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For Immediate Release TOREX GOLD CLOSES 2020 WITH RECORD FINANCIAL RESULTS Delivers $ 183 Million Increase in Net Cash Year Over Year ( All amounts expressed in U.S. Dollars unless otherwise stated ) TORONTO , Ontario , February 24 , 2021 -Torex Gold Resources Inc. ( the " Company " or " Torex " ) ( TSX : TXG ) reports financial and operational results for the three months and year ended December 31 , 2020 . Jody Kuzenko , President & CEO of Torex , stated : " 2020 was a record - breaking year for many aspects of our business despite the challenges associated with COVID - 19 . Gold sales of 437,310 ounces at a realized gold price of $ 1,771 / oz resulted in revenue of $ 789 million , a 23 % increase from last year and the highest in our history . Our strong operational performance , in combination with a resurgent gold price , underpinned our strongest annual financial performance ever , with record net income of $ 109 million , record adjusted EBITDA of $ 431 million and record operating cash flow of $ 342 million . Our ongoing focus on cost containment also paid off , with full year TCC¹ and AISC¹ coming in below the bottom end of revised guidance . " Our balance sheet has never been stronger . We exited 2020 with net cash of $ 162 million , a $ 183 million increase in net cash year - over - year . As of year - end , total debt outstanding excluding finance leases stood at $ 40 million compared to $ 180 million at the end of 2019 . Torex Gold RESOURCES INC . " With the Company forecast to be debt free in Q1 2021 and strong ongoing cash flow expected from ELG , Torex is well positioned to fully fund and bring Media Luna into production in early 2024. In doing so , we will deliver a smooth transition between the ramp down of the ELG open pits and Media Luna coming online , prove out the potential of Muckahi , and invest in exploration to further develop the ELG underground and find our next mine within the broader Morelos land package . " As I reflect upon our 2020 results , I am most proud of our record - breaking safety performance , achieving 10 million hours worked without a lost - time injury from April 2019 to December 2020 and exiting the year with a lost - time injury frequency of 0.15 per million hours worked . " Against the backdrop of COVID - 19 and all the complexities that presented , our strong operational and financial performance is a direct result of the hard work and dedication of Torex's employees and contractors as well as the strong relationships we have built with our host communities . We have created significant momentum in our ability as a team to deliver exceptional operational and financial results , and we are well - positioned to keep it up in 2021. " FULL YEAR 2020 HIGHLIGHTS Record safety performance : Exited the year with a lost - time injury frequency of 0.15 per million hours worked following a finger injury in December . Prior to the injury , the Company achieved more than 10 million hours worked without a lost time injury , with the last lost time injury recorded in April 2019. The total recordable injury frequency stood at 2.52 per million hours worked at year - end versus 4.05 at the end of 2019 . ● ● ● ● Gold production : Produced 430,484 ounces in 2020 , surpassing the high end of revised guidance ( 390,000 to 420,000 ounces ) issued following the COVID - 19 shutdown and the low end of original guidance ( 420,000 to 480,000 ounces ) . Gold sold : Full year sales of 437,310 ounces at an average realized gold price¹ of $ 1,771 / oz , which resulted in record total revenue of $ 789 million , a 23 % increase year - over - year . Total cash costs per ounce of gold sold¹ : Total cash costs ( TCC ) of $ 672 / oz , better than the revised guidance range ( $ 695 / oz to $ 740 / oz ) . 130 King Street West , Suite 740 , Toronto , ON M5X 2A2 , Canada | Office : 647 260-1500 www.torexgold.com