All amounts expressed in U.S. Dollars unless otherwise stated)
TORONTO, Ontario, February 19, 2020 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports the Company’s financial and operating results for the three months and year ended December 31, 2019.

Fred Stanford, President & CEO of Torex, stated:

“The record operational and safety performance in 2019 was equally matched by the strong financial performance, with the Company generating record EBITDA and record free cash flow. Balance sheet strength materially improved year-over-year, as evident in the almost $200 million decline in net debt. With the price of gold remaining buoyant, and production guided to be in a similar range as last year, 2020 holds the potential to be another excellent year for Torex. We exited the year with a Lost Time Injury rate of 0.63 over the trailing 12 months and in February surpassed 5 million hours lost time injury free, an amazing accomplishment.

“Advancing Media Luna was a priority in 2019 and it will continue to be a key focus in the next few years. The infill drill program that was concluded in 2019 had a 100% success rate in upgrading targeted Inferred tonnes to the Indicated confidence category. This is an excellent indicator of the robustness of the geological model. The 2020 infill drill program is anticipated to be completed in time to incorporate the results into the upcoming feasibility study, which is expected to be concluded in Q1 2021. One of the trade-off studies completed in 2019 resulted in a decision as to how to access the Media Luna deposit. Tunneling under the Balsas River to reach the deposit reduces the social complexity, minimizes surface disturbance, reduces costs, and in our view, reduces permitting risk. This 7 km tunnel will take longer to excavate than the other options. An early start is essential to minimize schedule risk, hence some of the Media Luna build capital has been advanced to 2020 to facilitate getting started with the excavation of this tunnel in the second half of this year.

“On the Muckahi front, we successfully demonstrated the viability of the most innovative aspects of the mining system in 2019.We are now excavating our second 30-degree down ramp and are continuously improving the technique. Incorporating 30?degree ramps into mine designs will be a game changer for the industry. Moving beyond tunneling to ore production, we demonstrated we could achieve ‘conveyable fragmentation’ when blasting a long hole open stope. The team then demonstrated they could completely ‘muck out’ the long hole open stope with a low cost electric slusher. With the major innovations demonstrated as viable in 2019, 2020 will focus on optimizing the processes tested in 2019, and initiating testing of the various conveyor applications in the Muckahi Mining System. A conveyor for the 30-degree ramp has been designed, manufactured, and is currently in transit to the mine. It will be installed in the ELD deposit in Q2. We all look forward to getting the conveyor installed and demonstrating the potential of a mine that can eliminate diesel trucks and transport ore up and out of the mine with an electrically powered conveyor.

“The coming year promises to be one of solid cash flow, advancement of our Media Luna growth project, and pushing forward with our proprietary Muckahi Mining System to fuel future growth. Exciting times for Torex.”

This release should be read in conjunction with the Company’s December 31, 2019 Financial Statements and MD&A on the Company’s website or on SEDAR. A summary of Torex’s operating and financial results can be found in Table 1.

Full Year 2019 Highlights
•Safety milestone: 5 million hours worked with no lost time injury reached in February 2020.
•Gold production: Produced 454,811 ounces of gold in 2019, surpassing the previous annual production record of 353,947 ounces established in 2018 by 28%.
•Gold sold: Record full year sales of 449,337 ounces at an average realized gold price1 of $1,408/oz, towards the upper end of the full year guidance of 400,000 to 460,000 ounces.
•Total cash costs per ounce of gold sold1: Total cash costs of $619/oz, at the upper end of the guided range of $540/oz to $620/oz.
•All-in sustaining costs per ounce of gold sold1: All-in sustaining costs of $805/oz, above the midpoint of full year guided range of $735/oz to $845/oz.
•Net income and Adjusted net income1: Reported net income of $71.2 million or $0.84 per share on a basic basis and $0.83 per share on a diluted basis. Excluding, amongst other items, certain impairment provisions and unrealized gains and losses, adjusted net income totalled $67.8 million, or $0.80 per share on a basic and $0.79 diluted basis.
•EBITDA1 and Adjusted EBITDA1: Record EBITDA of $330.3 million and record adjusted EBITDA of $332.9 million.
•Cash flow from operations: Cash flow from operations totalled $301.3 million ($327.3 million prior to changes in non-cash working capital). Cash flow from operations includes $64.5 million of current income tax accrued but expected to be paid out in Q1 2020, noting a modest tax installment made in December 2019.
•Free cash flow1: Free cash flow of $181.2 million ($223.7 million prior to non-sustaining capital expenditures). Free cash flow includes interest paid and changes in non-cash working capital.
•Cash balance: Ended the year with cash of $161.8 million compared with $122.2 million the end of 2018 ($149.0 million including $26.8 million of restricted cash).
•Total outstanding debt: Following $164.4 million of debt repayments in 2019, total debt (excluding $8.6 million of deferred financing charges) stood at $174.9 million at year?end compared with $333.5 million at the end of 2018.
•Net debt1: Exited 2019 with net debt of $21.7 million, reflecting a $198.6 million decline year-over-year.
•Updated Media Luna resource estimate 2: Upgraded approximately 25% of the Inferred resource at Media Luna following completion of a 175-hole infill drill program. The National Instrument 43-101 compliant resource estimate includes 2.24 million gold equivalent ounces at a gold equivalent grade of 5.55 g/t in the Indicated category and 4.23 million gold equivalent ounces at a gold equivalent grade of 4.23 g/t in the Inferred category.
•Achieved key deliverables set out for Muckahi: In 2019, demonstrated the ability to drill on the level and at a 30-degree down angle using a jumbo mounted from a monorail. Achieved desired fragmentation within first long-hole open stope and mucked out the stope using a slusher. The Company plans to pilot the individual components of Muckahi as an integrated system in ELD in 2020, with the goal of proving out the key aspects of Muckahi by year-end.

Fourth Quarter 2019 Highlights
•Gold production: Produced 121,151 ounces of gold, the second highest quarter of production on record.
•Gold sold: Sold 126,910 ounces of gold at an average realized price of $1,481/oz.
•Total cash costs1 and All-in sustaining costs1: Total cash cost of $617/oz and all-in sustaining cost of $767/oz.
•Net income and Adjusted net income1: Reported net income of $35.1 million or $0.41 per share on a basic and diluted basis. Adjusted net income of $34.0 million, or $0.40 per share on a basic and diluted basis.
•EBITDA1 and Adjusted EBITDA1: Generated EBITDA of $102.2 million and adjusted EBITDA of $105.1 million.
•Cash flow from operations: Cash flow from operations totalled $97.9 million ($101.4 million prior to changes in non-cash working capital).
•Free cash flow1: Generated $71.6 million in free cash flow ($82.5 million prior to non-sustaining capital expenditures).
•Debt payments: Repaid $82.5 million of outstanding debt during the quarter.

Conference Call and Webcast Details

The Company will host a conference call today at 9:00 AM (ET) where senior management will discuss the fourth quarter and year end operating and financial results. Please call the below numbers approximately 10 minutes prior to the start of the call:
•Toronto local or international: 1-416-915-3239
•Toll-Free (North America): 1-800-319-4610
•Toll-Free (France): 0800-900-351
•Toll-Free (Switzerland): 0800-802-457
•Toll-Free (United Kingdom): 0808-101-2791