TORQUE METALS LIMITED.. — Capital/Financing Update 2021

Jun 22, 2021

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Pro-forma statement of financial position Capital Raising of $5,500,000

Notes Current assets Cash & cash equivalents 3 Trade & other receivables Total current assets Non-current assets Exploration and evaluation expenditure Total non-current assets TOTAL ASSETS Current liabilities Trade & other payables Unsecured loans Total current liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 4a Options Reserve 4b Performance Reserve Equity Reserve Accumulated losses 5 TOTAL EQUITY	31 December 2020 Subsequent Events Pro forma Adjustments Pro-forma Balance $ $ $ $ 431,359 - 4,973,000 5,404,359 7,867 - - 7,867
	439,226 - 4,973,000 5,412,226
	3,369,650 - - 3,369,650
	3,369,650 - - 3,369,650
	3,808,876 - 4,973,000 8,781,876
	462,485 - - 462,485 30,729 - - 30,729
	493,214 - - 493,214
	493,214 - - 493,214
	3,315,662 - 4,973,000 8,288,662
	3,890,177 20,000 4,103,745, 8,013,922 106,857 - 1,013,630 1,120,487 259,499 - (259,499) - 13,592 - - 13,592 (954,463) (20,000) 115,124 (859,339)
	3,315,662 - 4,973,000 8,288,662

Note 3: Cash & Cash equivalents

Cash and cash equivalents Reviewed balance as at 31 December 2020 Pro-forma adjustments: Proceeds from shares issued under the Public Offer Expenses of the offer Total Pro-forma Balance Note 4: Equity a) Contributed equity Fully paid ordinary share capital of Torque Metals Limited as at 31 December 2020 (post consolidation) Subsequent Event Issued in accordance with Shareholders resolution 8 Feb 2021 Total on issue 19 March 2021 Pro-forma adjustments: Proceeds from shares issued under the IPO (minimum) Proceeds from shares issued under the IPO (maximum) Capital raising costs Total Pro-forma Balance	Pro forma after IPO $5,500,000 $ 5,404,359 431,359 5,500,000 (527,000) 4,973,000 5,404,359 Pro forma after IPO $5,500,000 $ 8,013,922 Number of shares After IPO Maximum 35,169,266 3,890,177 149,253 20,000 35,318,519 3,910,177 27,500,000 5,500,000 (1,396,255) 27,500,000 4,103,745 62,818,519 8,013,922	Pro forma after IPO $5,500,000 $ 5,404,359
		431,359 5,500,000 (527,000)
		4,973,000
		5,404,359

b) Reserves Reviewed balance as at 31 December 2020 Pro-forma adjustments: Issue of Options to Lead Manager Total Pro-forma Balance	Pro forma after IPO No. Pro forma after IPO $5,500,000 $ 12,625,500 1,120,487
	3,250,000 106,857
	9,375,500 1,013,630
	9,375,500 1,013,630
	12,625,500 1,120,487

Note 5: Accumulated Losses

Accumulated Losses Reviewed balance as at 31 December 2020 Subsequent Events Issue of Share /Finance Cost Pro-forma adjustments: Expenses of the Offer Total Pro-forma Balance	Pro forma after IPO $5,500,000 $ 859,339
	954,463
	20,000 (259,499) 144,375
	(95,124)
	859,339