GOLDARC RESOURCES LIMITED — Capital/Financing Update 2021

Feb 2, 2021

ASX / MEDIA ANNOUNCEMENT 3 February 2021

ABN: 72 002 261 565

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Furthest NW Phase 1 Assays Confirm High-Grade Extension of Mt Stirling Gold System

Highlights:

• First assays from the furthest NW Phase 1 (Section 1840N) MSRC061 return significant results of 5m @ 4.42 g/t Au from 73m including 1m @ 6.07 g/t Au from 77m

• Results confirm extension of Mt Stirling strike of mineralisation by at least 80m to the NW

• Significantly, three additional NW extension Phase 2 drill sections, occur in direct NW strike of MSRC061 gold intercept, for a further 120m extension of interpreted mineralised strike

• These 3 additional NW extension sections have also all intercepted a larger second significant mineralised Shear Zone to the immediate West, with high levels of arsenic in sulphides, significant fuchsite, chlorite and biotite alteration, and up to ~26m down-hole intercept for an interpreted 10m true-width zone

• Torian has expedited processing of NW extension drill holes MSRC087- 88 with assays pending

• Phase 3 (first of 5 diamond holes) MSRD001 (section 1640N ) has intercepted and extended Hanging Wall and Main Zone mineralisation (~250m below surface) for a further ~80m directly down-dip of previous high grade MSRC025 intercepts, with assay results also pending

• Mineralisation and structural positions encountered are consistent with previous high grade gold zones on section which returned Hanging Wall intercept of 4m @ 8.84 g/t Au (from 187m MSRC025); inc 1m @ 33.10 g/t Au (from 188m) and Main Zone 17m @ 1.66 g/t Au (from 234m); inc 3m @ 5.17 g/t Au (from 234m) and 1m @ 9.20 g/t Au (from 235m) (ASX release 6/1/21)

• The interpreted strike of the Mt Stirling gold system now exceeds ~600m

• Mineralisation footprint strike and depth extents so far are on par and consistent with regional significant discoveries, e.g. St Barbara’s (ASX:SBM) 4.8Moz Gwalia Mine and Saracen’s (ASX:SAR) 3.8Moz Thunderbox Mine, with the Mt Stirling Gold System remaining open in all directions

• Phase 3 drill program continues with extensional resource diamond drilling on 80m spacing, strategically planned to test structural model, extend resource, and vector on predicted plunge positions across ~360m of the interpreted ~1,250m Mt Stirling mineralised strike

• Torian awaiting results from 31 drill holes at Mt Stirling, 18 holes at Stirling Well and 19 holes from Diorite, with results forthcoming

• Results received to date bode well for Mt Stirling interim JORC resource upgrade due Q1 2021

• Replay of investor webinar held on January 27 can be viewed at: https://www.youtube.com/watch?v=V74bsCz9odc

• Torian will present at this week’s Share Cafe hosted webinar - Micro/Small Cap " Hidden Gems ". Friday February 5 12:30pm AEDT (Link to register: https://tinyurl.com/y4q35sek)

104 Colin Street E : info@torianresources.com.au Directors West PerthMt Stirling Gold Project - Drilling and Results update WA 6005 W : www.torianresources.com.au

Paul Summers, Executive Chairman Peretz Schapiro, Executive Director Dale Schultz, Non‐Executive Director Matthew Foy, Company Secretary

PO Box 191 West Perth WA 6872

T : +61 8 9420 8208 F : +61 8 9322 4130

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Torian Resources Limited ( Torian or the Company ) is pleased to announce a significant high-grade gold intercept discovered ~80m NW of the current defined resource estimate area (Figures 1 and 4).

First assays from the furthest Phase 1 hole of the North West extension (Section 1840N) MSRC061 returned significant results of 5m @ 4.42 g/t Au (from 73m), including 1m @ 6.07 g/t Au (from 77m).

These results confirm extension of Mt Stirling’s strike of mineralisation by at least 80m to the NW. Significantly, three additional NW extension Phase 2 drill sections, occur in direct NW strike of MSRC061 gold mineralisation intercepted, for a further 120m extension of interpreted mineralised strike.

These three additional NW extension sections have also all intercepted a second larger significant mineralised Shear Zone to the immediate West of MSRC061 intercept, with high levels of arsenic in sulphides, significant fuchsite, chlorite and biotite alteration, and up to ~26m down-hole intercept for an interpreted 10m true-width zone .

Torian has expedited processing of the central NW extension (Section 1920N) with MSRC087 and MSRC088 assays pending.

Further, of significance, the Project’s first diamond drill hole MSRD001 has intercepted mineralisation directly down-dip from the high-grade Hanging Wall and Main Zones, which subject to assays, is expected to expand the resource estimate a further ~120m below the previous maiden resource.

The mineralisation observed in the diamond drill core is substantially similar to the up-dip mineralisation that hosted high grade gold intercepts of 4m @ 8.84 g/t Au (from 187m MSRC025); inc 1m @ 33.10 g/t Au (from 188m); and 17m @ 1.66 g/t Au (from 235m); inc 3m @ 5.17 g/t Au (from 235m); and 1m @ 9.2 g/t Au (from 236m) (Figures 2, 4 and Photo 1) (refer ASX release 9/6/20).

Photo 1: MSRD001 Detailed Main Zone mineralisation 296.40m – 296.70m

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Torian’s Executive Director Mr Peretz Schapiro said “Our surface geochemistry and structural model implied that mineralisation continued along strike to the North West of Mt Stirling. Not only have these results extended the strike of the resource by at least 80m, they also coincide with recently discovered (pXRF) highly prospective arsenic leaking structures interpreted to be the surface expression of perhaps the centre of the Mt Stirling gold system. As such, we eagerly anticipate receiving further results from the NW phase of our drilling campaign.

We are additionally encouraged by what looks to be a significant continuation of the predicted gold system at depth, with our diamond drillers encountering similar mineralisation directly down-dip from high grade gold intercepts in RC drillhole MSRC025 of up to 33.10 g/t Au.

Should results confirm our interpretation of a shear-hosted gold system that continues at depth, for considerable down-dip depth, it would mean that Mt Stirling’s multiple gold structures continue to have the potential to depth and resemble that of regional operating gold mines e.g St Barbara’s (ASX:SBM) 4.8Moz Gwalia Mine and Saracen’s (ASX:SAR) 3.8Moz Thunderbox Mine, given it remains open in all directions.

The ongoing flow of high-grade results intercepted during our drilling campaign continues to justify our confidence in Mt Stirling, in that it is a much larger gold system than originally defined, with the system now exceeding 600m of strike and ~250m at depth. We anticipate that further results from our drilling program will continue to intercept economic grade gold as we have demonstrated that we are ‘on the system’.

In addition to extending the strike, Torian’s drilling has also intercepted grade above earlier reported historical drill hole intercepts which were used in the Company’s previous resource estimate. All the above (increase in strike, depth, and historical grade) gives us great confidence that when our interim resource is completed in the first quarter of this year, will result in a significant upgrade to our tonnage and gold ounces.

2021 is shaping up to be an exciting year for our Company as we anticipate significant news flow over the coming weeks and months. We eagerly await the results from an additional 18 drillholes from Phase 1 of the Mt Stirling program, along with results from 18 drillholes at Stirling Well, 21 exploratory drill holes at Diorite and the results from Phase 2 and 3 at Mt Stirling which now includes extensional diamond drilling.”

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Table 1: Mt Stirling Significant Intercepts from recent NW Phase 1 drilling

Section(N)	Hole ID	from (m)	to(m)	interval(m)	**Aug/t **	Intercept (g/t Au)
1760	SWC104	6	9	3	3.84	3m @ 3.84
	inc	7	8	1	6.41	1m @ 6.41
		17	18	1	3.03	1m@ 3.03
	SWC105	26	28	2	2.23	2m @ 2.23
	inc	26	27	1	3.26	1m @ 3.26
		36	38	2	3.52	2m @ 3.52
	inc	37	38	1	5.85	1m@ 5.85
	MSRC056					Assayspending
	SWC106	63	69	6	2.66	6m @ 2.66
	inc	63	65	2	6.29	2m @ 6.29
	and	64	65	1	8.54	1m@ 8.54
	MSRC057					Assays pending
	MSRC058					Assayspending
1800	MSRC059					Assays pending
	MSRC060					Assayspending
1840	MSRC061	73	78	5	4.42	5m @ 4.42
	inc	77	78	1	6.07	1m@ 6.07
	MSRC062					Assays pending
	MSRC063					Assayspending

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Table 2 : Mt Stirling Significant Intercepts from recent Central Phase 1 drilling

	Section (N)	Hole ID from (m) to(m) interval (m)	Aug/t Intercept (g/t Au)
	1600	SWC116 27 28 1	0.54 1m@0.54
		SWC117 9 20 11 inc 9 12 3 and 10 11 1 23 26 3 56 58 2	0.93 11m @ 0.93 2.18 3m @ 2.18 3.56 1m @ 3.56 0.59 3m @ 0.59 1.33 2m@1.33
		SWC118 45 46 1 52 54 2	0.84 1m @ 0.84 0.61 2m@0.61
		MSRC045 13 14 1	0.76 1m @ 0.76
		50 64 14	3.02 14m @ 3.02
		inc 53 59 6	5.90 6m @ 5.90
		and 54 55 1	21.34 1m@ 21.34
		MSRC046 MSRC047	Assays pending Assayspending
	1640	SWC113	NSI
		SWC114 15 27 12 inc 17 21 4 and 19 21 2	4.74 12m @ 4.74 12.98 4m @ 12.98 21.40 2m@ 21.40
		SWC115 50 54 4	2.06 4m@ 2.06
		MSRC048	Assayspending
		MSRC001 68 72 4 106 108 2 125 129 4 inc 127 128 1 137 139 2	0.78 4m @ 0.78 48.00 2m @ 48.00 1.01 4m @ 1.01 2.80 1m @ 2.80 1.01 2m@1.01
		MSRC049	Assayspending
		MSRC025 111 112 1 187 191 4 inc 188 189 1 225 226 1 230 231 1 234 251 17 inc 234 237 3 and 235 236 1	1.32 1m @ 1.32 8.84 4m @ 8.84 33.10 1m @ 33.10 0.97 1m @ 0.97 0.81 1m @ 0.81 1.66 17m @ 1.66 5.17 3m @ 5.17 9.20 1m@ 9.20
		MSRD001 HW Zone Main Zone	Assays pending Assayspending

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Mt Stirling Drilling Program Update

The NW extension Phase 2 advanced with all 9 drill holes for 1,977m intercepting wide shear hosted mineralisation on all three sections (1880N / 1920N / 1960N) with multiple zones of high levels of arsenic and significant fuchsite, chlorite and biotite alteration. These minerals and alteration are typically associated with gold mineralisation.

The objectives of this extensional phase of the drill program were to test subtle historical shallow Au mineralised trends, coinciding with recently discovered (pXRF) highly prospective arsenic leaking structures interpreted to be the surface expression of the centre of the Mt Stirling gold system. The interpreted NW mineralised Shear Zones intercepted are confirming the structural geological model.

The program has now entered Phase 3 with Torian recently commencing combined RC / Diamond Drilling at Mt Stirling. Five diamond drill holes will be drilled for 2,160m, with 2 holes for ~700 metres drilled to date. The purpose of this stage of the campaign will be to explore for extensions of mineralisation at greater depths beyond the current envelope of mineralisation, to approximately 300m below surface. Torian expects to gain valuable structural and geological data whilst extending the down-dip and interpreted plunge positions of mineralisation.

Results from Phases 2 and 3 of the drilling campaign, will be included in the Company’s second resource estimate due in Q3 2021, however a substantial amount of these phases may be incorporated into the Q1 interim resource estimate upgrade depending on when assays are received.

Photo 2: Mt Stirling Diamond rig on MSRD001 (1640N) and RC rig on MSRD002 precollar (1720N)

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Figure 1: Interpreted MSRC061 mineralisation on 1840N Section

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Figure 2: Interpreted MSRD001 mineralisation on 1640N Section
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Figure 3: Mt Stirling Drill Update
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Figure 4: Mt Stirling updated Long Section

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Figure 5: Mt Stirling Maiden vs Current Resource Drillholes

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Figure 6: Mt Stirling RC Phase 1 – Maiden Resource Estimate bounds in red projected to surface

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Mt Stirling Gold Project Interim Resources Upgrades

As has been previously announced, Torian has prioritised processing the results from the Mt Stirling program as it has engaged resource estimate consultants to conduct an interim JORC resource upgrade, with the intention of expanding the current inferred resource estimate of 33.9koz at Mt Stirling and the 16.4koz inferred resource at Mt Stirling Well. The Company is on target for a resource estimate update in the first quarter of 2021.

The Mt Stirling maiden Inferred Resource Estimate (BMGS Dec 2018) included 26 historical shallow drill holes for a combined 727,021t @ 1.45 g/t Au for 33,893oz.

The Mt Stirling Phase 1 program provides an additional 31 drill holes, combined with a further 4 historical drill holes that were outside of the maiden Resource Estimate, for a combined 61 drill holes to be included in the 2021 Q1 Resource Estimate upgrade.

Table 3 : Mt Stirling Drill Collar Table * Yet to drill

Tenement	Prospect	Section (N)	Hole ID	**Type **	East	North	RL	Az (mag)	Dip	Depth (m)
M37/1306	Mt Stirling	1640	MSRD001	RC/DDH	311727	6835007	427	231	‐60	387.8
		1720	MSRD002	RC/DDH	311689	6835074	428	230	‐60	in progress
		1800	MSRD003*	RC/DDH	311612	6835121	427	232	‐60	400*
		1840	MSRC061	RC	311458	6835083	420	237	‐60	94
			MSRC062	RC	311493	6835103	420	237	‐60	194
			MSRC063	RC	311527	6835122	420	236	‐60	276
		1880	MSRC084	RC	311406	6835100	420	237	‐60	200
			MSRC085	RC	311441	6835119	420	236	‐60	200
			MSRC086	RC	311477	6835139	420	235	‐60	226
			MSRD004*	RC/DDH	311545	6835177	426	233	‐60	500*
		1920	MSRC087	RC	311387	6835134	420	237	‐60	200
			MSRC088	RC	311422	6835153	420	237	‐60	257
			MSRC089	RC	311456	6835173	420	235	‐60	262
		1960	MSRC090	RC	311338	6835152	420	237	‐60	150
			MSRC091	RC	311374	6835172	420	237	‐60	226
			MSRC092	RC	311408	6835191	420	235	‐60	256
			MSRD005*	RC/DDH	311443	6835211	424	233	‐60	380*
		2000	MSRC096	RC	311388	6835226	420	235	‐60	in progress

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Figure 7: A regional map of the Mt Stirling Gold Project tenements showing the Stirling and Diorite Blocks and surrounding Red 5 (ASX:RED) tenements including the 4.1Moz King of the Hills gold mine

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Table 4: Mt Stirling Significant intercepts

Section(N)	Hole ID from(m) to(m) interval(m) Aug/t Intercept (g/t Au)
1400	MSRC033 34 35 1 2.64 1m @ 2.64 65 70 5 1.07 5m @ 1.07 inc 68 70 3 1.41 3m @ 1.41 77 78 1 0.94 1m @ 0.94 81 82 1 0.63 1m @ 0.63 101 102 1 2.23 1m@ 2.23
	MSRC027 107 111 4 0.76 4m @ 0.76 117 118 1 0.69 1m @ 0.69 121 123 2 0.75 2m @ 0.75 151 156 5 0.51 5m @ 0.51 203 204 1 1.45 1m @ 1.45 211 212 1 0.55 1m@0.55
	MSRC028 77 78 1 0.64 1m @ 0.64 119 120 1 2.16 1m @ 2.16 206 213 7 0.73 7m @ 0.73 225 227 2 0.83 2m@0.83
1440	MSRC034 11 12 1 0.79 1m @ 0.79 16 17 1 0.68 1m @ 0.68 27 32 5 2.89 5m @ 2.89 inc 27 28 1 8.74 1m @ 8.74 42 52 10 1.31 10m @ 1.31 inc 44 50 6 1.81 6m @ 1.81 55 59 4 0.83 4m@0.83
	MSRC035 34 36 2 2.06 2m @ 2.06 inc 35 36 1 3.37 1m @ 3.37 85 86 1 2.85 1m @ 2.85 129 131 2 0.85 2m @ 0.85 135 136 1 0.58 1m @ 0.58 140 150 10 0.71 10m @ 0.71 inc 145 147 2 1.29 2m@1.29
	MSRC036 83 84 1 2.14 1m @ 2.14 241 249 8 0.76 8m @ 0.76 inc 247 249 2 1.00 2m @ 1.00 293 294 1 1.57 1m@1.57

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Section(N)	Hole ID from(m) to(m) interval(m) Aug/t Intercept (g/t Au)
1480	SWC125 NSI
	SWC126 0 19 19 1.25 19m @ 1.25 inc 3 4 1 4.79 1m @ 4.79 22 24 2 0.65 2m@0.65
	MSRC037 5 7 2 0.87 2m @ 0.87 12 16 4 0.51 4m @ 0.51 21 44 23 1.08 23m @ 1.08 inc 22 24 2 3.14 2m @ 3.14 and 34 36 2 2.07 2m @ 2.07 50 52 2 1.38 2m @ 1.38 50 51 1 2.10 1m@ 2.10
	SWC127 5 7 2 0.77 2m @ 0.77 20 21 1 1.70 1m @ 1.70 26 47 21 0.84 21m @ 0.84 inc 26 27 1 2.14 1m @ 2.14 and 31 32 1 2.17 1m@ 2.17
	MSRC002 114 143 29 0.88 29m @ 0.88 inc 115 119 4 2.09 4m@ 2.09
	MSRC038 101 122 21 1.15 21m @ 1.15 inc 103 109 6 1.62 6m @ 1.62 and 104 105 1 2.37 1m@ 2.37
	MSRC026 82 83 1 0.64 1m @ 0.64 88 89 1 4.92 1m @ 4.92 198 206 8 1.88 8m @ 1.88 inc 198 199 1 3.58 1m @ 3.58 and 205 206 1 4.42 1m @ 4.42 210 213 3 0.91 3m @ 0.91 216 217 1 0.72 1m@0.72
1520	SWC122 0 1 1 0.75 1m@0.75
	SWC123 13 37 24 1.84 24m @ 1.84 inc 13 14 1 3.94 1m @ 3.94 and 18 29 11 2.82 11m @ 2.82 inc 21 22 1 9.93 1m @ 9.93 42 43 1 0.71 1m@0.71
	MSRC039 20 38 18 0.96 18m @ 0.96
	inc 23 26 3 2.54 3m @ 2.54
	and 24 25 1 4.76 1m@4.76
	SWC124 46 53 7 3.44 7m @ 3.44 inc 46 48 2 9.95 2m @ 9.95 and 47 48 1 12.60 1m @ 12.60 56 63 8 1.23 8m @ 1.23 inc 58 59 1 2.13 1m@ 2.13
	MSRC040 6 7 1 3.51 1m @ 3.51
	106 107 1 4.05 1m @ 4.05
	116 120 4 1.17 4m@ 1.17
	MSRC041 242 247 5 0.66 5m @ 0.66
	inc 245 246 1 1.30 1m@1.30

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Section(N)	Hole ID from (m) to(m) interval(m) Aug/t Intercept (g/t Au)
1560	SWC119 NSI
	SWC120 1 10 9 1.64 9m @ 1.64 inc 8 10 2 3.74 2m @ 3.74 and 8 9 1 5.51 1m @ 5.51 14 18 4 0.81 4m@0.81
	MSRC042 32 33 1 0.57 1m @ 0.57
	36 47 11 1.15 11m @ 1.15
	inc 37 39 2 2.47 2m@ 2.47
	SWC121 15 20 5 0.63 5m @ 0.63 19 20 1 2.89 1m @ 2.89 34 49 15 1.06 15m @ 1.06 inc 37 40 3 2.80 3m @ 2.80 and 39 40 1 4.23 1m@ 4.23
	MSRC043 22 23 1 2.52 1m @ 2.52
	26 28 2 0.58 2m @ 0.58
	40 44 4 1.29 4m @ 1.29
	92 93 1 0.79 1m @ 0.79
	97 104 7 1.29 7m @ 1.29
	inc 100 104 4 2.07 4m @ 2.07
	126 133 7 1.23 7m @ 1.23
	inc 127 128 1 3.42 1m @ 3.42
	138 143 5 0.76 5m@0.76
	MSRC044 286 294 8 0.76 8m @ 0.76
	inc 286 287 1 1.51 1m@1.51
1600	SWC116 27 28 1 0.54 1m@0.54
	SWC117 9 20 11 0.93 11m @ 0.93 inc 9 12 3 2.18 3m @ 2.18 and 10 11 1 3.56 1m @ 3.56 23 26 3 0.59 3m @ 0.59 56 58 2 1.33 2m@1.33
	SWC118 45 46 1 0.84 1m @ 0.84 52 54 2 0.61 2m@0.61
	MSRC045 13 14 1 0.76 1m @ 0.76
	50 64 14 3.02 14m @ 3.02
	inc 53 59 6 5.90 6m @ 5.90
	and 54 55 1 21.34 1m@ 21.34
	MSRC046 Assays pending MSRC047 Assayspending

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Section(N)	Hole ID from(m) to(m) interval(m) Aug/t Intercept (g/t Au)
1640	SWC113 NSI
	SWC114 15 27 12 4.74 12m @ 4.74 inc 17 21 4 12.98 4m @ 12.98 and 19 21 2 21.40 2m@ 21.40
	SWC115 50 54 4 2.06 4m@ 2.06
	MSRC048 Assayspending
	MSRC001 68 72 4 0.78 4m @ 0.78 106 108 2 48.00 2m @ 48.00 125 129 4 1.01 4m @ 1.01 inc 127 128 1 2.80 1m @ 2.80 137 139 2 1.01 2m@1.01
	MSRC049 Assayspending
	MSRC025 111 112 1 1.32 1m @ 1.32 187 191 4 8.84 4m @ 8.84 inc 188 189 1 33.10 1m @ 33.10 225 226 1 0.97 1m @ 0.97 230 231 1 0.81 1m @ 0.81 234 251 17 1.66 17m @ 1.66 inc 234 237 3 5.17 3m @ 5.17 and 235 236 1 9.20 1m@ 9.20
	MSRD001 Assayspending
1680	SWC110 NSI
	SWC111 18 21 3 5.35 3m @ 5.35 inc 19 20 1 10.00 1m @ 10.00 25 27 2 0.65 2m@0.65
	MSRC050 Assayspending
	SWC112 47 50 3 1.69 3m @ 1.69 53 54 1 3.52 1m@ 3.52
	MSRC051 Assayspending
	MSRC052 Assayspending
1720	SWC107 0 5 5 1.56 5m @ 1.56 inc 4 5 1 5.12 1m@ 5.12
	SWC108 17 26 9 0.78 9m @ 0.78 inc 23 26 3 1.27 3m@1.27
	SWC109 40 41 1 0.51 1m @ 0.51 48 51 3 3.34 3m @ 3.34 inc 49 51 2 4.14 2m@ 4.14
	MSRC053 Assays pending MSRC054 Assays pending MSRC055 Assayspending

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Section(N)	Hole ID from(m) to(m) interval(m) Aug/t Intercept (g/t Au)
1760	SWC104 6 9 3 3.84 3m @ 3.84 inc 7 8 1 6.41 1m @ 6.41 17 18 1 3.03 1m@ 3.03
	SWC105 26 28 2 2.23 2m @ 2.23 inc 26 27 1 3.26 1m @ 3.26 36 38 2 3.52 2m @ 3.52 inc 37 38 1 5.85 1m@ 5.85
	MSRC056 Assayspending
	SWC106 63 69 6 2.66 6m @ 2.66 inc 63 65 2 6.29 2m @ 6.29 and 64 65 1 8.54 1m@ 8.54
	MSRC057 Assays pending MSRC058 Assayspending
1800	MSRC059 Assays pending MSRC060 Assayspending
1840	MSRC061 73 78 5 4.42 5m @ 4.42 inc 77 78 1 6.07 1m@ 6.07
	MSRC062 Assays pending MSRC063 Assayspending

This announcement has been authorised for release by the Board of Directors.

Peretz Schapiro Executive Chairman Torian Resources Ltd info@torianresources.com.au

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About Torian:

Torian Resources Ltd (ASX: TNR) is a highly active gold exploration and development company with an extensive and strategic land holding comprising six projects and over 400km² of tenure in the Goldfields Region of Western Australia. All projects are nearby to excellent infrastructure and lie within 50km of major mining towns.

Torian’s flagship Mt Stirling Project is situated approximately 40km NW of Leonora, and neighbours Red 5’s Kind of the Hills mine. The region has recently produced approximately 14M oz of gold from mines such as Tower Hills, Sons of Gwalia, Thunderbox, Harbour Lights and Gwalia.

The Mt Stirling Project consists of 2 blocks:

1. The Stirling Block to the north which contains two JORC Inferred resources.

2. a. Mt Stirling – 727,000t at 1.45 g/t Au for 33,900oz

3. b. Stirling Well – 253,500t at 2.01 g/t Au for 16,384oz

4. The Diorite Block to the south, home of the historic 73 g/t Diorite King Mine.

The Mount Monger goldfield is located within the Kalgoorlie terrane subdivision of the Eastern Goldfields Province. This 3,700-hectare project lies within close vicinity of Silver Lake Resources Ltd’s (ASX: SLR) key asset, the Mount Monger Gold Camp, a prolific part of the Eastern Goldfields district of Western Australia. The Mount Monger Camp had produced more than 1.67Moz in the last 30 years, and more than 330,000 ounces for Silver Lake in in the last 24 months alone.

The project consists of two distinct areas:

1. The Wombola Block to the north

2. The Mt Monger South Block to the south

The Company is now actively pursuing a proposed spin off of the Mt Monger and Gibraltar Projects, which proposes that Toian will hold approximately 10% of the new listed entity plus a 20% free carried JV interested in the projects.

Another project in the Kalgoorlie region is the Zuleika project in which the Company is involved in a JV with Dampier Gold Ltd (ASX: DAU). The Zuleika project is located along the world-class Zuleika Shear, which is the fourth largest gold producing region in Australia and consistently produces some of the country’s highest grade and lowest cost gold mines. This project lies north and partly along strike of several major gold deposits including Northern Star’s (ASX: NST) 7.0Moz East Kundana Joint Venture and Evolution’s (ASX: EVN) 1.8Moz Frogs Legs and White Foil deposits.

Torian’s other projects within the Kalgoorlie region include the Bonnie Vale and Gibraltar Projects, and its Credo Well JV with Dampier Gold Ltd (ASX: DAU), host of a JORC Inferred resource of 86,419t at 4.41 g/t Au for 12,259 oz.

Streamlined Competent Person Statement

The information in this report relating to exploration results and Minerals Resource Estimates is based on information compiled, reviewed and relied upon by Mr Dale Schultz. Mr Dale Schultz, Principle of DjS Consulting, who is Torian’s consulting Geologist and Director, compiled, reviewed and relied upon prior data and ASX releases dated 25 February 2019 and 29 January 2020 to put together the technical information in this release and is a member of

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the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr Schultz has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Schultz consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The JORC Resource estimates released on 25 February 2019 were reviewed and relied upon by Mr Dale Schultz were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).

Torian Resources confirms in the subsequent public report that it is not aware of any new information or data that materially affects the information included in the relevant market announcements on the 25 February 2019 and 29 January 2020 and, in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement reviewed by Mr Dale Schultz continue to apply and have not materially changed.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.

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Mt Stirling Project: JORC Table 1

Section 1 ‐ Sampling Techniques and Data

Criteria	Commentary
Sampling techniques	 Drilling results reported are from previous and current exploration completed by Torian Resources Ltd and historical explorers including the original vendors of M37/1306, North Ltd, Dominion Mining Limited and Tern Minerals Ltd.  Reverse circulation drilling was used to obtain 1m split samples from which 2‐3kg was pulverised to produce a 500g tub for Photon assay. Sampling has been carried out to company methodology and QA/QC to industry best practice. Zones of interest were 1m split sampled, and comp spear sampling was carried out on interpreted barren zones. Samples were dispatched to MinAnalytical in Kalgoorlie were prep included sorting, drying and pulverisation for a 500gm Photon Assay (PAAU02)
Drilling techniques	 Historical drilling techniques include reverse circulation (RC) drilling. Standard industry techniques have been used where documented. Current RC drilling was carried out by PXD and Orlando utilising a Schramm truck and track mounted rig respectively.  The more recent RC drilling utilised a face sampling hammer with holes usually 155mm in diameter.
Drill sample recovery Logging	 Drill recovery has not been routinely recorded on historical work, and is captured for all recent drilling
	 Geological logs are accessible and have been examined over the priority prospect areas. The majority of the logging is of high quality and has sufficiently captured key geological attributes including lithology, weathering, alteration and veining.  Logging is qualitative in nature, to company logging coding.  All samples / intersections have been logged. 100% of relevant length intersections have been logged.
Sub‐sampling techniques and sample preparation	 Standard industry sampling practices have been undertaken by the historical exploration companies. Appropriate analytical methods have been used considering the style of mineralisation being sought.  Sample sizes are considered appropriate.
	 QC/QC data is absent in the historical data with the exception of the more recent Torian drilling, where sample standards and blanks are routinely used.

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	 In the more recent Torian drilling duplicate samples (same sample duplicated) were commonly inserted for every 20 samples taken. Certified Reference Materials (CRM's), blanks and duplicates, are included and analysed in each batch of samples.  There is a significant amount of coarse gold at the Mt Stirling Well Prospect. This is reflected in the poor repeatability of some samples and was also noted on the drill logs.
Quality of assay data and laboratory tests	 The historical drill sample gold assays are a combination of Fire Assay and Aqua Regia. The assay techniques and detection limits are appropriate for the included results.  Various independent laboratories have assayed samples from the historical explorers drilling. In general they were internationally accredited for QAQC in mineral analysis.  No geophysical tools have been used to date.  The laboratories inserted blank and check samples for each batch of samples analysed and reports these accordingly with all results.  Samples were analysed for gold via a 50 gram Lead collection fire assay and Inductively Coupled Plasma optical (Atomic) Emission Spectrometry to a detection limited of 0.005ppm Au.  Intertek Genalysis routinely inserts analytical blanks, standards and duplicates into the client sample batches for laboratory QAQC performance monitoring.  The laboratory QAQC has been assessed in respect of the RC chip sample assays and it has been determined that the levels of accuracy and precision relating to the samples are acceptable.
Verification of sampling and assaying	 The historical and current drill intercepts reported have been calculated using a 0.5g/t Au cut‐off, with a maximum 2m internal waste. Twinned holes have been completed to verify repeatability of sampling and assaying used to date.  Documentation of primary data is field log sheets (handwritten) or logging to laptop templates. Primary data is entered into application specific data base. The data base is subjected to data verification program, erroneous data is corrected. Data storage is retention of physical log sheet, two electronic backup storage devices and primary electronic database.
Location of data points	 Drill hole collarswere located using a handheld GPS system. The coordinated are stored in a digital exploration database and are referenced to MGA Zone 51 Datum GDA 94.  Location of the majority of the historical drill holes has been using a handheld GPS system, or local grids that have been converted to MGA Zone 51 Datum GDA 94. Survey control used is handheld GPS for historic holes and  The more recent Torian drilling has been located utilising a differential GPS and the majority of these holes have been surveyed downhole.
Data spacing and distribution	 The historical drill spacing is variable over the project as depicted on map plan diagrams.

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	 Drill spacing over the more advanced Mt Stirling and Mt Stirling Well Prospects varies from 40m by 40m to 20m by 20m respectively.  Sample compositing has been used in areas where mineralisation is not expected to be intersected. If results return indicate mineralisation, 1m split samples were submitted for analysis.
Orientation of data in relation to geological structure	 The orientation of the drilling is approximately at right angles to the known mineralisation trend and so gives a fair representation of the true width of mineralisation intersected.  No sampling bias is believed to occur due to the orientation of the drilling.
Sample security	 Drill samples were compiled and collected by Torian employees/contractors. All sample were bagged into calico bags and tied. Samples were transported from site to the MinAnalytical laboratory in Kalgoorlie by Torian employees/contractors.  A sample submission form containing laboratory instructions was submitted to the laboratory. The sample submission form and sample summary digitised records were compiled and reviewed so as to check for discrepancies.
Audits or reviews	Areview of historical data over the main Mt Stirling and Mt Stirling Well Prospects has been undertaken. The QA/QC on data over the remainder of the project tenements is ongoing.

Section 2 - Reporting of Exploration Results

Criteria Mineral tenement and land tenure status Exploration done by other parties	Commentary
	 Mt Stirling is located on M37/1306 and forms part of the Mt Stirling Joint Venture. This tenement is held by a third party on behalf of the Joint Venture. Torian Resources is the Manager of the Joint Venture and holds executed transfers which will permit this tenement becoming the property of the Joint Venture. Torian has purchased a 51% interest in the project and is earning up to 90% by completing exploration on the tenements.  Mt Stirling Well sits entirely with M37/1305, Torian Resources has a 100% interest in this tenement.  The tenements are in good standing.
	 Previous exploration completed by Torian Resources Ltd and historical explorers including the original vendors of M37/1306, North Ltd, Dominion Mining Limited and Tern Minerals Ltd.
Geology	 The Mt Stirling Project tenements are located 40 km northwest of Leonora within the Mt Malcolm District of the Mt Margaret Mineral Field.

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	 The project tenements are located within the Norseman‐Wiluna Greenstone Belt in the Eastern Goldfields of Western Australia.  The project tenements cover a succession of variolitic, pillowed high Mg basalts that have been intruded by the Mt Stirling syenogranite/monzogranite.  Historical prospecting and exploration activities have identified areas of gold mineralisation at the Mt Stirling and Mt Stirling Well Prospects. The orogenic style gold mineralisation appears in different manifestations at each of the prospects.  At the Mt Stirling Prospect gold mineralisation is associated with zones of alteration, shearing and quartz veining within massive to variolitic high Mg basalt. The alteration zones comprise quartz‐carbonate‐chlorite‐sericite‐pyrite+/‐ fuchsite.  At the Mt Stirling Well Prospect gold mineralisation is associated with millimetre to centimetre scale quartz veining within the Mt Stirling syenogranite/monzogranite. The gold mineralised quartz veins have narrow sericite/muscovite‐ epidote‐pyrite and potassic alteration selvages.  The characteristic of each prospect adheres to generally accepted features of orogenic gold mineralisation of the Eastern Goldfields of Western Australia.
Drill hole Information	 The location of drill holes is based on historical reports and data originally located on handheld GPS devices.  Northing and easting data for historic drilling is generally within 10m accuracy.  Recent Torian RC drill holes located with differential GPS.  Northing and easting on current May 2020 drilling is ± 3m accuracy.  No material information, results or data have been excluded.
Data aggregation methods	 Best gold in drill hole was calculated by taking the maximum gold value in an individual down hole interval from each drill hole and plotting at the corresponding drill hole collar position. Individual downhole intervals were mostly 1m, but vary from 1m to 4m in down hole length.  In relation to the reported historical drill hole intersection a weighted average was calculated by a simple weighting of from and to distances down hole. The samples were 2m down hole samples. No top cuts were applied.  The current drill hole intersection is reported using a weighted average calculation by a simple weighting of from and to distances down hole at 1m intervals per sample.  The historical drilling intercept reported has been calculated using a 0.5g/t Au cut‐off, no internal waste and with a total intercept of greater than 0.5 g/t Au.  No metal equivalent values are used
Relationship between mineralisation widths and intercept lengths	 The orientation of the drilling is approximately at right angles to the known trend mineralisation.

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	 At Mt Stirling Well the gently dipping nature of the mineralisation means that steeply inclined holes give approximately true widths.  At Mt Stirling the steep dip of the mineralisation means that drill widths are exaggerated.  Down hole lengths are reported, true width not known.
Diagrams	 The data has been presented using appropriate scales and using standard aggregating techniques for the display of data at prospect scale.  Geological and mineralisation interpretations based off current understanding and will change with further exploration.
Balanced reporting	 Historical Torian drilling at the Mt Stirling and Mt Stirling Well Prospects has been reported in TNR:ASX announcements dated: 16/05/2019, 25/02/2019, 23/11/2016, 18/11/2016, 20/09/2016, 03/03/2016.
Other substantive exploration data	 Geological interpretations are taken from historical and ongoing exploration activities. Detailed historical exploration with the existing Mt Stirling and Mt Stirling Well Prospects has provided a reasonable understanding of the style and distribution of local gold mineralised structures at these prospects.  Other areas outside of the existing Mt Stirling and Mt Stirling Well prospects are at a relatively early stage and further work will enhance the understanding of the gold prospectivity of these areas.
Further work	 A review of the historical exploration data is ongoing with a view to identify and rank additional target areas for further exploration.  The results of this ongoing review will determine the nature and scale of future exploration programs.  Diagrams are presented in this report outlining areas of existing gold mineralisation and the additional gold target areas identified to date.

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