Media Luna Project extends life of mine through 2033; Attractive operating cost profile maintained
(All amounts expressed in U.S. Dollars unless otherwise stated)

TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) has released an updated technical report (“Technical Report”) for its Morelos Complex, which includes an integrated life of mine plan and economics for the producing El Limón Guajes (“ELG”) Mine Complex (consisting of the ELG Open Pits and ELG Underground) and the development stage Media Luna Project (“ML Project”). Based on the results of the feasibility study included in the Technical Report, and with approval from the Board of Directors on development of the ML Project, the Company also announces 2022 capital expenditure guidance specific to the ML Project as well as an updated multi-year production outlook.

HIGHLIGHTS OF THE TECHNICAL REPORT

Key Economics – Base case metal prices

• Morelos Complex: Cumulative cash flow of $1,418M and after-tax NPV (5% discount rate) of $1,040M
• ML Project: After-tax NPV (5%) of $458M and after-tax IRR of 16.1%
• Long-term metal prices: $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu
  

Key Economics – Spot case metal prices ¹

• Morelos Complex: Cumulative cash flow of $2,322M and after-tax NPV (5%) of $1,751M
• ML Project: After-tax NPV (5%) of $949M and after-tax IRR of 24.9%
• Spot metal prices: $1,950/oz Au, $25.50/oz Ag, and $4.70/lb Cu as of March 25, 2022
  

Morelos Complex Summary – Life of Mine

• Life of mine of 11.75 years commencing April 1, 2022 and ending Q4 2033
• Annualized gold equivalent (“AuEq”) sold of 374 koz ² including 280 koz of Au
  • Increased exposure to Cu and Ag with annual payable output of 34.8 Mlb Cu and 1,327 koz Ag
• Total cash cost ³ of $809/oz AuEq sold and mine-site all-in sustaining cost ³ of $954/oz AuEq sold
• Annualized revenue of $605M and mine-site EBITDA ³ (excludes corporate items) of $298M
  

Morelos Complex Summary – Process plant operating at full capacity (through 2027)

• Annualized AuEq sold of 450 koz through 2027 when the process plant is operating at full capacity
• Total cash cost of $779/oz AuEq sold and mine-site all-in sustaining cost of $929/oz AuEq sold
• Annualized revenue of $733M and mine-site EBITDA of $378M
  

Capital Expenditures

• $848M to develop and bring the ML Project into commercial production
  • Includes $85M of underground development during pre-commercial period (Q4 2023 to Q4 2024)
• Total sustaining capital expenditures ³ of $545M over life of mine

_____________________
¹ See also Table 10 for After-Tax Sensitivities to Key Factors for the Morelos Complex and Media Luna Project.
² Gold equivalent (AuEq) sold includes Au and AuEq values for Ag and Cu sold assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu. A summary of life of mine payable production values for Au, Ag and Cu can be found in Table 1 including tonnes processed and average processed grades. Expected recovery and payable factors for Au, Ag and Cu can be found in Table 2.
³ These measures, as well as TCC margin, AISC margin, and sustaining and non-sustaining capital expenditures, are forward looking Non-GAAP Financial Performance Measures or Non-GAAP ratios (collectively, “Non-GAAP Measures”). Please see Table 13 for the equivalent historical non-GAAP measure. For the year ended December 31, 2021, the following historic Non-GAAP Measures were reported in the Company’s management’s discussion and analysis (“MD&A”) for the year ended December 31, 2021, dated February 23, 2022, which is available on the Company’s website (www.torexgold.com) and under the Company’s SEDAR profile (www.sedar.com): EBITDA - $461.6M; TCC - $674/oz Au; TCC margin $1,120/oz Au; AISC – $928/oz; AISC margin - $865/oz Au; sustaining capital costs - $85.3M; and non-sustaining costs - $152.4M. Please note that the AISC and AISC margin do not include corporate G&A and potential sustaining exploration costs, and mine site EBITDA does not include corporate G&A. Please also see the Cautionary Notes on Non-GAAP Measures below.

Total Mineral Reserves of 5,123 koz AuEq at an average grade of 3.90 g/t AuEq ⁴

• Initial Mineral Reserves for Media Luna of 3,360 koz AuEq based on 23.0 Mt at 4.54 g/t AuEq
  

Initiatives underway to realize available upside and build-on on solid base case production/cash flow

• Exploration/Drilling: Significant potential to expand Mineral Reserves in the ELG Underground, within the broader Media Luna area, and across the entire land package, which is 75% unexplored
• Development of EPO deposit: Potential to be a nearby source of incremental feed over and above the levels anticipated from the ML Project
• ELG Underground: Potential to increase throughput with the investment in Portal #3 and utilizing bulk mining in specific zones
  

Jody Kuzenko, President & CEO of Torex, stated:

“Today we achieve a mission critical milestone in our growth journey with the release of the updated Technical Report for our Morelos Complex and approval from our Board of Directors to proceed with the development of the ML Project. With tremendous future exploration potential, advancing this project is fundamental to setting up our wholly owned flagship Morelos Complex for safe and reliable production, strong free cash flow post the construction period, and lasting economic prosperity for all of those who share stakes in Torex. With this investment, the foundation for the future growth plans of Torex will be firmly laid.

“We always knew that the Media Luna Project would be challenging. The deposit is situated 7 km away from our existing infrastructure, on the other side of a river, and hosts challenging metallurgy. True to the Torex brand, the economics shown in the Technical Report are grounded in operating costs, capital costs, and ramp-up time frames that are both realistic and achievable, accounting for the current inflationary environment, quotes from vendors, and assumptions on sustaining capital expenditures required to responsibly and sustainably operate a 7,500 tpd underground mine.

“Notwithstanding these challenges, it is clear the upside economics of developing the ML Project are compelling. We see significant opportunity to enhance the overall return of the ML Project by filling the mill post 2027 and extending the overall mine life beyond what is implied by reserves. The investment we are making in exploration and drilling in 2022, and going forward, reflects our determination to unlock the resource potential of our entire Morelos Property, and deliver on our goal of developing a multi-decade mining operation.

“Importantly, the ML Project opens up the opportunity for Torex to diversify into becoming a meaningful copper producer – an opportunity that could not have timed the market better. In fact, 20% of revenue of the Morelos Complex is forecast to be attributable to copper, with the percentage increasing as the ML Project ramps up.

“Given the ongoing success of our strategy to cash up ahead of the build, we expect to fund the development of the ML Project using our robust balance sheet, strong forecasted cash flow, and a prudent level of debt. With over $405M of available liquidity at year-end (including $255M in cash), annual projected cash flow from ELG Mine Complex of $190M through year-end 2024 (prior to capital expenditures on the ML Project), and a goal of maintaining a minimum liquidity position of $100M, we are evaluating debt financing in the order of $250M to $300M. Multiple debt financing options are being considered, including a gold prepay, high yield debt, and an expanded credit facility. This financing decision will be made in the months to come.

“There is no doubt that we are well positioned financially, socially, and technically to advance the development of the ML Project while continuing to invest in value accretive exploration – exploration that will both extend the life of mine and continue to further enhance the overall return of the Morelos Complex. The future is here and it’s clear – and in true Torex form, we will now turn our focus onto delivering.”

_____________________
⁴ Gold equivalent (AuEq) Mineral Reserves account for underlying metal prices and metallurgical recoveries. Breakdown of Mineral Reserves by metal is outlined in Table 11 and a breakdown of Mineral Resources by metal is outlined in Table 12.

SUMMARY OF TECHNICAL REPORT FOR MORELOS COMPLEX

The Technical Report outlines the updated economics of the Morelos Complex in Guerrero, Mexico. The Technical Report includes an integrated mine plan for the ELG Mine Complex as well as the ML Project. Operational and economic estimates are based on a project period commencing April 1, 2022, unless otherwise noted. References to production and metal sold are based on payable levels unless otherwise stated. All values of economic inputs are nominally based, and all amounts expressed in U.S. dollars unless otherwise stated.

Notes to Table 1

1. Total cash costs – gold equivalent, mine-site all-in sustaining costs – gold equivalent, total cash costs – by-product, mine-site all-in sustaining costs – by-product, non-sustaining and sustaining capital costs and mine-site EBITDA are Non-GAAP Measures. See footnote 3 above and Cautionary Note below on Non-GAAP Measures.
2. AuEq sold includes Au and AuEq values for Ag and Cu assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu.
3. Estimates are based on the project period commencing April 1, 2022. All amounts in U.S. dollars.
   

The updated mine plan and economics outlined for the Morelos Complex in the Technical Report are based on Proven & Probable Mineral Reserves for the ELG Mine Complex and the Media Luna Project. Differences between Mineral Reserves (tonnes and grade) compared to life of mine totals outlined in Table 1, reflect a project period commencing April 1, 2022 compared with Mineral Reserves which have an effective date of December 31, 2021 for the ELG Mine Complex and an effective date of October 31, 2021 for the ML Project. Details on the Company’s Mineral Reserves and Mineral Resources can be found in Table 11 and Table 12.

Metal Sold
Over an estimated life of mine of 11.75 years, based on Mineral Reserves, the Morelos Complex is expected to deliver annualized payable sales of 280 koz of gold (“Au”), 1,327 koz of silver (“Ag”), and 34.8 Mlb of copper (“Cu”). On a AuEq basis ² , annualized payable AuEq sold over the life of the Morelos Complex is forecast to average 374 koz. AuEq sold is calculated by applying the long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu assumed within the base case economics set out in the Technical Report. Metal sales are after metallurgical recoveries and payable factors for Au, Ag, and Cu.

During the period in which the capacity of the processing plant is fully utilized (April 2022 through December 2027), annualized AuEq sold is forecast to average 450 koz. Based on current Mineral Reserves, annual sales are forecast to decline post 2027 when the ML Project becomes the sole source of feed for the processing plant. Initiatives to fill the mill beyond 2027 are currently underway (Figure 1).

Figure 1: Annualized AuEq sold of 374 koz estimated over the life of mine; Annual AuEq sold through 2027 is expected to average 450 koz when the capacity of the processing plant is to be fully utilized
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9618ccf0-797d-4a6f-b1f4-7259c710f3fa

Notes to Figure 1:

1. AuEq sold includes Au and AuEq values for Ag and Cu assuming long-term metal prices of $1,600/oz Au ($1,700/oz in 2022), $21/oz Ag, and $3.50/lb Cu.
2. A summary of life of mine payable sold values for Au, Ag and Cu can be found in Table 1 including tonnes processed and average processed grades. Expected recovery and payable factors for Au, Ag and Cu can be found in Table 2.
3. 2022 payable AuEq sold includes Q1/22 versus the Technical Report which incorporates estimates over the project period commencing April 1, 2022.
   

Over the life of the Morelos Complex, approximately 75% of AuEq sold is attributable to Au, approximately 20% to Cu, and the remainder to Ag. The proportion of AuEq sold attributable to Cu is expected to increase materially commencing with start-up of the ML Project, with annual payable Cu of approximately 45 Mlb forecast between 2025 and 2033, representing close to 28% of AuEq sold over this period.

Mining
Ore for the Morelos Complex will be sourced from the ELG Open Pit operation, ELG Underground operation, and ML Project. Production during the near-term will be predominantly supported by ELG Open Pit while longer term production will be supported by the ML Project. Ongoing Reserve growth could extend the current production profile of the ELG Underground beyond 2027 (Figure 2).

Mining activities within the ELG Open Pit operations are expected to decline over the coming years with depletion of the Guajes and El Limón Sur pits in H1 2023 and the El Limón open pit in H2 2024.

Mining activities within the ELG Underground are forecast to run through Q3 2027 based on Mineral Reserves and assume an average daily mining rate of 1,370 tpd between 2022 and 2026. The mining method considered in the ELG Underground is cut-and-fill. Opportunities to transition to lower cost bulk mining are currently being studied, which could result in potentially higher output in the ELG Underground and lower unit costs. The Company also sees significant potential to continue to grow the Mineral Reserves of the ELG Underground, which increased 20% in 2021 following a 15% increase in 2020.

Figure 2: ML Project expected to be the sole source of ore post 2027 based on current Mineral Reserves
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/27fc720f-9534-4bae-b5f6-111822bfde2d

Notes to Figure 2:

1. Ore mined in 2022 includes Q1/22 versus the Technical Report which incorporates estimates over the project period commencing April 1, 2022.
   

The ML Project is being developed with six primary mining zones each with designated infrastructure. At steady-state production, the underground mine is expected to deliver an average rate of 7,500 tpd of ore to the upgraded processing plant. The Technical Report assumes a credible ramp-up to steady-state production with first development ore in Q4 2023. Production stoping is expected to commence in Q2 2024 with the mine achieving commercial production in Q1 2025. The ML Project is expected to be operating at 7,500 tpd in Q1 2027, implying a 3-year ramp-up from first production ore or 3.5 years from first development ore (Figure 3).

Figure 3: Credible ramp-up period of 3 years assumed for the ML Project
Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ec08ebd-1faf-40cb-a575-23aaf01b3f7a

The predominant mining method at the ML Project will be longhole stoping. Mined stopes will be filled using paste backfill. The paste plant will be located on surface with access from the south side of the Balsas River. Ore will be conveyed through the 6.5-kilometre Guajes Tunnel, which optimizes the use of existing infrastructure by connecting the processing plant on the north side of the Balsas River to the ML Project on the south side.

Processing
Ore mined from the Morelos Complex (ELG Open Pit, ELG Underground and ML Project) as well as surface stockpiles will be processed through the existing facility located on the north side of the Balsas River. Upgrades to the existing processing plant are required to deal with higher levels of soluble iron and recover elevated levels of copper and silver contained within the ML deposit relative to those found within the ELG Mine Complex. Additions to the current processing plant include a Cu flotation circuit, an FeS flotation circuit, water treatment facility, regrind mill, and variable speed drives on the ball mill.

The current processing facility is expected to operate at 13,000 tpd through September 2024. The current plan is to complete the required tie-ins to the processing plant over a 4-week period in October 2024, with wet commissioning to commence in November 2024. The commissioning period for the flotation circuits is expected to be relatively straight forward, and steady-state throughput of 10,600 tpd is expected to be reached by year-end 2024. Depending on the mix of ore types and sources, a portion of feed will be blended, while other portions will be batched processed over the life of mine.

A separate stockpile of ore mined from the ML Project between Q4 2023 and Q4 2024 will be created to facilitate the wet commissioning of the upgraded processing plant (Figure 4).

Figure 4: Exploration and drilling key to ensuring full capacity utilization in the processing plant post 2027
Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9de482bb-2128-48f4-a8ec-ec48410cbf00

Notes to Figure 4:

1. Ore processed in 2022 includes Q1/22 versus the Technical Report which incorporates estimates over the project period commencing April 1, 2022.
   

The Company sees significant potential to bolster the long-term production profile of the Morelos Complex by extending the life of the ELG Underground, potentially increasing mining rates in the ELG Underground, potentially developing the nearby EPO deposit, and identifying additional sources of incremental feed across the broader Morelos Property. Incremental sources of higher-grade feed would allow the Company to defer the processing of lower grade stockpiles until later in the mine life.

The upgraded processing plant is expected to result in commercially meaningful recoveries for Cu and improved recoveries for Ag, while maintaining Au recoveries at similar levels to those currently being achieved. Metallurgical recoveries over the life of the Morelos Complex are expected to average 89.8% Au, 80.5% Ag, and 86.4% Cu. The life of mine recoveries, including Media Luna, compare favourably to the current plant configuration recoveries of 89.0% Au, 30.0% Ag and 10.0% Cu.

Table 2: Upgraded processing plant expected to deliver significantly higher recoveries for Cu and Ag
Morelos Complex	Concentrate			Doré/Other			Total
	Au	Ag	Cu	Au	Ag	Cu	Au	Ag	Cu
	(koz)	(koz)	(Mlb)	(koz)	(koz)	(Mlb)	(koz)	(koz)	(Mlb)
Life of Mine
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