TorexGold Resources Inc. provided an update on the Company's ongoing drilling program at ELG Underground, the results of which continue to support the Company's strategy to extend and optimize the mine life of ELG Underground and fill the mill beyond 2027. HIGHLIGHTS The final results of the 2023 exploration and drilling program at ELG Underground support potential reserve replacement and expansion of the mineralized footprint, indicating the potential to extend the life of ELG Underground beyond 2026. The Exploration Team has encountered untapped upside along the identified structural trends, many of which are in close proximity to existing underground infrastructure, which will allow investments made to date to be leveraged.

El Limón Sur Trend Drill hole LS-295 returned 29.88 gpt AuEq over 9.6 m, confirming the continuity of high-grade mineralization along the southern extension of the El Limón Sur Trend. This mineralization was encountered 30 m north of the previously reported high-grade intercept in drill hole LS-293 (20.74 gpt AuEq over 4.6 m), indicating potential for a high-grade zone that is open along trend to the south. Follow-up drilling to test the continuity of mineralization at the 400 m level encountered 5.53 gpt AuEq over 3.7 m in drill hole SST-318, more than 300 m south of the previously reported drill hole SST-299 (4.17 gpt AuEq over 3.7 m).

Drilling targeting mineralization at the junction of the El Limón Sur Trend and La Flaca fault returned outstanding results. The best intercept was from drill hole LDUG-239 at 11.75 gpt AuEq over 22.9 m, located in an expanding new zone of mineralization measuring 400 m high by 400 m wide that includes multiple intercepts above 5.0 gpt AuEq. These findings indicate the potential to increase both Indicated and Inferred resources at year-end 2023.

When considered in conjunction with the other drilling results in this area, this mineralization may also be open at depth to at least the 400 m elevation level, which is the deepest the drilling has been conducted to date within the El Limón Sur Trend. El Limón Deep Trend Infill drilling along the El Limón Deep Trend continued to return high-grade intercepts, including 26.93 gpt AuEq over 3.6 m, 14.75 gpt AuEq over 37.1 m and 7.87 gpt AuEq over 6.4 m in drill hole LDUG-299, and 9.26 gpt AuEq over 3.4 m and 5.26 gpt AuEq over 6.8 m in drill hole LDUG-303. Drill hole LDUG-311 (10.21 gpt AuEq over 20.6 m and 6.21 gpt AuEq over 6.8 m) extended mineralization to the south and confirmed mineralization in this region plunges to the southwest.

Sub-Sill Trend Drilling confirmed the continuity of mineralization along the Sub-Sill Trend north of the La Flaca fault and encountered high-grade mineralization, including drill hole LDUG-238 which returned 9.65 gpt AuEq over 12.3 m. Importantly, these intercepts are located in close proximity to existing underground infrastructure. El Limón West Trend Step-out drilling to the south along the El Limón West Trend encountered 13.73 gpt AuEq over 4.0 m and 11.92 gpt AuEq over 3.6 m in drill hole LS-290, expanding the mineralized footprint of the El Limón Sur pit to the south and reinforcing the high-grade potential at depth in this area. Follow-up drilling conducted near drill hole LS-229 (6.90 gpt AuEq over 3.4 m, previously reported) confirmed the continuity of mineralization 100 m to the south at the 550 m level, with drill hole LS-231 returning an intercept of 3.01 gpt AuEq over 3.1 m. Further work will be conducted to assess the mineralization potential at this depth northwest along trend towards the Z71 fault.