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20-05-2025
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Torex Gold Reports Latest Drilling Results from ELG Underground
Results continue to indicate high-grade mineralization and the long-term potential of the deposit (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - May 20, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) is pleased to provide remaining results from the 2024 drilling program and initial results from the 2025 drilling program at ELG Underground. The results support the Company's target of further extending the mine life of ELG Underground by identifying new zones of higher-grade mineralization, expanding resources within known areas, and replacing mined reserves. Jody Kuzenko, President & CEO of Torex, stated: "Following many years of ongoing drilling success at ELG Underground, the deposit continues to impress and provide us with much optimism that we will be mining there for years to come. Building off the successful 2024 program wherein we replaced mineral reserves, this year's program aims to once again extend mine life while targeting to build out the mineral resource inventory, supporting our objective of sustaining production levels for the Morelos Complex above 450,000 gold equivalent ounces well beyond 2030. "Our exploration team continues to encounter high-grade mineralization as they step-out beyond the boundaries of known resources across several defined trends, furthering our understanding about how these trends are influenced by cross-cutting faults believed to be the main mineralization controls. A prime example of this is where recent drilling along the El Limón West Trend towards the El Limón Sur fault encountered 8.98 grams per tonne gold equivalent ("gpt AuEq") over 35.8 metres ("m"). "There is no doubt that the geology at the Morelos Property is prolific - with the completion of the Media Luna project in 2025, we are doubling down on exploration this year, drilling almost twice the metres relative to 2024 and increasing the budget by approximately 50%. With 48,000 metres of drilling targeted for ELG Underground this year, these initial results form a solid start to what I believe will be another excellent year of drilling success at ELG Underground." HIGHLIGHTS El Limón Sur Trend Central Zone: Holes SST-359 and LS-371 drilled at the intersection of the El Limón Sur Trend and the Z71 fault delivered multiple mineralized intercepts, most notably 12.18 gpt AuEq over 26.4 m at LS-371. Drill holes LS-370 and LS-359 confirmed the continuity of mineralization at depth with multiple high-grade intercepts, most notably 43.68 gpt AuEq over 10.3 m and 5.97 gpt AuEq over 26.4 m in drill hole LS-370. These holes show that mineralization in this area is comprised of at least three vertically continuous parallel mineralized structures along the El Limón Sur Trend that are open along strike and at depth down to 800 metres above sea level ("m.a.s.l."). A comprehensive follow-up drilling campaign is planned for 2025, aimed to explore the continuity of mineralization along strike, at depth, and to the south (Figures 2A and 2B). North Zone: The 2024 drilling program was successful in upgrading Inferred Resources to the Indicated category. Results encountered to date warrant a follow-up drilling campaign at depth down to the elevation of the Guajes Tunnel, aimed at increasing Inferred Resources as part of the year-end 2025 reserve and resource update (Figure 2C). El Limón West Trend The deepest intercept of drill hole LS-374 shows discrete, high-grade mineralization (19.57 gpt AuEq over 2.2 m) around the elevation of the Guajes Tunnel (~550 m.a.s.l.), indicating that the vertical extension of the mineralization likely reaches below this level (Figure 3). Drilling returned multiple high-grade intercepts stepping out of the current resource towards the El Limón Sur fault, including drill holes LS-351 (8.98 gpt AuEq over 35.8 m) and LS-373 (10.77 gpt AuEq over 5.8 m and 5.34 gpt AuEq over 9.0 m). These and other results from step-out drilling in the area show that the current resource is open in all directions and will be a focus of further investigation this year, with a view to confirm mineralization continuity and add new Inferred Resources (Figure 3). ELG UNDERGROUND DRILLING PROGRAM The primary objective of the current ELG Underground drilling program is to increase the Inferred Resource inventory and replace mined reserves to support sustaining production for the Morelos Complex above 450,000 AuEq ounces ("oz") per year beyond 2030. The program is focused on identifying high-grade mineralization extensions along the El Limón Sur, El Limón Deep, El Limón West, and Sub-Sill trends. Torex has budgeted $12 million towards drilling at ELG Underground in 2025. Drilling is progressing well with four rigs currently working in the area. Assay results presented in this news release include those for the 9,149 m drilled during 2024 that were received after the cutoff date for inclusion in the year-end 2024 mineral reserve and mineral resource update as well as assay results from the first 8,813 m of the 48,000 m of drilling planned for 2025. The focus for the first quarter of 2025 was primarily on the Advanced Exploration program, targeting extensions of existing resources at El Limón Sur and El Limón West (Figure 1). Drilling results confirm the grades and continuity of mineralization within the resource and show compelling potential to extend mineralization. Detailed drill results are reported in Table 3 (El Limón Sur Trend), Table 4 (El Limón West Trend), Table 5 (El Limón Deep Trend), and Table 6 (Sub-Sill Trend); previously reported drill holes are reported in Table 7. AuEq grades use the same metal prices ($1,650/oz gold ("Au"), $22/oz silver ("Ag"), and $3.75/lb copper ("Cu")) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the current mineral resource estimate for ELG Underground (effective date of December 31, 2024) and has been applied to the assay results for newly published drill holes as well as previously published drill holes. The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104). Figure 1: Plan view of ELG Underground showing the main mineralized trends that were the primary focus for drilling in late 2024 and Q1 2025 To view an enhanced version of this graphic, please visit: EL LIMÓN SUR TREND (FIGURES 2A, 2B, and 2C) Drilling along the El Limón Sur Trend has been focused in the central and north zones, near the trend's intersections with the Z71 and La Flaca faults, respectively (Figure 2A). The goal is to expand the central zone at depth and to the south, as well as to extend the north zone at depth beyond the elevation of the Guajes Tunnel (~400 m.a.s.l. or 200 m below the current resource boundary). Most of the holes drilled in these areas have encountered favorable alteration and mineralization zones, supporting the potential for resource expansion. The multiple high-grade intercepts found at the central zone, notably in drill holes SST-359, LS-371 and also found in deeper drill holes LS-370 and LS-359 (Table 1, Figure 2B), show that mineralization in this area is comprised of at least three vertically continuous parallel mineralized structures along the El Limón Sur Trend of up to 26.4 m at 12.18 gpt AuEq (drill hole LS-371). High-grade mineralization is potentially open along strike and at depth down to 800 m.a.s.l., controlled by the intersection of the El Limón Sur Trend and the Z71 fault (Figures 2A and 2B). These results warrant follow-up drilling this year, aimed at testing the mineralization continuity along strike, at depth, and to the south. At the north zone, drilling to test the continuity of mineralization towards the central zone returned favourable results (Figure 2C). Drilling at depth (LS-369) also encountered mineralization at 500 m.a.s.l., the continuity of which will be a focus of further drilling this year. Table 1: Recent drilling highlights along the El Limón Sur Trend Drill Hole From(m) To(m) Core Length(m) True Width(m) Au(gpt) Ag(gpt) Cu(%) AuEq(gpt) LS-359 50.6 53.0 2.4 2.1 6.35 2.0 0.02 6.41112.2 115.1 2.9 2.6 6.84 2.0 0.05 6.94136.0 139.8 3.8 3.4 2.31 0.8 0.01 2.33191.6 206.8 15.2 13.4 7.43 3.9 0.08 7.61 including 198.3 199.4 1.1 1.0 34.70 4.0 0.09 34.90 including 205.3 206.8 1.5 1.3 36.80 10.0 0.03 36.98 LS-370 9.9 12.0 2.1 2.1 7.58 3.0 0.05 7.7065.0 95.1 30.1 26.4 5.79 3.2 0.08 5.97 including 71.0 75.6 4.6 4.0 13.75 7.3 0.14 14.07122.0 133.5 11.5 10.3 43.31 2.6 0.21 43.68 including 123.5 126.8 3.3 2.9 78.39 4.5 0.30 78.93137.6 142.7 5.1 4.4 4.84 1.6 0.22 5.21 including 141.5 142.7 1.2 1.0 16.4 2.0 0.33 16.97151.0 155.0 4.0 3.5 8.89 2.3 0.24 9.30 LS-371 140.0 168.7 28.7 26.4 11.75 3.2 0.24 12.18 including 144.0 155.0 11.0 10.1 24.84 5.8 0.34 25.46Notes to Table:1) Drill hole intercepts are shown both in core length and true widths. Core recovery (%) is shown in Table 3. Core and true width lengths subject to rounding.2) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground.3) All assay results are uncapped. EL LIMÓN WEST TREND (FIGURE 3) Drilling targeting the expansion of resources along the southern extension of the El Limón West Trend has returned multiple high-grade intercepts. Most notably, drill holes LS-351 (8.98 gpt AuEq over 35.8 m and 6.18 gpt AuEq over 2.8 m), LS-352 (7.35 gpt AuEq over 7.7 m), and LS-373 (10.77 gpt AuEq over 5.8 m) indicate that mineralization is open in all directions. Additionally, drill hole LS-374 (19.57 gpt AuEq over 2.2 m) shows a discrete, high-grade intercept proximal to the elevation of the Guajes Tunnel (~550 m.a.s.l.). This indicates the potential of vertical continuity of mineralization for over 150 m at depth from the base of the current resource. These results warrant follow-up drilling this year aimed to confirm mineralization continuity to the north and south of the El Limón Sur fault and at depth down to the level of the Guajes Tunnel. Along the northern extension of the El Limón West Trend, the follow-up hole LS-367 was drilled to explore for the source of previously reported shallow mineralized intercepts in LS-316 (4.55 gpt AuEq over 4.5 m; previously reported, see Table 7 for more information) and LS-317 (3.96 gpt AuEq over 3.9 m; previously reported, see Table 7 for more information), and identified favorable alteration and mineralization at surface. The hole intersected a narrow zone of quartz veinlets, although the associated mineralization was weak. Further geological work will be carried out during 2025 to define follow-up drilling in this area. Table 2: Recent drilling highlights along the El Limón West Trend Drill Hole From(m) To(m) Core Length(m) True Width(m) Au(gpt) Ag(gpt) Cu(%) AuEq(gpt) LS-351 156.3 208.0 51.7 35.8 7.14 42.4 0.81 8.98 including 162.4 166.6 4.2 2.9 13.36 41.8 0.34 14.44 including 175.0 181.0 6.0 4.2 14.33 85.3 1.53 17.88 including 198.0 205.3 7.3 5.0 15.09 32.2 0.97 17.06245.8 250.0 4.2 2.8 4.65 18.5 0.81 6.18261.3 266.5 5.2 3.4 3.06 8.8 0.32 3.68 LS-352 187.8 199.6 11.8 7.7 6.52 18.0 0.37 7.35 LS-373 262.1 271.2 9.1 6.4 2.39 25.5 0.39 3.34282.6 288.9 6.3 4.4 3.05 8.2 0.25 3.56324.2 332.3 8.1 5.8 10.25 8.0 0.26 10.77343.0 356.0 13.0 9.0 3.68 33.4 0.76 5.34 including 350.9 356.0 5.1 3.5 5.73 72.5 1.38 8.88 LS-374 487.2 491.7 4.5 2.2 18.47 14.6 0.57 19.57 including 490.5 491.7 1.2 0.6 33.54 12.0 0.39 34.33Notes to Table:1) Drill hole intercepts are shown both in core length and true widths. Core recovery (%) is shown in Table 4. Core and true width lengths subject to rounding.2) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground.3) All assay results are uncapped. EL LIMÓN DEEP TREND Along the El Limón Deep Trend, drilling has been focused on the western and central portions of the mineralized trend, with the objectives of upgrading Inferred Resources and evaluating the continuity of alteration and mineralization below 650 m.a.s.l. Results to date show relatively weak alteration in the area which indicates that mineralization may be limited at depth. However, potential remains towards the trend's intersection with the El Limón West Trend as a favourable mineralization control, which will be a focus for drilling through the remainder of the year. Drilling has also been focused on upgrading and expanding Inferred Resources in the southwest-plunging mineralized zone towards the trend's intersection with El Limón West Trend. Only drill hole LDUG-392 (6.05 gpt AuEq over 5.5 m) of the three completed holes in this area encountered mineralization. SUB-SILL TREND Recent Advanced Exploration drilling along the Sub-Sill Trend has been primarily focused on its intersection with the Z71 fault. Mineralization has been encountered at depths around 500 m.a.s.l., indicating that this area remains open at depth. In addition, drilling along the northern extension of the trend encountered mineralization north of the La Flaca fault, highlighting the potential for resource extensions beneath the El Limón Open Pit and the mineralized intercepts of drill hole LDUG-394 (5.82 gpt AuEq over 2.9 m and 7.34 gpt AuEq over 3.7 m) over an unexplored area of approximately 150 m of vertical extension. ELG MINE COMPLEX GEOLOGY The ELG Mine Complex, located in the central part of the Guerrero Gold Belt in southwest Mexico, is hosted in the Mesozoic carbonate-rich Morelos Platform which has been intruded by Paleocene granodiorite stocks, sills, and dikes, and the uplifting of the block close to surface by maar-diatreme complexes. Skarn-hosted gold mineralization develops along contacts of the intrusive rocks and carbonate-rich sedimentary rocks of the Cuautla and Morelos Formations, as well as along the footwall contact of the Mezcala Formation. At depth, the mineralization has a strong structural control related to the main stages of deformation, with the collision of allochthonous terrain being responsible for the major north-south faults, while the almost east-west faulting is associated with the beginning of the subduction process. Gold mineralization at ELG occurs in spatial association with a skarn body that was developed along a two-kilometre-long corridor following the northeast contact of the ELG granodiorite stock. The skarn zone that occurs at the marble stratigraphic level of the Morelos Formation is in contact with hornfels developed in the Mezcala Formation. At El Limón, skarn mineralization is also structurally controlled by north-south and north-east trending faults. Early-stage deposition corresponds to skarn alteration and mineralization at ELG and is fairly typical of calcic gold-skarn systems. Zones of coarse, massive, garnet-dominant skarn appear within and along the stock margin, with fine-grained pyroxene-dominant skarn more common at greater distances from the contact with the stock. Significant gold mineralization at ELG is spatially associated with the skarn, preferentially occurring in pyroxene-rich exoskarn but also hosted in garnet-rich endoskarn that has been affected by retrograde alteration, which suggests that the most important gold event is strongly related to bismuth, late stage, and of epithermal origin. Dikes and sills are found to crosscut the hornfels and marble along the structural trends mentioned above and are spatially associated with the skarn formation. In some cases, these are the control of main gold mineralization stage at depth. The style of mineralization at the El Limón Deep, El Limón Sur, Sub-Sill, and El Limón West trends is characterized by gold, with locally high silver and copper grades. Given that gold precipitates due to the buffer exerted by the early stage of calc-silicate alteration and sulfide mineralization, it is free and generally dissociated from the previous copper event mainly related to chalcopyrite. QA/QC AND QUALIFIED PERSON Torex maintains an analytical quality assurance and quality control ("QA/QC") and data verification program to monitor laboratory performance and ensure high-quality assays. Results from this program confirm the reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by SGS de Mexico S.A. de C.V. ("SGS") in Durango, and by SGS at Morelos mine site facilities in Mexico. Gold analyses comprise fire assay with atomic absorption or gravimetric finish. External check assays for QA/QC purposes are performed at ALS Chemex de Mexico S.A. de C.V. The analytical QA/QC program is currently overseen by Carlo Nasi, Manager, Geology for Minera Media Luna, S.A. de C.V. All samples reported have been checked against Company and Lab standards, and blanks. No core duplicate samples are taken. Core sizes are mostly HQ in diameter and NQ core diameter is used sporadically if ground conditions require. Samples are sawn lengthwise in half. One half of the core is bagged and sealed for analytical analysis and one half is retained in the core box for reference. Sample preparation is carried out by SGS facilities in Durango and the Morelos mine site, Mexico and consists of drying and crushing 3 to 5 kg to >75% passing 2 mm followed by pulverization of 500 g to >85% passing 75 μm (G_PRP89). Gold is analyzed at the SGS facilities in Durango and at the Morelos mine site following internal analytical protocols. Gold analysis comprises a 30 g fire assay with an atomic absorption finish (GE_FAA30V5). Over-limit results for gold analysis (for samples reported as >10,000 ppb or >10 ppm) comprises 30 g Au by fire assay with gravimetric finish (GO_FAG30V). Copper and silver analyses up to 300 ppm Ag, Cu up to 10%, and iron up to 10% analysis are completed via Aqua Regia digestion and atomic absorption finish (GO_AAS21C50). Multi-element geochemical analysis is done by an Aqua Regia digestion with detection by ICP-OES using SGS internal analytical protocol and are conducted at SGS facilities in Durango (GE_ICP14B). External check assays for QC purposes are done on pulps and performed at ALS Global in Queretaro, Mexico. Approximately 3% of the samples collected from exploration and operation drilling as well as production samples are sent for analyses checks and assayed for Au, Ag, and Cu. Internal and external check control results are reviewed daily by MML and an external audit by Qualitica Consulting Inc. is carried out quarterly. The outcome of the test work indicates that the precision and accuracy of the results received from SGS' Durango and ELG mine site facilities are within acceptable tolerance ranges. Scientific and technical information contained in this news release has been reviewed and approved by Rochelle Collins, (PGO #1412), Principal, Mineral Resource Geologist with Torex Gold Resources Inc., a "qualified person" ("QP") as defined by NI 43-101. Ms. Collins has verified the information disclosed, including sampling, analytical, and test data underlying the drill results. Verification included visually reviewing the drill holes 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. Collins consents to the inclusion in this release of said information in the form and context in which they appear. Additional information on ELG Underground, sampling and analyses, analytical labs, and methods used for data verification 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 "2022 Technical Report") and in the annual information form ("AIF") dated March 21, 2025, each filed on SEDAR+ at and the Company's website at ABOUT TOREX GOLD RESOURCES INC. Torex Gold Resources Inc. 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 producing Media Luna Underground, ELG Underground, and ELG Open Pit mines, the development stage EPO Underground 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: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company is seeking opportunities to acquire assets that enable diversification and deliver value to shareholders. FOR FURTHER INFORMATION, PLEASE CONTACT: TOREX GOLD RESOURCES KuzenkoPresident and CEODirect: (647) RollinsSenior Vice President, Corporate Development & Investor RelationsDirect: (647) 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 results support the Company's target of further extending the mine life of ELG Underground by identifying new zones of higher-grade mineralization, expanding resources within known areas, and replacing mined reserves; this year's program aims to extend mine life while targeting to build out the mineral resource inventory, supporting the Company's objective of sustaining production levels for the Morelos Complex above 450,000 gold equivalent ounces well beyond 2030; the stated focus, objectives, aims, targets and goals of the drilling programs; indication that results of drill hole LS-374 show that the vertical extension of the mineralization likely reaches below the elevation of the Guajes Tunnel (~550 m.a.s.l.); indications that mineralization is open in the stated direction(s); drilling results confirm the grades and continuity of mineralization within the resource and show compelling potential to extend mineralization; statements regarding the potential to extend mineralization and increase mineral resources; and the Company's key strategic objectives: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "objective", "target", "continue", "potential", "focus", "demonstrate", "belief" or variations of such words and phrases or statements that certain actions, events or results "will", "would", "could" 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; 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. The Technical Report, AIF and MD&A are filed on SEDAR+ at and the Company's website at Figure 2A: Drilling results from the central zone of the El Limón Sur Trend. To view an enhanced version of this graphic, please visit: Figure 2B: Multiple high-grade intercepts define at least three vertically dipping high-grade mineralized structures along strike of the El Limón Sur Trend Central Zone. To view an enhanced version of this graphic, please visit: Figure 2C: Drilling results from the north zone of the El Limón Sur Trend. To view an enhanced version of this graphic, please visit: Figure 3: Drilling results along the El Limón West Trend. To view an enhanced version of this graphic, please visit: Table 3: Drill results along the El Limón Sur Trend InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) True Width (m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) SST-350 Infill 422176.7 1989761.2 896.5 238 -4 198 130.8 135.9 5.1 4.3 2.64 16.8 0.05 2.93 99.7 152.7 164.6 11.9 9.8 5.04 2.3 0.08 5.20 100.0 175.0 178.2 3.2 2.9 6.63 3.4 0.07 6.78 100.0 186.7 193.0 6.3 6.1 2.28 3.0 0.17 2.59 99.7 SST-356 Infill 422176.5 1989761.3 896.2 241 -11 231 61.8 63.8 2.0 1.7 21.40 6.9 0.11 21.67 99.6 110.7 116.0 5.3 4.3 8.28 3.1 0.08 8.44 100.0 138.3 141.6 3.3 2.9 6.53 1.6 0.13 6.76 99.2 155.5 159.0 3.5 3.1 5.07 0.5 0.01 5.09 99.9 SST-359 Infill 422176.5 1989761.4 896.4 248 -8 182 66.0 69.9 3.9 3.7 2.38 2.0 0.05 2.49 100.0 121.6 124.2 2.6 2.4 12.91 7.4 0.07 13.12 98.8 134.7 146.0 11.3 10.3 3.11 1.0 0.11 3.30 100.0 152.0 157.0 5.0 4.5 9.70 1.3 0.08 9.85 100.0 SST-360 Infill 422176.8 1989761.2 897.0 235 3 189 4.0 6.0 2.0 1.5 4.09 1.0 0.05 4.19 99.4 50.6 68.5 17.9 13.9 7.04 2.4 0.06 7.18 99.7 including61.0 62.5 1.5 1.2 41.30 6.0 0.10 41.53 99.7 165.6 168.0 2.4 2.1 3.30 0.5 0.41 3.96 99.7 SST-364 Infill 422176.8 1989761.5 896.7 244 3 180 105.2 112.3 7.1 6.0 4.77 3.0 0.29 5.28 100.0 SST-370 Infill 422176.8 1989761.2 897.1 238 9 180 26.0 29.1 3.1 2.7 8.16 22.4 0.64 9.47 97.8 32.2 49.2 17.0 14.4 21.12 5.0 0.10 21.35 98.8 including33.3 40.3 7.0 5.9 43.68 8.9 0.15 44.04 98.8 151.7 154.3 2.6 2.4 3.91 1.3 0.06 4.02 100.0 LDUG-392 Infill 422209.1 1990018.5 722.1 265 0 333 151.9 154.5 2.6 2.5 8.81 10.0 0.24 9.32 100.0 including153.9 154.5 0.6 0.6 35.0 15.00 0.2 35.53 100.0 LDUG-393 Infill 422209.1 1990018.1 722.3 260 5 102 50.0 52.0 2.0 1.7 4.19 1.0 0.00 4.21 97.7 LDUG-405 Step-Out 422176.1 1990138.6 674.8 262 -37 342 169.1 170.6 1.5 1.2 2.69 0.5 0.01 2.71 100.0 LDUG-406 Infill 422209.5 1990017.7 721.8 265 -12 342 131.9 142.0 10.1 9.2 2.92 15.2 0.29 3.58 99.8 LDUG-407 Infill 422209.6 1990017.7 721.6 265 -22 360 143.6 145.7 2.1 1.8 19.72 6.8 0.13 20.01 99.8Notes to Table1) Drill hole intercepts are shown both in core length and true widths. Core and true width lengths subject to rounding. Assay results are uncapped.2) Coordinates are WGS 1984 UTM Zone 14N3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.4) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground. Table 3 (continued): Drill results along the El Limón Sur Trend InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) True Width (m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) LDUG-409 Infill 422209.5 1990017.6 721.6 256 -20 171 130.0 132.1 2.1 1.9 9.79 5.0 0.08 9.97 100.0 LS-353 Infill 422176.7 1989761.9 896.2 259 -16 177 54.6 65.2 10.6 9.9 3.24 3.0 0.12 3.47 100.0 79.1 83.6 4.5 4.1 4.54 5.7 0.38 5.23 100.0 105.0 113.0 8.0 6.9 6.23 3.4 0.04 6.33 100.0 LS-354 Infill 422262.9 1989927.2 856.7 319 -20 267 220.0 227.6 7.6 4.9 5.42 30.9 2.67 10.12 100.0 LS-355 Infill 422176.0 1989760.0 897.0 261 -6 165 79.2 82.0 2.8 2.7 2.58 9.8 0.24 3.08 100.0 LS-356 Step-Out 422146.9 1989161.4 916.9 88 -63 351 201.1 203.0 1.9 0.5 1.56 1.3 0.01 1.59 100.0 LS-357 Infill 422176.6 1989761.9 896.7 243 -3 207 113.6 117.5 3.9 3.5 3.85 1.4 0.01 3.89 98.7 124.7 132.6 7.9 6.9 6.21 0.6 0.01 6.24 99.4 LS-359 Infill 422176.7 1989761.1 896.3 236 -10 215 50.6 53.0 2.4 2.1 6.35 2.0 0.02 6.41 100.0 112.2 115.1 2.9 2.6 6.84 2.0 0.05 6.94 100.0 136.0 139.8 3.8 3.4 2.31 0.8 0.01 2.33 100.0 191.6 206.8 15.2 13.4 7.43 3.9 0.08 7.61 100.0 including198.3 199.4 1.1 1.0 34.70 4.0 0.09 34.90 100.0 including205.3 206.8 1.5 1.3 36.80 10.0 0.03 36.98 100.0 LS-360 Infill 422176.7 1989761.2 896.7 233 6 195 54.8 57.5 2.7 2.4 9.99 1.2 0.02 10.03 100.0 LS-361 Step-Out 422176.0 1989871.1 796.7 276 -30 366 120.5 121.5 1.0 0.8 5.46 25.0 0.51 6.60 100.0 LS-362 Infill 422176.8 1989761.3 897.3 237 14 162 3.0 10.0 7.0 6.3 1.73 3.0 0.12 1.96 100.0 LS-364 Infill 422176.8 1989761.5 897.4 243 15 162 3.5 9.5 6.0 5.1 5.72 4.5 0.12 5.97 100.0 57.0 67.5 10.5 8.2 2.34 4.9 0.30 2.88 100.0 LS-365 Infill 422176.7 1989761.2 897.4 233 12 195 9.0 13.4 4.4 3.7 4.49 5.5 0.17 4.83 100.0 35.0 41.8 6.8 5.8 9.82 2.0 0.03 9.89 100.0 145.9 151.4 5.5 4.2 2.60 1.2 0.04 2.68 100.0 LS-366 Infill 422176.8 1989761.9 896.9 256 5 171 16.0 18.2 2.2 2.1 0.99 38.2 1.37 3.69 70.1 27.7 30.6 2.9 2.7 2.22 0.9 0.02 2.26 98.9 129.0 130.3 1.3 1.1 26.10 7.0 0.22 26.54 100.0 Notes to Table1) Drill hole intercepts are shown both in core length and true widths. Core and true width lengths subject to rounding. Assay results are uncapped.2) Coordinates are WGS 1984 UTM Zone 14N.3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.4) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground Table 3 (continued): Drill results along the El Limón Sur Trend InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) True Width (m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) LS-367 Infill 422176.6 1989762.1 896.7 269 1 402 26.0 31.9 5.9 5.7 3.58 2.0 0.03 3.66 100.0 93.3 97.9 4.6 4.5 2.83 3.8 0.17 3.15 99.3 LS-368 Step-Out 422176.1 1989870.7 796.3 269 -39 250 70.0 73.8 3.8 2.9 0.28 17.9 0.52 1.34 100.0 129.5 133.0 3.5 2.6 3.63 2.7 0.04 3.72 100.0 LS-369 Step-Out 421646.7 1989805.8 570.8 82 -9 600 326.7 329.5 2.8 2.5 1.09 18.6 1.20 3.26 100.0 417.2 421.5 4.3 4.0 3.04 8.9 0.52 3.99 100.0 LS-370 Infill 422176.7 1989761.5 896.1 248 -16 210 9.9 12.0 2.1 2.1 7.58 3.0 0.05 7.70 76.5 65.0 95.1 30.1 26.4 5.79 3.2 0.08 5.97 100.0 including71.0 75.6 4.6 4.0 13.75 7.3 0.14 14.07 100.0 122.0 133.5 11.5 10.3 43.31 2.6 0.21 43.68 100.0 including123.5 126.8 3.3 2.9 78.39 4.5 0.30 78.93 100.0 137.6 142.7 5.1 4.4 4.84 1.6 0.22 5.21 100.0 including141.5 142.7 1.2 1.0 16.4 2.0 0.33 16.97 100.0 151.0 155.0 4.0 3.5 8.89 2.3 0.24 9.30 100.0 LS-371 Infill 422176.7 1989761.5 896.5 255 -8 180 140.0 168.7 28.7 26.4 11.75 3.2 0.24 12.18 100.0 including144.0 155.0 11.0 10.1 24.84 5.8 0.34 25.46 100.0 Notes to Table1) Drill hole intercepts are shown both in core length and true widths. Core and true width lengths subject to rounding. Assay results are uncapped.2) Coordinates are WGS 1984 UTM Zone 14N.3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.4) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground. Table 4: Drill results along the El Limón West Trend InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) True Width (m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) LS-351 Infill 422108.1 1989285.7 929.6 268 -46 291 156.3 208.0 51.7 35.8 7.14 42.4 0.81 8.98 97.0 including162.4 166.6 4.2 2.9 13.36 41.8 0.34 14.44 96.0 including175.0 181.0 6.0 4.2 14.33 85.3 1.53 17.88 98.0 including198.0 205.3 7.3 5.0 15.09 32.2 0.97 17.06 97.0 245.8 250.0 4.2 2.8 4.65 18.5 0.81 6.18 99.9 261.3 266.5 5.2 3.4 3.06 8.8 0.32 3.68 100.0 LS-352 Infill 422112.4 1989272.0 928.4 273 -48 305 187.8 199.6 11.8 7.7 6.52 18.0 0.37 7.35 100.0 LS-358 Step-Out 421765.9 1989266.7 805.8 90 -59 570 298.6 299.7 1.1 0.6 5.79 2.0 0.00 5.82 100.0 402.9 404.7 1.8 1.1 1.96 0.7 0.00 1.97 100.0 LS-363 Step-Out 421727.2 1989210.4 786.4 90 -52 924 No significant values LS-367 Step-Out 422176.6 1989762.1 896.7 269 1 402 No significant values LS-373 Infill 422207.1 1989278.9 945.1 267 -45 391 262.1 271.2 9.1 6.4 2.39 25.5 0.39 3.34 99.8 282.6 288.9 6.3 4.4 3.05 8.2 0.25 3.56 100.0 324.2 332.3 8.1 5.8 10.25 8.0 0.26 10.77 100.0 343.0 356.0 13.0 9.0 3.68 33.4 0.76 5.34 92.0 including350.9 356.0 5.1 3.5 5.73 72.5 1.38 8.88 92.0 LS-374 Step-Out 422207.3 1989279.1 945.0 268 -61 567 487.2 491.7 4.5 2.2 18.47 14.6 0.57 19.57 100.0 including490.5 491.7 1.2 0.6 33.54 12.0 0.39 34.33 100.0 Notes to Table1) Drill hole intercepts are shown both in core length and true widths. Core and true width lengths subject to rounding. Assay results are uncapped.2) Coordinates are WGS 1984 UTM Zone 14N.3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.4) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground. Table 5: Drill results along the El Limón Deep Trend InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) True Width (m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) LDUG-392 Infill 422209.1 1990018.5 722.1 265 0 333 302.5 308.2 5.7 5.5 4.84 11.5 0.66 6.05 99.9 LDUG-404 Step-Out 422175.9 1990139.1 675.2 266 -21 290 261.8 264.5 2.7 1.8 1.21 22.4 0.44 2.20 100.0 LDUG-405 Step-Out 422176.1 1990138.6 674.8 262 -37 342 No significant values LDUG-406 Infill 422209.5 1990017.7 721.8 265 -12 342 318.7 321.2 2.5 2.2 3.70 3.5 0.11 3.92 100.0 LDUG-407 Infill 422209.6 1990017.7 721.6 265 -22 360 No significant values LS-372 Step-Out 422176.0 1990140.3 675.6 296 -7 201 No significant valuesNotes to Table1) Drill hole intercepts are shown both in core length and true widths. Core and true width lengths subject to rounding. Assay results are uncapped.2) Coordinates are WGS 1984 UTM Zone 14N.3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.4) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground. Table 6: Drill results along the Sub-Sill Trend InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) True Width (m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) SST-353 Infill 422211.0 1990128.1 674.4 120 -43 171 No significant values SST-354 Infill 422211.2 1990127.9 674.0 120 -50 201 142.5 146.3 3.8 2.1 2.72 5.1 0.23 3.16 100.0 SST-355 Infill 422211.0 1990127.9 674.0 134 -50 237 187.0 189.8 2.8 1.2 2.06 8.6 0.20 2.48 100.0 SST-357 Infill 422211.3 1990128.1 674.3 104 -43 153 86.9 89.5 2.6 1.3 4.11 2.5 0.17 4.42 100.0 143.0 145.2 2.2 1.5 2.62 6.3 0.39 3.32 100.0 SST-362 Step-Out 422211.4 1990128.2 675.0 104 -18 234 181.8 184.8 3.0 2.3 7.59 35.1 1.67 10.73 100.0 SST-368 Infill 422211.3 1990128.2 675.0 104 -29 234 172.4 196.0 23.6 18.3 2.93 123.8 4.53 11.80 100.0 SST-372 Infill 422211.3 1990128.1 674.9 108 -23 237 157.3 159.7 2.4 1.7 0.41 8.0 0.45 1.23 100.0 SST-374 Infill 422211.2 1990128.5 676.0 134 11 111 78.4 83.4 5.0 3.4 3.70 0.7 0.01 3.72 100.0 SST-377 Step-Out 422266.9 1989924.6 856.5 108 -31 255 No significant values SST-378 Step-Out 422182.4 1989868.9 795.8 91 -37 618 No significant values SST-380 Step-Out 422181.8 1990137.5 674.2 106 -51 261 162.0 182.9 20.9 8.7 5.29 3.6 0.14 5.55 100.0 including166.0 168.9 2.9 1.2 13.84 8.2 0.36 14.53 100.0 SST-381 Step-Out 422182.1 1990137.9 674.2 91 -45 210 177.3 183.3 6.0 4.1 1.68 50.8 3.39 7.79 88.2 SST-382 Step-Out 422181.4 1990137.9 674.3 90 -56 378 235.3 237.4 2.1 1.7 3.42 44.0 0.00 3.99 100.0 LDUG-394 Infill 422292.0 1990579.4 743.3 275 32 210 159.7 164.0 4.3 2.9 4.90 5.4 0.53 5.82 100.0 182.5 188.0 5.5 3.7 1.46 86.3 2.97 7.34 99.8 LDUG-395 Infill 422292.0 1990579.3 742.9 273 26 201 144.6 149.5 4.9 3.9 2.58 5.3 0.62 3.64 100.0 LDUG-396 Infill 422292.0 1990579.3 742.2 265 16 168 138.0 143.8 5.8 4.8 2.86 7.3 0.22 3.30 100.0 LDUG-397 Infill 422292.0 1990578.9 742.8 264 25 180 126.6 129.7 3.1 2.5 1.90 5.0 0.31 2.47 94.8 LDUG-398 Infill 422291.9 1990579.6 743.1 278 29 180 119.8 122.1 2.3 1.6 1.73 5.9 0.24 2.19 98.5 LDUG-399 Infill 422292.1 1990579.5 744.2 276 43 201 161.7 165.0 3.3 2.2 0.90 8.5 0.64 2.03 100.0 LDUG-400 Infill 422292.1 1990579.7 743.4 286 33 177 129.8 133.2 3.4 2.3 1.47 11.8 0.60 2.59 95.6 LDUG-401 Infill 422292.6 1990577.8 742.1 252 14 162 140.0 142.2 2.17 2.0 1.90 9.8 0.57 2.95 100.0 LDUG-402 Infill 422292.4 1990577.5 741.8 248 9 156 130.8 133.1 2.3 2.1 2.03 7.4 0.57 3.05 100.0 LDUG-403 Infill 422292.1 1990579.5 741.8 276 8 126 100.7 103.0 2.3 2.1 2.50 6.3 0.14 2.81 98.6 Notes to Table1) Drill hole intercepts are shown both in core length and true widths. Core and true width lengths subject to rounding. Assay results are uncapped.2) Coordinates are WGS 1984 UTM Zone 14N.3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.4) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground. Table 7: Previously reported drill holes from ELG Underground InterceptDrill Hole Program UTM-E (m) UTM-N (m) Elevation (m) Azimuth (°) Dip (°) Final Depth (m) From(m) To(m) Core Length(m) True Width (m) Au (gpt) Ag (gpt) Cu(%) AuEq(gpt) CoreRecovery(%) LS-316 Step-out 421827.0 1989766.3 1062.1 116.3 -54.7 352.0 63.1 69.4 6.3 4.5 4.53 0.9 0.00 4.55 100.0 LS-317 Step-out 421826.7 1989767.1 1062.3 75.8 -61.2 453.0 66.4 71.7 5.3 3.9 3.94 1.0 0.00 3.96 100.0Notes to Table1) Drill hole intercepts are shown both in core length and true widths. Core and true width lengths subject to rounding. Assay results are uncapped.2) Coordinates are WGS 1984 UTM Zone 14N3) Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.4) The gold equivalent grade calculation used is as follows: AuEq (gpt) = Au (gpt) + Ag (gpt) * 0.0127 + Cu (%) * 1.6104 and use the same metal prices ($1,650/oz Au, $22/oz Ag, and $3.75/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2024 mineral resource estimate for ELG Underground.5) For more information on the above drilling results, please refer to the Company's press releases titled Torex Gold Reports Positive Results from the 2024 ELG Underground Drilling Program (June 27, 2024) and Torex Gold Reports Compelling New Results from the 2024 ELG Underground Drilling Program (December 2, 2024), which are available on and To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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07-05-2025
- Business
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Torex Gold Reports Q1 2025 Results
"With our highest cash outflow and lowest production quarter of the year now behind us, our focus is set on further unlocking value for our shareholders through returning to positive free cash flow, executing our exploration program across the entire Morelos Property, implementing a formal return of capital policy, delivering on full-year guidance for the seventh consecutive year, and ramping up Media Luna to the designed mining rate by mid-2026." "As is typical of our cash flow seasonality, the first quarter was the highest for tax and royalty payments for the year. These payments, coupled with the final capital spend on Media Luna and limited production, necessitated the net $130 million draw on our credit facility per our plan. As we hit our projected free cash flow inflection point mid-year with completion of Media Luna Project spending, we expect to repay the modest amount of debt drawn quickly, particularly as production ramps up under a backdrop of record gold prices. "Production levels for the quarter were in line with our expectations given the four-week shutdown at the processing plant. Production is expected to pick up during the second quarter through the early stages of ramp up and increase further through the back half of the year, with annual guidance being maintained. All-in sustaining costs 1 for Q1 were much better than originally anticipated as initial sales from Media Luna did not commence until early April. As a result, the higher cost ore associated with the commissioning phase of the Media Luna mine will now be recognized in Q2, aligning with initial sales from Media Luna. "The first quarter was marked with significant milestones for Torex. We completed the tie-ins at the processing plant not only on time but, more importantly, safely. We also delivered first concentrate production, with regular shipments commencing in April. Earlier this week, we proudly declared commercial production at Media Luna, marking the conclusion of the project phase and the beginning of our transition back to positive free cash flow 1 generation. Toronto, Ontario--(Newsfile Corp. - May 7, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) reports the Company's financial and operational results for the three months ended March 31, 2025. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results. Story Continues FIRST QUARTER 2025 HIGHLIGHTS Safety performance: The Company recorded one lost-time injury during the quarter when a contractor suffered an ankle fracture. As at March 31, 2025, the lost-time injury frequency ("LTIF") for the Morelos Complex was 0.59 per million hours worked for both employees and contractors on a rolling 12-month basis. During the quarter, the internal investigation into the fatal carbon monoxide exposure that occurred in December 2024 was concluded and follow up action items are being tracked to completion. In addition, the Company has embarked on a comprehensive 'Next Level Safety' program with a view to ensuring that the operations resumes and maintains its prior fatality free status. Gold payable production: On a gold equivalent ounce ("oz AuEq") basis, payable production for the quarter was 59,630 oz AuEq 2 , including 58,330 oz Au. Production in the quarter was as expected and driven by the planned four-week tie-in period at the processing plant in connection with the Media Luna Project. The Company is on track to achieve annual payable production guidance of 400,000 to 450,000 oz AuEq 2 . Gold sold: The Company sold 60,568 oz AuEq 2 at a record quarterly average realized gold price 1 of $2,793 per oz, contributing to revenue of $170.0 million, which was lower than the quarterly average as sales of metal produced from the new circuits as part of the Media Luna Project commenced in April. All-in sustaining costs 1 : All-in sustaining costs of $1,405 per oz AuEq sold 2 relative to guidance of $1,400 to $1,600 per oz AuEq sold 2 . All-in sustaining costs margin 1 of $1,388 per oz AuEq sold, implying an all-in sustaining costs margin 1 of 50%. Cost of sales was $94.1 million or $1,554 per oz AuEq sold in the quarter. Net income and adjusted net earnings 1 : Reported net income of $39.0 million or earnings of $0.45 per share on both a basic and dilutive basis. Adjusted net earnings of $35.9 million or $0.42 per share on a basic basis and $0.41 per share on a diluted basis. EBITDA 1 and adjusted EBITDA 1 : Generated EBITDA of $88.1 million and adjusted EBITDA of $91.8 million. Cash flow generation: Net cash used in operating activities totalled $9.9 million and $17.7 million before changes in non-cash operating working capital. Net cash used in operating activities (including changes in non-cash operating working capital) of $9.9 million including income taxes paid of $101.6 million, reflecting the annual payment of mining taxes and annual true-up of corporate income taxes, and payment of the 0.5% royalty in respect of 2024 of $4.7 million. Negative free cash flow 1 of $133.3 million is net of cash outlays for capital expenditures, lease payments, and interest, including borrowing costs capitalized. Negative free cash flow was a result of the lower sales volumes due to the four-week tie-in period at the processing plant and capital expenditures of $123.5 million in the first quarter of 2025. Financial liquidity: The quarter closed with $197.6 million in available liquidity 1 , including $106.5 million in cash and $91.1 million available on the $300.0 million credit facilities, net of borrowings of $195.0 million and letters of credit outstanding of $13.9 million. Media Luna Project: In late March, the tie-in period was completed at the processing plant and the Company achieved first production of copper concentrate, marking the substantial completion of the Media Luna Project. Effective April 26, 2025, Media Luna reached the production stage, and commercial production was declared. During the quarter, $55.5 million was invested in the project and as of March 31, 2025, physical progress on the Project was approximately 98%. Exploration and Drilling Activities: In February, the Company announced results from the ongoing drilling program at Media Luna West and results from initial drill testing at Media Luna East 3 . The advanced exploration drilling program at Media Luna West has defined a mineralized footprint of 600 metres ("m") by 400 m with multiple high-grade intercepts. The intercepts indicate the exploration upside to the west of the defined resource boundaries of Media Luna and EPO. Initial drill testing at Media Luna East returned strong results, with multiple high-grade intercepts, many with copper ("Cu") grades in excess of 2%. Drilling at both targets is part of the Company's exploration strategy, which is focused, in part, on unlocking the resource potential of the Morelos Complex in order to enhance and extend the production profile. Year-end Mineral Reserves & Resources4: At EPO, an inaugural Probable Reserve of 781 koz AuEq was declared in September 2024 and an updated reserve estimate for EPO is currently being undertaken as part of the internal feasibility study. Due to drilling undertaken in 2024 north of the EPO deposit, Inferred Resources at EPO increased 32% to 954 koz AuEq from 721 koz AuEq. At ELG Underground, drilling was successful at replacing depletion with Proven and Probable Reserves increasing 1% to 662 koz AuEq during the year, supporting a reserve life through early 2029, which assumes an average mining rate of 2,800 tpd through 2026 and approximately 2,000 tpd thereafter. At Media Luna, updated mineral reserves and mineral resources primarily reflect results of definition drilling as well as modest refinements to some stope shapes. With the completion of the Media Luna Project, step-out and infill drilling at Media Luna is set to resume in 2025, with the goal of expanding and upgrading mineral resources as well as replacing mineral reserves. The positive results from the 2024 drilling program solidifies annual payable production of at least 450,000 koz AuEq through 2030 and a reserve life out to at least 2035. With approximately 125,000 m of drilling planned in 2025, almost double the metres drilled in 2024, the Company is focused on enhancing the base case production profile beyond 2030, extending the reserve life of the underground deposits, and further showcasing the underlying potential of the broader Morelos Property by testing several regional targets. 1. These measures are non-GAAP financial measures ("Non-GAAP Measures") which are not standardized financial measures under IFRS, the framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures used by other companies. For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS, see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to the Company's MD&A for the three months ended March 31, 2025, dated May 7, 2025, which is incorporated by reference into this news release. The MD&A and the Company's unaudited condensed consolidated interim financial statements and related notes for the three months ended March 31, 2025, are available on Torex's website ( and under the Company's SEDAR+ profile ( 2. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. For the three months ended March 31, 2025, market prices averaged $2,860/oz gold, $31.88/oz silver, and $4.24/lb copper. Guidance for 2025 assumed metal prices of $2,500/oz gold, $28/oz silver, and $4.30/lb copper. 3. For more information on Media Luna drilling results, see the Company's news release titled "Torex Gold Reports Excellent Drill Results from Media Luna West and Initial Results from Media Luna East" issued on February 24, 2025, and filed on SEDAR+ at and on the Company's website at 4. Mineral reserve and mineral resource estimates for the Morelos Complex can be found in tables 12 and 13, respectively, of this press release. AuEq values account for underlying metal prices and metallurgical recoveries used in reserve and resource estimates. For additional information on the mineral reserve and mineral resource estimates for the Morelos Complex, please see the Company's annual information form for the year ended December 31, 2024, or the Company's news release titled "Torex Gold Reports Year-end 2024 Reserves & Resources" issued on March 19, 2025, and filed on SEDAR+ at and on the Company's website at CONFERENCE CALL AND WEBCAST DETAILS The Company will host a conference call tomorrow at 9:00 AM (ET) where senior management will discuss the first quarter operating and financial results. For expedited access to the conference call, registration is open to obtain an access code in advance, which will allow participants to join the call directly at the scheduled time. Alternatively, dial-in details are as follows: Toronto local or International: 1-647-846-8914 Toll-Free (North America): 1-833-752-3842 A live webcast and replay of the conference call will be available on the Company's website at The webcast will be archived on the Company's website. Table 1: Operating and Financial Highlights Three Months Ended Mar 31, Dec 31, Mar 31, In millions of U.S. dollars, unless otherwise noted 2025 2024 2024 Safety Lost-time injury frequency1 /million hours 0.59 0.61 0.15 Total recordable injury frequency1 /million hours 1.52 1.48 0.97 Operating Results - Gold Equivalent basis Gold equivalent payable produced2 oz AuEq 59,630 105,132 117,054 Gold equivalent sold2 oz AuEq 60,568 110,419 114,106 Total cash costs2,3 $/oz AuEq 1,020 932 944 Total cash costs margin2,3 $/oz AuEq 1,773 1,555 1,079 All-in sustaining costs2,3 $/oz AuEq 1,405 1,112 1,222 All-in sustaining costs margin2,3 $/oz AuEq 1,388 1,375 801 Average realized gold price2,3 $/oz 2,793 2,487 2,023 Financial Results Revenue $ 170.0 295.0 236.5 Cost of sales $ 94.1 153.5 157.4 Earnings from mine operations $ 75.9 141.5 79.1 Net income $ 39.0 60.4 43.1 Per share - Basic $/share 0.45 0.70 0.50 Per share - Diluted $/share 0.45 0.69 0.50 Adjusted net earnings3 $ 35.9 70.6 35.9 Per share - Basic3 $/share 0.42 0.82 0.42 Per share - Diluted3 $/share 0.41 0.81 0.42 EBITDA3 $ 88.1 162.8 98.0 Adjusted EBITDA3 $ 91.8 154.3 113.2 Cost of sales - gold equivalent basis $/oz AuEq 1,554 1,390 1,378 Net cash (used in) generated from operating activities $ (9.9 ) 122.8 79.8 Net cash (used in) generated from operating activities before changes in non-cash operating working capital $ (17.7 ) 136.3 72.5 Free cash flow3 $ (133.3 ) (7.7 ) (59.4 ) Cash and cash equivalents $ 106.5 110.2 113.2 Debt, net of deferred finance charges $ 193.1 62.9 - Lease-related obligations $ 86.5 78.3 44.0 Net (debt) cash3 $ (175.0 ) (33.1 ) 69.2 Available liquidity3 $ 197.6 331.5 405.3 1. On a 12-month rolling basis, per million hours worked. 2. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2025, dated May 7, 2025 for the relevant average market prices by commodity, available on Torex's website ( and under the Company's SEDAR+ profile ( 3. Total cash costs, total cash costs margin, all-in sustaining costs, all-in sustaining costs margin, average realized gold price, adjusted net earnings, adjusted net earnings per share, EBITDA, adjusted EBITDA, free cash flow, net (debt) cash and available liquidity are non-GAAP financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For a detailed reconciliation of each Non-GAAP Measure to its most directly comparable measure in accordance with the IFRS as issued by the International Accounting Standards Board see Tables 2 to 11 of this press release. For additional information on these Non-GAAP Measures, please refer to the Company's MD&A for the three months ended March 31, 2025, dated May 7, 2025. The MD&A and the Company's the Company's unaudited condensed consolidated interim financial statements and related notes for the three months ended March 31, 2025, are available on Torex's website ( and under the Company's SEDAR+ profile ( Table 2: Reconciliation of Total Cash Costs and All-in Sustaining Costs to Production Costs and Royalties Three Months Ended Mar 31, Dec 31, Mar 31, In millions of U.S. dollars, unless otherwise noted 2025 2024 2024 Gold sold oz 59,756 108,647 111,642 Total cash costs per oz sold Production costs1 $ 56.2 94.7 100.8 Royalties $ 6.0 8.2 6.9 Less: Silver sales $ (1.1 ) (1.8 ) (1.5 ) Less: Copper sales $ (1.2 ) (3.1 ) (3.7 ) Less: Realized gain on foreign currency contracts $ (0.4 ) - - Total cash costs $ 59.5 98.0 102.5 Total cash costs per oz sold $/oz 996 902 918 All-in sustaining costs per oz sold Total cash costs $ 59.5 98.0 102.5 General and administrative costs2 $ 8.7 7.3 8.0 Reclamation and remediation costs $ 1.0 1.0 1.3 Sustaining capital expenditure $ 13.6 11.6 22.4 Total all-in sustaining costs $ 82.8 117.9 134.2 Total all-in sustaining costs per oz sold $/oz 1,386 1,085 1,202 Gold equivalent sold3 oz AuEq 60,568 110,419 114,106 Total cash costs per oz AuEq sold Production costs1 $ 56.2 94.7 100.8 Royalties $ 6.0 8.2 6.9 Less: Realized gain on foreign currency contracts $ (0.4 ) - - Total cash costs $ 61.8 102.9 107.7 Total cash costs per oz AuEq sold3 $/oz AuEq 1,020 932 944 All-in sustaining costs per oz AuEq sold Total cash costs $ 61.8 102.9 107.7 General and administrative costs2 $ 8.7 7.3 8.0 Reclamation and remediation costs $ 1.0 1.0 1.3 Sustaining capital expenditure $ 13.6 11.6 22.4 Total all-in sustaining costs $ 85.1 122.8 139.4 Total all-in sustaining costs per oz AuEq sold3 $/oz AuEq 1,405 1,112 1,222 1. This amount excludes temporary suspension costs of $nil, $3.1 million and $nil for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. 2. This amount excludes a loss of $7.6 million, loss of $6.8 million and loss of $4.2 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, in relation to the remeasurement of share-based payments. This amount also excludes corporate depreciation and amortization expenses totalling $0.1 million, $0.2 million and $0.1 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, within general and administrative costs. Included in general and administrative costs is share-based compensation expense in the amount of $2.3 million or $38/oz ($38/oz AuEq) for the three months ended March 31, 2025, $1.6 million or $15/oz ($14/oz AuEq) for the three months ended December 31, 2024, $2.3 million or $21/oz ($20/oz AuEq) for the three months ended March 31, 2024. This amount excludes other expenses totalling $nil, $1.4 million and $1.2 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. 3. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2025, dated May 7, 2025 for the relevant average market prices by commodity, available on Torex's website ( and under the Company's SEDAR+ profile ( Table 3: Reconciliation of Sustaining and Non-Sustaining Capital Expenditures to Additions to Property, Plant and Equipment Three Months Ended Mar 31, Dec 31, Mar 31, In millions of U.S. dollars 2025 2024 2024 Sustaining $ 13.6 11.6 21.6 Capitalized Stripping (Sustaining) $ - - 0.8 Total Sustaining $ 13.6 11.6 22.4 Non-sustaining Media Luna Project1 $ 55.5 100.5 126.4 EPO Project $ 4.0 0.6 - Media Luna Cluster Drilling and Other $ 0.2 2.4 1.3 Working Capital Changes and Other $ 50.2 12.7 (24.0 ) Capital expenditures2 $ 123.5 127.8 126.1 1. This amount includes a realized gain (or an increase in the capitalized expenditures) of $nil, loss of $0.1 million and gain of $0.8 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, in relation to the settlement of foreign exchange zero cost collars that were entered into to manage the capital expenditure risk related to a further strengthening of the Mexican peso. 2. The amount of cash expended on additions to property, plant and equipment in the period as reported in the Condensed Consolidated Interim Statements of Cash Flows. Table 4: Reconciliation of Average Realized Gold Price and Total Cash Costs Margin to Revenue Three Months Ended Mar 31, Dec 31, Mar 31, In millions of U.S. dollars, unless otherwise noted 2025 2024 2024 Gold sold oz 59,756 108,647 111,642 Revenue $ 170.0 295.0 236.5 Less: Silver sales $ (1.1 ) (1.8 ) (1.5 ) Less: Copper sales $ (1.2 ) (3.1 ) (3.7 ) Less: Realized loss on gold contracts $ (0.8 ) (19.9 ) (5.4 ) Total proceeds $ 166.9 270.2 225.9 Average realized gold price $/oz 2,793 2,487 2,023 Less: Total cash costs $/oz 996 902 918 Total cash costs margin $/oz 1,797 1,585 1,105 Total cash costs margin % 64 64 55 Gold equivalent sold1 oz AuEq 60,568 110,419 114,106 Revenue $ 170.0 295.0 236.5 Less: Realized loss on gold contracts $ (0.8 ) (19.9 ) (5.4 ) Total proceeds $ 169.2 275.1 231.1 Average realized gold price $/oz 2,793 2,487 2,023 Less: Total cash costs1 $/oz AuEq 1,020 932 944 Total cash costs margin1 $/oz AuEq 1,773 1,555 1,079 Total cash costs margin % 63 63 53 1. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2025, dated May 7, 2025 for the relevant average market prices by commodity, available on Torex's website ( and under the Company's SEDAR+ profile ( Table 5: Reconciliation of All-in Sustaining Costs Margin to Revenue Three Months Ended Mar 31, Dec 31, Mar 31, In millions of U.S. dollars, unless otherwise noted 2025 2024 2024 Gold sold oz 59,756 108,647 111,642 Revenue $ 170.0 295.0 236.5 Less: Silver sales $ (1.1 ) (1.8 ) (1.5 ) Less: Copper sales $ (1.2 ) (3.1 ) (3.7 ) Less: Realized loss on gold contracts $ (0.8 ) (19.9 ) (5.4 ) Less: All-in sustaining costs $ (82.8 ) (117.9 ) (134.2 ) All-in sustaining costs margin $ 84.1 152.3 91.7 Average realized gold price $/oz 2,793 2,487 2,023 Total all-in sustaining costs margin $/oz 1,407 1,402 821 Total all-in sustaining costs margin % 50 56 41 Gold equivalent sold1 oz AuEq 60,568 110,419 114,106 Revenue $ 170.0 295.0 236.5 Less: Realized loss on gold contracts $ (0.8 ) (19.9 ) (5.4 ) Less: All-in sustaining costs $ (85.1 ) (122.8 ) (139.4 ) All-in sustaining costs margin $ 84.1 152.3 91.7 Average realized gold price $/oz 2,793 2,487 2,023 Total all-in sustaining costs margin1 $/oz AuEq 1,388 1,375 801 Total all-in sustaining costs margin % 50 55 40 1. Gold equivalent ounces produced and sold include production of silver and copper converted to a gold equivalent based on a ratio of the average market prices for each commodity sold in the period. Refer to the "Gold Equivalent Reporting" section of the Company's MD&A for the three months ended March 31, 2025, dated May 7, 2025 for the relevant average market prices by commodity, available on Torex's website ( and under the Company's SEDAR+ profile ( Table 6: Reconciliation of Adjusted Net Earnings to Net Income Three Months Ended In millions of U.S. dollars, unless otherwise noted Mar 31, Dec 31, Mar 31, 2025 2024 2024 Basic weighted average shares outstanding shares 86,125,855 85,988,115 85,949,559 Diluted weighted average shares outstanding shares 87,326,899 87,414,063 86,499,360 Net income $ 39.0 60.4 43.1 Adjustments: Temporary suspension costs $ - 3.1 - Unrealized foreign exchange gain $ (0.7 ) (2.0 ) (0.6 ) Unrealized (gain) loss on derivative contracts $ (3.2 ) (16.4 ) 11.6 Loss on remeasurement of share-based payments $ 7.6 6.8 4.2 Derecognition of provisions for uncertain tax positions $ (9.2 ) - (12.1 ) Tax effect of above adjustments $ 1.2 4.6 (3.3 ) Tax effect of currency translation on tax base $ 1.2 14.1 (7.0 ) Adjusted net earnings $ 35.9 70.6 35.9 Per share - Basic $/share 0.42 0.82 0.42 Per share - Diluted $/share 0.41 0.81 0.42 Table 7: Reconciliation of EBITDA and Adjusted EBITDA to Net Income Three Months Ended Mar 31, Dec 31, Mar 31, In millions of U.S. dollars 2025 2024 2024 Net income $ 39.0 60.4 43.1 Finance costs (income), net $ 2.6 (0.3) (1.7) Depreciation and amortization1 $ 32.0 47.7 49.8 Current income tax expense $ 6.0 42.9 26.2 Deferred income tax expense (recovery) $ 8.5 12.1 (19.4) EBITDA $ 88.1 162.8 98.0 Adjustments: Temporary suspension costs $ - 3.1 - Unrealized (gain) loss on derivative contracts $ (3.2) (16.4) 11.6 Unrealized foreign exchange gain $ (0.7) (2.0) (0.6) Loss on remeasurement of share-based payments $ 7.6 6.8 4.2 Adjusted EBITDA $ 91.8 154.3 113.2 1. Includes depreciation and amortization included in cost of sales, general and administrative expenses and exploration and evaluation expenses. Table 8: Reconciliation of Free Cash Flow to Net Cash Generated from Operating Activities Three Months Ended Mar 31, Dec 31, Mar 31, In millions of U.S. dollars 2025 2024 2024 Net cash (used in) generated from operating activities $ (9.9 ) 122.8 79.8 Less: Additions to property, plant and equipment1 $ (123.5 ) (127.8 ) (126.1 ) Value-added tax receivables, net $ 7.6 3.1 (10.3 ) Lease payments $ (3.4 ) (2.9 ) (1.4 ) Interest and other borrowing costs paid2 $ (4.1 ) (2.9 ) (1.4 ) Free cash flow $ (133.3 ) (7.7 ) (59.4 ) 1. The amount of cash expended on additions to property, plant and equipment in the period as reported on the Condensed Consolidated Interim Statements of Cash Flows. 2. Including borrowing costs capitalized to property, plant and equipment. Table 9: Reconciliation of Net (Debt) Cash to Cash and Cash Equivalents Mar 31, Dec 31, Mar 31, In millions of U.S. dollars 2025 2024 2024 Cash and cash equivalents $ 106.5 110.2 113.2 Less: Debt $ (193.1) (62.9 ) - Lease-related obligations $ (86.5 ) (78.3 ) (44.0 ) Deferred finance charges $ (1.9 ) (2.1 ) - Net (debt) cash $ (175.0 ) (33.1 ) 69.2 Table 10: Reconciliation of Available Liquidity to Cash and Cash Equivalents Mar 31, Dec 31, Mar 31, In millions of U.S. dollars 2025 2024 2024 Cash and cash equivalents $ 106.5 110.2 113.2 Add: Available credit of the Debt Facility $ 91.1 221.3 292.1 Available liquidity $ 197.6 331.5 405.3 Table 11: Reconciliation of Unit Cost Measures to Production Costs Three Months Ended In millions of U.S. dollars, unless otherwise noted Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 Gold sold (oz AuEq) 60,568 110,419 114,106 Gold sold (oz) 59,756 108,647 111,642 Tonnes mined - ELG open pit (kt) 672 2,400 8,981 Tonnes mined - ELG underground (kt) 187 207 168 Tonnes processed (kt) 705 1,094 1,194 Total cash costs: Total cash costs ($) - gold equivalent basis 61.8 102.9 107.7 Total cash costs per oz AuEq sold ($) 1,020 932 944 Total cash costs ($) - gold only basis 59.5 98.0 102.5 Total cash costs per oz sold ($) 996 902 918 Breakdown of production costs $ $/t $ $/t $ $/t Mining - open pit 6.0 8.87 14.1 5.85 31.6 3.52 Mining - underground 15.0 80.45 12.4 60.07 13.8 82.34 Processing 25.2 35.72 42.9 39.21 42.5 35.64 Site support 8.1 11.53 16.0 14.60 14.3 12.00 Mexican profit sharing (PTU) 2.1 2.98 4.7 4.30 3.0 2.50 Capitalized stripping - - (0.8 ) Inventory movement (1.5 ) 6.6 (4.3 ) Other 1.3 1.1 0.7 Production costs 56.2 97.8 100.8 Table 12: Mineral Reserve Estimate - Morelos Complex (December 31, 2024)(2*) Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (Mlb) (gpt) (koz) Media Luna Underground Proven 2,834 3.14 31.0 1.01 286 2,826 63 5.18 471 Probable 21,347 2.42 24.7 0.86 1,661 16,962 404 4.14 2,840 Proven & Probable 24,180 2.50 25.5 0.88 1,946 19,788 467 4.26 3,311 ELG Underground Proven 1,441 4.89 8.0 0.26 226 372 8 5.41 251 Probable 2,578 4.47 7.9 0.24 370 657 14 4.96 411 Proven & Probable 4,019 4.62 8.0 0.25 597 1,029 22 5.12 662 EPO Underground Proven - - - - - - - - - Probable 5,029 2.27 29.8 1.29 367 4,820 143 4.83 781 Proven & Probable 5,029 2.27 29.8 1.29 367 4,820 143 4.83 781 ELG Open Pit Proven 62 2.78 8.3 0.14 6 16 0 2.86 6 Probable 883 2.53 12.6 0.37 72 357 7 2.68 76 Proven & Probable 945 2.55 12.3 0.36 77 373 7 2.69 82 Surface Stockpiles Proven 6,235 1.19 4.2 0.12 239 842 16 1.30 261 Probable - - - - - - - - - Proven & Probable 6,235 1.19 4.2 0.12 239 842 16 1.30 261 Total Morelos Complex Proven 10,571 2.23 11.9 0.37 756 4,056 87 2.91 988 Probable 29,836 2.57 23.8 0.86 2,470 22,796 568 4.28 4,108 Proven & Probable 40,408 2.48 20.7 0.74 3,226 26,851 656 3.92 5,096 Notes to accompany the mineral reserve table: 1. Mineral reserves were developed in accordance with CIM (2014) guidelines. 2. Mineral reserves are founded on Measured and Indicated Mineral Resources, with an effective date of December 31, 2024 (unless otherwise noted). 3. Rounding may result in apparent summation differences between tonnes, grade, and contained metal content. Surface Stockpile mineral reserves are estimated using production and survey data and apply the gold equivalent ("AuEq") formula for the intended processing method. 4. AuEq of Total Morelos Complex is established from combined contributions of the various deposits. 5. The qualified person for the mineral reserve estimate is Johannes (Gertjan) Bekkers, P. Eng., VP of Mines Technical Services. 6. The qualified person is not aware of mining, metallurgical, infrastructure, permitting, or other factors that materially affect the mineral reserve estimates. Notes to accompany the Media Luna Underground mineral reserves: 1. Media Luna Underground mineral reserves are reported above an in-situ ore cut-off grade of 2.4 g/t AuEq. 2. Media Luna Underground cut-off grades and mining shapes are considered appropriate for a metal price of $1,500/oz gold ("Au"), $19/oz silver ("Ag") and $3.50/lb copper ("Cu") and metal recoveries of 90% Au, 86% Ag, and 93% Cu. 3. Mineral reserves within designed mine shapes assume long-hole open stoping, supplemented with mechanized cut-and-fill mining and includes estimates for dilution and mining losses. 4. Media Luna Underground (including Media Luna surface stockpiles) AuEq = Au (g/t) + Ag (g/t) * (0.0121) + Cu (%) * (1.6533), accounting for metal prices and metallurgical recoveries. Notes to accompany the ELG Underground mineral reserves: 1. El Limón Underground mineral reserves are reported above an in-situ ore cut-off grade of 2.8 g/t AuEq and an in-situ incremental cut-off grade of 1.6 g/t AuEq. 2. Cut-off grades and mining shapes are considered appropriate for a metal price of $1,500/oz Au, $19/oz Ag, and $3.50/lb Cu and metal recoveries of 90% Au, 86% Ag, and 93% Cu, accounting for the planned copper concentrator. 3. 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. 4. ELG Underground AuEq = Au (g/t) + Ag (g/t) * (0.0121) + Cu (%) * (1.6533), accounting for metal prices and metallurgical recoveries. Notes to accompany the EPO Underground mineral reserves: 1. Mineral reserves for EPO Underground have an effective date of June 30, 2024. 2. *Mineral reserves are based on EPO Underground Indicated Mineral Resources with an effective date of December 31, 2023. 3. EPO Underground mineral reserves are reported above an in-situ ore cut-off grade of 2.5 gpt AuEq. 4. EPO Underground cut-off grade and mining shapes are considered appropriate for a metal price of $1,500/oz Au, $19/oz Ag, and $3.50/lb Cu and metal recoveries of 87% Au, 85% Ag, and 92% Cu. 5. Mineral reserves within designed mine shapes assume long-hole open stoping and include estimates for dilution and mining losses. 6. EPO Underground AuEq = Au (gpt) + Ag (gpt) * (0.0124) + Cu (%) * (1.6920), accounting for metal prices and metallurgical recoveries. Notes to accompany the ELG Open Pit mineral reserves and Surface Stockpiles: 1. ELG Open Pit mineral reserves are reported above an in-situ cut-off grade of 1.2 g/t Au and including low grade mineral reserves are reported above an in-situ cut-off grade of 0.88 g/t Au. 2. It is planned that ELG low grade mineral reserves within the designed pit will be stockpiled during pit operation and processed during pit closure. 3. Mineral reserves within the designed pit include assumed estimates for dilution and ore losses. 4. Cut-off grades and designed pits are considered appropriate for a metal price of $1,500/oz Au and metal recovery of 89% Au. 5. Mineral reserves are reported using an Au price of $1,500/oz, Ag price of $19/oz, and Cu price of $3.50/lb. 6. Average metallurgical recoveries of 89% for Au, 30% for Ag, and 15% for Cu. 7. ELG Open Pit (including open pit surface stockpiles) AuEq = Au (g/t) + Ag (g/t) * (0.0043) + Cu (%) * (0.2697), accounting for metal prices and metallurgical recoveries. Table 13: Mineral Resource Estimate - Morelos Complex (December 31, 2024) Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (Mlb) (gpt) (koz) Media Luna Underground Measured 2,994 3.95 40.0 1.30 380 3,855 86 6.55 630 Indicated 26,120 2.83 30.2 1.05 2,374 25,385 603 4.90 4,114 Measured & Indicated 29,114 2.94 31.2 1.07 2,754 29,240 689 5.07 4,744 Inferred 7,675 2.38 22.8 0.90 587 5,632 152 4.12 1,017 ELG Underground Measured 3,164 5.04 7.4 0.27 512 751 19 5.56 566 Indicated 5,287 4.42 8.9 0.28 752 1,521 33 4.99 848 Measured & Indicated 8,451 4.65 8.4 0.28 1,264 2,272 51 5.20 1,414 Inferred 1,961 3.86 7.8 0.21 243 490 9 4.30 271 EPO Underground Measured - - - - - - - - - Indicated 7,060 2.66 31.2 1.28 604 7,082 200 5.18 1,176 Measured & Indicated 7,060 2.66 31.2 1.28 604 7,082 200 5.18 1,176 Inferred 6,883 1.76 39.3 1.24 390 8,690 188 4.31 954 ELG Open Pit Measured 189 3.89 7.0 0.20 24 43 1 3.97 24 Indicated 865 2.46 9.0 0.43 69 251 8 2.62 73 Measured & Indicated 1,054 2.72 8.7 0.38 92 294 9 2.86 97 Inferred 6 3.56 5.9 0.24 1 1 0 3.65 1 Total Morelos Complex Measured 6,347 4.49 22.8 0.75 916 4,649 105 5.98 1,220 Indicated 39,332 3.00 27.1 0.97 3,798 34,239 844 4.91 6,211 Measured & Indicated 45,679 3.21 26.5 0.94 4,714 38,888 949 5.06 7,431 Inferred 16,526 2.30 27.9 0.96 1,222 14,813 349 4.22 2,243 Notes to accompany the mineral resource table: 1. Mineral resources were prepared in accordance with the CIM Definition Standards (May 2014). 2. The effective date of the estimates is December 31, 2024. 3. Mineral resources are depleted above a mining surface or to the as-mined solids as of December 31, 2024. 4. Gold equivalent ("AuEq") of total mineral resources is established from combined contributions of the various deposits. 5. Mineral resources for all deposits are based on an underlying gold ("Au") price of $1,650/oz, silver ("Ag") price of $22/oz, and copper ("Cu") price of $3.75/lb. 6. Mineral resources are inclusive of mineral reserves (ex-stockpiles). Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7. Numbers may not add due to rounding. 8. Mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. 9. The estimate was prepared by Mrs. Rochelle Collins, (Ontario), Principal, Mineral Resources. Notes to accompany Media Luna Underground mineral resources: 1. Mineral resources for Media Luna Underground 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. 2. Mineral resources were estimated using ID3 methods applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5 m with 2.5 m x 2.5 m x 2.5 m sub-blocks. 3. Metallurgical recoveries at Media Luna Underground average 90% Au, 86% Ag, and 93% Cu. 4. The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.2 g/cm3. 5. Media Luna Underground AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104), accounting for underlying metal prices and metallurgical recoveries. Notes to accompany ELG Underground mineral resources: 1. Mineral resources for ELG Underground are reported above a cut-off grade of 2.2 gpt AuEq. The assumed underground mining method is mechanized cut-and-fill. 2. Mineral resources were estimated using ID3 methods applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5m with 2.5 m x 2.5 m x 2.5m sub-blocks. 3. Average metallurgical recoveries are 90% Au, 86% Ag, and 93% Cu, accounting for recoveries with planned copper concentrator. 4. The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm3. 5. ELG Underground AuEq = Au (gpt) + (Ag (gpt) * 0.0127) + (Cu (%) * 1.6104), accounting for underlying metal prices and metallurgical recoveries. Notes to accompany EPO Underground mineral resources: 1. Mineral resources for EPO Underground are reported above a 2.0 gpt AuEq cut-off grade. The assumed mining method is from underground methods, using long-hole open stoping. 2. Mineral resources were estimated using ID3 methods applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5m with 2.5 m x 2.5 m x 2.5 m sub-blocks. 3. Metallurgical recoveries at EPO average 87% Au, 85% Ag, and 92% Cu. 4. The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.5 g/cm3. 5. EPO Underground AuEq = Au (gpt) + (Ag (gpt) * 0.0130) + (Cu (%) * 1.6480), accounting for underlying metal prices and metallurgical recoveries. Notes to accompany the ELG Open Pit mineral resources: 1. Mineral resources for ELG Open Pit are reported above an in-situ cut-off grade of 0.78 gpt Au. 2. Mineral resources were estimated using ID3 methods applied to 1.0 m capped downhole assay composites within lithology domains and internal grade domains. Block model size is 5 m x 5 m x 5m with 2.5 m x 2.5 m x 2.5 m sub-blocks. Mineral resources are reported inside an optimized pit shell, underground mineral reserves at ELD within the El Limón pit shell have been excluded from the open pit mineral resources. 3. Average metallurgical recoveries are 89% Au, 30% Ag, and 15% Cu. 4. The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm3. 5. ELG Open Pit AuEq = Au (gpt) + (Ag (gpt) * 0.0045) + (Cu (%) * 0.2627), accounting for underlying metal prices and metallurgical recoveries. ABOUT TOREX GOLD RESOURCES INC. Torex Gold Resources Inc. is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property (the "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 producing Media Luna Underground, ELG Underground, and ELG Open Pit mines, the development stage EPO Underground 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: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. In addition to realizing the full potential of the Morelos Property, the Company is seeking 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 Dan Rollins Senior Vice President, Corporate Development & Investor Relations Direct: (647) 260-1503 QUALIFIED PERSONS The scientific and technical data contained in this news release pertaining to mineral resources have been reviewed and approved by Rochelle Collins, 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 reserves have been reviewed and approved by Johannes (Gertjan) Bekkers, the Vice-President, Mines Technical Services for Torex Gold, who is a qualified person as defined by NI 43-101. CAUTIONARY NOTES ON 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: the Company is at the beginning of its transition back to positive free cash flow generation; production is expected to pick up during the second quarter through the early stages of ramp up and increase further through the back half of the year, with annual guidance being maintained; as the Company hits its projected free cash flow inflection point mid-year with completion of Media Luna Project spending, the Company expects to repay the modest amount of debt drawn quickly, particularly as production ramps up under a backdrop of record gold prices; the Company's focus is set on further unlocking value for our shareholders through returning to positive free cash flow, executing its exploration program success across the entire Morelos Property, implementing a formal return of capital policy, delivering on full-year guidance for the seventh consecutive year, and ramping up Media Luna to the designed mining rate by mid-2026; the Company is on track to achieve annual payable production guidance of 400,000 to 450,000 oz AuEq; the Company's exploration strategy is focused, in part, on unlocking the resource potential of the Morelos Complex in order to enhance and extend the production profile; the Company is focused on enhancing the base case production profile beyond 2030, extending the reserve life of the underground deposits, and further showcasing the underlying potential of the broader Morelos Property by testing several regional targets and key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and 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 identified in the technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life Of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, and the Company's annual information form ("AIF") and management's discussion and analysis ("MD&A") or other unknown but potentially significant impacts. Forward-looking information and statements are 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. 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, MD&A and AIF are filed on SEDAR+ at and available on the Company's website at To view the source version of this press release, please visit
Yahoo
24-03-2025
- Business
- Yahoo
Torex Gold Reports First Copper Concentrate Production from Media Luna
Processing plant tie-ins and restart complete; commercial production expected in coming weeks(All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - March 24, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) announces completion of the four-week tie-in period for the Media Luna Project ("Media Luna") and first production of precious metal-rich copper concentrate. Jody Kuzenko, President and CEO of Torex, stated: "Following almost three years to the day of the release of our feasibility study for the Media Luna Project, we have completed the tie-in period at our processing plant and achieved first production of copper concentrate. This milestone represents substantial completion of the project and the beginning of the next chapter in the evolution and growth of Torex as we become a gold and copper producer. "Execution of this tie-in period was a massively complex undertaking; however, in true Torex style, it was executed with precision and excellence. In total, 83 tie-ins were completed and 136 separate systems commissioned. We expect to begin trucking copper concentrate in the coming days and have contracts in place to deal with all facets of sales and logistics. Commercial production remains on track to be achieved over the coming weeks. "Mining has continued throughout with production rates at Media Luna ramping up and ore is now being transported via the Guajes Tunnel conveyor. Monthly development rates remain above the budgeted 1,200 metres and we have now drilled off 88 stopes, including 46 of the 60 stopes planned to be mined in 2025, 35 from 2026, and 7 from 2027. Throughput levels are expected to increase further once the paste plant is commissioned in the second quarter. Based on current development rates, we remain confident in our ability to deliver steady-state mining rates of 7,500 tonnes per day by mid-2026, six months ahead of the schedule set out in the Feasibility Study. "I would like to thank all the Torex employees and contractors that made the development of Media Luna a success, as well as our shareholders who have supported us throughout the build. As we pivot to strong free cash flow generation mid-year, we are confident that we will significantly enhance shareholder value by reinvesting in drilling to further grow reserves and resources, developing our next mine at EPO, returning capital through dividends and share buybacks, and strengthening the balance sheet to support accretive growth opportunities." ABOUT TOREX GOLD RESOURCES 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 Mine, the EPO Project, a processing plant, and related infrastructure. Production from the Morelos Complex commenced in 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex's key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. FOR FURTHER INFORMATION, PLEASE CONTACT: TOREX GOLD RESOURCES KuzenkoPresident and CEODirect: (647) Dan RollinsSenior Vice President, Corporate Development & Investor RelationsDirect: (647) QUALIFIED PERSONThe technical and scientific information in this press release has been reviewed and approved by Dave Stefanuto, P. Eng, Executive Vice President, Technical Services and Capital Projects of the Company, and a qualified person under National Instrument 43-101. CAUTIONARY NOTES ON FORWARD-LOOKING STATEMENTSThis press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: commercial production remains on track to be achieved in coming weeks; Torex will become a gold and copper producer; the Company expects to begin trucking copper concentrate in the coming days; throughput levels are expected to increase further once the paste plant is commissioned in the second quarter; based on current development rates, the Company remains confident in its ability to deliver steady-state mining rates of 7,500 tonnes per day by mid-2026, six months ahead of the schedule set out in the Feasibility Study; as the Company pivots to strong free cash flow generation mid-year, the Company is confident that it will significantly enhance shareholder value by reinvesting in drilling to further grow reserves and resources, developing the next mine at EPO, returning capital through dividends and share buybacks, and strengthening the balance sheet to support accretive growth opportunities; Torex's key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "planned", "guided", "strategy", "target", "goal", "objective", "aim" or variations of such words and phrases or statements that certain actions, events or results "will", or "is expected to" occur or the Company "remains confident" will 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 identified in the Company's technical report (the "Technical Report") released on March 31, 2022, entitled "NI 43-101 Technical Report ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study", which has an effective date of March 16, 2022, Company's annual information form ("AIF") and management's discussion and analysis ("MD&A") or other unknown but potentially significant impacts. Forward-looking information is based on the reasonable assumptions, estimates, analyses, 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. The Technical Report, AIF, and MD&A are available filed on SEDAR+ at and available on the Company's website at To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
04-02-2025
- Business
- Yahoo
Torex Gold Provides Q4 2024 Update on Media Luna Project
Construction substantially complete and first copper concentrate on track for March (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - February 4, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) provides a Q4 2024 update on the development of its Media Luna Project ("Media Luna"). Unless otherwise stated, progress and milestones referenced in this press release are as of December 31, 2024. Jody Kuzenko, President & CEO of Torex, stated: "The Media Luna Project is now in its final months, sitting at 94% complete as of the end of 2024. We are well on track to complete the project and produce first copper concentrate by the end of Q1 2025, with engineering concluded, procurement substantially complete, underground development tracking well ahead of schedule, and surface construction advancing per plan. "The tie-ins at the processing plant are on track to commence towards the end of February, with all major deliveries required to support the tie-in period now on site. In Q4, teams were able to take advantage of a planned maintenance period at the process plant and conducted initial synchronization and testing of the variable frequency drives for the ball mill, which we expect will streamline and de-risk the installation process and support efficient commissioning in March. "Average monthly underground lateral development rates remained ahead of budget at 1,300 meters per month. Definition drilling is also well ahead of plan, with drilling for 2024 stopes completed ahead of schedule, most of the stopes planned to be mined in 2025 drilled off, and drilling for 2026 underway. Our target is to have a minimum of one year of stope inventory on hand going forward. With an excellent head start on both definition drilling and underground development, which will further accelerate in 2025, we now expect to achieve the designed mining rate of 7,500 tonnes per day by mid-2026, six months ahead of the schedule set out in the Technical Report. "In terms of project capital, Q1 2025 is expected to be the last quarter of material investment in Media Luna and, with commercial production expected in early Q2 2025, we are well-positioned to pivot back to positive free cash flow generation by mid-year. The robust free cash flow anticipated from Morelos places Torex in a solid position to quickly repay the modest level of debt taken on to fund Media Luna, begin returning capital to shareholders, and support increased investment in our plans for continued growth at Morelos and beyond." CAPITAL EXPENDITURES During Q4 2024, approximately $100 million was spent on Media Luna, bringing the total annual spend to $449 million, within the updated guidance range of $430 to $450 million. Expenditures in Q1 2025 are expected to be lower than the quarterly spend in 2024 as the project winds down, first copper concentrate production begins, and commercial production is declared shortly thereafter. As a result of the previously announced rescheduling of the processing plant tie-ins to February (originally November 2024), the pre-commercial period has been extended by approximately three months. As per full-year guidance, the Company is expected to invest approximately $60 million of non-sustaining capital expenditures in 2025 at Media Luna primarily during the pre-commercial period. Of this amount, approximately half is related to underground development, which would have otherwise been categorized as sustaining in nature under the original November 2024 tie-in schedule. This expenditure includes accelerated underground development with a view to achieving steady-state mining rates six months ahead of the schedule set out in the Technical Report. The remainder of the forecast non-sustaining expenditures at Media Luna in 2025 primarily relate to finalization of surface construction activities, including the plant tie-in and paste plant construction. PROJECT COMPLETION As at year end, overall development of Media Luna was 94% complete, up from 87% at the start of the quarter. Engineering was concluded in Q3 2024, with teams continuing to support in the field as necessary to address any installation issues. Procurement is substantially complete at 99% and underground and surface development/construction are advancing, with completion levels at 90% and 85%, respectively. The largest outstanding item in the category of surface construction is the paste plant, which is on schedule for construction completion and commissioning in early Q2. Progress on the project was halted by the eight-day temporary suspension of activities at Morelos in early December; as a result, the start of the four-week tie-in of the copper ("Cu") and iron sulphide ("FeS") flotation circuits as well as the modifications to the processing plant has shifted from early to late February. First concentrate production is expected at the end of Q1, and the declaration of commercial production shortly thereafter. Table 1: Media Luna Project - Project Completion (April 1, 2022 through December 31, 2024)Project To DateQ4 2024 Procurement 99% Engineering 100% Underground development/construction 90% Surface construction (including paste plant) 85% Total Project 94% Notes to Table 1) Physical progress measured starting as of April 1, 2022; excludes progress made prior to Board approval on March 31, 2022. 2) Project period is defined as April 1, 2022 through declaration of commercial production. 3) Total Project is weighted average based on activity levels. Procurement With procurement for the project 99% complete as of the end of Q4 2024, only minor deliveries remain outstanding, including automated valves, instrumentation, and some underground pipe for the paste plant distribution system. All major deliveries to support the start-up of Media Luna operations are now on site. Notable orders completed during Q4 included the remaining electrical houses ("e-houses") for the processing plant, the backup generator for the 230 kV switchyard, slurry pumps, and carbon steel pipe. Underground Development and Construction Steady progress continued underground at Media Luna, with 90% of project construction and development achieved as at year end. Definition drilling for the stopes planned to be taken in the 2024 mine plan were completed well ahead of schedule, most of the drilling in the 2025 mine plan is now complete, and definition drilling for the 2026 mine plan has commenced. The Company is targeting to have one year of stope inventory on hand going forward. Underground development rates continue to track ahead of plan, with monthly lateral development rates averaging 1,300 metres since July relative to the original budget of 1,200 metres, excluding the impact of the temporary suspension of activities at Morelos in December. With the significant progress made to date on both definition drilling and underground development, the Company now expects mining rates at Media Luna to achieve the designed rate of 7,500 tonnes per day by mid-2026, six months ahead of the schedule set out in the Technical Report. Construction and commissioning of rock breaker #1 is now complete (Figure 1). Installation of the fire suppression system for the Guajes conveyor commenced, as did installation of the 15 kV electrical cables along the length of the tunnel. Teams also completed the installation of the first vertical pipe for the tailings line and have commenced work on the backup second line, all with a view to derisking paste plant commissioning. Figure 1: Rock breaker #1 and the grizzly chute have been installed and commissioned. To view an enhanced version of this graphic, please visit: Surface Construction Surface construction is now 85% complete, up from 70% at the start of the quarter. On the north side of the Balsas River, the switchgear and transformers for all three e-houses required for the flotation circuit were energized during the quarter. Importantly, initial synchronization and testing of the variable frequency drives for the ball mill were completed during December, with a view to derisking commissioning in February (Figure 2). At the flotation circuit, flotation cell gear reducers were installed, agitator shafts were aligned, and compressors for dart valves are now in operation to allow for water testing of the primary flotation cells. Concrete has been poured on the truck scale at the Cu loadout area and construction of the Cu storage facility is progressing well with the roof system, tripper, and transfer conveyors in place. Vertical grinding mills have been constructed and are ready for final vendor inspection. Installation of power infrastructure is now substantially complete, with the low voltage 115 kV system fully energized and operational, and the transmission line between the 230 kV switchyard and substation completed in the quarter (Figure 3). At the switchyard, crews continued to pull cable in the duct banks and trenches and installed battery banks. Additionally, the transformer for the underground control room has now been energized. On the south side of the Balsas River, construction of the paste plant is advancing well. The elevated floor slab at the filter level has been poured allowing for preparation for the assembly of the main filter presses, and assembly and welding continues on the exterior tanks. Electrical panels are being mounted in the e-house. Steel erection sits at 66% complete, with 1,336 tonnes out of 2,020 tonnes installed (Figure 4). Figure 2: Pre-commissioning of the ball mill's variable frequency drives took place in December in order to mitigate potential risks during the tie-in period in February. To view an enhanced version of this graphic, please visit: Figure 3: Transmission lines between the 230 kV switchyard (pictured below) and substation were connected in the quarter. To view an enhanced version of this graphic, please visit: Figure 4: Work progressed on the paste plant during the quarter, including continued erection of the binder silo, thickener, and building steel. To view an enhanced version of this graphic, please visit: Operational Readiness In parallel with development and construction activities, the surface and underground operational readiness plan continues to progress. The operational readiness team continues to develop and advance Standard Operating and Maintenance procedures for the new assets and is tracking to plan at over 77% complete. Central to the operational readiness plan is the workforce transition, with a view to ensuring the labour and staff personnel required to operate Media Luna and the modified process plant are in place and trained as appropriate. At the end of 2024, 83% of the total planned workforce at Media Luna was in place, which involved the recruitment of 136 people and transfer of 197 employees over the course of the year. The work ahead is to finalize the workforce transition through local, regional, and national recruitment and continued transfer of employees from the open pit operations to the Media Luna underground mine. Negotiations with the various haulage companies for Cu concentrate transport to port distribution facilities are complete and contracts executed. The Company is also in the final stages of executing contracts for the sale of Cu concentrate to a mix of traders and smelters. Metal payables are in line with that which was incorporated into the most recent Technical Report dated effective March 16, 2022 and filed on March 31, 2022 ("Technical Report"). PROJECT EXECUTION PLAN Based on progress made to date and a detailed review of both the surface and underground schedules completed late in the quarter, modest updates have been made to the overall project schedule after incorporating the impact of the temporary suspension of activities at Morelos in early December (Figure 5). More detail on the Media Luna Project, including the Feasibility Study results, can be found in the Technical Report. Figure 5: Project execution plan for the Media Luna Project. To view an enhanced version of this graphic, please visit: 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, the EPO 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: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. FOR FURTHER INFORMATION, PLEASE CONTACT: TOREX GOLD RESOURCES KuzenkoPresident and CEODirect: (647) RollinsSenior Vice President, Corporate Development & Investor RelationsDirect: (647) 260-1503 QUALIFIED PERSON The technical and scientific information in this press release has been reviewed and approved by Dave Stefanuto, P. Eng, Executive Vice President, Technical Services and Capital Projects of the Company, and a qualified person under National Instrument 43-101. 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 includes, but is not limited to, statements that: the Company is well on track to complete the project and produce first copper concentrate by the end of Q1 2025; the tie-ins at the processing plant are on track to commence at the end of February; in Q4, teams were able to take advantage of a planned maintenance period at the process plant and conducted initial synchronization and testing of the variable frequency drives for the ball mill, which we expect will streamline and de-risk the installation process and support efficient commissioning in March; the Company's target is to have a minimum of one year of stope inventory on hand going forward; the Company now expects to achieve the designed mining rate of 7,500 tonnes per day by mid-2026; Q1 2025 is expected to be the last quarter of material investment in Media Luna, with commercial production expected in early Q2 2025; the Company is well-positioned to pivot back to positive free cash flow generation by mid-year; the robust free cash flow anticipated from Morelos places Torex in a solid position to quickly repay the modest level of debt taken on to fund Media Luna, begin returning capital to shareholders, and support increased investment in the Company's plans for continued growth at Morelos and beyond; expenditures in Q1 2025 are expected to be lower than the quarterly spend in 2024 as the project winds down, first copper concentrate production begins, and commercial production is declared shortly thereafter; the Company is expected to invest approximately $60 million of non-sustaining capital expenditures in 2025 at Media Luna primarily during the pre-commercial period; the paste plant is on schedule for construction completion and commissioning in early Q2; first concentrate production is expected at the end of Q1, and the declaration of commercial production shortly thereafter; the Company is targeting to have one year of stope inventory on hand going forward; metal payables are in line with that which was incorporated into the most recent Technical Report; and the Project execution plan for the Media Luna Project; and key strategic objectives are: deliver Media Luna to full production and build EPO; optimize Morelos production and costs; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and industry leader in responsible mining. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expect", "plan", "strategy", "schedule", "guide", "continue", "future" or variations of such words and phrases or statements that certain actions, events or results "will" occur or are "on track" 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 identified in the technical report ("Technical Report") titled ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, with an effective date of March 16, 2022, and a filing date of March 31, 2022 and in the Company's annual information form ("AIF") and management's discussion and analysis ("MD&A") or other unknown but potentially significant impacts. Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments as set out in the Technical Report, AIF and MD&A, 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. The Technical Report, AIF and MD&A are filed on SEDAR+ at and available on the Company's website at To view the source version of this press release, please visit Sign in to access your portfolio
