Torque Completes A$25 million Placement

• Firm commitments from leading investors to raise A$25 million
• Proceeds to accelerate exploration at Ritz Gold Project
• Torque will be well-funded with a pro-forma cash position of A$32.7 million

Torque Metals Limited (ASX: TOR) has successfully completed a A$25 million institutional placement to fund its exploration and growth strategy at the Ritz Gold Project in Western Australia. The placement, which attracted commitments from leading, resource specialist international and domestic investors, will support the company's Project RPM strategy, targeting a rapid path to one million ounces of gold. The funds will be used for extensional and in-fill drilling, regional exploration, geophysical surveys, and general operating activities. The placement comprises the issue of approximately 131.6 million new fully paid ordinary shares at an offer price of A$0.19 per share, representing a discount of approximately 7.3% to the last closing price. Following the placement, Torque will have a pro-forma cash position of A$32.7 million.

A$25 million placement to accelerate exploration at Ritz Gold Project

Torque Metals aims to expand mineral resources and explore regional targets with the funds raised, targeting a rapid path to one million ounces of gold.