Torex Gold Resources Inc. provided Third Quarter 2023 update on the development of its Media Luna Project ("Media Luna"). At quarter-end, the Media Luna Project was 49% complete across engineering, procurement, underground development/construction, and surface construction. During Third Quarter 2023, Project expenditures per 2022 Technical Report, $848.4, Adjustment for First Quarter 2022 underspend, $26.1, Total budgeted spend post March 31, 2022, $874.5, Expenditures incurred post March 31, 2022, ($367.0), Remaining spend, $507.5, Committed expenditures (inclusive of total project expenditures incurred to date), $591.2, Uncommitted expenditures, $283.3. During Third Quarter, $98.7 million was invested in the project, the highest quarterly spend to date.

As at quarter-end, development of Media Luna was tracking to plan, with the project 49% complete, up from 35% at the end of Second Quarter 2023. The Company has also added a Media Luna Project construction update section to its website that includes a gallery timeline of the project. Procurement.

The mine pipeline access drift, specifically for the paste and return water lines into the mine, was completed. Operational readiness teams are accountable for ensuring that processes and systems for all new work areas are established and ready in advance of the handover from the project team to operations. Based on progress made during Third Quarter 2023 and a detailed review of both the surface and underground schedules completed late in the quarter, the overall project end dates are unchanged compared to the prior plan outlined within the inaugural Media Luna update published on February 9, 2023, with some movement within the plan as set out below.

The current project plan relative to the Technical Report reflects the Company's estimates for the completion of key project deliverables.