TOREX GOLD RES INC ORD - TORXF STOCK NEWS

Torex Gold Resources Inc. (TSX: TXG) reports Q3 2024 gold production of 119,412 ounces and gold sold of 122,130 ounces. With year-to-date gold production of 348,728 ounces, the Company is on track to achieve annual gold production guidance of 400,000 to 450,000 ounces.

Key operational highlights include:

• ELG Open Pits: 16,731 ore tonnes mined per day, 46,727 waste tonnes mined per day, strip ratio of 2.8
• ELG Underground: 2,127 ore tonnes mined per day
• Processing: 12,889 tonnes per day average plant throughput, 90.7% average gold recovery, 3.47 gpt average gold grade of ore processed

The increased production reflects higher processed grades, stable mine production, and steady recoveries. The Company expects continued margin expansion and robust cash flow generation due to strong operational performance and record high gold prices.

Torex Gold Resources Inc. (TSX: TXG) has announced the addition of Caroline Donally to its Board of Directors, effective October 1, 2024. Ms. Donally brings over 25 years of experience in commerce and finance within the mining sector, including expertise in private equity, financing, accounting, M&A, tax, and treasury. She is currently a Managing Partner at Sprott Inc. and has previously held positions at Denham Capital Management, Rand Merchant Bank, Investec, and BDO Spencer Steward.

Rick Howes, Chair of the Board, highlighted Ms. Donally's extensive experience and value creation track record in the mining industry. Her appointment comes at a important time as Torex completes the Media Luna project and anticipates returning to positive free cash flow in mid-2025. Ms. Donally's global experience and deep understanding of mining financial markets are expected to provide valuable insights as the company enters its next growth phase.

Torex Gold Resources has integrated the EPO underground deposit into its updated life-of-mine plan for the Morelos Complex, following an internal pre-feasibility study. Highlights include:

The new plan fortifies a production profile of at least 450,000 ounces gold equivalent (koz AuEq) per year through 2030, with EPO mineral reserves estimated at 781 koz AuEq. Capital expenditures for EPO are estimated at $81.5 million, leveraging existing Media Luna Project infrastructure. The EPO deposit is expected to produce its first ore in late 2026, with the development starting mid-2025.

EPO will enhance cash flow and position Torex towards positive free cash flow by mid-2025. The updated production outlook sees annualized production averaging 422 koz AuEq through 2035. The company's five-year outlook projects increased production in 2028, reaching up to 500 koz AuEq due to higher-grade EPO feed.

Additionally, infill drilling to upgrade Inferred Resources is underway, with a goal to bolster reserves and extend the mine's life further.

Torex Gold Resources Inc. (TSX: TXG) reported a fatal accident involving a 40-year-old male contractor at its Morelos Complex on August 29, 2024. The incident occurred in the Guajes Tunnel, leading to the temporary suspension of Media Luna construction activities in the area. The company has notified the appropriate authorities and plans to launch an investigation to determine the cause of the accident.

Jody Kuzenko, President & CEO of Torex, expressed deep sadness over the incident and assured that the company is providing full support to the deceased worker's family. Torex is committed to understanding the circumstances of the accident to prevent similar incidents in the future.

Torex Gold Resources Inc. (TSX: TXG) has announced an Analyst & Investor Day scheduled for September 5, 2024 at 10:00 AM ET in Toronto, Ontario. The event will focus on:

• An internal pre-feasibility study on developing the EPO deposit at the Company's Morelos Complex
• An update on the wider business
• Torex's recently released multi-year exploration strategy

The event is expected to conclude at approximately 12:00 PM ET. Interested parties can attend in person by RSVPing via email or participate virtually through a webcast. A replay will be available on the Company's website after the event.

Torex Gold Resources has reported its Q2 2024 results, marking another consistent quarter of production. As of June 30, Torex achieved gold production of 113,822 oz for the quarter and 229,316 oz year-to-date from its ELG site, maintaining a high average gold recovery rate of 90.5%.

The company realized a record gold price of $2,193 per oz, contributing to a revenue of $270.3 million. Despite higher costs driven by increased royalties and Mexican profit sharing, Torex expects costs to decrease in H2 2024. The all-in sustaining costs (AISC) margin stood at 44%.

Torex’s Media Luna Project is progressing on schedule, with capital expenditures adjusted to $950.0 million. The project’s first copper concentrate production is expected by year-end, with commercial production in Q1 2025. The company’s available liquidity is $346 million, sufficient to cover remaining project costs and strategic priorities.

Net income was significantly impacted by deferred tax expenses, resulting in a net income of $1.9 million or $0.02 per share. Adjusted net earnings were $52.4 million, and EBITDA was $123.3 million.

Torex Gold Resources Inc. (TSX: TXG) provides a Q2 2024 update on the Media Luna Project, which is 78% complete and on schedule for first copper concentrate production by year-end and commercial production in Q1 2025. The project's final budget has increased to $950 million, up $75 million from the original $875 million, primarily due to a stronger Mexican peso ($48 million impact). The company's 2024 capital expenditure guidance for Media Luna has been adjusted to $430-$450 million. With over $345 million in available liquidity, Torex is well-positioned to cover the remaining $224 million in project expenditures while maintaining a $100 million cash balance. The project remains fully funded without shareholder dilution or selling future upside.

Torex Gold has announced its Q2 2024 production results, revealing gold production of 113,822 ounces and sales of 113,513 ounces. This strong performance contributes to a total of 229,316 ounces for the first half of 2024, keeping the company on track to meet its annual guidance of 400,000 to 450,000 ounces. The ELG processing plant maintained an average throughput of 13,214 tonnes per day and a gold recovery rate above 90%.

Mining activities show a reduction in the strip ratio compared to Q1, with ELG Underground mining rates surpassing 2,000 tpd. Torex plans to release detailed financial and operational results on August 7, 2024, followed by a conference call on August 8.

Torex Gold has announced positive results from its 2024 ELG Underground drilling program, revealing new high-grade mineralization zones that could extend the mine life beyond 2028. The drilling program aims to maintain annual gold production above 450,000 ounces through 2033. Key intercepts include:

El Limón Sur Trend: 7.19 gpt AuEq over 12.2 meters, 10.70 gpt AuEq over 3.1 meters, and 3.42 gpt AuEq over 3.0 meters.

El Limón Deep Trend: 14.29 gpt AuEq over 5.4 meters, and 11.16 gpt AuEq over 15.3 meters.

Sub-Sill Trend: 11.82 gpt AuEq over 5.0 meters, and 19.85 gpt AuEq over 8.5 meters.

Torex has allocated $12 million for exploration in 2024, with 8,709 meters drilled so far. The company aims to convert Inferred Resources to Indicated and expand high-grade zones, ensuring long-term growth and cash flow generation.