Torque Metals (TOR) Q3 2026 TU earnings summary

Executive summary

• Transformational management change with the appointment of the former Spartan Resources team, bringing a proven track record in high-grade gold discovery and development in Western Australia.

• Strategic focus on systematic growth and unlocking value at the Paris Gold Project, with a comprehensive geological and operational review underway.

• Drilling at the Paris Gold Project continues to deliver strong high-grade results, confirming the multi-lode system and extending mineralisation up to 500m beyond the current resource boundary.

• The company is well-funded, with a cash balance of $12.2 million at quarter-end and additional funding potential from in-the-money options and a $3.0 million placement to incoming directors.

Financial highlights

• Cash on hand at 31 March 2026 was $12,227,114, down from $16,018,928 at 31 December 2025, reflecting $4.3 million in exploration and evaluation payments.

• $1,126,091 was received from the exercise of options during the quarter.

• Net cash used in operating activities for the quarter was $(202,000); net cash used in investing activities was $(4,531,000).

• Net cash from financing activities was $950,000 for the quarter.

• Estimated quarters of funding available at current expenditure rates is 2.73.

Outlook and guidance

• Interim Mineral Resource Estimate (MRE) update for the Paris Project is on track for Q2 2026.

• Focus remains on growing the Paris resource base, with ongoing multi-rig drilling and further diamond drilling planned to define new high-grade shoot boundaries.

• The new management team aims to accelerate exploration success and expand the high-grade resource inventory at Paris and HHH deposits.