ELG Complex

The El Limón Guajes Complex has been in operation since December 2015 and reached commercial production in April 2016. The complex is comprised of a centralized processing facility with a targeted throughput rate of 13,000 tpd, as well as the El Limón Guajes Open Pit and El Limón Guajes Underground mines. The operation utilizes filtered tailings, a process in which the moisture content of tailings is reduced to 17%. Tailings are then conveyed and stacked within the storage facility, which will be revegetated upon closure.

The El Limón Guajes Complex produced 454,810 ounces of gold in 2019, surpassing the prior record established in 2018 by 28%. Original operational guidance for 2020 called for gold production of 420,000 and 480,000 ounces at a total cash cost of $640 to $670 per ounce gold sold and an all-in sustaining cost of $900 to $960 per ounce gold sold (refer to the Company’s press release dated January 14, 2020).

Operational guidance for 2020 was withdrawn on April 2nd given the temporary suspension of operations following a decree issued by the Government of Mexico to mitigate the spread of COVID-19. With the Government of Mexico subsequently declaring mining an essential activity, operations at ELG fully resumed in June, following a partial restart in May. As a result, Torex reinstated 2020 operational guidance on August 5th with the release of Q2 2020 financial results. The Company now anticipates producing 390,000 to 420,000 ounces of gold in 2020 at a Total Cash Cost of $695 to $740/oz gold sold and an All-in Sustaining Cost of $965 to $1,025/oz gold sold. Sustaining capital expenditures are guided at $83 million (including $46 million in capitalized waste stripping) and non-sustaining capital expenditures of $92 million.

Additional technical information is contained in the technical report entitled "Morelos Property, NI 43-101 Technical Report, ELG Mine Complex Life of Mine Plan and Media Luna Preliminary Economic Assessment, Guerrero State, Mexico" dated effective March 31, 2018, and filed on September 4, 2018 (the "Technical Report"). The technical information contained in this website is based upon the information contained in the Technical Report which is available on SEDAR at www.sedar.com and elsewhere on the Company's website at www.torexgold.com and as updated in the Company's continuous disclosure documents also available on www.sedar.com and www.torexgold.com.