Highlights

  • The Ritz Gold Project Mineral Resource was updated to 3.47Mt at 3.1g/t gold for 351koz.
  • Hole 26HRC135 at HHH returned 11.0m at 456.00g/t gold, including 1.0m at 3,625.00g/t gold.
  • Drilling at Observation returned intercepts outside the current resource boundary.
  • Torque raised $25 million through a placement at A$0.19 per share.

Torque Metals Limited (ASX:TOR) has released its quarterly activities report for the period ended 30 September 2026. The quarter included an updated Mineral Resource for the Ritz Gold Project in Western Australia, high-grade drilling results at the HHH and Observation deposits and a $25 million capital raising.

Updated Ritz Gold Project Resource

The updated Mineral Resource for the Ritz Gold Project stands at 3.47Mt at 3.1g/t gold for 351koz, incorporating the Paris, HHH and Observation deposits. The Paris deposit grew to about 253koz at 3.8g/t gold, with Inferred material converted to the higher-confidence Indicated category. The Indicated share of the total resource increased to 42% from 25%.

The company also outlined Project RPM, an aspirational strategy targeting a one-million-ounce gold camp in the South Kalgoorlie region. Torque noted that this is not a forecast or an exploration target.

High-Grade Drilling at HHH and Observation

At the HHH deposit, hole 26HRC135 returned 11.0m at 456.00g/t gold from 122m, including 1.0m at 3,625.00g/t gold, with visible gold described in the chip tray. Hole 26HRCDD151 returned 8.9m at 17.50g/t gold from 344m, about 115m down-plunge from the 2024 resource and the deepest intercept at HHH to date. Hole 26HRC127 returned 8.0m at 3.79g/t gold, identifying a possible further high-grade domain.

At Observation, hole 26OBRC011 returned 3.0m at 8.82g/t gold from 151m, outside the current resource, while 26ODD004 returned 2.7m at 5.20g/t gold from 201.2m, about 60m beyond the resource boundary. The HHH and Observation resources have not been updated since 2024.

Capital Raising and Next Steps

Torque raised $25 million before costs through the issue of about 131.6 million shares at A$0.19 each, representing a 7.3% discount to the last close. Cash was A$7.7 million at 30 September 2026, before the placement. CEO Craig Jones said the capital raise provides "strong validation" of the company's asset base and growth strategy.

Planned work for the December quarter includes downhole electromagnetic surveys at HHH, Observation and Paris, continued growth and infill drilling, RC drilling at Strauss and a review of the company's Canadian assets. Assays from Maynards, Koolie and Paris diamond tails are pending. Non-Executive Director Evan Cranston will retire at the AGM on 30 November 2026.

Key Takeaways

  • The Ritz Gold Project resource now stands at 351koz, with a higher share in the Indicated category.
  • Exceptional high-grade results at HHH point to potential resource growth beyond the 2024 estimate.
  • Drilling at Observation returned intercepts outside the current resource boundary.
  • The $25 million placement funds continued drilling across the South Kalgoorlie region.