Torque Metals (TOR) H2 2024 earnings summary

Executive summary

• Achieved transformational growth through strategic tenement acquisitions, expanding land holdings from ~300km² to ~1,200km², and advancing both gold and lithium projects in Western Australia.

• Delivered a maiden Mineral Resource Estimate (MRE) of 250,000oz gold at the Paris Gold Project and established a maiden Exploration Target at the New Dawn Lithium Project.

• Raised $7.75 million via placements and exercised options, supporting ongoing exploration and tenement acquisitions.

• Strengthened board with new appointments, including a new Non-Executive Chairman and Non-Executive Director with significant sector expertise.

Financial highlights

• Net loss after tax for FY2024 was $4.68 million, compared to $2.09 million in FY2023, primarily due to increased corporate, administration, and non-capitalised tenement acquisition expenses.

• Share-based payments totaled $2.01 million, and impairment expense on exploration assets was $438,345.

• Cash and cash equivalents at year-end were $2.26 million.

• Total assets increased to $22.78 million, with exploration and evaluation expenditure capitalised at $19.79 million.

• No dividends declared or paid during the period.

Outlook and guidance

• Ongoing exploration at Paris Gold Project and New Dawn Lithium Project, with potential for further resource upgrades.

• Strategy to consolidate and expand ground in the Penzance portfolio to continue into 2025.

• Directors confident in ability to raise additional funds if required, but note material uncertainty regarding going concern if unsuccessful.