TORQUE METALS LIMITED.. — Capital/Financing Update 2023

Nov 14, 2023

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ASX: TOR
ASX Announcement
15 November 2023
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at New Dawn

Torque Metals Limited (ASX: TOR ) (the “Company”), is pleased to provide an update of its inaugural diamond and reverse circulation drilling campaign at the New Dawn Lithium Project (“New Dawn”) located 600m West of Bald Hill lithium – tantalum deposit in the heart of Western Australia’s Goldfields.

Highlights

• Assay received from 2 Diamond holes with high grade mineralisation up to 2.45% Li2O

• Visible fine to coarse grained crystalline spodumene mineralisation intersected, best results include;

• 6.44m @ 1.01% Li2O , from 222.07m including 3.92m @ 1.52% Li2O from 222.73m (23NDDD005)

• 3.66m @ 1% Li2O , from 207m including 2.63m @ 1.24% Li2O from 209.07m (23NDDD005)

• RC drilling locates vertically stacked pegmatites with spodumene visually indicated under UV light

• All holes drilled consistently intersected vertically stacked pegmatites. 19 RC and 2 Diamond holes are pending assay within 6,628m completed

• Easterly intersections demonstrate multiple thick, continuous pegmatite lodes (with spodumene indicated under UV light) remaining open to the north and south on a southeast trend towards the neighbouring Bald Hill deposit.

• Drilling program to be expanded as multiple lodes remaining open to the north and south with more than 90% of New Dawn still to be tested

Torque’s Managing Director, Cristian Moreno, commented:

"Confirmation of high-grade lithium mineralisation at depth, as well as exciting visual observations of shallow RC intervals underscores our confidence. I believe we are just touching on a significant lithium-tantalum deposit probably representing an extension of the adjacent Bald Hill mineralised system.

“The Eastern holes have intersected multiple thick, continuous zones of spodumene extending southeast towards Bald Hill, which we hope to confirm with assays. Favourably, these lodes remain open to the north and south, highlighting the outstanding potential that New Dawn holds.

“Our RC drilling has consistently intersected vertically stacked pegmatites in every single hole, with spodumene intercepts apparent under UV light. Having 19 Reverse Circulation (RC) and 2 Diamond holes still pending assay, the Company looks forward to delivering positive results from mid-November.

Torque Metals Limited ASX:TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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New Dawn Lithium Project – Drilling results

Torque Metals received assay results from 2 diamond holes within New Dawn Lithium Project. Hole 23NDDD005 reported intercepts of fine to coarse grained crystalline spodumene grades up to 2.45% Li2O. Best results are:

• 6.44m @ 1% Li2O , from 222.07m including 3.92m @ 1.52% Li2O from 222.73m (23NDDD005)

• 3.66m @ 1% Li2O , from 207m including 2m @ 1% Li2O from 209.07m (23NDDD005)

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Figure 1 New Dawn Lithium Project showing mining licences, pre-native title in relation with Bald Hill mine.

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Figure 2 New Dawn Lithium Project, RC and Diamond drill hole location.

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Figure 3 Diamond core 23NDDD005 from 207.06m to 210.10m from New Dawn Lithium Project. Note that assays for this hole were received.

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Figure 4 Diamond core 23NDDD005 from 223.81m to 226.7m from New Dawn Lithium Project. Note that assays for this hole were received.

New Dawn Lithium Project – RC results pending

Current exploration campaign comprises 19 Reverse Circulation (RC) and 2 Diamond drill holes for 6,628m; for which assay results are imminent. Notably, RC drilling program consistently encountered vertically stacked pegmatites with spodumene visually discernible under UV light.

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Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Figure 5 RC chips from 23RCND012 under natural and fluorescent light indicating abundant spodumene mineralisation which typically fluoresces bright salmon orange under UV light. Note that assays for this hole are pending. See APPENDIX 2 for full data and cautionary disclaimer.

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Figure 6 RC chips from 23RCND007 under natural and fluorescent light indicating abundant spodumene mineralisation which typically fluoresces bright salmon orange under UV light. Note that assays for this hole are pending. See APPENDIX 2 for full data and cautionary disclaimer.

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Figure 7 RC chips from 23RCND016 under natural and fluorescent light indicating abundant spodumene mineralisation which typically fluoresces bright salmon orange under UV light. Note that assays for this hole are pending. See APPENDIX 2 for full data and cautionary disclaimer.

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Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Figure 8 RC chips from 23RCND014 under natural and fluorescent light indicating abundant spodumene mineralisation which typically fluoresces bright salmon orange under UV light. Note that assays for this hole are pending. See APPENDIX 2 for full data and cautionary disclaimer.

Cautionary note: In relation to the disclosure of visual observations of rock type, the Company cautions that visual estimates of pegmatite should never be considered a proxy for lithium mineralisation or a substitute for laboratory analysis. Laboratory assay results are required to determine the widths, mineralogy, and lithium grade within the visible intercepts of pegmatite.

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Figure 9 New Dawn Lithium Project. Cross Section showing current drilling and pegmatite intersections

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Table 1 Intervals logged as pegmatite, assay results pending (no estimation of mineral abundance). See APPENDIX 2 for full data and cautionary disclaimer.

Hole ID	From (m)	To (m)	Interval (m)	Rock Type	Hole ID	From (m)	To (m)	Interval (m)	Rock Type
2023NDDD007 29.78 37.52 7.74 Pegmatite 2023NDDD007 176.59 178.68 2.09 Pegmatite 2023NDDD007 186.44 189.65 3.21 Pegmatite 2023NDDD007 219.81 225.97 6.16 Pegmatite 2023NDDD007 229.33 239.42 10.09 Pegmatite 2023NDDD007 244.98 248.43 3.45 Pegmatite					2023NDRC011 12 17 5 Pegmatite 2023NDRC011 24 30 6 Pegmatite 2023NDRC011 179 181 2 Pegmatite 2023NDRC011 219 221 2 Pegmatite 2023NDRC011 233 240 7 Pegmatite 2023NDRC011 268 271 3 Pegmatite
2023NDDD008 11.88 16.76 4.88 Pegmatite 2023NDDD008 127.11 127.22 0.11 Pegmatite 2023NDDD008 156.18 156.35 0.17 Pegmatite					2023NDRC012 2 6 4 Pegmatite 2023NDRC012 15 22 7 Pegmatite 2023NDRC012 39 49 10 Pegmatite 2023NDRC012 50 51 1 Pegmatite 2023NDRC012 192 201 9 Pegmatite 2023NDRC012 204 205 1 Pegmatite 2023NDRC012 245 246 1 Pegmatite 2023NDRC012 254 257 3 Pegmatite 2023NDRC012 262 268 6 Pegmatite 2023NDRC012 298 300 2 Pegmatite
2023NDRC001 32 36 4 Pegmatite 2023NDRC001 246 248 2 Pegmatite 2023NDRC001 261 265 4 Pegmatite
2023NDRC002 56 63 7 Pegmatite 2023NDRC002 124 130 6 Pegmatite
2023NDRC003 8 10 2 Pegmatite 2023NDRC003 52 62 10 Pegmatite 2023NDRC003 180 183 3 Pegmatite
					2023NDRC013 10 14 4 Pegmatite 2023NDRC013 47 64 17 Pegmatite 2023NDRC013 208 216 8 Pegmatite 2023NDRC013 222 224 2 Pegmatite 2023NDRC013 238 240 2 Pegmatite 2023NDRC013 242 249 7 Pegmatite 2023NDRC013 297 298 1 Pegmatite
2023NDRC004 3 14 11 Pegmatite 2023NDRC004 186 188 2 Pegmatite 2023NDRC004 237 239 2 Pegmatite 2023NDRC004 258 262 4 Pegmatite 2023NDRC004 294 299 5 Pegmatite 2023NDRC004 304 306 2 Pegmatite
2023NDRC005 18 19 1 Pegmatite 2023NDRC005 28 36 8 Pegmatite 2023NDRC005 191 192 1 Pegmatite 2023NDRC005 195 196 1 Pegmatite 2023NDRC005 197 204 7 Pegmatite					2023NDRC014 25 33 8 Pegmatite 2023NDRC014 45 48 3 Pegmatite 2023NDRC014 191 200 9 Pegmatite 2023NDRC014 226 229 3 Pegmatite 2023NDRC014 237 245 8 Pegmatite 2023NDRC014 280 283 3 Pegmatite
2023NDRC006 22 27 5 Pegmatite 2023NDRC006 65 69 4 Pegmatite 2023NDRC006 232 235 3 Pegmatite 2023NDRC006 241 243 2 Pegmatite 2023NDRC006 252 255 3 Pegmatite
					2023NDRC015 2 10 8 Pegmatite 2023NDRC015 31 40 9 Pegmatite 2023NDRC015 48 50 2 Pegmatite 2023NDRC015 251 253 2 Pegmatite 2023NDRC015 262 271 9 Pegmatite
2023NDRC007 1 14 13 Pegmatite 2023NDRC007 47 55 8 Pegmatite 2023NDRC007 193 195 2 Pegmatite 2023NDRC007 196 205 9 Pegmatite 2023NDRC007 259 260 1 Pegmatite 2023NDRC007 262 265 3 Pegmatite 2023NDRC007 281 285 4 Pegmatite
					2023NDRC016 51 61 10 Pegmatite 2023NDRC016 220 230 10 Pegmatite 2023NDRC016 233 234 1 Pegmatite 2023NDRC016 265 275 10 Pegmatite
					2023NDRC017 28 40 12 Pegmatite 2023NDRC017 206 209 3 Pegmatite 2023NDRC017 211 213 2 Pegmatite 2023NDRC017 230 239 9 Pegmatite
2023NDRC008 9 19 10 Pegmatite 2023NDRC008 32 37 5 Pegmatite 2023NDRC008 55 62 7 Pegmatite 2023NDRC008 171 172 1 Pegmatite 2023NDRC008 175 183 8 Pegmatite
					2023NDRC018 24 25 1 Pegmatite 2023NDRC018 62 70 8 Pegmatite 2023NDRC018 154 164 10 Pegmatite

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Hole ID	From (m)	To (m)	Interval (m)	Rock Type	Hole ID	From (m)	To (m)	Interval (m)	Rock Type
2023NDRC008 215 221 6 Pegmatite 2023NDRC008 258 261 3 Pegmatite 2023NDRC008 275 278 3 Pegmatite 2023NDRC008 289 290 1 Pegmatite					2023NDRC018 208 212 4 Pegmatite 2023NDRC018 223 227 4 Pegmatite 2023NDRC018 246 248 2 Pegmatite 2023NDRC018 249 250 1 Pegmatite 2023NDRC018 268 271 3 Pegmatite 2023NDRC018 273 274 1 Pegmatite 2023NDRC018 277 280 3 Pegmatite 2023NDRC018 303 305 2 Pegmatite 2023NDRC018 315 326 11 Pegmatite 2023NDRC018 329 331 2 Pegmatite
2023NDRC009 14 22 8 Pegmatite 2023NDRC009 156 158 2 Pegmatite 2023NDRC009 202 205 3 Pegmatite 2023NDRC009 221 222 1 Pegmatite 2023NDRC009 228 231 3 Pegmatite
2023NDRC010 0 7 7 Pegmatite 2023NDRC010 27 36 9 Pegmatite 2023NDRC010 66 74 8 Pegmatite 2023NDRC010 263 265 2 Pegmatite 2023NDRC010 274 275 1 Pegmatite
					2023NDRC019 29 41 12 Pegmatite 2023NDRC019 240 242 2 Pegmatite 2023NDRC019 308 316 8 Pegmatite 2023NDRC019 334 342 8 Pegmatite

New Dawn Lithium Project – Geological model

Eastern intersections showing thick and continuous UV spodumene indicated lodes trending south eastly towards Bald Hill remaining open to the north and south at New Dawn. Should pegmatite bodies prove to be lithium mineralised, they could potentially represent an extension of Bald Hill lithium-tantalum mineralisation.

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Figure 10 3D Geological model showing extension towards Ball Hill tenements and also potential continuity trending up dip.

Continuity of New Dawn’s pegmatite system, likely an extension of that present in the Bald Hill lithium and tantalum Mine, is becoming increasingly apparent through geological assessment.

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Figure 11 3D Geological model showing vertically stacked pegmatites open 270 degrees.

Confidence is building among Torque’s exploration team in the potential for mineralisation to extend along a north-south axis, substantiated by comprehensive subsurface exploration and drilling results. It is worth noting that over 90% of the New Dawn mining licenses are yet to be explored, underscoring substantial untapped exploration prospects.

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Figure 12 Torque's interpreted model of pegmatite lithium tantalum bodies.

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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About Torque Metals

Torque Metals ( ASX : TOR ) is a smart exploration company with a proven discovery methodology, combining drilling results with machine learning algorithms and geological interpretation. Torque's Board and management have successful records and extensive experience in the exploration, development, and financing of mining projects in Australia and overseas.

Torque's Penzance Exploration Camp covers over ~600km[2] which includes 12 wholly owned, granted, pre-native title mining, 4 prospective and 15 exploration licences (3 under application) situated in the heart Western Australian goldfields.

Torque is focused on mineral exploration in well-established mineral provinces in Australia. The Company continues to evaluate and pursue other prospective opportunities in the resources sector in line with a strategy to develop high quality assets.

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Figure 13 Penzance Exploration Camp including tenements under option.

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Competent Person Statement – Exploration Results

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Cristian Moreno, who is a Member of the Australasian Institute of Mining and Metallurgy as well a Member of the Australian Institute of Company Directors. Mr Moreno is an employee of Torque Metals Limited (“the Company”), is eligible to participate in short and long-term incentive plans in the Company and holds performance rights in the Company as has been previously disclosed. Mr Moreno has sufficient experience which is 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 ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moreno consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

However, forward looking statements are subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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

For more information contact:

Cristian Moreno

Managing Director Torque Metals cristian@torquemetals.com M: +61 410280809 www.torquemetals.com

Media: Fiona Marshall, Senior Communications Advisor White Noise Communications M: +61 400512109 fiona@whitenoisecomms.com

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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APPENDIX 1: Laboratory assay results: Sodium Peroxide Fusion in a zirconium crucible.

Samples dissolved in a dilute HCl, and the solution is analysed by ICP-ES. Only Li2O assays 0.1% are recorded in the following table, Ta2O5, Nb2O5, SnO2 are recorded along Li2O except where relevant as part of a longer intercept. All intercepts are presented as down-hole lengths.

Hole ID	From (m)	To (m)	Interval (m)	Li2O (%)	Nb2O5 ppm	SnO2 ppm	Ta2O5 ppm
2023NDDD005 5.68 6.29 0.61 0.095 64.373 266.616 75.708 2023NDDD005 6.29 6.74 0.45 0.079 107.288 203.136 147.753 2023NDDD005 6.74 7.48 0.74 0.021 150.203 126.960 116.005 2023NDDD005 7.48 7.97 0.49 0.329 185.965 253.920 164.849 2023NDDD005 7.97 8.48 0.51 0.433 121.593 152.352 74.487 2023NDDD005 8.48 9.1 0.62 0.607 114.440 114.264 67.771 2023NDDD005 9.1 9.6 0.5 1.589 92.983 190.440 93.414 2023NDDD005 9.6 10.22 0.62 0.155 92.983 126.960 48.844 2023NDDD005 10.22 10.62 0.4 0.042 100.135 279.312 136.763 2023NDDD005 10.62 11.4 0.78 0.032 107.288 215.832 250.326 2023NDDD005 11.4 12.04 0.64 0.019 28.610 101.568 76.929 2023NDDD005 12.04 12.58 0.54 0.024 42.915 76.176 46.402 2023NDDD005 12.58 13.17 0.59 0.016 42.915 76.176 46.402 2023NDDD005 13.17 13.78 0.61 0.022 42.915 88.872 65.939 2023NDDD005 154.14 154.67 0.53 0.245 21.458 12.696 0.000 2023NDDD005 154.67 155.38 0.71 0.258 14.305 25.392 0.000 2023NDDD005 155.38 156.08 0.7 0.222 7.153 25.392 0.000 2023NDDD005 156.08 156.78 0.7 0.201 14.305 38.088 0.000 2023NDDD005 156.78 157.56 0.78 0.144 7.153 25.392 0.000 2023NDDD005 157.56 158.01 0.45 0.133 21.458 25.392 0.000 2023NDDD005 158.01 158.47 0.46 0.147 28.610 38.088 9.158 2023NDDD005 158.47 159.13 0.66 0.031 150.203 88.872 45.791 2023NDDD005 159.13 159.84 0.71 0.107 42.915 25.392 20.759 2023NDDD005 159.84 160.55 0.71 0.030 157.355 63.480 96.467 2023NDDD005 160.55 161.18 0.63 0.026 128.745 126.960 55.560 2023NDDD005 161.18 161.7 0.52 0.020 128.745 76.176 77.540 2023NDDD005 161.7 162.43 0.73 0.327 21.458 63.480 9.769 2023NDDD005 162.43 163.12 0.69 0.276 14.305 38.088 1.832 2023NDDD005 163.12 163.8 0.68 0.143 21.458 0.000 0.000 2023NDDD005 163.8 164.36 0.56 0.121 14.305 12.696 0.000 2023NDDD005 164.36 165.03 0.67 0.141 7.153 0.000 0.000 2023NDDD005 165.03 165.73 0.7 0.139 7.153 0.000 0.000 2023NDDD005 165.73 166.46 0.73 0.121 21.458 0.000 0.000 2023NDDD005 204.1 204.83 0.73 0.169 7.153 25.392 0.000 2023NDDD005 204.83 205.77 0.94 0.132 35.763 38.088 12.211 2023NDDD005 205.77 206.43 0.66 0.095 78.678 76.176 20.759 2023NDDD005 206.43 207.06 0.63 0.117 57.220 63.480 40.296 2023NDDD005 207.06 207.48 0.42 0.047 85.830 101.568 15.874 2023NDDD005 207.48 207.95 0.47 0.385 107.288 50.784 174.617 2023NDDD005 207.95 208.51 0.56 0.377 143.050 63.480 197.818 2023NDDD005 208.51 209.07 0.56 1.985 493.523 63.480 1257.733

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Hole ID	From (m)	To (m)	Interval (m)	Li2O (%)	Nb2O5 ppm	SnO2 ppm	Ta2O5 ppm
2023NDDD005 209.07 209.65 0.58 0.620 128.745 63.480 168.512 2023NDDD005 209.65 210.1 0.45 0.975 150.203 76.176 223.461 2023NDDD005 210.1 210.67 0.57 1.520 64.373 63.480 27.475 2023NDDD005 210.67 211.14 0.47 1.051 50.068 76.176 36.633 2023NDDD005 211.14 211.85 0.71 0.156 14.305 12.696 1.221 2023NDDD005 221.06 221.61 0.55 0.102 14.305 25.392 0.000 2023NDDD005 221.61 222.07 0.46 0.072 14.305 38.088 0.000 2023NDDD005 222.07 222.73 0.66 0.204 64.373 76.176 17.706 2023NDDD005 222.73 223.27 0.54 0.872 35.763 50.784 10.379 2023NDDD005 223.27 223.8 0.53 1.061 78.678 25.392 23.811 2023NDDD005 223.8 224.33 0.53 1.737 193.118 76.176 152.638 2023NDDD005 224.33 224.8 0.47 1.470 128.745 63.480 62.887 2023NDDD005 224.8 225.49 0.69 1.948 100.135 76.176 45.791 2023NDDD005 225.49 225.92 0.43 2.454 50.068 101.568 10.990 2023NDDD005 225.92 226.65 0.73 1.238 50.068 101.568 17.706 2023NDDD005 226.65 227.35 0.7 0.138 14.305 12.696 0.000 2023NDDD005 227.35 228.05 0.7 0.370 7.153 0.000 0.000
2023NDDD006 18.17 18.79 0.62 0.212 42.915 165.048 22.590 2023NDDD006 18.79 19.49 0.7 0.067 264.643 177.744 262.537 2023NDDD006 19.49 20.25 0.76 0.063 107.288 253.920 280.853 2023NDDD006 20.25 20.65 0.4 0.053 107.288 203.136 172.175 2023NDDD006 20.65 21.3 0.65 0.074 128.745 266.616 136.763 2023NDDD006 21.3 22 0.7 0.084 121.593 215.832 91.583 2023NDDD006 22 22.7 0.7 0.048 100.135 215.832 118.447 2023NDDD006 22.7 23.43 0.73 0.077 71.525 228.528 59.223 2023NDDD006 23.43 24.1 0.67 0.041 107.288 190.440 156.301 2023NDDD006 24.1 24.8 0.7 0.020 143.050 76.176 343.129 2023NDDD006 24.8 25.52 0.72 0.034 178.813 76.176 446.923 2023NDDD006 25.52 26.2 0.68 0.018 114.440 50.784 256.431 2023NDDD006 26.2 26.9 0.7 0.065 78.678 152.352 78.150 2023NDDD006 26.9 27.52 0.62 0.280 100.135 444.360 191.713 2023NDDD006 27.52 28.01 0.49 0.025 71.525 139.656 97.077 2023NDDD006 28.01 28.74 0.73 0.137 14.305 25.392 4.884 2023NDDD006 160.02 160.44 0.42 0.158 28.610 126.960 10.379 2023NDDD006 160.44 160.93 0.49 0.037 143.050 88.872 43.960 2023NDDD006 160.93 161.67 0.74 0.054 92.983 88.872 79.372 2023NDDD006 161.67 162.4 0.73 0.041 78.678 88.872 32.970 2023NDDD006 162.4 162.83 0.43 0.011 92.983 50.784 32.970 2023NDDD006 162.83 163.35 0.52 0.023 71.525 63.480 38.465 2023NDDD006 163.35 163.84 0.49 0.157 28.610 101.568 12.211 2023NDDD006 169.14 169.86 0.72 0.254 14.305 101.568 1.832 2023NDDD006 169.86 170.54 0.68 0.248 21.458 114.264 4.884 2023NDDD006 170.54 171.18 0.64 0.187 21.458 101.568 10.379 2023NDDD006 171.18 171.7 0.52 0.480 107.288 76.176 53.728 2023NDDD006 171.7 172.46 0.76 0.951 107.288 76.176 65.329 2023NDDD006 172.46 172.88 0.42 0.201 35.763 101.568 29.917

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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Hole ID	From (m)	To (m)	Interval (m)	Li2O (%)	Nb2O5 ppm	SnO2 ppm	Ta2O5 ppm
2023NDDD006 172.88 173.56 0.68 0.149 14.305 76.176 3.053 2023NDDD006 173.56 174.33 0.77 0.252 14.305 88.872 3.663 2023NDDD006 174.33 174.76 0.43 0.019 114.440 38.088 38.465 2023NDDD006 174.76 175.26 0.5 0.045 71.525 50.784 35.412 2023NDDD006 175.26 175.98 0.72 0.114 14.305 38.088 1.832

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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APPENDIX 2: Intervals logged as pegmatite (no estimation of mineral abundance)

Where the dominant rock type or rock type 1 is logged as pegmatite. There may be instances where pegmatite occurs in an interval as the subordinate rock type mixed with host lithology. These zones are not included, so sometimes significant intercepts of mineralised intervals may be wider than the pegmatite dominant intervals listed in this table

Cautionary note: These pegmatite intervals report only lithology, not confirmed lithium mineralisation, and should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The pegmatites at New Dawn contain variable amounts of the lithium-bearing mineral spodumene, but until the results from the samples submitted for assay are received for these intervals, the degree of actual lithium mineralisation present is unknown.

Hole ID	From (m)	To (m)	Interval (m)	Rock Type	Status	Hole ID	From (m)	To (m)	Interval (m)	Rock Type	Status
2023NDDD007 29.78 37.52 7.74 Pegmatite Pending 2023NDDD007 176.59 178.68 2.09 Pegmatite Pending 2023NDDD007 186.44 189.65 3.21 Pegmatite Pending 2023NDDD007 219.81 225.97 6.16 Pegmatite Pending 2023NDDD007 229.33 239.42 10.09 Pegmatite Pending 2023NDDD007 244.98 248.43 3.45 Pegmatite Pending						2023NDRC011 12 17 5 Pegmatite Pending 2023NDRC011 24 30 6 Pegmatite Pending 2023NDRC011 179 181 2 Pegmatite Pending 2023NDRC011 219 221 2 Pegmatite Pending 2023NDRC011 233 240 7 Pegmatite Pending 2023NDRC011 268 271 3 Pegmatite Pending
2023NDDD008 11.88 16.76 4.88 Pegmatite Pending 2023NDDD008 127.11 127.22 0.11 Pegmatite Pending 2023NDDD008 156.18 156.35 0.17 Pegmatite Pending						2023NDRC012 2 6 4 Pegmatite Pending 2023NDRC012 15 22 7 Pegmatite Pending 2023NDRC012 39 49 10 Pegmatite Pending 2023NDRC012 50 51 1 Pegmatite Pending 2023NDRC012 192 201 9 Pegmatite Pending 2023NDRC012 204 205 1 Pegmatite Pending 2023NDRC012 245 246 1 Pegmatite Pending 2023NDRC012 254 257 3 Pegmatite Pending 2023NDRC012 262 268 6 Pegmatite Pending 2023NDRC012 298 300 2 Pegmatite Pending
2023NDRC001 32 36 4 Pegmatite Pending 2023NDRC001 246 248 2 Pegmatite Pending 2023NDRC001 261 265 4 Pegmatite Pending
2023NDRC002 56 63 7 Pegmatite Pending 2023NDRC002 124 130 6 Pegmatite Pending
2023NDRC003 8 10 2 Pegmatite Pending 2023NDRC003 52 62 10 Pegmatite Pending 2023NDRC003 180 183 3 Pegmatite Pending
						2023NDRC013 10 14 4 Pegmatite Pending 2023NDRC013 47 64 17 Pegmatite Pending 2023NDRC013 208 216 8 Pegmatite Pending 2023NDRC013 222 224 2 Pegmatite Pending 2023NDRC013 238 240 2 Pegmatite Pending 2023NDRC013 242 249 7 Pegmatite Pending 2023NDRC013 297 298 1 Pegmatite Pending
2023NDRC004 3 14 11 Pegmatite Pending 2023NDRC004 186 188 2 Pegmatite Pending 2023NDRC004 237 239 2 Pegmatite Pending 2023NDRC004 258 262 4 Pegmatite Pending 2023NDRC004 294 299 5 Pegmatite Pending 2023NDRC004 304 306 2 Pegmatite Pending
2023NDRC005 18 19 1 Pegmatite Pending 2023NDRC005 28 36 8 Pegmatite Pending 2023NDRC005 191 192 1 Pegmatite Pending 2023NDRC005 195 196 1 Pegmatite Pending 2023NDRC005 197 204 7 Pegmatite Pending						2023NDRC014 25 33 8 Pegmatite Pending 2023NDRC014 45 48 3 Pegmatite Pending 2023NDRC014 191 200 9 Pegmatite Pending 2023NDRC014 226 229 3 Pegmatite Pending 2023NDRC014 237 245 8 Pegmatite Pending 2023NDRC014 280 283 3 Pegmatite Pending
2023NDRC006 22 27 5 Pegmatite Pending 2023NDRC006 65 69 4 Pegmatite Pending 2023NDRC006 232 235 3 Pegmatite Pending 2023NDRC006 241 243 2 Pegmatite Pending 2023NDRC006 252 255 3 Pegmatite Pending
						2023NDRC015 2 10 8 Pegmatite Pending 2023NDRC015 31 40 9 Pegmatite Pending 2023NDRC015 48 50 2 Pegmatite Pending 2023NDRC015 251 253 2 Pegmatite Pending 2023NDRC015 262 271 9 Pegmatite Pending
2023NDRC007 1 14 13 Pegmatite Pending 2023NDRC007 47 55 8 Pegmatite Pending
						2023NDRC016 51 61 10 Pegmatite Pending

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Hole ID	From (m)	To (m)	Interval (m)	Rock Type	Status	Hole ID	From (m)	To (m)	Interval (m)	Rock Type	Status
2023NDRC007 193 195 2 Pegmatite Pending 2023NDRC007 196 205 9 Pegmatite Pending 2023NDRC007 259 260 1 Pegmatite Pending 2023NDRC007 262 265 3 Pegmatite Pending 2023NDRC007 281 285 4 Pegmatite Pending						2023NDRC016 220 230 10 Pegmatite Pending 2023NDRC016 233 234 1 Pegmatite Pending 2023NDRC016 265 275 10 Pegmatite Pending
						2023NDRC017 28 40 12 Pegmatite Pending 2023NDRC017 206 209 3 Pegmatite Pending 2023NDRC017 211 213 2 Pegmatite Pending 2023NDRC017 230 239 9 Pegmatite Pending
2023NDRC008 9 19 10 Pegmatite Pending 2023NDRC008 32 37 5 Pegmatite Pending 2023NDRC008 55 62 7 Pegmatite Pending 2023NDRC008 171 172 1 Pegmatite Pending 2023NDRC008 175 183 8 Pegmatite Pending 2023NDRC008 215 221 6 Pegmatite Pending 2023NDRC008 258 261 3 Pegmatite Pending 2023NDRC008 275 278 3 Pegmatite Pending 2023NDRC008 289 290 1 Pegmatite Pending
						2023NDRC018 24 25 1 Pegmatite Pending 2023NDRC018 62 70 8 Pegmatite Pending 2023NDRC018 154 164 10 Pegmatite Pending 2023NDRC018 208 212 4 Pegmatite Pending 2023NDRC018 223 227 4 Pegmatite Pending 2023NDRC018 246 248 2 Pegmatite Pending 2023NDRC018 249 250 1 Pegmatite Pending 2023NDRC018 268 271 3 Pegmatite Pending 2023NDRC018 273 274 1 Pegmatite Pending 2023NDRC018 277 280 3 Pegmatite Pending 2023NDRC018 303 305 2 Pegmatite Pending 2023NDRC018 315 326 11 Pegmatite Pending 2023NDRC018 329 331 2 Pegmatite Pending
2023NDRC009 14 22 8 Pegmatite Pending 2023NDRC009 156 158 2 Pegmatite Pending 2023NDRC009 202 205 3 Pegmatite Pending 2023NDRC009 221 222 1 Pegmatite Pending 2023NDRC009 228 231 3 Pegmatite Pending
2023NDRC010 0 7 7 Pegmatite Pending 2023NDRC010 27 36 9 Pegmatite Pending 2023NDRC010 66 74 8 Pegmatite Pending 2023NDRC010 263 265 2 Pegmatite Pending 2023NDRC010 274 275 1 Pegmatite Pending
						2023NDRC019 29 41 12 Pegmatite Pending 2023NDRC019 240 242 2 Pegmatite Pending 2023NDRC019 308 316 8 Pegmatite Pending 2023NDRC019 334 342 8 Pegmatite Pending

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APPENDIX 3: Collar and down hole survey of diamond and RC drillholes released in this announcement.

All locations on Australian Geodetic Grid MGA_GDA94-51.

Downhole surveys were completed on all the DD and RC drill holes by the drillers. They used a True North seeking Gyro downhole tool to collect the surveys approximately every 5m down the hole. The azimuth shown is the magnetic azimuth of the drilling direction.

Hole ID	Coordinates	Coordinates	Coordinates	Dth	Collar survey method	Azimuth	Dip	Drill type	Drilling status	Assay status
	Easting	Northing	RL (m)	ep (m)
2023NDDD005 2023NDDD006 2023NDDD007 2023NDDD008 2023NDRC001 2023NDRC002 2023NDRC003 2023NDRC004 2023NDRC005 2023NDRC006 2023NDRC007 2023NDRC008 2023NDRC009 2023NDRC010 2023NDRC011 2023NDRC012 2023NDRC013 2023NDRC014 2023NDRC015 2023NDRC016 2023NDRC017 2023NDRC018 2023NDRC019	420282 6513453 294 279 GPS 270 -60 DD Drilled Received 420208 6513569 297 255 GPS 270 -55 DD Drilled Received 420247 6513587 296 273 GPS 270 -55 DD Drilled Pending 420146 6513427 294 252 GPS 270 -80 DD Drilled Pending 420323 6513468 293 300 GPS 270 -60 RC Drilled Pending 420237 6513457 294 276 GPS 270 -60 RC Drilled Pending 420257 6513537 295 276 GPS 270 -60 RC Drilled Pending 420303 6513416 293 312 GPS 270 -60 RC Drilled Pending 420369 6513451 293 300 GPS 270 -60 RC Drilled Pending 420281 6513580 295 300 GPS 270 -60 RC Drilled Pending 420406 6513457 293 300 GPS 270 -60 RC Drilled Pending 420345 6513539 293 306 GPS 270 -60 RC Drilled Pending 420349 6513577 293 300 GPS 270 -60 RC Drilled Pending 420446 6513457 293 320 GPS 270 -60 RC Drilled Pending 420362 6513502 293 300 GPS 270 -60 RC Drilled Pending 420401 6513502 293 320 GPS 270 -60 RC Drilled Pending 420485 6513458 293 324 GPS 270 -60 RC Drilled Pending 420393 6513577 293 320 GPS 270 -60 RC Drilled Pending 420473 6513577 293 320 GPS 270 -60 RC Drilled Pending 420427 6513537 293 300 GPS 270 -60 RC Drilled Pending 420479 6513502 293 320 GPS 270 -60 RC Drilled Pending 420417 6513417 293 354 GPS 270 -60 RC Drilled Pending 420494 6513418 292 366 GPS 270 -60 RC Drilled Pending

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APPENDIX 4: JORC Code, 2012 Edition – Table 1 Exploration Results

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information.	• Industry-standard methods of diamond drilling (DD) and reverse circulation drilling (RC) were used. • Core is collected in three metre passes and is then carefully transferred to core trays to retain the lithologies in the correct in-ground sequence. RC drilling was to generally accepted industry standards producing 1.0m samples which were collected beneath the cyclone and then passed through a cone splitter. • The splitter reject RC samples collected into green plastic bags or plastic buckets and laid out on the ground in 20-40m rows. • RC chips were sampled as 3m composites, for the full length of all the RC holes drilled, using a PVC spear to produce an approximate 3kg representative sample. Split samples of 1m were obtained within, pegmatite intersections, including 5m above and below the intersections. Samples were bagged into pre-numbered calico bags. • The full length of each hole drilled was sampled. • All samples collected are submitted to the contracted commercial laboratory, Bureau Veritas. Samples are dried, crushed and homogenised to produce a 40g charge for fire assay and a separate sample for 4-acid digest and 60 multi-element analysis using an Induced Coupled Plasma Mass Spectrometer. • Core may be intact or broken (eg in weathered or fault zones). Core recovery for each drill run was recorded down the full length of the drillhole • The core is photographed and logged for lithology, visible mineralisation, alteration, structural features, and any other pertinent characteristics. • Zones of interest are marked for cutting / sawing. These intervals are cut in half using a diamond saw, with one half retained in the core tray and the other submitted to the laboratory for analysis/testwork. • Industry standard assay procedures, compliant with ISO 9001Quality Management Systems, are carried out on the core samples by Bureau Veritas laboratory, which holds NATA ISO 17025 certifications.
Drilling techniques	• Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit, or other type, whether core is oriented and if so, by what method, etc).	• The holes were drilled with a KWL1600 multi- purpose rig mounted on a Mercedes 8 x 8 with a 500psi/1350cfm Onboard Compressor supplied and operated by Blue Spec Drilling. • DD holes were diamond drilled from surface to End of Hole. Coring used HQ and NQ2 diamond bits. • Core was orientated where possible using standard drilling industry techniques. • Each drillhole was surveyed approximately every 5m using a north-seeking gyro tool. • RC holes were drilled using a 145mm (5.5in) face- sampling drilling bit. • Relevant support vehicles were provided.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed.	• Diamond drilling gathers uncontaminated fresh core samples that are processed on the drill site to eliminate drilling fluids and cuttings, resulting in

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	• Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	clean core for logging and analysis. • The RC samples were not individually weighed or measured for recovery. • To ensure maximum sample recovery and the representivity of the samples, an experienced Company geologist was present during drilling to monitor the sampling process. Any issues were immediately rectified. Furthermore, a triple tube core barrel was utilized for Diamond drilling to ensure maximum sample recovery is obtained. • Sample recovery was recorded by the Company Field Assistant based on how much of the sample is returned from the cyclone and cone splitter. This is recorded as good, fair, poor or no sample. • Torque is satisfied that the RC holes have taken a sufficiently representative sample of the interval and minimal loss of fine, including coarse material has occurred in the RC drilling resulting in minimal sample bias. • No twin RC drill holes have been completed to assess sample bias. • At this stage no investigations have been made into whether there is a relationship between sample recovery and grade. • The core is laid out sequentially in core trays logged and then photographed. Sections logged as being of geological interest – particularly pegmatite intervals - are marked for cutting and submission for assay. • Minimal issues of sample recovery were encountered. Zones where broken material occurred (from zones of intense weathering / faulting) are recorded in the logs. • Half core sampling ensures that samples are as representative as possible.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All core from each hole is logged by site geologists, recording visual features of interest, the presence or absence of alteration, the presence and orientation of structural features, mineralisation if observed, the lithologies present and any other relevant factors or features in sufficient detail to allow for meaningful geological modelling and interpretation. • Logging is both qualitative (eg lithological details) and quantitative (eg structural measurements). • All the 1m RC samples were sieved and collected into 20m chip trays for geological logging of colour, weathering, lithology, alteration and mineralisation for potential Mineral Resource estimation and mining studies. • The total length of the RC and Diamond holes was logged. Where no sample was returned due to cavities/voids it was recorded as such.The entire lengthofeach holeislogged and photographed.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all cores taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality, and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half	• Sampling technique: • All RC samples were collected beneath the cyclone and passed through the cone splitter. • The samples were generally dry, and all attempts were made to ensure the collected samples were dry. However, on deeper portions of some of the drillholes some samples were logged as moist and/or wet. • The cyclone and cone splitter were cleaned with compressed air at the end of every completed hole. • The sample sizes were appropriate to correctly represent the mineralisation based on its style, thickness and the consistency of intersections; the sampling methodology and assay ranges

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	sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.		for the primary elements. • Quality Control Procedures • A duplicate sample was collected every hole. • Certified Reference Material (CRM) samples were inserted in the field every approximately 50 samples containing a range of lithium and base metal values. • Blank washed sand material was inserted in the field every approximately 50 samples. • Overall QAQC insertion rate of 1:10 samples • Laboratory repeats taken and standards inserted at pre-determined level specified by the laboratory. • The sections of core selected for assay are cut in half using a diamond saw. This is carried out by established Kalgoorlie-based industry service provider Petricor Services. • This approach is considered fit for purpose and provides representative samples for assay.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been _established. _		• The samples collected were submitted to Bureau Veritas Laboratories in Perth. For lithium assays, after crushing and pulverising, an aliquot is digested by Sodium Peroxide Fusion in a zirconium crucible. The melt is dissolved in a dilute HCl and the solution is analysed by ICP-ES. This procedure is considered a total digest and is appropriate for the determination of lithium content in pegmatites. • Duplicates, blanks and samples containing standards are included in the samples submitted.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.		• Samples collected were logged in field notebooks by Torque personnel and individual sample locations identified by hand-held GPS and recorded. • Experienced Torque technical personnel reviewed all sampling and logging processes in the field. • Significant intersections have been independently verified by alternative company personnel. • Primary logging and sampling data are captured into Excel templates on palmtops or laptops. • All paper copies of data have been stored. • All data are ultimately stored in Torque’s Perth- based centralised Access database with a Microsoft SQL front end which is managed by a qualified database geologist. • Element assays are converted to stoichiometric oxide values using defined conversion factors (Source https://www.jcu.edu.au/advanced- analytical-centre/resources/element-to- stoichiometric-oxide-conversion-factors) Element ppm Conversion Factor Oxide Form Li 2.1527 Li2O Cs 1.0602 Cs2O Rb 1.0936 Rb2O Nb 1.4305 Nb2O5 Sn 1.2696 SnO2 Ta 1.2211 Ta2O5 • No adjustments orcalibrationshave been made to

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		any assay data, apart from the above conversions to oxide values.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Drill collars were located by a company geologist using a conventional hand-held GPS unit. • Collars will be independently surveyed by surveyors using a differential GPS for accurate collar location and RL with the digital data entered directly into the company database. • Downhole surveys are completed approximately every 10m using a true north-seeking Gyro tool. • The grid system for the New Dawn Project is MGA_GDA94 Zone 51. • Topographic data is determined by a combination of handheld GPS data, including collar data that was obtained from historical drillholes (surveyed by RTK GPS). The historical collars were obtained from public data made available by the GSWA (GeologicalSurvey of Western Australia)
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• All drill collar data is tabulated in this announcement and shown on relevant diagrams herein. • This initial drilling campaign is very early stage, is part of the due diligence process being undertaken, and reference to Resources or Reserves is premature. • No compositing has been applied
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Orientation of the drill core maximises unbiased sampling of relevant sections. The work is still at too early a stage to confirm categorically that all factors relevant to the actual deposit type have been established. • No sampling bias is suggested based on geological information collected and collated to date.
Sample security	• The measures taken to ensure sample security.	• The core trays containing the core samples were transported by Torque staff and delivered to Petricore’s Kalgoorlie facility for cutting. Petricore then arranged delivery to the Bureau Veritas Laboratories sample collection depot. • RC samples were collected in calico sample bags and, together with the c hip trays, were transported to the Perth office or the relevant Kalgoorlie or Perth laboratory by courier or company personnel. • Sample securityisnot considered a significantrisk.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No audits or reviews have been undertaken in respect of the sampling techniques and data reported in this announcement. The work is still part of a Due Diligence process for acquiring the project and such reviews would be considered premature.

Section 2 Reporting of Exploration Results

( Criteria listed in the preceding section also apply to this section )

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of	• Two granted mining licences (M15/217, M15/468) owned by and registered to H.A.N. Strindberg (50%) and S.H.F. Strindberg (50%). • At the time of reporting, there are no caveats or mortgages registered against the tenements and no known impediments to obtaining a licence to operate in the area. The tenements

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	reporting along with any known impediments to obtaining a licence to operate in the area.	are in good standing. Both tenements were granted pre-Native Title Act.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The tenements, totalling some 254 ha, were previously known as the Dawn View tantalite workings and were on a mineralised granite pegmatite originally discovered by Electra Holdings Pty Ltd in 1981 while under option from the Strindberg brothers. The Strindbergs subsequently carried out a gouging operation over a number of years until the property was acquired by J. Dautch, a director of Dawn View Pty Ltd, who constructed a treatment plant and is reported to have mined about 8,000 tonnes at an average recovered grade of 0.75 lbs Ta2O5per tonne (375 ppm Ta2O5). This operation ceased in late 1991 owing to prolonged litigation leading to financing problems and the property was subsequently purchased by E. Dechow and T. Plotts who carried out a programme of geological mapping, sampling and drilling in early 1992. In 2001, Tantalum Australia undertook an intensive drilling project to define resources along the eastern one-third of the property covering the old Dawn View mine. A drilling program in 2001 led to a measured resource estimate of 1.04 Mt at 0.016% Ta2O5over a strike length of 600m and to a depth of 30m. Potential exists to extend this resource southwards along strike. In recent years the ground has been worked by the Strindbergs, accumulating material in surface“stockpiles”.
Geology	• Deposit type, geological setting, and style of mineralisation.	• The district is underlain mainly by Archean metasediments intruded by porphyry dykes parallel to the regional foliation and is situated east of the Binneringie granite pluton which occurs on the eastern flank of the Kambalda mafic—ultramafic complex. The Mt Monger fault is projected to pass within a kilometre of the western boundary of the tenements. A number of pegmatite bodies occur on the property, mainly hosted within metasediments comprised of biotite quartzite and quartz felspar biotite schist. Minor horizons of tourmaline quartzite and meta arkose are evident from float and small outcrops. A quartz felspar porphyry dyke forms a low strike ridge along the western side of the tenements and small outcrops of a felspar porphyry occur near the central part of the eastern boundary. Four main areas of pegmatite have been defined; the SW, NW, NE and Dawn View zone with other smaller scattered outcrops. The open cut workings and RC drilling carried out by Dawn View Pty Ltd at the Dawn View zone in late 1989 (54 holes, 1,090m) defined an irregular pegmatite zone some 200m long with an albite-rich assemblage comprised of albite, quartz, blocky rx-felspar, spodumene and green (lithium-rich) muscovite. Spodumene crystals up to a metre long are evident in the open cut. Tantalite mineralisation is evident as coarse crystals up to one or two centimetres long in massive albite and as finer disseminations in fine

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		grained albite-muscovite intergrowths. Occasionally the tantalite is seen to develop alteration rims of microlite. The North-East Zone may be the northern extension of the Dawn View pegmatite but is separated by an area of sand cover with small felspar porphyry outcrops. The zone consists of two pegmatites, a western body trending NNW and an eastern body trending NW. Both pegmatites appear to be flat lying. The assemblage is mainly blocky K-felspar, quartz and muscovite, however sugary albite alteration is evident in places. The North-West Zone is a linear N-S trending pegmatite extending about 500m south from the northern boundary near the access gate. The main pegmatite is a quartz, k-felspar, muscovite assemblage with an increasing albite content to the south. This pegmatite is flanked to the south by an albite and green muscovite- bearing pegmatite. Both of these pegmatites appear to be flat lying. In the South-West Zone three en echelon pegmatites occur over a 400m strike length near the plant site. The western and central pegmatites appear to dip 200 - 300 west. Other small pegmatite outcrops occur near the southern boundary and north-east towards the Dawn View workings. A flat lying spodumene bearing pegmatite occurs west of the Dawn View zone and a narrow linear apparently steep dipping pegmatite occurs near the eastern boundary. The near-horizontal pegmatites were considered more prospective for commercial tantalum mineralization. In general, the pegmatites range from 2 to 10 m in thickness and are commonly covered by shallow colluvial material. The pegmatites have yielded a rich assemblage of minerals, particularly around the old Dawn View mine. The mineralized massive albite-cleavelandite zone contains quartz, K-feldspar, and green lithium-rich muscovite. Spodumene crystals up to 1 m long have been recorded in the Dawn View pit. Tantalite mineralization is present as fine disseminations in albite-muscovite intergrowths, and also as coarse crystals 1-2 cm in length in massive albite and muscovite. Whole-rock chemical analysis of one tantalite specimen yielded Ta values of 10,491 ppm, Nb values of 5,244 ppm, and Rb values of 2,513 ppm. Other tantalum minerals include microlite, tantite, and coarse ixiolite crystals.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth AND hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the	• All relevant information for the drillholes reported in this announcement can be found in the relevant tables and appendices included herein. All intercepts are presented as down- hole lengths. Insufficient data have been collected to date to allow confident reporting of true widths.

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	case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No high-grade cuts have been applied to the assay results reported in this announcement. • Arithmetic weighted averages are used: eg 221.06m to 228.05m in hole 23NDDD005 is reported as 6.44m @ 1.01% Li2O, comprising twelve contiguous samples, calculated as follows: [(0.55m0.102%)+(0.460.072%)+(0.660.204 %)+(0.540.872)+(0.531.061%)+(0.531.737 %)+(0.47m1.470%)+(0.691.948%)+(0.432.4 54%)+(0.731.238%)+(0.70.138%)+(0.70.37 0%)]/ [0.55+0.46+0.66+0.54+0.53+0.53+0.47+0.69+ 0.43+0.73+0.7+0.7] = 6.53/6.44 = 1.01% Li2O, reported as 1.01% Li2O over 6.44m. • No metal equivalent values have been used.
Relationship between mineralisatio n widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true width _not known’). _	• All results are reported as downhole widths. Insufficient knowledge of the structural controls on the mineralisation and attitude of the mineralised horizons is known yet to allow true widths to be established.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps and summary intercept tables are included in this report. Where sufficient structural data have been gathered to allow meaningful interpretation of the structural setting controlling the mineralisation, appropriate sections for significant discoveries are also included. Where structural data is as at this stage insufficient to allow meaningful interpretation, sections are not provided as to do so could be considered misleading.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	• The individual assays for all drill hole intercepts mentioned herein are reported in Appendix 1. All intercepts are presented as down-hole lengths. • For pegmatite intersections that have pending assay results,, photographs of the RC chips under natural light and under UV light are provided (Figures 5, 6, 7 and 8) to illustrate the presence of spodumene, which fluoresces under UV light. These visuals are provided to allow readers to understand that lithium mineralisation is present,but it should be clearly understood that the actual quantum of lithium mineralisation cannot be declared with certainty until the relevant assay data are received.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• All meaningful and material information has been included in the body of this announcement. • The main exploration aim of the current programme is to complete the due diligence process on the New Dawn prospect to establish whether or not advancement to formal acquisition is warranted.

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• Further work • The nature and scale of planned further work • The possible locations, and extent, of follow- (e.g., tests for lateral extensions or depth up drilling or other work will depend on the extensions or large-scale step-out drilling). decision to exercise the option and proceed to

• • Diagrams clearly highlighting the areas of acquisition of the project. possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Torque Metals Limited ASX: TOR PO Box 27, West Perth, WA, 6872 ABN 44 621 122 905

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