Torque Metals (TOR) Q4 2024 TU earnings summary

Executive summary

• Signed option agreements to acquire 100% of a tenement package in WA Goldfields, expanding the portfolio to ~1,200km² with gold and lithium potential.

• Completed a 10,000m RC and diamond drilling campaign at the Paris Gold Project, extending high-grade gold structures and confirming new mineralised zones, including the Eva discovery.

• Applications submitted for additional tenements to expand the New Dawn Lithium Project into key lithium-rich territories.

• Entered a new drill-for-equity agreement with Topdrill, allowing up to $1M in drilling costs to be satisfied via equity.

Financial highlights

• Cash balance at 30 June 2024 was $2.26M.

• Exploration and evaluation expenditure for the quarter was $1.096M.

• Payments to related parties and associates during the quarter totaled $0.115M.

• Net cash used in operating activities for the quarter was $(288)K; net cash used in investing activities was $(1,449)K.

• Estimated quarters of funding available at quarter end is 1.45.

Outlook and guidance

• Next exploration phase aims to extend and connect Eva mineralisation with the Paris pit and finalise the first Mineral Resource Estimate.

• Follow-up shallow RC drill program planned at Observation for potential open pit mine development.

• Company expects to maintain significant exploration activities through drill-for-equity agreements and may raise additional capital if required.