Torq Announces That Gold Fields Has Elected to Proceed to Stage 2 of Santa Cecilia Project Option USD$11 Million Drilling Program to Start at Santa Cecilia

Executive Summary

• Gold Fields affiliate will exercise the second stage of its US$48 million earn‑in option for Torq’s Santa Cecilia project, committing approximately US$11 million to fund the next phase.
• The funding will primarily support a two‑rig diamond‑drilling campaign slated to start in early–mid November, with an additional US$1 million property payment due this month.
• The program aims to drill follow‑up holes on 11 existing targets that have shown long intercepts of gold‑copper mineralization, potentially extending the known resource envelope.

Key Details

• Earn‑in option: Second stage of a US$48 million earn‑in agreement with an affiliate of Gold Fields Limited.
• Spend commitment: Approximately US$11 million for this phase, covering all project costs and a US$1 million property payment.
• Drilling program: Two drill rigs will be deployed; work expected to commence early–mid November 2025, weather‑dependent.
• Targeted work: Follow‑up drilling on the 11 holes previously drilled at Santa Cecilia, designed to vector toward the mineralizing intrusion and test additional targets.
• Previous results: Prior drilling identified long intercepts of continuous gold and copper mineralization with grades improving across phases (see Torq release dated 25‑08‑2020).
• Qualified Person: Bryan Atkinson, P.Geo., has reviewed the technical contents of this release.
• CEO comment: Shawn Wallace highlighted the significance of resuming drilling to expand known mineralization and confirmed that the earn‑in ensures adequate financing for the upcoming work and the imminent property payment.

Notable Quotes

“We are looking forward to resuming drilling at Santa Cecilia where we have enjoyed the discovery of long intercepts of continuous gold and copper mineralization… We have only drilled 11 holes, and are excited about the follow‑up drilling of these holes which are being designed to vector towards the mineralizing intrusion as well as testing additional targets.” – Shawn Wallace, CEO & Chair, Torq Resources

Materiality Assessment: Material – Positive (the execution of a substantial earn‑in option and commitment of significant capital for drilling represent a material development likely to positively impact the company’s valuation).