Torex Gold Resources Inc. press release

Torex Gold Provides Q3 2026 Morelos Drilling & Exploration Update

2026-09-24

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

San Miguel corridor shows strong potential to significantly add to resource profile

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

Toronto, Ontario--(Newsfile Corp. - September 24, 2026) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) (OTCQX: TORXF) reports strong results from the Company's ongoing drilling and exploration programs at the Morelos Property, supporting the Company's strategy to grow reserves and resources, extend mine life, and enhance the long-term production profile at Morelos.

Andrew Snowden, President & CEO of Torex, stated:

"The latest drilling continued to deliver exceptional results with 15 rigs currently in operation across the Morelos Property. I'm particularly excited about the San Miguel corridor, a new area of interest which spans from Media Luna West to southeast of the Media Luna mine. Drilling has shown strong potential for the entire corridor to be mineralized which could considerably add to the overall Morelos resource inventory. Recent drilling results have been encouraging, with high-grade intercepts including 11.28 grams per tonne gold equivalent ("gpt AuEq")1over 31.2 m ("metres") in drill hole MLE26-025 and 10.75 gpt AuEq over 20.2 m in MLE26-035D. This has supported an additional 13,400 m of drilling in the Media Luna Cluster this year, bringing our 2026 exploration budget for Morelos to a record $51 million.

"At the Media Luna mine, drilling to the east of the current Indicated Resource boundary is expected to support the conversion of Inferred Resources to the Indicated category, with notable high-grade intercepts encountered including 18.37 gpt AuEq over 18.2 m in MLUI-005 and 21.30 gpt AuEq over 9.6 m in MLUI-013. At Media North, drilling continues to confirm the geological model and de-risk stopes planned for the first year of production when the project comes online later this year.

"ELG Underground also continues to show promising results that highlight the potential to offset reserve depletion and add to the resource inventory with our year-end reserve and resource update expected in March 2027. For example, follow-up drilling along the southern extension of the El Limón Sur trend continues to confirm and extend mineralization along second order structures running parallel to the main trend with mineralization at depth extending to the Guajes Tunnel. Drilling along the Del Medio fault between the El Limón Sur and Sub-Sill trends replicated the mineralization ore control that was defined along the La Flaca fault and returned excellent grades, including 19.93 gpt AuEq over 7.0 m in drill hole SST-484. Drilling conducted along the easternmost portion of the Z71 fault, an area that hasn't previously been drilled, also encountered mineralization, including 14.32 gpt AuEq over 35.0 m in drill hole SST-491."

"Finally, the regional drilling programs at both Atzcala and El Naranjo are well underway with the first targets now drilled in both areas. Initial results suggest epithermal mineralized systems lie within both target areas, with the presence of shallow, oxidized, epithermal-style mineralization, which is a positive early indication for continued exploration efforts at these sites.

"With the outstanding drilling and exploration results we continue to see across the entire Morelos Property, and Media Luna North tracking to plan for first ore by the end of the year, we are well-positioned to continue to add mine life and deliver strong returns for our shareholders long into the future through organic growth at our flagship asset."

1.For additional information on the calculation of AuEq presented throughout this release see Tables 1 to 8, below, and the notes thereto, which include the relevant metal prices and recoveries used in the year-end 2025 mineral resource estimate for each deposit. For more information on year-end 2025 mineral reserve and resource estimates, please refer to the press release dated March 24, 2026, titled Torex Gold Reports Year-End 2025 Reserves & Resources.

MEDIA LUNA CLUSTER

The San Miguel Corridor

The San Miguel corridor has shown potential for continuous mineralization along the east-west trending San Miguel fault from Media Luna West to southeast of the Media Luna mine (Figures 1 and 2). The corridor was identified through historic mineralized drill holes around the Cuajiote fault and recent drilling that was conducted to the southeast of the Media Luna resource boundary. Results to date have been encouraging and have resulted in an additional 9,100 m of follow-up drilling to be included in the 2026 drilling program in this area.

Through September 14, 15,799 m has been drilled at the San Miguel corridor, including 14,689 m from surface and 1,110 m from underground, representing 58% of the 27,100 m planned to explore the corridor this year. Assay results presented in this release cover 5,330 m of drilling conducted from June 3 through August 7, 2026. Detailed drilling results can be found in Table 5 of this release.

Recent drilling in the San Miguel corridor southeast of the Media Luna mine provides strong evidence of a vertically continuous mineralized feeder controlled by the San Miguel fault as depicted by sections A-A' and B-B' in Figures 2 and 3. Drilling in both mineralized zones returned high-grade results, including 11.28 gpt AuEq over 31.2 m in drill hole MLE26-025 and 10.75 gpt AuEq over 20.2 m and 5.86 gpt AuEq over 25.0 m in MLE26-035D. Mineralization at the potential feeder zone shown in section B-B' has a vertical extent of over 100 m hosted at the fringes of a diatreme breccia also controlled by the fault. Mineralized intercepts in drill holes MLE26-025 (noted above), MLE26-023D (8.42 gpt AuEq over 20.7 m), and previously reported MLE26-020 (4.47 gpt AuEq over 38.9 m; see Table 8) show that mineralization extends to the west from the main feeder for at least 300 m within the calc-silicate alteration zone developed at the contact of the underlying granodiorite stock and the Morelos limestone.

Previously released drill holes proximal to the San Miguel fault indicate that mineralization is found to the west along the corridor toward Media Luna West and the Cuajiote fault, as shown by section C-C' in Figures 1 and 4. Notable intercepts including 5.50 gpt AuEq over 11.0 m in ML21-753, 10.71 gpt AuEq over 16.5 m in ML21-756, and 20.25 gpt AuEq over 6.1 m in SP22-004 portray mineralization extending for at least 100 m from the main San Miguel fault, which acted as a mineralization feeder (see Table 8 for historical drilling results).

While these results suggest strong potential to add to the resource inventory of Media Luna with the year-end reserve and resource update in March 2027, the potential of the San Miguel corridor has yet to be fully realized and will be a key area of focus for the Company over the coming years. When considering the resource inventory defined at Media Luna West earlier this year in combination with the historic drilling results and the high-grade results returned from drilling to date southeast of the Media Luna mine, this exploration corridor has potential to become a meaningful contributor to future Morelos resource growth. A follow-up, systematic drilling program along north-south sections aimed at connecting the mineralization along the San Miguel corridor will be considered as part of the 2027 drilling and exploration budget, comprising an estimated 30,000 m of drilling.

Table 1: Highlights from the Q3 2026 drilling program at the San Miguel corridor1,2,3,4,5

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | MLE26-023D* | 423.0 | 443.7 | 20.7 | NA | 5.80 | 15.4 | 1.50 | 8.42 | | MLE26-024D* | 565.9 | 582.0 | 16.2 | NA | 7.34 | 17.1 | 1.51 | 10.01 | | | 602.5 | 642.9 | 40.4 | NA | 3.73 | 21.4 | 1.38 | 6.23 | | MLE26-025* | 210.2 | 216.5 | 6.3 | NA | 4.44 | 8.8 | 0.01 | 4.57 | | | 452.5 | 483.7 | 31.2 | NA | 7.68 | 43.6 | 1.89 | 11.28 | | MLE26-035D | 525.9 | 546.1 | 20.2 | NA | 8.42 | 26.4 | 1.23 | 10.75 |

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 5. 3) Drill holes portraying an * contain relevant inclusion within the main intercept. These higher-grade inclusions are shown in Table 5. 4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) 0.0127) + (Cu (%) 1.6140) and uses 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. 5) All assay results are uncapped. Core lengths subject to rounding.

Media Luna

The 2026 Media Luna drilling program is focused on upgrading Inferred Resources to the Indicated category to support reserve replacement. Through September 14, a total of 17,264 m had been drilled, representing 59% of the planned 29,300 m drilling program for this year. This includes an additional 4,300 m of drilling that was approved in the second quarter to explore the eastern extension of the Media Luna resource boundary, north of the San Miguel corridor. The program commenced in August and is focused on drilling systematic east-west sections to confirm mineralization continuity that has been interpreted to have a north-south control. Assay results in this release total 7,785 m over 33 drill holes at Media Luna drilled between May 1 and July 26, 2026. Detailed drilling results can be found in Table 5 of this release.

Drilling results are expected to support the expansion of the Indicated Resources into the eastern section of the defined Inferred Resource envelope as well as adding new Inferred Resources further east, beyond the boundary of defined resources (Figure 2). Notable results from drilling within the resource boundary are highlighted in Table 2, including 18.37 gpt AuEq over 18.2 m in MLUI-005 and 21.30 gpt AuEq over 9.6 m in MLUI-013, supporting the optimization of mine development and production plans for the coming years.

Table 2: Highlights from the Q3 2026 drilling program at the Media Luna mine1,2,3,4,5

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | MLLI-060* | 127.7 | 158.5 | 30.9 | 25.4 | 4.46 | 23.8 | 1.46 | 7.12 | | MLLI-063* | 127.3 | 144.4 | 17.1 | 13.3 | 10.71 | 31.1 | 1.68 | 13.82 | | | 155.2 | 158.2 | 3.0 | 2.4 | 9.13 | 62.5 | 1.72 | 12.70 | | MLUI-003* | 141.2 | 186.8 | 45.7 | 44.0 | 3.96 | 11.2 | 1.02 | 5.74 | | | 232.3 | 250.5 | 18.2 | 17.3 | 5.04 | 37.6 | 2.60 | 9.73 | | MLUI-004* | 77.3 | 85.4 | 8.1 | 7.8 | 1.48 | 60.9 | 1.64 | 4.90 | | | 143.2 | 182.0 | 38.9 | 36.3 | 11.95 | 41.8 | 2.58 | 16.64 | | MLUI-005* | 39.3 | 46.1 | 6.8 | 6.3 | 13.89 | 69.8 | 2.00 | 18.01 | | | 112.6 | 158.0 | 45.4 | 43.3 | 3.37 | 16.9 | 1.13 | 5.41 | | | 163.0 | 181.2 | 18.2 | 16.6 | 11.92 | 88.7 | 3.30 | 18.37 | | | 200.8 | 211.0 | 10.2 | 9.5 | 3.25 | 47.4 | 3.25 | 9.10 | | | 248.0 | 252.0 | 4.0 | 3.8 | 4.39 | 30.4 | 1.33 | 6.93 | | MLUI-008* | 49.4 | 55.4 | 6.1 | 5.3 | 1.54 | 26.7 | 0.76 | 3.10 | | | 72.4 | 101.7 | 29.3 | 25.3 | 4.34 | 81.6 | 2.53 | 9.47 | | MLUI-013 | 318.5 | 328.1 | 9.6 | 6.7 | 17.32 | 52.6 | 2.05 | 21.30 | | MLUI-029 | 287.1 | 298.8 | 11.7 | 8.0 | 4.74 | 58.9 | 4.00 | 11.95 |

Notes to Table: 1) Intercepts are reported both as core length and true widths. 2) Core recovery is shown in Table 5. 3) Drill holes portraying an * contain relevant inclusion within the main intercept. These higher-grade inclusions are shown in Table 5. 4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) 0.0127) + (Cu (%) 1.6140) and uses 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. 5) All assay results are uncapped. Core lengths subject to rounding.

Media Luna North

The Media Luna North reserve definition program is designed to de-risk stopes planned for the first year of production. Through September 14, a total of 6,854 m of drilling had been completed, representing 60% of the planned 11,500 m targeted for this year. Assay results presented in this release total 3,421 m over 18 holes drilled at Media Luna North between May 10 to July 22, 2026. Detailed drilling results can be found in Table 6 of this release.

Drilling results continue to confirm the geological model and are expected to locally extend the Inferred Resources for approximately 30 m to the north-west (Figure 1). Notable intercepts of drill holes MLND-016 (5.98 gpt AuEq over 38.6 m and 6.10 gpt AuEq over 11.8 m), MLND-025 (10.61 gpt AuEq over 42.5 m, including 17.36 gpt AuEq over 17.5 m), and MLND-024 (10.05 gpt AuEq over 40.6 m, including 18.13 gpt AuEq over 15.0 m and 12.47 gpt AuEq over 17.8 m) define mineralized zones with grades moderately above prior estimates that fall within the current mine plan stopes (Figure 5).

Table 3: Highlights from the Q3 2026 drilling program at Media Luna North1,2,3,4,5

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | MLND-010* | 127.0 | 160.4 | 33.4 | 31.4 | 5.68 | 87.3 | 4.40 | 13.93 | | | 177.5 | 215.9 | 38.4 | 36.6 | 5.29 | 183.9 | 6.67 | 18.47 | | MLND-011* | 126.1 | 157.1 | 31.1 | 29.0 | 1.08 | 38.0 | 1.88 | 4.62 | | MLND-013* | 67.8 | 79.6 | 11.7 | 11.0 | 0.74 | 56.6 | 2.72 | 5.88 | | | 134.6 | 158.4 | 23.8 | 22.6 | 0.77 | 35.5 | 1.97 | 4.41 | | MLND-014* | 62.6 | 80.3 | 17.7 | 16.2 | 1.53 | 29.7 | 1.80 | 4.84 | | | 120.0 | 149.3 | 29.3 | 27.6 | 0.83 | 35.3 | 1.84 | 4.27 | | MLND-015* | 114.6 | 167.5 | 52.9 | 49.4 | 2.42 | 38.4 | 1.77 | 5.79 | | MLND-016* | 106.4 | 145.0 | 38.6 | 36.4 | 1.07 | 47.4 | 2.66 | 5.98 | | | 159.9 | 171.6 | 11.8 | 11.1 | 0.67 | 55.3 | 2.91 | 6.10 | | MLND-017* | 123.8 | 144.0 | 20.2 | 18.2 | 1.48 | 58.4 | 2.01 | 5.48 | | MLND-022* | 134.3 | 160.0 | 25.7 | 22.5 | 1.86 | 132.9 | 4.92 | 11.56 | | MLND-023* | 136.0 | 160.0 | 24.0 | 22.2 | 2.06 | 88.5 | 3.74 | 9.26 | | | 176.0 | 193.6 | 17.6 | 16.2 | 0.99 | 49.4 | 1.90 | 4.71 | | MLND-024* | 65.0 | 77.3 | 12.3 | 11.5 | 0.80 | 40.8 | 1.76 | 4.18 | | | 120.5 | 161.1 | 40.6 | 38.1 | 1.68 | 95.8 | 4.40 | 10.05 | | | 171.7 | 189.5 | 17.8 | 16.6 | 2.13 | 151.9 | 5.17 | 12.47 | | | 199.6 | 220.0 | 20.4 | 19.1 | 2.81 | 23.9 | 1.06 | 4.83 | | MLND-025* | 116.0 | 158.5 | 42.5 | 39.8 | 2.14 | 86.2 | 4.54 | 10.61 |

Notes to Table: 1) Intercepts are reported both as core length and true widths. 2) Core recovery is shown in Table 6. 3) Drill holes portraying an * contain relevant inclusion within the main intercept. These higher-grade inclusions are shown in Table 6. 4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) 0.0132) + (Cu (%) 1.6145) and uses the same metal prices ($1,800/oz Au, $24/oz Ag, and $4.10/lb Cu) and metallurgical recoveries (89% Au, 88% Ag, and 92% Cu) used in the year-end 2025 mineral resource estimate for Media Luna North. 5) All assay results are uncapped. Core lengths subject to rounding.

ELG UNDERGROUND

Through September 14, a total of 24,070 m of drilling had been completed year-to-date at ELG Underground, representing 67% of the 36,000 m of drilling planned for the year, targeting to upgrade Inferred Resources to the Indicated category, add new Inferred Resources along extensions of established mine areas and mineralized trends, and drill test new targets. Assay results presented in this release comprise 9,278 m over 49 holes drilled between May 2 to July 24, 2026. Detailed results can be found in Table 7 of this release.

At the El Limón Sur trend, follow-up drilling continues to confirm and extend mineralization along second order structures parallel to the main trend (Figures 7 and 8). Recent results extend mineralization to the west of the current resource toward the El Limón Sur trend around 800 m.a.s.l., with notable intercepts LS-512 (7.02 gpt AuEq over 11.3 m), LS-513 (10.38 gpt AuEq over 4.1 m), and LS-517 (56.8 gpt AuEq over 6.4 m). Deeper holes have encountered narrower, moderate-grade intercepts at depth, such as LS-516 (5.51 gpt AuEq over 1.0 m) and LS-527 (4.36 gpt AuEq over 1.6 m), with LS-522 (3.21 gpt AuEq over 2.2 m) confirming that mineralization extends to the Guajes Tunnel elevation at approximately 550 m.a.s.l. (Figure 8).

Drilling at approximately 950 m.a.s.l. between the La Flaca and Del Medio faults targeting to test resource gaps along the main trend encountered mineralization within the average grades of the deposit including 4.53 gpt AuEq over 9.1 m in SST-478, 4.27 gpt AuEq over 3.8 m in SST-476, and 3.08 gpt AuEq over 6.4 m in SST-475, opening the potential for new resources at shallower levels near existing infrastructure (Figure 7).

Drilling along the north-east trending Del Medio fault system encountered mineralization that replicates the ore control at the La Flaca fault, returning intercepts that validate a mineralization potential that is yet to be explored (Figure 6). Notable intercepts along this emergent ore control include drill holes SST-484 (19.93 gpt AuEq over 7.0 m, including 26.56 gpt AuEq over 5.0 m), SST-485 (6.41 gpt AuEq over 6.5 m), and SST-487 (5.26 gpt AuEq over 18.5 m). Mineralization remains open along the strike of the Del Medio fault and at depth down to at least 500 m.a.s.l.

In a new area of exploration, high-grade mineralization was encountered in the westernmost extension of the Z71 fault outside of the current resource profile (Figure 6). Notable intercepts of 14.32 gpt AuEq over 35.0 m at drill hole SST-491 and 9.39 gpt AuEq over 8.6 m at drill hole SST-492 indicate that mineralization potential remains open in all directions. This area will be a focus of follow-up drilling during 2027.

Table 4: Highlights from the Q3 2026 drilling program at the ELG Underground1,2,3,4,5

| Drill Hole | From (m) | To (m) | Core Length (m) | True Width (m) | Au (gpt) | Ag (gpt) | Cu (%) | AuEq (gpt) | | LS-512* | 214.7 | 226.0 | 11.3 | 11.0 | 5.63 | 9.3 | 0.79 | 7.02 | | LS-513* | 109.7 | 113.8 | 4.1 | 3.9 | 10.15 | 8.6 | 0.07 | 10.38 | | LS-517* | 112.6 | 119.0 | 6.4 | 6.3 | 56.35 | 19.5 | 0.13 | 56.80 | | SST-475 | 130.6 | 137.0 | 6.4 | 5.2 | 2.81 | 2.4 | 0.15 | 3.08 | | | 153.6 | 155.6 | 2.0 | 1.6 | 1.37 | 12.1 | 1.37 | 3.74 | | SST-476* | 135.3 | 137.9 | 2.6 | 2.1 | 1.83 | 15.5 | 0.62 | 3.03 | | | 143.0 | 146.8 | 3.8 | 2.6 | 2.65 | 12.0 | 0.91 | 4.27 | | SST-478 | 147.9 | 157.0 | 9.1 | 7.5 | 3.84 | 10.4 | 0.34 | 4.53 | | SST-484* | 63.9 | 70.4 | 6.5 | 6.2 | 3.11 | 4.6 | 0.15 | 3.41 | | | 78.0 | 85.0 | 7.0 | 6.5 | 19.90 | 1.2 | 0.01 | 19.93 | | SST-485* | 75.0 | 81.5 | 6.5 | 5.6 | 6.09 | 4.4 | 0.16 | 6.41 | | SST-487* | 61.4 | 79.9 | 18.5 | 17.5 | 4.77 | 3.9 | 0.27 | 5.26 | | SST-491* | 125.0 | 160.0 | 35.0 | 21.8 | 12.53 | 27.0 | 0.90 | 14.32 | | SST-492* | 169.1 | 171.0 | 1.9 | 1.3 | 5.62 | 31.3 | 1.17 | 7.91 | | | 177.9 | 186.5 | 8.6 | 5.4 | 5.49 | 41.5 | 2.09 | 9.39 |

Notes to Table: 1) Intercepts are reported both as core length and true widths. 2) Core recovery is shown in Table 7. 3) Drill holes portraying an * contain relevant inclusion within the main intercept. These higher-grade inclusions are shown in Table 7. 4) The gold equivalent grade calculation used is as follows: AuEq = Au (gpt) + (Ag (gpt) 0.0127) + (Cu (%) 1.6140) and uses 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. 5) All assay results are uncapped. Core lengths subject to rounding.

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.