(All amounts expressed in U.S. Dollars unless otherwise stated)

TORONTO, Ontario, January 7, 2021 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports Q4 2020 gold production of 130,640 ounces and full year production of 430,480 ounces. Annual output at El Limón Guajes (ELG) beat the upper end of revised production guidance (390,000 to 420,000 ounces) and exceeded the lower end of original guidance (420,000 to 480,000 ounces). In August, annual production guidance was lowered following a partial quarter of operations in Q2, which was a direct result of a mandated shutdown by the Government of Mexico to combat COVID-19 within the country.

During Q4 2020, Torex sold 133,060 ounces of gold at an average realized price of $1,845 per ounce. For the full year 2020, the Company sold 437,310 ounces of gold at an average realized price of $1,770 per ounce.

Q4 & Full YEAR 2020 OPERATIONAL Highlights

Q4 2020 FY 2020
Gold Produced oz 130,640 430,480
Average Plant Throughput tpd 12,560 11,370
Average Underground Ore Mined tpd 1,300 990
Average Open Pit Ore Mined tpd 18,360 15,020
Strip Ratio w:o 6.2 6.7

Gold grades mined, gold grades processed, and gold recoveries will be reported with full year 2020 financial results after reconciliations have been completed. Average rates quoted are based on calendar days.

Jody Kuzenko, President & CEO of Torex, stated:

“We delivered another solid operational result to close out 2020, a guidance beat which follows a strong pattern of delivering on our commitments. We expect this operational consistency to continue, which, combined with robust margins, positions us well to continue to generate strong operating cash flow. During Q4 2020, we reduced debt by a further $116 million dollars, exiting the year with debt of $40 million and a strong cash balance.

“With solid fundamentals in place, we are well positioned to build a future that will deliver increasing value to shareholders. Reinvesting in our business is a core aspect of this value creation, as we extend the life of ELG underground and potentially the El Limon open pit; de-risk and advance Media Luna; field test our proprietary Muckahi Mining System; and invest in exploration at ELG, Media Luna and other high priority targets within the broader under-explored Morelos land package.

“After achieving 10 million hours worked without a lost time injury in November, we incurred one in December due to a finger injury sustained by a contractor. Our excellence in safety and operational discipline continues –both key to the reliable and consistent results that people have come to expect of Torex.”

Torex expects to release 2021 production and cost guidance within the coming week.

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.