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For Immediate Release TOREX GOLD REPORTS Q3 2021 FINANCIAL RESULTS On Track to Achieve Full Year Guidance ; Cash Balance Increased to More Than $ 220 Million ( All amounts expressed in U.S. Dollars unless otherwise stated ) TORONTO , Ontario , November 3 , 2021 - Torex Gold Resources Inc. ( the " Company " or " Torex " ) ( TSX : TXG ) reports the Company's financial and operational results for the three and nine months ended September 30 , 2021 . Jody Kuzenko , President & CEO of Torex , stated : " Our solid operational performance in Q3 resulted in a strong financial result , with adjusted EBITDA of $ 119.3 million and free cash flow of $ 29.4 million . The Company's quarter - end cash balance increased from $ 196.0 million at the end of June to $ 221.6 million at the end of September . The focus on delivering consistent production in a safe manner continued with no lost time injuries during the quarter , and our employee and contractor workforce now sits at 3.75 million hours lost time injury free . " As a result of the reliable performance achieved so far this year , we are tracking very well against our 2021 operational guidance . With a similar level of production to Q3 anticipated in Q4 , we expect full year gold production to come in at the upper end of the guidance range of 430,000 to 470,000 ounces . Total cash costs for the full year are expected to be toward the mid - point of the guided range of $ 680 to $ 720 per ounce . All - in sustaining costs are expected to increase in Q4 as a greater amount of waste is capitalized as part of the El Limón pushback ; however , with lower than anticipated waste mined in Q3 , all - in sustaining costs for the full year are expected to be toward the mid - point of the guided range of $ 920 to $ 970 per ounce sold . " Overall , we are executing on the plan we outlined more than a year ago - a plan focused on extending and optimizing production and cash flow from ELG , advancing and de - risking Media Luna toward first production in early 2024 , as well as strengthening the balance sheet . With more than $ 220 million in cash on hand and solid cash generation from ELG forecast through at least mid - 2024 , we are in a strong financial position to advance Media Luna and continue to invest in near - mine and regional exploration . " THIRD QUARTER 2021 HIGHLIGHTS Safety performance : No lost time injuries during the quarter ; exited the quarter with a LTIF of 0.26 per 1 million hours worked and a TRIF of 2.44 per 1 million hours worked , both on a rolling 12 - month basis . ● ● Torex Gold RESOURCES INC . ● ● ● ● COVID - 19 update : To promote vaccination within the workforce , the Company has partnered with local health agencies ; by quarter - end 70 % of the workforce was partially vaccinated , and 30 % fully vaccinated . Gold production : Produced 111,229 ounces of gold ( YTD - 358,792 ounces ) . Gold sold : Sold 118,989 ounces of gold ( YTD - 359,432 ounces ) at an average realized price of $ 1,786 per ounce ( YTD - $ 1,792 per ounce ) . Total cash costs¹ and all - in sustaining costs¹ : Total cash cost of $ 727 per ounce sold ( YTD - $ 646 per ounce ) and all - in sustaining cost of $ 900 per ounce ( YTD - $ 883 per ounce ) . All - in sustaining margin¹ of $ 886 per ounce ( YTD - $ 909 per ounce ) , implying a margin of 49 % relative to the realized gold price ( YTD – 50 % ) . Net earnings and adjusted net earnings¹ : Reported net earnings of $ 36.5 million ( YTD - $ 152.2 million ) or $ 0.43 per share ( YTD - $ 1.78 per share ) on a basic basis and $ 0.41 per share ( YTD - $ 1.72 per share ) on a diluted basis . Adjusted net earnings of $ 42.9 million ( YTD - $ 147.6 million ) , or $ 0.50 per share on both a basic and diluted basis ( YTD - $ 1.72 per share on both a basic and diluted basis ) . EBITDA¹ and adjusted EBITDA¹ : Generated EBITDA of $ 119.7 million ( YTD - $ 399.3 million ) and adjusted EBITDA of $ 119.3 million ( YTD - $ 386.3 million ) . 130 King Street West , Suite 740 , Toronto , ON M5X 2A2 , Canada | Office : 647 260-1500 www.torexgold.com