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).

However, operations at El Limón Guajes were temporarily suspended on April 2, 2020, following a decree issued by the Mexican Government to mitigate the spread of COVID-19. At that time, Torex withdrew full year guidance given there was no clear line of sight as to when, how often, and how long this pandemic could affect the Company's ability to produce gold at El Limon Guajes. The visibility on production and costs is still unclear, and as such, Torex is not in a position to re-establish guidance.

Uncertainty remains around the timing of a re-start of full operations, but with the possibility for the decree to be lifted on May 18th for communities with low infection rate, we are preparing for that possibility. Site activities will ramp-up in step with the ability to maintain contagion prevention protocols. The initial step is processing of ore from stockpiles. Mining will restart later. How much later, depends upon a number of factors, including working together with local communities to understand and mitigate net risk. The Company's most recent update on COVID-19 can be found within the Q1 2020 MD&A and related press release (dated May 6, 2020). Both documents can be found on this website and have been filed on www.sedar.com.

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.