TORQUE METALS LIMITED.. — Capital/Financing Update 2022

Jun 29, 2022

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

TORQUE METALS LIMITED..

Date of this announcement

Thursday June 30, 2022

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unlisted Options exercisable at $0.30 each and	11,225,000	29/06/2022
to be confirmed	expiring 18 months after the date of issue

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

TORQUE METALS LIMITED..

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ACN

Registration number

621122905

1.3 ASX issuer code

TOR

1.4 The announcement is

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New announcement

1.5 Date of this announcement

30/6/2022

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Two Appendix 3b lodged 27 April 2022

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unlisted Options exercisable at $0.30 each and expiring 18 months after the date of issue +Security type ISIN code Options Date the +securities the subject of this notification were issued 29/6/2022 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? Yes Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://wcsecure.weblink.com.au/pdf/TOR/02514130.pdf

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.30000000 28/12/2023 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description TOR Ordinary Fully Paid

Any other information the entity wishes to provide about the +securities the subject of this notification

7,475,000 issued to unrelated parties placement at a 1 for 2 free attaching option subject to shareholder approval. 3,750,000 issued to Euroz Hartleys as Broker Option pursuant to the Lead Managers Agreement to receive 1 option for every 4 shares subscribed for under the placement

Please provide any further information needed to understand the circumstances in which you are notifying the

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Was announced to ASX via Appendix 3B dated 27 April 2022 https://wcsecure.weblink.com.au/pdf/TOR/02514130.pdf

Issue details

Number of +securities

11,225,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

None

Purpose of the issue

To raise additional working capital

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
TOR : ORDINARY FULLY PAID	63,069,953
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted	on ASX)
	Total number of
ASX +security code and description	+securities on issue
TORAL : OPTION EXPIRING 17-FEB-2024 EX $0.30	2,000,000
TORAF : OPTION EXPIRING 27-JUL-2023 RESTRICTED	1,000,000
TORAG : OPTION EXPIRING 23-JUN-2024 RESTRICTED	3,875,000
TORAH : OPTION EXPIRING 23-JUN-2024 RESTRICTED	5,500,000
TORAD : ORDINARY FULLY PAID RESTRICTED	14,698,566
TORAE : OPTION EXPIRING 22-DEC-2023 RESTRICTED	2,250,000
TORAI : OPTION EXPIRING 30-NOV-2023 EX $0.30	12,634,092
New class - code to be confirmed : Unlisted Options exercisable at $0.30 each and expiring	11,225,000
18 months after the date of issue

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

29/6/2022

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