Torex Gold Reports Q2 2023 Production Results

On track to achieve full year production guidance for fifth year in a row

TORONTO, July 12, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports Q2 2023 gold production of 107,507 ounces (“oz”) and gold sold of 105,749 oz. With first half gold production of 230,425 oz, the Company reiterates 2023 production guidance of 440,000 to 470,000 oz.

TABLE 1: PRELIMINARY SECOND QUARTER 2023 OPERATIONAL RESULTS

		Q2 2023
Mining
ELG Open Pits - Ore tonnes mined	tpd	7,074
ELG Open Pits - Waste tonnes mined	tpd	122,243
ELG Open Pits - Strip ratio	waste:ore	17.3
ELG Underground - Ore tonnes mined	tpd	1,913
Processing
Total tonnes processed	tpd	13,293
Average gold recovery	%	88.3
Average gold grade of ore processed	gpt	3.13
Gold produced	oz	107,507
Gold sold	oz	105,749

Operational results are preliminary in nature and subject to final reconciliation. Financial and operational results for Q2 2023 will be released after market close on Wednesday, August 2, 2023. A conference call hosted by senior management will be held the following day at 9:00 AM ET.

Jody Kuzenko, President & CEO of Torex, stated:

“We produced 107,507 oz of gold during Q2. With production of 230,425 oz through the first half of 2023, we are on pace to achieve full year production guidance for the fifth consecutive year.

“Production was supported by a new record average processing rate of 13,293 tonnes per day (“tpd”) and yet another a record mining rate of 1,913 tpd at ELG Underground. The excellent mining rate puts us on track to exit the year at the targeted run rate of 1,800 tpd.

“The reduction in production from Q1 levels was as expected, grade driven, and reflects the sequencing of our pits. A greater proportion of stockpiled material was processed during the quarter, which is a result of lower ore production from the open pits and, notably, the exhaustion of reserves in the Guajes pit, which we plan to use for future in-pit tailings deposition as part of the Media Luna Project. The focus on waste stripping within the El Limón pit relates to the pushback that will extend the mine life of the deposit by six months to mid-2025. With ore production from the open pits expected to ramp up in Q4, we expect quarterly production for the second half of the year to mirror that of the first half.