Torex Gold Releases Results of Los Reyes Preliminary Economic Assessment

About this update from Torex Gold Resources Inc.

Compelling economics with an estimated after-tax IRR of 37% and after-tax NPV of $1.5 billion (All amounts expressed in U.S. dollars unless otherwise stated) Toronto, Ontario--(Newsfile Corp. - July 7, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) has released the results of a preliminary economic assessment (the "PEA") for its Los Reyes project in Sinaloa, Mexico, which includes a life of mine operating summary and estimated economics. The PEA confirms compelling economics for Los Reyes, underpinned by an attractive production profile and mine life, strong margins, and manageable upfront investment. Andrew Snowden, President & CEO of Torex, stated: "The Los Reyes PEA marks an important step in demonstrating the underlying value of the Company's next growth project outside of the Morelos Complex and confirms the project potential we envisioned when we acquired Prime Mining in late 2025. The PEA outlines a high-quality gold and silver project with an attractive production profile and long mine life, robust all-in sustaining cost margin1 of 56%, and upfront capital investment that can be fully funded internally through cash flow generated from our flagship Morelos Complex. "Los Reyes has an estimated after-tax IRR of 37.3% and after-tax NPV (5%) of $1,491 million, assuming long-term consensus metal prices of $3,600/oz gold ("Au") and $50/oz silver ("Ag"). Assuming 10% higher metal prices, modestly lower than the current spot prices for Au and Ag of approximately $4,150/oz and $62/oz, respectively, Los Reyes has an estimated after-tax IRR of 42.7% and after-tax NPV (5%) of $1,816 million. The strength of the project's economics is reflected in the profitability index, which is equivalent to 2.9x the estimated upfront capital expenditure1 of $515 million as well as the relatively quick payback period of less than two years at long-term consensus metal prices. "From an operational standpoint, Los Reyes is expected to boast a strong production profile and competitive cost base. During the first 11 years of operation, prior to processing lower-grade stockpiled material, annual production is forecast to average 161 thousand gold equivalent ounces ("koz AuEq")2, including 111 koz Au and 3,594 koz Ag. All-in sustaining costs ("AISC")1 over the life of the project are forecast to average $1,617 per oz AuEq sold2 based on ...

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