Torque Metals (TOR) M&A presentation summary

Merger overview and strategic rationale

• Merger of equals between Torque Metals and Aston Minerals to form a diversified, gold-focused explorer with assets in Australia and Canada.

• Combined entity will control 1.75Moz JORC gold resources across two premier gold provinces, with significant exploration upside.

• Proximal to major infrastructure and surrounded by world-class gold producers, enhancing development and processing options.

• Board with proven track record in exploration, development, and value creation for shareholders.

• Funded to aggressively explore and expand high-quality, underexplored gold assets.

Asset portfolio and resource highlights

• Paris Gold Project (WA): 250,000oz @ 3.1g/t Au, high-grade intercepts, >96% metallurgical recovery, and extensive landholding in prolific gold belt.

• Edleston Gold Project (Ontario): 1,500,000oz @ 1g/t Au, >90% recovery, 310km² in Abitibi Greenstone Belt, surrounded by major mining operations.

• Additional prospects at Paris (Strauss, Maynards Dam, Triumph East) and New Dawn, Penzance projects offer further gold discovery potential.

• Supplementary assets include significant nickel-cobalt (Boomerang) and lithium (New Dawn) projects, providing multi-commodity exposure.

Transaction structure and financials

• Aston shareholders to receive 1 Torque share for every 5.2 Aston shares; post-merger, ownership split approximately 50/50.

• Pro forma market capitalisation of A$25.8 million and enterprise value of A$19.9 million, with A$5.9 million cash post-transaction.

• Strategic placement of A$1 million by entities associated with new board members, enhancing funding for exploration.

• Pro forma EV/resource ounce of A$11.4/oz, providing attractive valuation relative to peers.