Torex Gold Resources Inc. press release

Torex Gold Provides Q1 2026 Morelos Drilling & Exploration Update

2026-04-30

TSX - Toronto Stock Exchange · Gold · Silver · Copper · Canada · Drill Results

Results provide optimism in expanding resources to the east and south of Media Luna and replacing reserves at ELG Underground

(All amounts expressed in U.S. dollars unless otherwise stated)

Toronto, Ontario--(Newsfile Corp. - April 30, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to provide results from the ongoing drilling and exploration program within ELG Underground and the Media Luna Cluster. These results support the Company's objective of expanding resources while enhancing and extending the current production profile of the Morelos Complex.

Jody Kuzenko, President & CEO of Torex, stated:

"Kicking off a record year of exploration spend across our portfolio of assets, the first quarter drilling results from Morelos have set the stage for what we expect will be another year of successful resource expansion and mine life additions.

"At Media Luna, we're beginning to see strong potential to expand resources to the south of the mine, with notable intercepts including 16.74 grams per tonne gold equivalent ("gpt AuEq")1over 15.7 metres ("m") in drill hole MLLI-048 and 10.67 gpt AuEq over 17.9 m, including 27.12 gpt AuEq over 6.4 m, in MLLI-042. Continuous mineralization has also been encountered to the east of Media Luna (in the area referred to as Media Luna East), as demonstrated in drill hole MLE26-010, which returned 2.26 gpt AuEq over 95.2 m, including 4.67 gpt AuEq over 15.0 m. Importantly, surface mapping suggests potential continuity between these zones which will be the focus of follow-up drilling. Drilling at Media Luna North has commenced while drilling at Media Luna West is expected to kick-off later in the year.

"At ELG Underground, the continued discovery of mineralized structures at the El Limón Sur trend and mineralization encountered beyond the boundary of defined resources at both the Sub-Sill and El Limón West trends (including 26.86 gpt AuEq over 4.8 m and 9.35 gpt AuEq over 9.5 m in drill hole LDUG-428), continue to demonstrate the resource upside potential of ELG Underground. These initial results form a solid start to what we believe will be another excellent year of drilling success at ELG Underground.

"Going forward, we plan to publish exploration and drilling results from the Morelos Complex on a quarterly basis. The steady cadence of quarterly updates will showcase the strong results we expect to deliver from robust drilling programs planned at ELG Underground and the Media Luna Cluster in 2026, which will position us well to deliver another year of mineral resource and reserve growth."

1. For additional information on the calculation of AuEq presented in this release see Tables 1 to 5, below, and the notes thereto.

MEDIA LUNA CLUSTER

Approximately 62,500 m of drilling is planned for the Media Luna Cluster this year. Assay results presented in this news release are for the 6,024 m drilled at Media Luna between the cutoff date for inclusion in the year-end reserve and resource estimate of November 1, 2025 and January 31, 2026, and an additional 2,355 m of drilling from the eastern extension of Media Luna completed between November 1, 2025 and February 7, 2026.

The results from drilling at the main Media Luna orebody indicate strong potential to expand resources to the south and east of the mine (including in the area referred to as Media Luna East). These results, in conjunction with the orebody knowledge gained through the comprehensive 2025 drilling program conducted at Media Luna North and Media Luna West, continue to support our positive outlook on the long life potential of the Media Luna Cluster (Figure 1).

Intercepts drilled to the south and east of Media Luna confirm mineralization extends beyond the boundary of known resources within the San Miguel Corridor and indicate the potential to delineate new Inferred Resources within these areas as part of the year-end mineral reserve and resource update. Notable results were encountered south of the Media Luna mine in drill holes MLLI-048 (16.74 gpt AuEq over 15.7 m) and MLLI-042 (10.67 gpt AuEq over 17.9 m) and east of the mine in drill holes MLE26-012D (3.08 gpt AuEq over 49.2 m, including 5.72 gpt AuEq over 14.8 m) and MLE26-010 (2.26 gpt AuEq over 95.2 m, including 4.67 gpt AuEq over 15.0 m). Surface geological mapping also suggests there is potential for continuity of the mineralization between these mineralized zones, which will be the focus of follow-up drilling (Figure 2). If drilling is successful in delineating resources to the south and east of Media Luna, it could potentially open up new mining fronts in close proximity to existing and planned infrastructure at the mine.

Additionally, results from infill drilling at Media Luna continue to support the potential to upgrade Inferred Resources to the Indicated category with the goal of replacing mine depletion in 2026. Most notably from the infill drilling program, drill hole MLLI-050 returned 20.71 gpt AuEq over 4.9 m, including 87.00 gpt AuEq over 1.1 m, and 7.47 gpt AuEq over 10.7 m.

Table 1: Highlights from the Q1 2026 drilling program at the Media Luna Cluster

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | MLLI-042 | 547.6 | 552.4 | 4.8 | 3.0 | 1.41 | 129.7 | 3.41 | 8.57 | | incl. | 550.0 | 552.4 | 2.4 | 1.5 | 2.28 | 205.5 | 5.51 | 13.80 | | | 564.5 | 582.4 | 17.9 | 12.3 | 8.04 | 33.9 | 1.37 | 10.67 | | incl. | 576.0 | 582.4 | 6.4 | 4.4 | 22.00 | 53.4 | 2.75 | 27.12 | | MLLI-048 | 472.0 | 487.7 | 15.7 | 11.0 | 15.12 | 16.2 | 0.88 | 16.74 | | incl. | 479.1 | 481.9 | 2.8 | 1.9 | 63.76 | 5.8 | 0.16 | 64.10 | | MLE26-012D | 470.8 | 520.0 | 49.2 | NA | 2.18 | 7.5 | 0.50 | 3.08 | | incl. | 478.4 | 480.6 | 2.2 | NA | 6.98 | 3.6 | 0.13 | 7.25 | | incl. | 503.5 | 518.3 | 14.8 | NA | 4.19 | 8.2 | 0.88 | 5.72 | | | 536.9 | 548.1 | 11.2 | NA | 2.32 | 4.2 | 0.16 | 2.64 | | incl. | 545.9 | 546.4 | 0.5 | NA | 16.00 | 13.6 | 0.58 | 17.11 | | MLE26-010 | 460.5 | 555.7 | 95.2 | NA | 1.50 | 11.1 | 0.38 | 2.26 | | incl. | 460.5 | 475.5 | 15.0 | NA | 4.23 | 6.5 | 0.22 | 4.67 |

Notes to Table: 1) Intercepts are reported both as core length and true widths. NA=Not Available (true width/thickness will be determined once the geological modelling is completed). 2) Core recovery is shown in Table 3. 3) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) 0.0127) + (Cu (%) 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for Media Luna. 4) All assay results are uncapped. Core lengths subject to rounding.

The Media Luna Cluster 2026 drilling program is focused on expanding and upgrading mineral resources and replacing depletion. At Media Luna, drilling is targeting to upgrade Inferred Resources to the Indicated category to support reserve replacement while step-out drilling is targeting to expand mineralization to the south and east of the deposit to support the delineation of Inferred Resources. At Media Luna North, drilling will be targeting to upgrade Inferred Resources to the Indicated category while expanding resources within the northern extensions of the deposit. At Media Luna West, drilling will be focused on expanding resources following the delineation of an inaugural Inferred Resource in 2025.

ELG UNDERGROUND

The 2026 drilling program at ELG Underground is targeting approximately 36,000 m of drilling to offset depletion, grow mineral reserves, and expand resources within the main mineralized trends. Assay results presented in this news release are for the 10,324 m drilled between November 1, 2025 and January 31, 2026. The main goal of the 2026 drilling program is to expand and upgrade resources in order to build on the multi-year track record of mine life extensions at ELG Underground.

Building off the success of the 2025 drilling program at ELG Underground, which extended mine life by two years, early drilling from the 2026 program continues to demonstrate the mineralization potential north of the La Flaca fault as well as at depth along the key mineralized trends (Figure 3).

Table 2: Recent highlights from the 2026 drilling program at the ELG Underground

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | LS-462 | 106.6 | 110.2 | 3.5 | 3.1 | 33.78 | 0.1 | 3.84 | 34.03 | | incl. | 108.1 | 110.2 | 2.1 | 1.8 | 53.94 | 0.2 | 5.00 | 54.34 | | LS-468 | 148.5 | 150.0 | 1.5 | 1.4 | 5.84 | 13.6 | 0.55 | 6.90 | | LS-469 | 127.9 | 141.5 | 13.6 | 9.5 | 8.75 | 21.2 | 0.91 | 10.49 | | incl. | 131.6 | 140.4 | 8.8 | 6.2 | 12.35 | 27.3 | 1.15 | 14.56 | | LS-470 | 192.1 | 205.7 | 13.5 | 10.8 | 5.88 | 28.5 | 0.55 | 7.13 | | | 289.0 | 296.4 | 7.4 | 6.8 | 2.99 | 17.6 | 0.41 | 3.88 | | | 384.0 | 388.9 | 4.9 | 4.7 | 3.03 | 28.1 | 0.48 | 4.16 | | LS-472 | 175.9 | 178.2 | 2.3 | 1.7 | 5.58 | 3.1 | 0.07 | 5.73 | | | 195.8 | 202.9 | 7.1 | 5.5 | 4.38 | 13.9 | 0.48 | 5.34 | | | 213.2 | 218.4 | 5.2 | 3.6 | 3.47 | 6.0 | 0.31 | 4.05 | | LDUG-420 | 163.5 | 178.0 | 14.5 | 11.3 | 14.00 | 8.5 | 0.24 | 14.49 | | incl. | 169.0 | 173.5 | 4.5 | 3.5 | 34.34 | 9.7 | 0.13 | 34.67 | | LDUG-427 | 56.9 | 66.6 | 9.8 | 8.8 | 6.19 | 2.9 | 0.03 | 6.27 | | incl. | 63.0 | 64.7 | 1.6 | 1.5 | 18.53 | 9.0 | 0.06 | 18.74 | | | 96.1 | 99.7 | 3.7 | 3.5 | 1.78 | 17.2 | 0.39 | 2.63 | | | 272.9 | 279.8 | 6.9 | 5.9 | 3.20 | 25.3 | 0.91 | 4.99 | | incl. | 276.5 | 278.0 | 1.5 | 1.3 | 10.38 | 7.0 | 0.02 | 10.50 | | LDUG-428 | 75.5 | 80.3 | 4.8 | 4.0 | 26.43 | 17.9 | 0.12 | 26.86 | | | 294.7 | 304.2 | 9.5 | 7.7 | 8.63 | 12.1 | 0.35 | 9.35 | | incl. | 301.0 | 302.6 | 1.6 | NA | 17.59 | 29.2 | 1.05 | 19.67 |

Notes to Table: 1) Intercepts are reported both as core length and true widths. NA=Not Available (true width/thickness will be determined once the geological modelling is completed). 2) Core recovery is shown in Table 4. 3) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) 0.0127) + (Cu (%) 1.6140) and use the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (90% Au, 86% Ag, and 93% Cu) used in the year-end 2025 mineral resource estimate for ELG Underground. 4) All assay results are uncapped. Core lengths subject to rounding.

Drilling to further explore the second order mineralized structures that were discovered to be running parallel to the El Limón Sur trend in 2025 has confirmed the continuity of high-grade mineralization. Additionally, drilling uncovered two new high-grade mineralized structures that were identified subsequent to the May 20, 2025, press release titled '_Torex Gold Reports Latest Drilling Results from ELG Underground'_. While drill results from these structures were included in the year-end reserve and resource update, subsequent drilling has confirmed mineralization extends to a depth of 700 meters above sea level ("m.a.s.l.") and remains open at depth and along strike (Figures 4 & 5). Notable intercepts include 10.49 gpt AuEq over 13.6 m at drill hole LS-469 and 34.03 gpt AuEq over 3.5 m at drill hole LS-462 at the lower boundary of the current resource (800 m.a.s.l.). The intercepts from drill hole LS-468 (15.89 gpt AuEq over 1.4 m and 4.81 gpt AuEq over 5.5 m) confirm the mineralization extension at depth within the El Limón Sur trend.

At the Sub-Sill trend, drilling results north of the La Flaca fault support the exploration potential for new resources similarly located at the El Limón Sur and El Limón West trends (Figure 3). The most notable intercepts are found in drill holes LDUG-420 (14.49 gpt AuEq over 14.5 m), LDUG-427 (6.27 gpt AuEq over 9.8 m), and LDUG-428 (26.86 gpt AuEq over 4.8 m and 9.35 gpt AuEq over 9.5 m) (Figure 6).

At the El Limón West trend, follow-up drilling to test the mineralization potential at depth in the northern ore shoot encountered 7.13 gpt AuEq over 13.5 m and 4.16 gpt AuEq over 4.9 m in drill hole LS-470, approximately 150 m below the current resource boundary (Figure 7). These results support the potential extension of mineralization down to the previously drilled hole LS-374 which encountered 19.58 gpt AuEq over 4.5 m, including 34.32 gpt AuEq over 1.2 m, at 500 m.a.s.l. Mineralized intercepts at the north and south boundaries of the current resource, notably drill holes LS-466 (5.96 gpt AuEq over 6.3 m) and LS-472 (5.34 gpt AuEq over 7.1 m), may result in the addition of new Inferred Resources with the year-end update.

The continued discovery of mineralized structures enhances the potential for other undiscovered mineralized trends/corridors within ELG Underground and continues to demonstrate the underlying resource potential of the deposit. These new discoveries also support the potential to expand and upgrade resources with the year-end mineral reserves and resources update. Follow-up drilling later this year will test the mineralization continuity along strike and at depth within the key mineralized corridors.

Additionally, drilling is also planned to test potential feeders of the Guajes pit mineralization and potential mineralization continuity along the El Limón Sur and El Limón West trends north of La Flaca fault. Early indications below the Guajes pit show favourable alteration along the alleged mineralization feeders.

MORELOS DISTRICT

More broadly across the Morelos Property, approximately 15,000 m of drilling is planned for this year at El Naranjo and Atzcala, focused on confirming the continuity of mineralization and defining the mineralized footprint.

At Atzcala, a total of 1,852 m has been drilled year-to-date at the first of several priority targets. Early indications point to a west-northwest structural orientation of the phreatomagmatic breccia bodies, providing an improved understanding of the geological controls. Geochemical results indicate the presence of shallow gold anomalies associated with elevated mercury values, showing a strong correlation that supports the potential for a deeper mineralized system.

Work is currently underway to secure the required permits and Temporary Occupation Agreements for the next phase of drilling. In parallel, Controlled-Source Audio-frequency Magneto-Tellurics (CSAMT) geophysical coverage is being refined to improve depth penetration and better constrain subsurface targets.

At El Naranjo, all required permits were granted during the quarter, enabling the initiation of road construction and drill pad preparation for priority targets for which drilling commenced in April.

MORELOS COMPLEX GEOLOGY

The Morelos Complex comprises the Media Luna Cluster and ELG Underground. They are hosted within the Mesozoic carbonate-rich Morelos Platform, overlayed by Cuautla and Mezcala formations and have been intruded by Paleocene stocks, sills, and dikes of granodioritic to tonalitic composition.

The north-south thick-skin deep-seated faults control the architecture of the mineralized zones with sub-parallel second-order faults generating favourable traps for the different mineralizing fluids during the multiple stages of deformation.

Cu-Ag and later Au mineralization is hosted within the intense extension fractures in the footwalls and hanging walls of the faults related to the emplacement of the approximately north-south-striking dikes and breccias. Mineralization is better developed along the contact of Morelos formation limestones and Media Luna granodiorite. The margins of altered dikes and sills of the calc-silicate envelope also act as a secondary control of mineralization.

The mineral assemblage is characterized by pyroxene, garnet, and magnetite. Metal deposition occurred during hydrated minerals alteration and is associated with a mineral assemblage comprising of amphibole, phlogopite, chlorite, and calcite ± quartz ± epidote as well as variable amounts of magnetite and sulfides, primarily pyrrhotite. The style of mineralization is characterized by Au with locally high Ag and Cu grades. Given that Au precipitates due to the buffer exerted by the early stage of calc-silicate alteration and sulfide mineralization, it occurs as free Au and is generally dissociated from the earlier Cu mineralization event that is mainly represented by chalcopyrite.

QUALITY ASSURANCE AND QUALITY CONTROL ("QA/QC")

Torex maintains an industry-standard analytical QA/QC and data verification program to monitor laboratory performance. Results from these programs confirm the reliability of the assay results.

The exploration program and analytical QA/QC program for Media Luna Cluster exploration drilling is currently overseen by José Antonio San Vicente Díaz, Chief Exploration Geologist for Minera Media Luna, S.A. de C.V. All samples reported have been checked against Company and Lab standards and blanks. No core duplicate samples are taken.

HQ-size core is sawn in half with half the core retained in the core box and the other half bagged and tagged for shipment to the sample preparation facility. Sample preparation is carried out by ALS, an accredited laboratory, at its facilities in Zacatecas, Mexico and consists of crushing a 1 kg sample to >70% passing 2 mm followed by pulverization of 500 g to >85% passing 75 μm. Au is analyzed at the ALS facilities in Vancouver, Canada following internal analytical protocols (Au-AA23) and comprises a 30 g fire assay with an atomic absorption finish. Samples yielding results >10 gpt Au are re-assayed by fire assay with gravimetric finish (Au-GRA21). Cu and Ag analyses are completed at the ALS facilities in Vancouver, Canada as part of a multi-element geochemical analysis by four-acid digestion with detection by ICP-MS under ALS internal analytical protocol ME-MS61r. Approximately 5% of the samples collected from exploration are sent for analyses checks and assayed for Au, Ag, and Cu. External pulp check assays for QA/QC purposes are performed at Bureau Veritas, an accredited laboratory.

Internal and external check control results are reviewed daily by the Minera Media Luna database team, and an external audit by GeoSoporte Mexico is carried out quarterly. The pulp check samples are analyzed for Au, Ag, and Cu. Overall comparability between Bureau Veritas and ALS Global is good to excellent, with high correlation.

The analytical QA/QC program mine exploration and delineation programs at ELG and the Media Luna mine are overseen by Carlo Nasi, Manager, Geology for Minera Media Luna, S.A. de C.V.

All sample preparation and analytical work for the mine exploration and mine delineation programs is performed by Corporación Química Platinum S.A. de C.V. ("CQPSACV") at Minera Media Luna site facilities in Mexico beginning as of August 2025 and by SGS de Mexico S.A. de C.V. ("SGSSACV") in Durango, Mexico until December 2025 (each lab is independent of the Company).

Mine exploration core samples (HQ or NQ sized) are sawn lengthwise in half. One half of the core is bagged and sealed for analysis and one half of the core is retained in the core box for reference. Mine delineation program samples are whole core BQ sized drill core. All the core is photographed. For HQ and NQ core size, photos are taken before and after being sawn. Data is stored in a core photo database.

At Minera Media Luna site facilities in Mexico, sample preparation is carried out by CQPSACV using internal protocols PT-100_PME Dry and PT-100-PME Crush and consists of dry and crush 3 to 5 kg, and occasionally > 5 kg to >75% passing 2 mm followed by pulverization of 500 g to >85% passing 75 μm. Assaying for Au, Ag, Cu and iron ("Fe") is carried out by CQPSACV at Minera Media Luna site facilities following internal analytical protocols. Au analysis comprises a 30 g fire assay with an atomic absorption finish (PT-312-DEAu). Samples yielding results >10.0 ppm Au are re-assayed by fire assay with gravimetric finishing (PT-101-PFA 30). Ag up 300 ppm, Cu up to 2,500 ppm, and Fe up to 3% analysis are completed via Aqua Regia digestion and atomic absorption finish (PT-102-PDP). Ag samples yielding results > 300 ppm are re-assayed by fire assay with gravimetric finishing (PT-101-PFA). Cu overlimit > 2,500 ppm, Fe overlimit > 3% are re-assayed via Aqua Regia digestion and atomic absorption finish (PT-102-PDP-AL).