Reply To: Gold Producers like Kinross, Newmont, B2Gold etc.

Torex – TSX: TXG announced remaining results from the 2024 drilling program and initial results from the 2025 drilling program at ELG Underground. Some very good numbers

<b>HIGHLIGHTS</b>

El Limón Sur Trend

• <b>Central Zone:</b> Holes SST-359 and LS-371 drilled at the intersection of the El Limón Sur Trend and the Z71 fault delivered multiple mineralized intercepts, most notably <b>12.18 gpt AuEq over 26.4 m </b>at LS-371. Drill holes LS-370 and LS-359 confirmed the continuity of mineralization at depth with multiple high-grade intercepts, most notably <b>43.68 gpt AuEq over 10.3 m</b> and <b>5.97 gpt AuEq over 26.4 m</b> in drill hole LS-370. These holes show that mineralization in this area is comprised of at least three vertically continuous parallel mineralized structures along the El Limón Sur Trend that are open along strike and at depth down to 800 metres above sea level (“m.a.s.l.”). A comprehensive follow-up drilling campaign is planned for 2025, aimed to explore the continuity of mineralization along strike, at depth, and to the south (Figures 2A and 2B).
• <b>North Zone:</b> The 2024 drilling program was successful in upgrading Inferred Resources to the Indicated category. Results encountered to date warrant a follow-up drilling campaign at depth down to the elevation of the Guajes Tunnel, aimed at increasing Inferred Resources as part of the year-end 2025 reserve and resource update (Figure 2C).

El Limón West Trend

• The deepest intercept of drill hole LS-374 shows discrete, high-grade mineralization <b>(19.57 gpt AuEq over 2.2 m)</b> around the elevation of the Guajes Tunnel (~550 m.a.s.l.), indicating that the vertical extension of the mineralization likely reaches below this level (Figure 3).
• Drilling returned multiple high-grade intercepts stepping out of the current resource towards the El Limón Sur fault, including drill holes LS-351 <b>(8.98 gpt AuEq over 35.8 m) </b>and LS-373 <b>(10.77 gpt AuEq over 5.8 m</b> and<b> 5.34 gpt AuEq over 9.0 m)</b>. These and other results from step-out drilling in the area show that the current resource is open in all directions and will be a focus of further investigation this year, with a view to confirm mineralization continuity and add new Inferred Resources (Figure 3).