Key highlights

  • Torque received firm commitments for a A$25 million Placement at A$0.19 per share.
  • The placement comprises about 131.6 million new shares, around 21% of existing shares on issue.
  • Pro-forma cash is A$32.7 million after the placement, from A$7.7 million at 30 September 2026.

Torque Metals Limited (ASX:TOR) announced on 8 October 2026 that it has received firm commitments to raise A$25 million before costs through a placement to new and existing institutional, sophisticated and professional investors. Trading in the company's shares resumed on 8 October after a Trading halt requested on 7 October.

Placement terms

About 131.6 million new fully paid ordinary shares will be issued at A$0.19, representing about 21% of existing shares. The price is a discount of about 7.3% to the last close of A$0.205 and about 4.4% to the 15-day VWAP of A$0.199 as at 6 October 2026. Shares will be issued under existing capacity of 87.2 million shares under Listing Rule 7.1 and 44.4 million under Listing Rule 7.1A. Settlement is expected on 15 October 2026 and allotment on 16 October 2026.

Canaccord Genuity (Australia) and Euroz Hartleys are Joint Lead Managers, with Morgans Financial as Co-manager and Hamilton Locke as legal adviser.

Intended use of proceeds

Proceeds are intended to support the company's Project RPM strategy, described as a Rapid Path to One Million Ounces and flagged by the company as aspirational rather than a forecast or exploration target. The funds will go to extensional and infill drilling across key deposits at the Ritz Gold Project, aiming to expand the current Mineral Resource Estimate of 351,000 oz at 3.1 g/t Au; testing regional targets across the South Kalgoorlie Gold Camp; ongoing downhole electromagnetic surveys, infrastructure and equipment; and Working Capital and transaction costs.

Cash position

The company reports unaudited closing cash of A$7.7 million at 30 September 2026. Adjusted for gross placement proceeds, and excluding transaction costs, pro-forma cash is A$32.7 million.

Risks shareholders may weigh

The placement increases the share count by about 21%, which may dilute existing holders who do not participate, and it was priced at a discount to recent trading levels. The announcement states the one million ounce objective is subject to uncertainties including exploration success.

Drilling may not expand the resource, and gold prices, approvals, execution and the use of funds as presented are subject to change. The announcement is not for release in the United States.

What's next

Settlement and allotment of the placement shares are scheduled for 15 and 16 October 2026. Torque plans to accelerate extensional and infill drilling around existing deposits, including Paris and HHH, and to expand regional exploration across its South Kalgoorlie land position.