Torex Gold Resources Inc. press release

Torex Gold Provides Q2 2026 Morelos Drilling & Exploration Update

2026-07-13

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

Ongoing drilling continues to demonstrate strong potential to replace reserves and expand the resource base at Morelos

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

Toronto, Ontario--(Newsfile Corp. - July 13, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) is pleased to report continued positive results from the Company's drilling and exploration programs at ELG Underground and the Media Luna Cluster. These results reinforce Torex's strategy to grow reserves and resources in order to support a more robust and extended production profile at the Morelos Complex.

Andrew Snowden, President & CEO of Torex, stated:

"The latest round of drilling at Morelos continued to yield excellent results, providing further optimism for ongoing resource expansion and mine life additions. With 16 drill rigs currently active, Torex is well on track to deliver another exceptional year for drilling and exploration at Morelos as we continue to showcase the underlying resource potential across the entire property.

"At the eastern extension of Media Luna, drilling continues to encounter higher-grade mineralization, returning 9.14 grams per tonne gold equivalent ("gpt AuEq")1over 7.5 metres ("m") in drill hole MLE26-013 (including 38.06 gpt AuEq over 1.4 m) as well as 4.98 gpt AuEq over 8.8 m in drill hole MLE26-018D. These results point to a vertical extension of higher-grade mineralization of at least 100 m, underscoring the potential to meaningfully expand resources along the eastern and southern extensions of Media Luna.

"At ELG Underground, drilling continues to extend mineralization along strike and at depth across the El Limón Sur and El Limón West trends. Highlights include 13.36 gpt AuEq over 7.3 m (including 106.77 gpt AuEq over 0.6 m) in drill hole LS-479 and 7.85 gpt AuEq over 11.2 m (including 26.01 gpt AuEq over 1.2 m) in LS-494 at the El Limón Sur trend, and 4.30 gpt AuEq over 11.4 m (including 7.68 gpt AuEq over 5.5 m) in LS-486 at the El Limón West trend. The latest round of drilling, along with prior drilling completed since the last resource update, continues to demonstrate the potential to replace reserves and resources at ELG Underground.

"At the regional level, drilling is underway at priority targets Atzcala and El Naranjo. The 2026 drill programs are focused on confirming mineralization continuity and better defining the scale and controls of these systems. Both targets represent attractive opportunities to unlock additional resource upside at Morelos, and we look forward to providing updates as work progresses.

"With a record year of exploration spend across our portfolio of assets, Media Luna North on pace for first production by year end, and the compelling economics associated with the recently completed Los Reyes preliminary economic assessment, we're well on track to embark on the next phase of organic growth at Torex."

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 in 2026 with the program focused on growing resources and offsetting depletion. Assay results presented in this news release are for 7,421 m of drilling completed at the Media Luna Cluster, which includes 5,737 m drilled at Media Luna and Media Luna North between February 1 and May 1, 2026 and 1,684 m of drilling from the eastern extension of Media Luna completed between February 7 and June 2, 2026.

Table 1: Highlights from the Q2 2026 drilling program at the Media Luna Cluster1,2,3,4

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | MLE26-0135 | 659.4 | 666.9 | 7.5 | NA | 8.12 | 7.5 | 0.57 | 9.14 | | MLE26-016D | 489.7 | 499.8 | 10.1 | NA | 2.58 | 4.6 | 0.46 | 3.38 | | MLE26-018D | 422.8 | 431.7 | 8.8 | NA | 0.79 | 100.2 | 1.82 | 4.98 | | MLE26-019D | 509.7 | 512.1 | 2.4 | NA | 2.59 | 10.9 | 1.41 | 4.99 | | MLLI-0565 | 138.0 | 147.5 | 9.5 | 6.5 | 2.86 | 20.3 | 1.84 | 6.09 | | MLLI-0585 | 135.4 | 145.4 | 10.0 | 8.1 | 3.99 | 14.3 | 0.86 | 5.57 | | MLLI-0595 | 147.8 | 175.9 | 28.2 | 17.6 | 1.80 | 16.8 | 0.75 | 3.23 | | MLND-0025 | 118.2 | 143.9 | 25.6 | NA | 1.31 | 35.0 | 2.28 | 5.45 | | MLND-0035 | 113.6 | 158.5 | 44.9 | NA | 3.43 | 75.1 | 4.29 | 11.34 | | | 175.8 | 210.0 | 34.2 | NA | 6.64 | 158.0 | 5.67 | 17.88 | | MLND-0105 | 127.0 | 160.4 | 33.4 | NA | 5.68 | 87.3 | 4.40 | 13.93 | | | 177.5 | 215.9 | 38.4 | NA | 5.29 | 183.9 | 6.67 | 18.48 |

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 modeling is complete). 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. 5) Higher-grade inclusions are shown in Table 3.

Drilling in the second quarter was primarily focused on the eastern extension of the Media Luna orebody (referred to as Media Luna East) and returned excellent results. Drilling was conducted along north-south sections and confirmed that the primary mineralization control is east-west trending, with the San Miguel fault likely acting as the main source of mineralizing fluids. This further supports the potential that the San Miguel Corridor could be mineralized (Figure 1). Drilling planned in the coming years will seek to understand the extent of any potential mineralization within this recently defined corridor.

The higher-grade results returned, including 9.14 gpt AuEq over 7.5 m (including 38.06 gpt AuEq over 1.4 m) in drill hole MLE26-013 as well as 4.98 gpt AuEq over 8.8 m in drill hole MLE26-018D, confirm mineralization extends beyond the boundary of known resources and support the potential to delineate additional Inferred Resources within these areas as part of the year-end mineral reserve and resource update (Figure 2). In addition, results also suggest potential for higher-grade mineralization with a vertical extension of at least 100 m as shown through drill holes MLE26-019D (4.99 gpt AuEq over 2.4 m), MLE26-016D (3.38 gpt AuEq over 10.1 m), and MLE-003, which was previously reported (see press release dated February 24, 2025, titled _Torex Gold Reports Excellent Drill Results from Media Luna West and Initial Results from Media Luna East - _Figure 3).

At the main Media Luna orebody, approximately 25,000 m of drilling is planned this year, of which 4,316 m (21 drill holes) had been completed as of May 1, 2026. Six of these drill holes, representing 1,157 m, are presented in this release. The program aims to upgrade Inferred Resources to the Indicated Resource category to support reserve replacement. Drilling continues to deliver positive results with continuous mineralization of higher-grade intercepts, including drill holes MLLI-056 (6.09 gpt AuEq over 9.5 m, including 12.61 gpt AuEq over 1.7 m), MLLI-058 (5.57 gpt AuEq over 10.0 m, including 12.08 AuEq over 1.7 m), and MLLI-059 (3.23 gpt AuEq over 28.2 m, including 26.27 gpt AuEq over 1.5 m) (Figure 2).

At Media Luna North, 11,500 m of drilling is targeted this year, aiming to de-risk and support the stopes planned for the first year of production. Results from the 2,139 m (11 drill holes) completed year-to-date increased the detail of the geological and resource models. Results are consistent within the drilled area and open the potential for mineralization extensions at depth.

Drilling at Media Luna North is progressing as planned with one rig. Notable higher-grade intercepts that also indicate continuous mineralization include drill holes MLND-002 (5.45 gpt AuEq over 25.6 m, including 15.83 gpt AuEq over 4.6 m), MLND-003 (11.34 gpt AuEq over 44.9 m, including 16.44 gpt AuEq over 26.3 m and 17.88 gpt AuEq over 34.2 m, including 30.82 gpt AuEq over 4.9 m), and MLND-010 (13.93 gpt AuEq over 33.4 m, including 23.78 gpt AuEq over 13.1 m and 18.48 gpt AuEq over 38.4 m, including 27.34 gpt AuEq over 10.3 m) (Figure 4).

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, building on the multi-year track record of mine life extensions at the mine. Assay results presented in this news release are for the 8,624 m drilled over 45 holes between February 1 and May 1, 2026. Results continue to demonstrate the mineralization potential at depth and along strike of the main mineralized trends and subordinate structures at ELG (Figure 5).

Table 2: Recent highlights from the 2026 drilling program at the ELG Underground1,2,3,4

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | LS-4795 | 79.5 | 86.8 | 7.3 | 6.7 | 13.28 | 2.3 | 0.03 | 13.36 | | LS-4865 | 361.5 | 372.9 | 11.4 | 9.0 | 4.18 | 3.3 | 0.05 | 4.30 | | LS-4875 | 314.6 | 318.7 | 4.1 | 3.3 | 2.06 | 36.9 | 0.57 | 3.46 | | LS-4885 | 155.8 | 160.4 | 4.6 | 3.7 | 1.79 | 9.7 | 0.16 | 2.17 | | | 279.6 | 282.9 | 3.4 | 2.8 | 5.12 | 29.9 | 0.42 | 6.18 | | LS-4905 | 95.9 | 104.7 | 8.7 | 7.3 | 5.12 | 1.3 | 0.10 | 5.29 | | LS-4945 | 88.0 | 99.2 | 11.2 | 9.6 | 7.36 | 3.0 | 0.28 | 7.85 | | LS-4965 | 112.1 | 123.6 | 11.5 | 10.3 | 7.16 | 3.5 | 0.15 | 7.44 | | LS-4975 | 23.4 | 26.8 | 3.5 | 3.0 | 6.10 | 6.1 | 0.02 | 6.21 | | LS-4985 | 180.2 | 185.6 | 5.3 | 4.3 | 2.85 | 18.0 | 0.41 | 3.73 | | LS-505 | 165.9 | 167.5 | 1.6 | 1.5 | 3.71 | 2.6 | 0.08 | 3.87 | | LDUG-437 | 125.1 | 129.3 | 4.1 | 3.9 | 12.17 | 1.4 | 0.00 | 12.19 | | SST-4485 | 136.0 | 143.0 | 7.0 | 5.2 | 4.39 | 2.9 | 0.10 | 4.60 | | SST-449 | 137.3 | 140.7 | 3.3 | 2.8 | 4.10 | 14.5 | 1.18 | 6.20 | | SST-455 | 39.7 | 47.3 | 7.6 | 7.0 | 7.22 | 10.9 | 0.73 | 8.54 | | SST-4595 | 30.0 | 37.7 | 7.7 | 7.2 | 14.17 | 12.5 | 0.40 | 14.98 | | | 96.2 | 111.3 | 15.1 | 13.6 | 4.55 | 1.0 | 0.01 | 4.58 | | SST-4625 | 253.0 | 280.4 | 27.4 | 20.8 | 1.64 | 14.1 | 1.47 | 4.20 |

Notes to Table: 1) Intercepts are reported both as core length and true widths. 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. 5) Higher-grade inclusions are shown in Table 4.

At the El Limón Sur trend, step-out drilling has confirmed the lateral continuity and potential mineralization extensions at depth at the trend's intersection with the northeast-southwest structural system of the La Flaca and Z71 faults (Figure 6). Higher-grade mineralization, including 12.19 gpt AuEq over 4.1 m in drill hole LDUG-437, was intersected north of the La Flaca fault below current resources, indicating potential for mineralization to depths below 650 metres above sea level ("m.a.s.l.") in this area. Drill holes SST-449 (6.20 gpt AuEq over 3.3 m) and SST-462 (4.20 gpt AuEq over 27.4 m, including 7.58 gpt AuEq over 6.7 m) further enhance the mineralization potential along strike of the main trend.

Follow-up drilling over the previously identified second order mineralized structures discovered parallel to the main trend has extended their lateral continuity as portrayed in drill holes LS-490 (5.29 gpt AuEq over 8.7 m, including 19.36 gpt AuEq over 1.0 m), LS-494 (7.85 gpt AuEq over 11.2 m, including 26.01 gpt AuEq over 1.2 m), LS-496 (7.44 gpt AuEq over 11.5 m, including 20.82 gpt AuEq over 3.5 m), LS-479 (13.36 gpt AuEq over 7.3 m, including 106.77 gpt AuEq over 0.6 m), and LS-497 (6.21 gpt AuEq over 3.5 m, including 12.56 gpt AuEq over 1.0 m) (Figures 6 & 7). These results extend the mineralization to the east of each mineralized structure, enhancing their lateral continuity outside of the current resource boundary. The vertical continuity of these structures is being tested with encouraging preliminary results as shown through drill holes LS-498 (3.73 gpt AuEq over 5.3 m, including 6.59 gpt AuEq over 2.0 m) and LS-505 (3.87 gpt AuEq over 1.6 m) that support the potential for new resources to a depth of 700 m.a.s.l.

The drilling program between the El Limón Sur and Sub-Sill trends targeted to identify mineralization related to the northeast trending Z71 and La Flaca fault systems has delivered positive preliminary results with high potential to deliver new resources within the average grade of the deposit with occasional higher-grade intercepts (Figure 5). Notable results include 14.98 gpt AuEq over 7.7 m (including 23.70 gpt AuEq over 3.0 m) and 4.58 gpt AuEq over 15.1 m (including 19.77 gpt AuEq over 1.8 m) in drill hole SST-459, 8.54 gpt AuEq over 7.6 m in drill hole SST-455, 4.20 gpt AuEq over 27.4 m (including 7.58 gpt AuEq over 6.7 m) in drill hole SST-462, and 4.60 gpt AuEq over 7.0 m (including 17.62 gpt AuEq over 1.4 m) in drill hole SST-448. These results continue to confirm the potential for new resources in underexplored areas over and within the main ELG trends.

At the El Limón West trend, drilling is focused on adding new resources along strike and at depth along the main trend. Drilling results support the potential lateral continuity of mineralization between the northern and southern mineralized conduit and additional resources at depth at the northern mineralized conduit. Step-out drill hole LS-488, drilled between the two mineralized conduits, encountered 2.17 gpt AuEq over 4.6 m (including 10.39 gpt AuEq over 0.7 m) within a phreatomagmatic breccia and 6.18 gpt AuEq over 3.4 m in a calc-silicate altered zone, opening the potential for continuous mineralization between the northern and southern mineralized conduits (Figure 8). Two drill holes, aimed to test the vertical continuity of mineralization at the northern mineralized conduit, encountered 3.46 gpt AuEq over 4.1 m (including 11.96 gpt AuEq over 1.0 m) at drill hole LS-487 at the lower limit of the current resource and 4.30 gpt AuEq over 11.4 m (including 7.68 gpt AuEq over 5.5 m) at drill hole LS-486, extending the mineralization at depth to 600 m.a.s.l. These results, along with the previously disclosed drill holes LS-470 (4.16 gpt AuEq over 4.9 m) and LS-374 (19.58 gpt AuEq over 4.5 m, including 34.32 gpt AuEq over 1.2 m), reported April 30, 2026 in the press release titled Torex Gold Provides Q1 2026 Morelos Drilling and Exploration Update, continue to support the mineralization potential down to 500 m.a.s.l. and may result in the addition of new Inferred Resources with the year-end mineral reserve and resource update.

The lateral and vertical extension of second order mineralized structures, as well as additional areas with resource potential along strike and at depth of the main mineralized trends and subordinate structures, continue to unlock the full potential to expand and upgrade resources at ELG Underground 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.

MORELOS DISTRICT

Initial exploration work at the Morelos regional targets Atzcala and El Naranjo is ongoing, focused on confirming the continuity of mineralization and defining the mineralization controls and mineralized footprint.

At Atzcala, drilling to date has focused on the area surrounding the first identified priority target. Preliminary geophysical results, together with the refinement of surface geology, Au and pathfinder geochemistry, are consistent with a shallow epithermal-style mineralized system associated with strong silicification identified in reprocessed Controlled-Source Audio-frequency Magneto-Tellurics (CSAMT) geophysics, commonly related to an underlying epithermal system. Geochemical anomalies coincide with high resistivity bodies at depth defining a northwest-southeast trend. Environmental permits to commence drilling at the second priority target were received during the quarter and drill pad access and road construction were completed. Drilling at the target is scheduled to commence in July.

At El Naranjo, drilling of the first priority target commenced in April. Early results suggest that the Alacrán fault is the main control of mineralization and that both the detachment level of the phreatomagmatic breccias and the main gold deposition level are shallow. Current drilling has been successful in defining an epithermal-style mineralization column with more than 150 m of vertical extension from surface.

MORELOS COMPLEX GEOLOGY

The Media Luna Cluster and ELG Underground are located within the Morelos Complex, both of which 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 drilling is currently overseen by José Antonio San Vicente Díaz, Manager, Exploration, Mexico for Minera Media Luna, S.A. de C.V ("MML"), a subsidiary of the Company. 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 (ISO 9001), 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 Vientiane, Laos PDR, 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 analysis checks and assayed for Au, Ag, and Cu. External pulp check assays for QA/QC purposes are performed at Bureau Veritas, an accredited laboratory (ISO 9001).