Torque Metals (TOR) H2 2026 earnings summary

Executive summary

• Major board and management restructure in March 2026, bringing in experienced leadership from Spartan Resources.

• Focused on aggressive exploration and resource growth at the Ritz Gold Project in Western Australia and Edleston Gold Project in Canada.

• Launched Project RPM to target a 1.0Moz gold resource at >2.0g/t Au within two years.

• Strong cash position and capital raisings support ongoing exploration.

Financial highlights

• Net consolidated loss of $3.2 million for FY2026, a significant improvement from $7.3 million loss in FY2025, mainly due to lower share-based payments.

• Cash and cash equivalents at 30 June 2026 were $13.6 million, up from $3.4 million in 2025.

• Cash outflows from operating and investing activities totaled $14.4 million, reflecting increased exploration spend.

• Financing activities raised $24.6 million, including $15.0 million and $3.0 million capital raisings and $8.8 million from option exercises.

• Working capital surplus of $11.1 million at year-end, with no corporate or project finance debt.

Outlook and guidance

• Project RPM aims to rapidly grow the gold resource base at Ritz to 1.0Moz at >2.0g/t Au.

• Continued aggressive drilling and exploration planned for FY2027, focusing on resource extensions and new discoveries.

• Edleston Gold Project in Canada provides medium-term growth and diversification.