TORQUE METALS LIMITED.. — Capital/Financing Update 2021

Nov 30, 2021

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1 December 2021

LOYALTY OPTION OFFER RECEIVES OVERWHELMING INVESTOR SUPPORT

Perth-based, Western Australian-focused gold explorer Torque Metals Limited (“ Torque ” or “the Company”) ( ASX:TOR ) is pleased to announce results of the pro-rata entitlement offer of loyalty options to eligible shareholders (“Loyalty Option Offer”).

The Loyalty Option Offer - structured as a pro rata non-renounceable entitlement offer - provided eligible shareholders the opportunity to acquire one (1) option for every four (4) shares held by those Shareholders at an issue price of $0.01 per Option to raise up to $157,046 (before costs of the offer) being up to approximately 15,704,630 Options.

Torque confirms that at the Entitlement Offer Closing Date of 25[th] November 2021,12,634,092 Options representing 80.45% of eligible shareholders took up their allotment of Options under the Loyalty Option Offer.

Each Option has an exercise price of $0.30 each and expiry date of 30 November 2023.

Torque Executive Chairman Mr Ian Finch said:

“We are very pleased with the overwhelming response from our shareholder and investor base to this Offer. Their strong support further validates our continued exploration campaign at the exciting emerging gold project we have at Paris.”

This announcement has been authorised by the Board of Torque Metals.

ENDS

For further information, please contact:

Ian D. Finch Executive Chairman ian@torquemetals.com M: +61 414 270 248

Media

David Tasker / Colin Jacoby Chapter One Advisors dtasker@chapteroneadvisors.com.au cjacoby@chapteroneadvisors.com.au M: +61 433 112 936 / +61 439 980 359

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