TORQUE METALS LIMITED.. — Capital/Financing Update 2023

May 7, 2023

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

Monday May 08, 2023

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 25 cents each and	13,888,890	08/05/2023
to be confirmed	expiring 36 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

8/5/2023

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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

750,000 Unlisted Options announced 1 March 2023 13,138,890 Unlited Options announced 1 March 2023

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 25 cents each and expiring 36 months after the date of issue +Security type ISIN code Options Date the +securities the subject of this notification were issued 8/5/2023 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/02649483.pdf

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.25000000 7/5/2026 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 Any other information the entity wishes to provide about the +securities the subject of this notification

Subject to shareholder approval obtained at General Meeting 28 April 2023 4,629,630 broker options (1 for every 4 TOR shares allotted) 9,159,260 free attaching option ( 1 for every 2 TOR shares applied for) 100,000 free attaching option ( 1 for every 2 TOR shares applied for) issued to a Director

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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

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

N/A

Issue details

Number of +securities

13,888,890 Were the +securities issued for a cash consideration? No

Please describe the consideration being provided for the +securities 9,259,260 free attaching options (1 for every 2 TOR shares applied for) NIL 4,629,630 broker options (1 for every 4 TOR shares allotted)

Purpose of the issue

To raise additional working capital

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

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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	80,638,472
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
TORAM : OPTION EXPIRING 28-DEC-2023 EX $0.30	11,225,000
TORAN : OPTION EXPIRING 28-DEC-2023 EX $0.30	25,000
TORAI : OPTION EXPIRING 30-NOV-2023 EX $0.30	12,634,092
New class - code to be confirmed : Unlisted Options exercisable at 25 cents each and	13,888,890
expiring 36 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

28/4/2023

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