Torr Metals Expands 2026 Drill Pipeline with Lodi-Kirby Cu-Au Porphyry Target, Following Strong Vectoring at Bertha

• The most recent release (March 25, 2026) reports Torr Metals expanding its 2026 drilling program by adding the Lodi-Kirby Cu-Au porphyry targets, complementing the Bertha zone work that has already shown positive vectoring toward high-priority targets. The company is fully funded for up to 6,000 metres of drilling across the Bertha and Lodi-Kirby zones, enabling an integrated season aimed at expanding the Kolos project’s scale.
• This update follows a string of earlier 2026 news that outlined Bertha North as a second porphyry target and highlighted a multi-target porphyry district strategy (Bertha, Bertha North, Sonic, Lodi, Kirby). Prior catalysts included a fully funded Phase II drill program at Kolos (up to 6,000 metres) and IP/geophysical work to refine targets.
• Earlier in the period, Torr announced strategic market-facing moves (e.g., automated market making engagement) and participation in industry events (PDAC, VRIC) to raise visibility with investors, while continuing to report positive exploration results at Kolos (Bertha, Sonic) and expanding the land package with Filion/other opportunities.
• Through 2025, Torr executed multiple financings to fund exploration (private placements with FT, charity FT, NFT units) and to expand the drill program (targeting up to 9,000 metres in some cycles), including private placements upsized to roughly C$4.57 million in late 2025 and a prior first-tranche raise of about C$1.18 million in May 2025. These financings provide working capital to advance the Kolos project and associated targets (Bertha, Sonic, Lodi-Kirby, Kirby, etc.).
• The company’s flagship asset remains the Kolos Copper-Gold Project in southern British Columbia, with Bertha described as a large, structurally controlled copper-gold system and Bertha North identified as a new porphyry target. Sonic Zone is a separate area within Kolos with a large geochemical footprint and IP targets planned for drill readiness in 2026.

Material impact assessment - Materiality assessment: Routine - Positive. The March 25, 2026 update enhances the company’s exploration pipeline by adding Lodi-Kirby as a Cu-Au porphyry target array and confirms funding for an expanded drill program (Bertha and Lodi-Kirby). While not delivering a new resource or a commodity-scale discovery, the news strengthens the case for a district-scale porphyry system at Kolos and improves leverage to near-term exploration catalysts. It aligns with the prior trajectory (Bertha North, Sonic IP work, and funded Phase II drilling) and reduces near-term funding uncertainty by confirming continuing financing for 6,000 metres. - Historically, Torr has consistently communicated a multi-target porphyry strategy at Kolos (Bertha, Bertha North, Sonic, Lodi-Kirby, Kirby) and has secured capital to fund drilling programs. The latest release fits within that pattern and reduces execution risk by confirming funding for the expanded program. - Key risk if results disappoint: lack of near-term drill results from Lodi-Kirby could temper enthusiasm and the stock reaction; if results are stronger than expected, it could accelerate investor interest and potential re-ratings.

What to watch next (immediate, 3-6 months) - Immediate: Drilling commencement results at the Bertha and Lodi-Kirby targets and any initial assay results; IP/geophysics refined targets and potential early signs of porphyry intrusion or sulfide cores. - 3-6 months: Results from the up-to-6,000 m Phase II program across Bertha and Lodi-Kirby; any positive vectoring toward sulfide-rich cores; further permitting updates and potential additional drill targets (Sonic, Kirby, etc.) depending on results. - Operational and financing cadence: Any follow-on financings or warrants exercising to sustain drilling activity; management commentary on timing of subsequent drill campaigns and potential expansion of the drill program beyond 6,000 m if results warrant. - Strategic updates: Additional investor presentations or investor day updates that quantify potential district-scale scale and timeline toward a resource.

Conclusion on Materiality - The March 25, 2026 news isMaterial - Positive but not a Game Changer. It reinforces Torr’s narrative of a district-scale porphyry play at Kolos, expands the drill pipeline with Lodi-Kirby, and confirms funding for continued exploration (Bertha and Lodi-Kirby). The information is consistent with the company’s prior guidance and shows ongoing execution against a multi-target strategy. It could support a positive move in the stock if drill results meet or exceed expectations, but it does not by itself constitute a transformative milestone or a near-term resource/reserve valuation.

Technical Analysis and Price Support Resistance Breakout levels - Price data: Price data not provided. Technical analysis cannot be performed due to missing time-series price data.

Company overview and flagship project - Torr Metals is an explorer focused on copper-gold porphyry targets in British Columbia and Ontario, with Kolos as the flagship project (332 km² land package). Bertha is a major copper-gold target within Kolos, characterized by a large structural and geophysical footprint and significant near-surface copper mineralization (historical pit with ~2.14% Cu and ~27.43 g/t Ag in 30 t). Bertha North has emerged as a second major target, complemented by the Sonic Zone (BC) with a large, undrilled footprint and IP targeting. The company emphasizes a multi-centre, district-scale porphyry strategy with several targets (Bertha, Bertha North, Sonic, Lodi-Kirby, Kirby) that are all drill-permitted or in the permitting phase.

Capital structure including financings and levels - Recent capital structure and financings (selected highlights): - 2025-12-30 SEDAR interim statements show issued shares around 83.8 million; warrants outstanding include multiple tranches with exercise prices of 0.20–0.25 CAD and expiries through 2026–2027; options outstanding with several strike prices up to 0.30 CAD and some expiring beyond 2027; flow-through and non-flow-through units have contributed to equity and warrant reserves. - 2025-10-31: Private placement closed with approximately C$5.34 million gross proceeds (up to ~C$9 million total potential across tranches) to fully fund an expanded drill program (9,000 m total in some messaging). Funds were allocated to Kolos and Bertha exploration and general working capital. - 2025-10-14: Upsize in non-brokered private placement to roughly C$4.57 million; components included flow-through units (FT), charity FT units, NFT units, with various warrants and acceleration features; the funds were designated for Canadian exploration expenses and general working capital; founders and insiders participated in the financing. - 2025-05 to 2025-06: First tranche of private placement raised about C$1.18 million (FT shares and NFT units); subsequent upsizes and additional tranches followed. - In sum, Torr has used multiple private placements to fund its exploration strategy, maintain a funded drill program, and support the Kolos project’s multi-target approach. The cap structure includes a broad set of warrants and options, which creates potential dilution but is common for early-stage explorers funding aggressive drilling campaigns.

Strategic investors - Public disclosures show insider participation in private placements; no large, clearly identified strategic strategic investors named in the releases provided. Financing rounds included brokered/fee arrangements with institutions such as Canaccord and other Canadian brokers; several placements included flow-through components to qualify for Canadian exploration expense deductions. - The company has used funds in part to court long-term supporters via charity FT units; no explicit, high-profile strategic cornerstone investor is named in the provided data.

Debt risk and capital needs - Torr Metals has historically reported losses and negative cash flow as it funds exploration. Balance sheets show modest cash balances at times and larger exploration assets; private placements have been used to fund ongoing exploration. The company’s interim statements show significant exploration and administrative costs, with net losses and a reliance on equity financing to fund drilling. - With a multi-project, multi-target plan and a Phase II drill program funded, Torr’s near-term capital needs are being addressed via continual financing. The risk remains that additional capital will be required if drilling programs extend beyond current funding or if market conditions depress equity markets.

Key and hidden risks - Early-stage exploration with no defined resource or reserve yet; outcomes depend on drill results, which are inherently uncertain. - Financing risk remains persistent; reliance on equity markets for continued drilling funding could dilute existing shareholders. - Permitting, IP survey success, and access to infrastructure are necessary catalysts; delays or cost overruns could slow progress. - Commodity price exposure (copper, gold, silver) and currency risk can affect project economics and investor sentiment. - Competitive risk in the regional BC copper belt; results from adjacent mines (e.g., Highland Valley, New Afton) influence market expectations and valuation.

Final summary and takeaways - The March 25, 2026 news reinforces Torr’s strategic trajectory toward district-scale copper-gold porphyry exploration at Kolos, expanding the drill program to include Lodi-Kirby while maintaining fully funded status for Bertha and Lodi-Kirby up to 6,000 metres. It aligns with prior announcements about Bertha North and the Sonic Zone, signaling coherent execution toward a multi-target, high-potential district play. - The development is positive for Torr’s narrative and may provide incremental upside if the Lodi-Kirby targets deliver strong results. However, it remains an exploration phase story with no immediate resource addition; material price impact will hinge on upcoming drill results, assay outcomes, and continued funding clarity. - Investors should monitor drill results from Bertha, Bertha North, Sonic, and the newly added Lodi-Kirby targets, along with any updates on permitting and additional financing as the company advances toward a potential discovery phase.

Appendix and Sources - Torr Metals Inc. news releases and filings referenced: - 2026-03-25: Torr Metals Expands 2026 Drill Pipeline with Lodi-Kirby Cu-Au Porphyry Target, Following Strong Vectoring at Bertha - 2026-02-27: Metals Group and Member Companies to Showcase at The Prospectors & Developers Association Conference 2026 - 2026-02-23: Torr Metals Engages ICP Securities Inc. for Automated Market Making Services - 2026-02-18: Torr Metals Assays 13.1 g/t Gold in Historical Trenching at Filion; Expands Staking - 2026-01-22: Torr Metals Advances Bertha into a Multi-Porphyry Cu-Au District with Second Permitted Porphyry Target - 2026-01-21: Torr Metals Confirms Large, Structurally Controlled Copper-Gold System at Bertha - 2025-12-30: SEDAR Interim Financial Statements (periods including Oct 31, 2025) - 2025-11-19: Torr Metals Announces Drill Update at Bertha; Phase II funding - 2025-10-31: Torr Metals Closes $5.34 Million Private Placement - 2025-10-14: Upsize in Private Placement to $4.57 Million - 2025-10-14: Upsize press release details (private placement) - 2025-09-03 / 2025-08-05 / 2025-06-26: Various SEDAR interim statements and drill program updates - 2025-06-26: Torr Metals Completes Reconnaissance and Closes Second Financing Tranche - 2025-05-15 / 2025-04-01 / 2025-03-27: Private placements and initial offerings - 2025-03-27: Torr Metals arranges $2.0 million private placement - Price data period: Price data not provided - Financial statements period: SEDAR interim financial statements for Torr Metals (Oct 31, 2025; Apr 30, 2025; Jan 31, 2025) included in the provided materials - Transcripts/Investor presentations: Not provided in the current data set

Notes - Data period for news: 2025-03-27 through 2026-03-25; price data not provided; all financials referenced come from the provided SEDAR interim statements and financing announcements. - As additional materials (transcripts, investor presentations) were not included in the provided data, they were not used beyond summarizing disclosed corporate messaging.

Appendix and Sources (detailed) - Torr Metals press releases and Newsfiles as provided in the data set (dates noted above) - SEDAR interim financial statements for Torr Metals (Oct 31, 2025; Apr 30, 2025; Jan 31, 2025) as included in the data - Financing announcements and private placement details (May–Oct 2025) - Company overview and project descriptions embedded in the press releases (Kolos, Bertha, Sonic, Lodi-Kirby)