Torex Gold Reports Q3 2023 Production Results

On track to deliver on full year guidance with Q4 expected to be the strongest quarter of the year

TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports Q3 2023 gold production of 85,360 ounces (“oz”) and gold sold of 81,752 oz. With year-to-date gold production of 315,785 oz and the fourth quarter expected to be the highest production quarter of the year, the Company remains on track to achieve annual production guidance of 440,000 to 470,000 oz.

TABLE 1: PRELIMINARY THIRD QUARTER 2023 OPERATIONAL RESULTS

		Q3 2023
Mining
ELG Open Pits - Ore tonnes mined	tpd	11,153
ELG Open Pits - Waste tonnes mined	tpd	110,122
ELG Open Pits - Strip ratio	waste:ore	9.9
ELG Underground - Ore tonnes mined	tpd	2,321
Processing
Total tonnes processed	tpd	13,107
Average gold recovery	%	88.7
Average gold grade of ore processed	gpt	2.47
Gold produced	oz	85,360
Gold sold	oz	81,752

Operational results are preliminary in nature and subject to final reconciliation. Financial and operational results for Q3 2023 will be released after market close on Tuesday, November 14, 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:

“The third quarter was challenging as the team pushed through the final months of the high strip, low grade phase of the open pit mine plan, which continued to require the processing of lower-grade and stockpiled material to top up the mill. As a result, quarterly gold production was 85,360 oz, which is lower than what was planned.

“Notwithstanding the short-term challenges associated with strip and grade, the operations continue to deliver with excellence. ELG Underground set another record with an average mining rate of 2,321 tonnes per day (“tpd”) during the quarter, surpassing the 1,913 tpd record achieved in the prior quarter and affirming our expectations for underground mining rates to consistently achieve 2,000 tpd. Plant performance was also solid, with throughput exceeding 13,000 tpd and recoveries steady despite the lower processed grades.