna Project and pivot back to free cash flow in mid-2025   We want to thank all of our shareholders, partners and everyone that follows Torex for your trust and interest in what we are up to. Our continued strong performance supports strong value generation as we work to continue to build decades of mine life at Morelos, explore value accretive opportunities through our disciplined growth strategy and consider avenues to return capital to shareholders. Exciting things are ahead - please continue to follow us! 👍 https://lnkd.in/djmYU3wz

We have just released our quarterly update on the Media Luna Project. As at the end of Q3, we achieved 87% overall project completion, with engineering concluded, procurement down to final deliveries, underground development ahead of schedule, and underground and surface construction advancing. Notably, installation of the Guajes conveyor is almost complete, with commissioning expected imminently.   As overall project construction is nearing completion, our focus has shifted to refining the plan and schedule for the processing plant tie-in period, which has been rescheduled from November 2024 to February 2025 with first copper concentrate production expected in Q1. As a result, gold production guidance in 2024 has increased to 450,000 to 470,000 ounces, versus original guidance of 400,000 to 450,000 ounces.   Read more about our latest update here: https://lnkd.in/en__Y6NH

It's an especially proud day for Torex Gold. Last evening we were awarded the Silver Hard Hat Award from the Mexico Mining Chamber Cámara Minera de México (CAMIMEX) for the safest mine in Mexico in 2023 in the category of Open Pit Mining with more than 500 workers. This award was presented at the 15th International Mining Congress 2024 in Hermosillo. This award reflects the daily commitment and effort of every single member of our team toward safety excellence and the world-class safety culture we have built together. The award will also serve as a reminder that we can never lose focus on adherence to safety systems, following our rules and standards and carrying on with our deeply established culture of caring for each other. We congratulate our entire Minera Media Luna team for this prestigious recognition. 🏆 💞 👏

October is Breast Cancer Awareness Month. Did you know that breast cancer is a leading cause of death for women in Mexico? Every October, we hold a Breast Cancer Awareness, Prevention and Early Detection campaign for all female employees and contractors in order to engage in dialogue about the importance of early detection and prevention. This campaign includes informational sessions conducted by healthcare professionals and voluntary mammography screenings for women over 40, underscoring our dedication to the health and wellbeing of all of our employees. #OctubreRosa Minera Media Luna

Thank you CanCham Mexico for your partnership and support.