. Achieves Net Cash Position of $77 million
(All amounts expressed in U.S. Dollars unless otherwise stated)

TORONTO, Ontario, November 3, 2020 –Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces the Company’s financial and operational results for the three and nine months ended September 30, 2020.

Jody Kuzenko, President & CEO of Torex, stated:

“Q3 was simply extraordinary — a record-breaking quarter across many facets of the business. Gold sales of 133,036 ounces were the highest in our history, as was the realized gold price of $1,884 per ounce. The record realized margin of $1,250 per ounce generated during the quarter underpins our best quarterly financial performance ever, including $163 million of EBITDA, $173 million of operating cash flow ($138 million before changes in working capital) and $124 million of free cash flow.

“For the first time since commercial production, we achieved a net cash position at quarter end, hitting $77 million. This represents a $130 million improvement from last quarter and an impressive $174 million improvement year-over-year. During Q3, we paid down $72 million of debt, bringing outstanding debt down to $155 million. Post quarter end, we paid down an additional $50 million against our revolver, which deleverages our balance sheet even further.

“Our focus on COVID controls and health and safety did not let up – we closed the quarter with 8.5 million hours worked without a lost time injury and, as of today, that trend continues. In addition to performance excellence on safety, production, and costs, we extended our innovation mindset to labour relations and concluded a new 2-year collective bargaining agreement with our unionized workforce.

“As we head into the final stretch of 2020, we are poised to deliver on full-year guidance. Looking to the future, our primary focus is to continue to deliver consistent and reliable cash flow from ELG, pay down debt, and internally fund and bring Media Luna into production in early?2024 – while continuing to leverage potential opportunities to extend the current production profile of ELG through 2023 and into 2024. We have built up significant momentum in our ability as a team to deliver exceptional operational and financial results, and we are well-positioned to keep it up.”

This release should be read in conjunction with the Company’s September 30, 2020 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.

Q3 2020 Highlights
•Safety performance: As at the end September, surpassed 8.5 million hours worked without a lost time injury, with more than 9 million hours to date. A lost-time injury frequency of zero per million hours worked was maintained, with the last lost time injury occurring more than 18 months ago.
•Labour relations: Torex and the Mining Union of the Confederation of Mexican Workers (CTM Union) reached a 2-year collective bargaining agreement. While the norm in Mexico is for mining companies and unions to negotiate CBAs on an annual basis, the Company and CTM Union came together to sign a new 2-year agreement.
•Gold production: Produced 131,790 ounces, the second-highest quarter of production in the Company’s history.
•Plant throughput and availability: Plant throughput averaged 12,870 tonnes per day for the quarter, with average plant availability of 92%.
•Gold sold: Record gold sold of 133,036 ounces at a record average realized gold price2 of $1,884 per ounce.
•Total cash costs1 and all-in sustaining costs1: Total cash costs of $633 per ounce and all-in sustaining costs of $877 per ounce.
•Net income: Record net income of $60.3 million, or $0.71 per share on a basic and $0.69 per share on a diluted basis.
•Adjusted net earnings1: Record adjusted net earnings of $51.3 million, or $0.60 per share on a basic and $0.59 per share on a diluted basis.
•EBITDA1 and Adjusted EBITDA1: Record EBITDA of $162.9 million and record adjusted EBITDA of $156.2 million.
•Cash flow from operations: Record cash flow from operations of $173.3 million ($138.1 million prior to changes in non?cash working capital), including income taxes paid of $19.4 million.
•Free cash flow1: Record free cash flow generation of $124.2 million after changes in non-cash working capital.
•Cash balance: As at the end of September, cash position totaled $204.0 million, which excludes $32.0 million of short-term investments related to a 180-day GIC entered into at the start of July.
•Debt: Repaid $71.8 million of outstanding debt during the quarter. Total debt stood at $155.0 million as of September 30, 2020. In October, the Company made an additional payment of $50.0 million on the Revolving Facility.
•Net cash1: Exited the quarter in a net cash position of $77.1 million relative to a net debt position of $53.5 million at the end of the prior quarter.
•Losses on derivative contracts: $2.7 million in losses on derivative contracts this quarter.

1 Refer to “Non-IFRS Financial Performance Measures” within the MD&A for further information and a detailed reconciliation.

COVID-19 Update
The enhanced COVID-19 protocols that have been implemented and multi-layered approach to screening has helped mitigate the impact of COVID-19 on our operations, our workforce, and the surrounding communities. At the end of the third quarter, there were 43 confirmed cases of COVID-19 within our workforce, with 33 of these individuals fully recovered. Of these, 40 individuals displayed symptoms and tested positive at home while away from site. Three individuals tested positive after displaying symptoms at site and were quarantined as outlined in the Company’s COVID-19 protocols, with contact tracing completed to isolate anyone potentially at risk.

Continued support has been provided for COVID-19 management in neighboring communities, including the implementation of infection prevention education campaigns for adults and children, and the donation and delivery of medical equipment to mitigate spread of the virus.

Conference Call and Webcast Details
The Company will host a conference call today at 9:00 AM (ET) where senior management will discuss the second quarter 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

A live audio webcast of the conference call will be available on the Company’s website at www.torexgold.com. The webcast will be archived on the Company’s website.

About Torex Gold Resources Inc.
Torex is an intermediate gold producer based in Canada, engaged in the mining, developing and exploring of its 100% owned Morelos Gold 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 assets are the El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”), comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and ELD, and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an early stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018 (the “Technical Report”). The property remains 75% unexplored.

For further information, please contact:
TOREX GOLD RESOURCES INC.