Torex Gold Provides an Update on the Fatalities at ELG Underground

Toronto, Ontario--(Newsfile Corp. - December 9, 2024) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) provides an update on the carbon monoxide exposure at the El Limón Guajes underground mine ("ELG Underground") that claimed the lives of two employees and one contractor and injured a second contractor. The relevant authorities have all been notified and the Company is fully cooperating with regulators. Operations within ELG Underground have now resumed.

Jody Kuzenko, President & CEO of Torex, stated:

"There are no words to properly express the sorrow we feel as we mourn the three individuals who lost their lives at ELG Underground. Our focus has been on supporting the families of our employees to the fullest extent, and on supporting our team at site through this very difficult time.

"Authorities have undertaken their initial assessments and regulator-led investigations at various levels will continue with our full and transparent cooperation. We have also commenced our own internal investigation to determine how, despite multiple levels of safety protocols and controls, such a tragedy could have occurred. Findings from all audits and investigations will be used to reinforce safety protocols as required.

"While the full investigation is only just beginning, early indications are that the exposure was an isolated incident in an area of the mine that was being prepared for ventilation following a stope blast. Two experienced individuals went into a restricted area where carbon monoxide was present, and in an effort to rescue their colleagues who suffered exposure, two other individuals entered the area as well. Three of the individuals passed away as a result, while the fourth was transported to a local hospital and is now at home recovering.

"Following a 24-hour stand down, operations at ELG Underground have resumed, as have underground development and construction activities at Media Luna. Full-year 2024 production guidance and the Media Luna Project schedule have not been impacted.

"Our sincerest condolences remain with the families and loved ones of those who lost their lives. We commit to honouring their memory by working together at our operations and with the mining industry more broadly, to prevent something like this from ever happening again."

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, 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: integrate and optimize the Morelos Property; deliver Media Luna to full production; grow reserves and resources; disciplined growth and capital allocation; retain and attract best industry talent; and build on ESG excellence.

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 includes the confirmation of the full-year 2024 production guidance and the Media Luna Project schedule and the Company's key strategic objectives. 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 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 www.sedarplus.ca and available on the Company's website at www.torexgold.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232964