Toronto, Ontario--(Newsfile Corp. - November 5, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) reports the Company's financial and operational results for the three and nine months ended September 30, 2025. Torex will host a conference call tomorrow morning at 9:00 AM (ET) to discuss the results.

Jody Kuzenko, President & CEO of Torex, stated:

"The third quarter marked a key turning point for Morelos as we returned to steady-state production levels following the completion of our Media Luna Project and pivoted back to positive free cash flow¹. The $113 million generated in free cash flow, supported by excellent operational performance, resulted in an all-in sustaining costs margin¹ in excess of 50%. These results demonstrate the forward potential of Morelos, which will be further bolstered by the continued ramp-up of Media Luna, first production from EPO by late 2026, and continued drill-bit success across the whole property.

"The inflection point back to free cash flow, combined with the ramp up success and operational stability we have achieved, supported our decision to announce our initial return of capital policy - marked by an inaugural quarterly dividend C$0.15 per share as well as a plan to execute on share buybacks opportunistically, with C$10 million of shares already repurchased during the quarter.

"With strong operational momentum and payable quarterly production of 119,034 gold equivalent ounces ("oz AuEq") at market prices this quarter, we are on pace to achieve the low end of our guided production range of 400,000 to 450,000 oz AuEq at guidance metal prices. Work is ongoing to optimize costs and drive efficiencies to further improve our all-in sustaining cost¹ profile as the Media Luna mine continues to ramp up, putting us on plan to deliver on our full-year guided range of $1,400 to $1,600 per ounce sold at guided metal prices.

"As we finish off what can only be described as a pivotal year for Torex, we are well set up for a standout close to 2025 and an exceptional 2026 where we'll see the benefit of a full year of production from Media Luna. With Los Reyes now officially part of our expanded portfolio, we are ready to start the work of our next project outside of Morelos, moving yet another step closer to our goal of becoming a leading, diversified, Americas-focused, precious metals producer."

THIRD QUARTER 2025 HIGHLIGHTS

• Safety performance: The Company recorded no lost-time injuries during the quarter. As at September 30, 2025, the lost-time injury frequency ("LTIF") for the Morelos Complex was 0.42 per million hours worked for both employees and contractors on a rolling 12-month basis.

• Gold production: On a gold equivalent ounce ("oz AuEq") basis, payable production for the quarter was 119,034 oz AuEq², including 95,058 oz Au, 485.2 thousand ounces of silver ("koz Ag"), and 14.0 million pounds of copper ("mlb Cu") (YTD - 261,520 oz AuEq², 222,343 oz Au, 832.2 koz Ag, and 22.2 mlb Cu, respectively). At guidance metal prices, quarterly payable production was 124,503 oz AuEq² (YTD - 269,846 oz AuEq²). With strong production achieved in the third quarter and another strong quarter expected to close off the year, the Company continues to target the low end of annual payable production guidance of 400,000 to 450,000 oz AuEq²at guidance metal prices.

• Gold sold: The Company sold 118,082 oz AuEq² (YTD - 255,572 oz AuEq²) at a record quarterly average realized gold price¹ of $3,548 per oz (YTD - $3,272 per oz) or $3,536 per oz AuEq² (YTD - $3,289 per oz AuEq²), contributing to revenue of $416.4 million (YTD - $840.3 million).

• All-in sustaining costs ¹ : Quarterly all-in sustaining costs of $1,658 per oz AuEq sold²(YTD - $1,732 per oz AuEq sold²). Quarterly all-in sustaining costs margin¹ of $1,878 per oz AuEq sold² (YTD - $1,557 per oz AuEq sold²), implying an all-in sustaining costs margin¹ of 53% (YTD - 47%). Cost of sales was $207.3 million or $1,756 per oz AuEq sold² in the quarter (YTD - $454.0 million or $1,776 per oz AuEq sold²). Costs on a gold equivalent basis were impacted by the higher gold market prices during the quarter. On a year-to-date basis, all-in sustaining costs were $1,602 per oz AuEq sold² at guided metal prices, relative to guidance of $1,400 to $1,600 per oz AuEq sold². Based on year-to-date results and assuming guidance metal prices, the Company expects all-in sustaining costs to be at the upper end of the guided range for the year.

• Net income and adjusted net earnings ¹ : Reported net income of $114.4 million or earnings of $1.33 per share on a basic basis and $1.31 per share on a diluted basis (YTD - $236.6 million or $2.75 per share on a basic basis and $2.71 per share on a diluted basis). Adjusted net earnings of $103.4 million or $1.20 per share on a basic basis and $1.18 per share on a diluted basis (YTD - $183.1 million or $2.13 per share on a basic basis and $2.10 per share on a diluted basis).

• EBITDA ¹ and adjusted EBITDA ¹ : Generated EBITDA of $235.3 million (YTD - $437.5 million) and adjusted EBITDA of $239.3 million (YTD - $448.8 million).

• Cash flow generation: Net cash generated from operating activities totalled $186.8 million (YTD - $244.7 million) and $204.0 million (YTD - $281.6 million) before changes in non-cash operating working capital. Net cash generated from operating activities (including changes in non-cash operating working capital) of $186.8 million (YTD - $244.7 million) including income taxes paid of $40.0 million (YTD - $166.8 million). Positive free cash flow¹ of $112.5 million (YTD - negative $58.3 million) is net of cash outlays for capital expenditures, lease payments, and interest, including borrowing costs capitalized.

• Financial liquidity: The quarter closed with $289.0 million in available liquidity¹, including $107.1 million in cash and $181.9 million available on the $350.0 million credit facilities, net of borrowings of $155.0 million and letters of credit outstanding of $13.1 million.

• Media Luna non-sustaining capital expenditures ¹ : During the quarter, $26.2 million (YTD - $130.6 million) of non-sustaining capital expenditures were incurred following the declaration of commercial production on May 1, 2025 and primarily relate to construction of the paste plant and underground paste distribution system, tailings feed supply system, and underground material handling systems. Construction of the paste plant and paste distribution systems are now complete, and ramp-up well underway with paste delivered to the first stope in September.

• EPO Underground Project: During the third quarter of 2025, $6.9 million (YTD - $15.4 million) of non-sustaining capital expenditures were incurred relating to EPO. Development of the main access ramp at EPO continued to track well and the EPO internal feasibility study continued to progress as the team finalized the mine design, mine sequence and integrated mine scheduling with Media Luna and the waste dump design.

• Exploration and Drilling Activities: In October, the Company announced results from the ongoing drilling program at ELG Underground³. Drilling results continue to support the program's primary objective to increase resource inventory and replace mined reserves to support the Company's overall objective of maintaining production above 450,000 oz AuEq per year beyond 2030 (based on reserve metal pricing). The program remains focused on identifying high-grade mineralization extensions along the El Limón Sur, El Limón Deep, El Limón West, and Sub-Sill trends. Drilling results presented in the October release focused on the success along the El Limón Sur and Sub-Sill trends.

• Executing on the strategy of creating a diversified, Americas-focused precious metals producer: The acquisitions of Reyna Silver Corp. ("Reyna Silver") and Prime Mining Corp. ("Prime Mining") enhance medium and long-term growth potential:
  • Reyna Silver: In August, the Company completed the acquisition of Reyna Silver⁴ for total cash consideration of $27.4 million. The acquisition provides Torex with 100% ownership in two exciting exploration properties in Chihuahua, Mexico (Batopilas and Guigui), as well as potential exposure to two highly prospective properties in Nevada (Gryphon and Medicine Springs) via option agreements.

  • Prime Mining: On July 28, the Company announced⁵ that it had entered into a definitive agreement to acquire all of the issued and outstanding common shares of Prime Mining (the "Prime Mining Shares") (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) pursuant to a plan of arrangement at an exchange ratio of 0.060 of a Torex common share (a "Torex Share") per each Prime Mining Share. Pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia), the Company completed the acquisition of all of the issued and outstanding Prime Mining Shares on October 22, 2025, in which Prime Mining shareholders received 0.060 of a Torex Share for each Prime Mining Share held (the "Exchange Ratio"). As a result of the transaction, Torex issued approximately 10.2 million Torex Shares and settled certain related tax obligations which implies an equity value for Prime Mining of $426.5 million (C$598.0 million), based on Torex' share price at the time of closing. Post the transaction, Prime Mining shareholders own approximately 10.6% of Torex. As a result of the transaction, Torex acquired a 100% interest in the Los Reyes Project, an advanced-stage development project located in Sinaloa, Mexico.

• Return of Capital to Shareholders: The Company announced an initial return of capital program consisting of an inaugural quarterly dividend of C$0.15 per Torex Share and discretionary share repurchases through the Company's normal course issuer bid ("NCIB").
  • Inaugural Dividend: As a result of the Company returning to positive cash flow generation following the completion and successful ramp up of the Media Luna Project, the Company's Board of Directors approved an inaugural quarterly dividend of C$0.15 per Torex Share payable on December 4, 2025 to shareholders of record as at the close of business on November 20, 2025.

  • Share Repurchases: In the third quarter of 2025, the Company repurchased 239,204 Torex Shares for $7.2 million (C$10.0 million) at an average price per share of $30.20 (C$41.79) under its NCIB. Under the NCIB, the Company is authorized to purchase up to 7,116,777 of Torex Shares, representing approximately 10% of the public float as of November 13, 2024, during the period commencing on November 21, 2024 and ending on November 20, 2025. The Company intends to seek approval from the TSX to renew the NCIB for another year on substantially the same terms.

• TSX30 Ranking for 2025 ⁶ : In September, the Company was recognized as a top performer by the Toronto Stock Exchange ("TSX") having been named to the TSX30, which is based on share price performance, adjusted for dividends, over the three-year period ending June 30, 2025. Out of the 30 companies recognized, Torex ranked 14th with a total return of 347%.