Torq to Upsize Financing to $1.7 Million, Provides Other Updates
Torq secured C$1.7 million in financing to extend its operational runway amid a severe liquidity crunch.
Torq Resources Inc. has upsized its previously announced non-brokered private placement from C$1.5 million to C$1.7 million, raising gross proceeds of C$1,700,191.20 at C$0.05 per unit. Gold Fields Atacama Holdings Inc., an affiliate of Gold Fields Limited, participated in the financing, investing C$170,191.20 and increasing its ownership stake to 10.95%.
The company also secured a six-month extension on a C$2.8 million loan owed to 191010 Investments Limited, which was originally due July 11, 2026. Consideration for the loan extension includes the issuance of 56,000,000 one-year warrants exercisable at C$0.05 per share. Additionally, finder's fees of C$29,700 cash and 594,000 non-transferable warrants were issued.
The earn-on option period with Gold Fields has been extended by 24 months due to operational delays, including a camp relocation for health and safety reasons. Securities are subject to a statutory hold period in Canada expiring four months and one day from closing.
Torq Resources Inc. (TORQ) announced a financing round that serves as a direct follow-up to its August 20, 2026 announcement, upsizing the raise to ensure sufficient working capital and satisfy the condition precedent for a C$2.8 million loan extension. Gold Fields’ participation in the deal validates the Santa Cecilia project but constitutes a related party transaction rather than a new strategic partnership.
The transaction is dilutive, introducing 34,003,824 new units, 56,000,000 loan extension warrants, and 594,000 finder warrants. The news is expected by the market given the company's explicit going concern warning and prior financing announcements. It provides critical runway but does not alter the fundamental risk profile or revenue generation timeline.
The extension of the earn-on option by 24 months aligns with previous operational delays and maintains the JV structure without changing the underlying $48 million earn-in commitment.
Torq Resources Inc. is an exploration-stage mineral company focused on the Santa Cecilia project in Chile's prolific Marcunga Belt. The project is located immediately adjacent to Newmont/Barrick's Norte Abierto project, a major regional gold asset.
The company operates under a definitive joint venture agreement with Gold Fields Limited. Gold Fields holds an option to earn a 75% indirect interest by funding a US$48 million exploration program. To date, 10% of the earn-in has been completed. Stage 2 commitment of approximately US$11 million has been elected to fund a two-rig diamond drilling campaign.
Historical drilling has identified long intercepts of continuous gold-copper mineralization, including: - 450 meters of 0.51 g/t Au and 0.155% Cu at Gemelos Norte - 206 meters of 0.99 g/t Au at Pircas Norte
The company has no revenue, no production, and is entirely dependent on exploration funding and future equity raises.