Torque Metals (TOR) investor relations material

Investment case and funding

• Ritz Gold Project is 100%-owned in Western Australia’s South Kalgoorlie district; the regional landholding exceeds 1,000km² and the central corridor spans 57km of strike.

• July 2026 Ritz MRE totals 351koz at 3.1g/t Au; Paris contains 253koz at 3.8g/t Au, HHH 73koz at 2.0g/t Au and Observation 25koz at 2.8g/t Au.

• Cash was $28.4M at 31 October 2026; shares on issue were 756.5M and market capitalisation was $133M at $0.18 on 9 November.

• Oversubscribed $25M placement in October 2026 is intended to fund accelerated exploration programs.

Exploration strategy

• Two-year aspirational objective: grow the MRE to 1Moz at more than 2.0g/t; this is not a forecast or exploration target and is subject to exploration success.

• Planned metres split 40% to resource growth and 60% to discovery, with infill and extensional drilling at deposits and regional target testing.

• Priority work includes ongoing down-hole electromagnetic surveys, expanded drilling capacity and targeting across a prospective ~57km mineralised belt.

• A March quarter 2027 MRE update and continuing drilling and discovery updates feature in the catalyst schedule.

Drilling and regional opportunities

• HHH extensional drilling returned 1.1m at 89.64g/t Au, 400m down plunge of the existing MRE and 80m below a prior high-grade intercept; further infill and extension drilling is planned.

• HHH hole 26HRC135 returned 11.0m at 456g/t Au from 122m, including 1.0m at 3,625g/t Au; visible gold was reported in the RC sample.

• Observation drilling outside the 2024 MRE returned results including 3.0m at 8.82g/t Au, 4.0m at 3.49g/t Au and 2.7m at 5.20g/t Au; additional drilling and DHEM surveys are planned.

• Regional targets include under-tested structures and historical anomalies across the Maynards, Strauss and Marmaracs corridors, with DHEM used to guide priority prospect targeting.