Torq optionee to proceed with Santa Cecilia Stage 2

On October 20, 2025, Torq Resources announced that its partner, Gold Fields Ltd., has elected to proceed to Stage 2 of the earn-in option agreement for the Santa Cecilia gold-copper project in Chile. This decision triggers the commencement of a fully-funded USD$11 million drilling program, which is expected to start in early to mid-November with two drill rigs. This funding also covers a USD$1 million property payment due in October 2025.

This news is materially positive as it represents a significant de-risking event and a strong vote of confidence from a major gold producer.

Contextual Timeline: * August 2024: Torq, facing financial strain, signs a non-binding term sheet with Gold Fields for a potential USD$48 million earn-in on the Santa Cecilia project. * January 2025: The definitive option and joint venture agreement is finalized and approved by shareholders. * February - July 2025: Gold Fields funds the initial JV drill program as part of its Stage 1 commitment. * July 2025: Torq terminates its option on the Margarita project to focus all resources on Santa Cecilia. * August 2025: Torq releases strong drill results from the initial JV program, including an intercept of 450 meters of 0.51 g/t gold and 0.155% copper. These results were the key data point for Gold Fields' decision.

Impact Analysis: * Validation: Gold Fields' election to proceed to Stage 2, committing a further USD$11 million, is a powerful third-party validation of the Santa Cecilia project's potential based on the latest drill results. * Financial De-risking: For a junior company with a market capitalization under C$20 million, a fully funded USD$11 million exploration program is transformative. It removes the financing burden from Torq's shoulders and ensures the project will be aggressively advanced. * Solvency: The funding covers a crucial USD$1 million property payment, which Torq, based on its recent financial statements and capital raises, would have been challenged to make independently. This secures Torq's interest in its flagship asset. * Expectations Met: Following the positive drill results in August 2025, this decision by Gold Fields was the expected and hoped-for outcome. While it meets expectations rather than dramatically exceeding them, it is a critical milestone that solidifies the company's path forward. The stock, trading near its lows, does not appear to have fully priced in this positive confirmation.

In conclusion, this news confirms that the partnership is working as intended, the project is technically sound in the eyes of a major, and Torq is funded for the foreseeable future at the project level. This is a crucial step in advancing Santa Cecilia and creating shareholder value.

Torq Resources is a junior mineral exploration company whose primary focus is the Santa Cecilia gold-copper project in the world-class Maricunga belt of Chile. The project is strategically located adjacent to the Norte Abierto project, a joint venture between Newmont and Barrick that hosts the Caspiche and Cerro Casale deposits. After divesting its other interests, Santa Cecilia is now the company's sole flagship asset, being advanced through a multi-stage earn-in and joint venture agreement with major producer Gold Fields Ltd.