Torque Metals

Thank you very much and welcome everyone this morning. Thanks for filling up the room to catch up on the story at Torque. So this is the first time presentation that Torque had the opportunity to be at the conference here today. So thanks to Tim and Luke for getting that opportunity for us. But Torque, we’re all about a high-grade discovery and growth story. So my name’s Craig Jones, I’m the MD and CEO, and I’m here to talk to you about how we’re gonna be delivering those results.

So here’s just a cautionary statement, but why Torque Metals? For us, we’ve got the right location, so South Kalgoorlie, surrounded by multimillion ounce deposits. Long history of mining in the area. We’ve got the right ground. We’ve got over 1,000 square kilometers of land holding within the region, a solid high-grade base, currently with 350,000 ounces of gold at just over three grams a ton. And we’ve got the right team. So we’ve brought in a lot of the ex-Spartan Resources team after the transition to the sale of Remelius last year. Proven explorers and operators. We’ve got a refreshed approach and quite an aggressive approach to drilling in the area as well.

So end of June, we had about $13 million in cash. We’ve got that strong balance sheet, but what we’re really trying to do is prove the ground and how good we feel that it is and looking to continue to grow the resource that we do have in there. So just a bit of a snapshot and overview. The share price is sitting around just under 20 cents at the moment. Market cap’s just sitting over $122 million. Got some good coverage by Canaccord, Euroz, and Morgans, and a solid board as well. So Simon Lawson, the ex-chairman of Spartan, has joined me along with David Coyne from Spartan Resources as well. So Simon’s a geologist, David’s a finance guy. Evan was already on the board, he’s a lawyer, and myself being a mining engineer rounds out a good solid board, good experience for what we need to be doing.

So where are we? South Kalgoorlie. The Ritz Project, as we’ve called it. Most of our focus efforts are in the central area of the tenement land holdings that we have there. So that’s 350 square kilometers in the middle, surrounded by tier one assets. Everyone understands the region that we’re in. St Ives is just under 30 kilometers away. West Gold’s Higginsville Mill is just over 30 kilometers away. But we are sitting in a structurally controlled environment, and we need to be looking for those repeat structures across the field, and that’s just a matter of work and drilling as well.

So a current resource update that we put out in July this year sits at 350,000 ounces as I said at just over three, and the main project is the Paris Gold Project itself, which is 253,000 ounces at just under four. We also have a million and a half ounces at a project, Edelson in Canada as well. So giving us a total of about 1.85 million ounces at nearly one and a half grams for total.

So just diving into a little bit more detail, the central land holding of where we’re sitting, the project is down to the south of the project as you can see. Most of the drilling effort has been concentrated within two and a half kilometers of strike along that Greenstone Belt. We’ve actually got 57 kilometers of strike that we have in our land holdings, which is all 100% held along there, and we’ve got a lot of work to do. Outside of the MRE, the average depth is only 40 meters, and there’s no multimillion ounce deposits within 40 meters that we can see. So we need to do a lot more work, do a lot more follow-up with some of the historical work that has been done in there as well. And we’re doing that since we’ve got our feet under the table at the asset. We’ve been drilling around the deposits themselves and after organizing some heritage clearance to get out on the ground and making sure the team is resourced, we’re now starting to step out and do some drilling around there, which I’ll touch on shortly.

So just to highlight the Ritz Gold Project. So the total 350,000 ounces we have is across three different little projects. Earlier in July as well, we reset the bar and put our strategy out, which is our RPM project, which is trying to rapidly path to a million ounces, looking for above two grams a ton. See if we can define that over the next couple of years. And that’s gonna be defined by adding to the current resource that we have at the project, but also stepping out and looking for some new discoveries along the ground that we do have as well. So this really is the start of the journey for us. And it’s far from the destination and we’ve got a lot of work that we need to do. But it’s all about growing the resources that we do have and also looking for those new discoveries.

So this is what the Paris deposit looks like. As I mentioned before, it’s a structurally controlled environment. It’s been drilling down there over the last couple of years before we updated the resource. DIEM is a proven technology that highlights where the mineralization sits in there. So it’s certainly something that we do use once we can get some plates identified down there. And we’ve hit a few of the deeper holes. There’s a whole bunch of thick, high-grade intersections that we do have at the project. And we’re structurally looking for offsets and repeats of those. We can see it on the image to the left of your screen is what we’re calling PL3, the Paris Lower Three. And again, we’ve tagged it with a few interceptions already and we just need to keep following up that as we’re doing the drilling down there. So that’s part of our growth strategy. So we’ll be adding ounces to that over the next couple of years as well.

Paris itself is high grade and does have some very thick intersections. You can see some of those there with 35 meters at 14, up to 10 at 46, 27 at 10, 22 at 12. So there is some very good intersections in there. There’s a whole bunch of 100 gram plus meter intercepts. So for me, as a mining engineer, as an operator of a mine, it gives you those sweet spot zones. So when you are mining through and you come across these sweet spots in the high-grade areas, it carries the grade as you’re mining there to give you the average to keep it up as well. So there’s a lot of them all the way from the surface down to 600 meters where the deepest hole we’ve got at the moment. But we need to keep drilling those as we’ll keep adding them throughout the next year or two.

Further to the north of Paris is another repeat structure called the Triple H project. So we’ve done some more drilling down there. We never updated the resource earlier this year because there wasn’t enough drilling done within it, so that’ll get an update early next year in the first quarter. But really recently done some drilling in there and you can see some fantastic results with 11 meters at 456 grams a ton. That’s outside the MRE. So we’ll be adding those sorts of things into the resource when we update that earlier next year. So a lot of free gold. I’ve never seen that much gold come out of an RC sample. All the gold you can see on the images there come out of just the one-meter chip sampling when it was panned as well. So what it does show to us though is the ground is well mineralized, and we just need to look for these repeat structures and understand the structural model and then get those repeats and continue to drill those. As I said, it does confirm the endowment that’s within that field.

Some more recent drilling that we just released earlier this week, to getting some assays back. So another intercept is nearly 9 meters at 17.5 grams a ton. Again, just showing that the mineralization within that field is there when you can understand the structural model as well. So we did some drilling earlier this year, and then did another survey down to get to the plate. So you can see the EM plate is on the image there. So again, getting some good results with good grade thickness confirms that the system is well mineralized, and we’ll continue to follow those things up. So the deepest hit we have to date with the 8.9 at 17 is 300 meters below surface, and it’s another 115 meters below the existing MRE. So there’s a lot more work to be done there and a lot of ounces that we can add in.

Again, talking about the structural environment, another 1,000 meters to the north is the Observation Gold Deposit. It’s got a small MRE. We’ve started to do some drilling outside of there. So the first drill holes that we’ve had, you can see the list of the drill holes labeled up there. So three meters at about nine, four at three and a half, three at four. So there’s some good interception widths, good grades there and again, we need to follow these things up. They’re outside the MRE. We’re gonna add these ounces into that resource. There’s some very historical shallow scratchings on the surface, but essentially it’s a virgin area that we can be mining. So we’ll update the MRE for Observation early next year as well.

So that’s what it looks like over that two and a half kilometers of strike length where you’ve got the Paris, Triple H and Observation prospects. There’s a whole bunch of drill holes listed on there as well, but the focus has really been over the last couple of years just on those prospects as well. So we need to do a bit more work between them, look for those structural repeats that we can see between the prospects and also you can see the Catacombs project down to the south. Again, that’s another 1,000 meters down to the south, which is where we’re starting to see these repeat structures and that’s where it all ties into our RPM project to identify the structural repeats that we see across the field and then start to expand on it. But this is our little focused area at the Paris project, but we need to step out and look across those 57 kilometers of strike.

And this is why we like this project. This is why the Spartan team got together after last year and found a project that we’d like, where there’s a large opportunity to do the drilling, and this is it. So we can really understand the district scale footprint that we could look for and it really hasn’t had a lot of work done over the past 20 years, I would say. There’s some drilling done at some of the prospects. We’ve broken it down into a few little different structural corridors, but not a lot of drilling, but some drilling was being done in the late ’80s and early ’90s as well and it hasn’t had any follow-up done since then, being in the hands of prospectors and some small cap explorers as well. So there has been a lot of surface air mag work done and soils and some structural mapping and those sorts of things. So there’s a whole bunch of prospects that we’ve already got lined up. We’ll arrange for the clearances to get on site and make sure we’ve got the resources to get the drill rigs out there and start drilling those sorts of things.

So it does sit on the Bold Lefroy fault, which you can see in the image running up through the main part of the image. All the yellow dots to the left, up to the top of the left of the image are all the St. Ives projects as well. So the Bold Lefroy fault is obviously the major structural feeder for the region in the Cavalier Terrane and we’ve got splays sitting off of that as well. So most of the deposits don’t actually sit on the Bold Lefroy fault. They sit on the splays and we’ve got multiple of those across our tenement package.

So this is what it looks like more in the Strauss Corridor. Well, we’ve got two drill rigs on site. The RC rig is currently drilling within the Strauss Corridor as well. So there is some historical drilling sitting there, a lot of gold in soil anomalies that we need to follow up as well. There’s 130-meter deep drill holes down there over about 250 meters of strike and that’s what we’re starting to drill out at Strauss at the moment. So some more drilling that we’ll add in there to look to add some resources. We’ve got the clearance done. About two and a half to three k’s north of Strauss is another prospect, Marmorax. Again, some historical drilling that was done in there. There’s mineralization at the end of the holes and it just really hasn’t been followed up as well. So we consider that a great opportunity for us to get in there with some modern techniques and an aggressive approach and continue to work with that as well.

A little bit further north of the Paris project is the Maynard’s Corridor. Again, that’s another splay off the Bold Lefroy fault. There was some high-grade mineralization drilled in 1991. There’s 4 meters at 21 grams a ton, which is only 20 meters down hole from surface. So certainly again, showing that there’s mineralization within the system and we need to understand the structural controls and just where the fluids are sitting. And we’ve just had the rig out there for our first pass. Got a few results come back that we released this week and we’re waiting for more to come back from the lab as we’re sitting as well. That’s just a lovely image to show you the lovely train that we’re sitting in. That’s at Maynards Dam that was drilling out there a few weeks ago.

So from a news flow point of view, we’ll look to continue with the two drill rigs that we do have on site. As I mentioned, one diamond and one RC. We’ll be jumping around the prospects as well as drilling out the deposits that we already have. So we’ll keep everyone updated with the results as they come through. Putting out a new resource every six months, so that’ll be the first quarter next year for us. A couple of discoveries is the plan that we’re trying to look for, and we’ll keep everyone informed of what’s going on there. We’ve got a large land package that we inherited when we got the keys to the company as well, so we’ll be reviewing that to make sure we can appropriate the resources to look for in that area as well, rather than just focus on the two and a half kilometers that has been the focus of Paris as well.

There is a bit of lithium prospectivity across the tenements as well. We’ll have a review of that one, and as I mentioned earlier, we do have 1.5 million ounces at Eddleston, which is a project in the Abitibi Greenstone Belt. So we’ll look at if there’s any opportunities there for us for that, but the current focus is well and truly around Kalgoorlie.

So where we are sitting at the moment, just to summarize, we’ve got a very cohesive management team, proven explorers. We’ll be out there challenging norms. Not afraid to fail and fail fast with the drill rig, so we’ll be looking aggressively to find those new discoveries out there. We do have a solid base from which we can grow, with the 350,000 ounces at just over three grams, a big upside. New resource or an updated resource next year, with that focus on our RPM strategy of continuing to drill and look for those new discoveries whilst we continue to grow the resources that we do have. So as it says there, there’s a very large portfolio of prospects. Early drilling success is what we’ve seen with the drilling under the resources at Triple H and Observation, and we’re looking to follow those up as well with a very aggressive exploration expose. So that’s all I’ve got for today, so thank you for your time, and if anyone’s got any questions.

If anybody has a question, please raise your hand and wait for a microphone to come forward, please.

Thanks for that. I didn’t know your company, so that’s a good presentation. Thank you.

Thanks.

Two quick questions. First of all, is that drone magnetics that you’re going to be flying over the tenements, and how thick is the overburden there?

Good question. Thank you very much. The overburden varies across the ground from pretty shallow really, to almost nothing with some of the rocks in the ground that we’re sitting there. There’s obviously some vegetation and stuff that we’ve gotta deal with. The historical aero mag survey’s been done, aerial, by planes, but we’re also doing some surveys soon with some drones. A little bit more detailed to focus it in.

In the updated MRE coming out next spring, how many meters do you think will be included in that drilling?

Yeah, I’m looking to drill probably 70,000 meters over a 12-month period, so it’s gonna be probably 30 to 40,000 meters we’ll add into there. But that’s gonna be across all the prospects and the regional work that we’re doing as well. So some of that won’t be included into the actual update of the resources because it’s early stage exploration. So I’ll be saying 20, 25,000 meters into the resources.

You spoke a little fast and I’m just on my first cup of coffee. Did you say you have a 1.5 million ounce resource in the Abitibi?

Yeah. Sorry.

Could you please explain that a little bit more?

Yeah, so Torque Metals is a project that had all the ground around Kalgoorlie as we’ve spoken about as well, and they did a merger with Aston Minerals in early 2025, and that came with—

Aston is Ben Cox’s company? Aston Minerals?

Yes.

Is this a different company you merged with?

I believe it is, yeah. Different company. So that’s the project, the Eddleston Gold Project—

The Abitibi’s big. Where in the Abitibi is it?

It is very big for me as well. I think it’s about 60 kilometers southeast of, southwest maybe, of Timmins.

Southwest—

Could be … of Timmins. I believe so.

Could you explain what the tons and grade are of the 1.5 million ounces?

I’d need to do some more detailed work on exactly what that’s gonna be, but that’s a project that we need to spend more time on as I mentioned with the review, ’cause we’ve just got our feet under the table now.

You spoke kind of quickly. If there’s one property that I should focus on in understanding your company, which one is it?

Definitely the Ritz Project in Kalgoorlie. That’s where our focus is gonna be. That’s where we’re gonna get—

And does that one have the resource yet or is that the one where you’re building up to a resource?

That currently has 350,000 ounces resource and we’re gonna be expanding on that.

So why does 351,000 ounces in Kalgoorlie excite you more than a million and a half in the Abitibi?

I get excited for the Abitibi. Yeah. It’s something that I need to understand a lot more as I said, we just joined the company in May, so we’ve only been there a few months. This is where our focus is gonna be.

Canada’s a wonderful place—

Looking for those growths …

… just like Australia.

Yeah. Agree.

Are there any other questions from the floor? Maybe just a quick one from me then.

So you mentioned that within a reasonable trucking distance of your properties out in South Kalgoorlie there, there’s a series of third-party mills. How far are you from having negotiations or putting out feelers on that, or is that a ways off yet?

Yeah, good question. That is a little way off. There are obviously some shallow resources that could be mined if we really had to, but the focus is literally on finding more discoveries to build the scale of the project up a lot more before we worry about having some mining work done.

And maybe, just given we’ve got one minute left here, if you think of the Spartan story, which is obviously where most of you and your people have come out of, what’s the unique thing about the geological prospecting methodology that you guys have that perhaps others haven’t really gotten to?

I think the area that we’re operating is well understood geologically. It’s just the opportunity hasn’t been taken advantage of by the previous owners of the projects as well. So it’s literally about getting your boots on the ground with some capital behind you to do that sort of work as well. So we’ve got some good teams. I’ve managed to bring in some good geologists who are keen to look for that early exploration work, and we’re literally on the ground starting that journey.

And that does take us to the end of time. Please join me in thanking Craig.

Thanks. [applause]