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For Immediate Release TORONTO , Ontario , May 13 , 2021 -Torex Gold Resources Inc. ( the " Company " or " Torex ” ) ( TSX : TXG ) reports first quarter financial and operational results for the three months ended March 31 , 2021 . Jody Kuzenko , President & CEO of Torex , stated : " 2021 is off to a very solid start with gold production of 129,509 ounces - the highest first quarter of production on record at El Limón Guajes ( " ELG ” ) . All - in sustaining costs of $ 854 per ounce during the quarter resulted in an all - in sustaining margin of $ 924 per ounce - a 52 % margin relative to the realized gold price . " Our strong operational results underpinned the solid quarterly earnings , with adjusted EBITDA of $ 144.9 million and adjusted net earnings of $ 57.2 million . Our balance sheet has never been stronger , having exited the quarter in a net cash position of $ 167.3 million with no remaining debt . As guided at the start of the year , operating cash flow is expected to be weighted towards the second half of the year given the seasonality of income tax , royalty , and profit - sharing payments ; as expected , cash flow from operations of $ 65.2 million was impacted by $ 40.8 million of income tax payments and $ 4.0 million of royalty payments related to fiscal 2020 . " We continue to progress on the plan to de - risk and advance Media Luna – making the necessary progress on the early works program , infill drilling , and successfully obtaining the MIA permit modification required to start south of the river infrastructure . We also continue to demonstrate that we are a company that generates value safely and responsibly . On the ESG front , post quarter end , we announced plans to develop an 8.5 - megawatt solar plant at our operations , ratified an industry leading 2 - year Collective Bargaining Agreement , became a signatory to the International Cyanide Management Code and released our 2020 Responsible Gold Mining Report , aligned with best industry practice on disclosure , which can be found on our newly launched website at www.torexgold.com . " There is no doubt that our team has built up significant momentum over the past three quarters , and we are well positioned to achieve 2021 guidance as we continue to deliver on our commitments reliably and safely . " ● FIRST QUARTER 2021 HIGHLIGHTS Safety excellence continues : No lost time injuries recorded during the quarter ; exited the quarter with a LTIF of 0.15 per 1 million hours worked and a TRIF of 2.96 per 1 million hours worked , both on a rolling 12 - month basis . ● Torex Gold RESOURCES INC . TOREX GOLD REPORTS SOLID FIRST QUARTER RESULTS Strong Start to the Year with All - in Sustaining Margin¹ of 52 % ( All amounts expressed in U.S. Dollars unless otherwise stated ) ● ● ● ● Gold production : Produced 129,509 ounces of gold , the strongest first quarter on record at ELG . Gold sold : Sold 129,019 ounces of gold at an average realized price of $ 1,778 per ounce . Total cash costs¹ and All - in sustaining costs¹ : Total cash cost of $ 580 per ounce sold and all - in sustaining cost of $ 854 per ounce . Resultant all - in sustaining margin¹ of $ 924 per ounce , implying a margin of 52 % relative to the realized gold price . Net earnings and adjusted net earnings¹ : Reported net earnings of $ 55.0 million or $ 0.64 per share on a basic basis and $ 0.62 per share on a diluted basis . Adjusted net earnings of $ 57.2 million , or $ 0.67 per share on a basic basis and $ 0.66 per share on a diluted basis . EBITDA¹ and adjusted EBITDA¹ : Generated EBITDA of $ 152.7 million and adjusted EBITDA of $ 144.9 million . Cash flow from operations : Cash flow from operations totalled $ 65.2 million ( $ 79.2 million prior to changes in non - cash working capital ) . Cash flow from operations included $ 40.8 million of income taxes and $ 4.0 million of royalties accrued but not paid out in 2020. As previously guided , cash flow from 130 King Street West , Suite 740 , Toronto , ON M5X 2A2 , Canada | Office : 647 260-1500 www.torexgold.com