TORQUE METALS LIMITED.. — Investor Presentation 2021

Aug 31, 2021

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Investor Presentation September 2021

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disclaimer

IMPORTANT Before continuing please read the following .

This Presentation has been prepared by Torque Metals Limited

(ACN 621 122 905) (“Torque or “the company”) solely for information purposes. This Presentation has not been approved by any regulatory or supervisory authority. This Presentation comprises the written materials concerning the Company whose securities are listed on the Australian Stock Exchange (ASX).

For purposes of this notice, the “Presentation” includes this Presentation, its contents or any part of it, and any related oral presentation, any question and answer session and any written or oral material discussed or distributed during any Investor Presentation. By accessing this Presentation, you agree to be bound by the following terms and conditions. This Presentation is based on information available to the Company from sources believed to be reliable. Neither the Company, or any of its respective directors, officers, employees, advisers or agents (Relevant Persons) makes any representation that the information in this Presentation has been verified. This Presentation does not constitute an invitation or offer to apply for securities and does not contain any application form for securities. This Presentation does not constitute an advertisement for an offer or proposed offer of securities. It is not intended to induce any person to engage in, or refrain from engaging in, any transaction

This Presentation, including the information contained in this disclaimer, is not a prospectus and does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful under applicable law.

The Company has prepared this Presentation based on information available to it at the time of preparation. None of the Relevant Persons have independently verified the data contained in this Presentation. The information contained in this Presentation does not purport to be comprehensive. No representation nor warranty is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this Presentation or any other information provided by the Company.

You cannot assume that the information in this Presentation will be updated at any time subsequent to the date of this Presentation. The distribution of this Presentation does not constitute a representation by any Relevant Person that the information will be updated at any time after the date of this Presentation. Except to the extent required by law, no Relevant Person undertakes to advise

any person of any information coming to their attention relating to the financial condition, status or affairs of the Company.

To the maximum extent permitted by law, the Relevant Persons are not liable for any direct, in director consequential loss or damage suffered by any person as a result of relying on this Presentation or otherwise in connection with it.

Statements of past performance : This Presentation includes information regarding the past performance of the Company. Investors should be aware that past performance is not indicative of future performance. Statements of numbers and financial performance: All financial amounts contained in this Presentation are expressed in Australian currency, unless otherwise stated. Any discrepancies between totals and sums of components in tables contained in this Presentation are due to rounding.

Reporting of mineral resources and reserves : This Presentation includes mineral resource information prepared by “competent persons” in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code ). Where used in this Presentation, the terms “resource”, “reserve”, “proven reserves”, “probable reserves”, “inferred resources”, “indicated resources” and “measured resources” have the meanings given to them in the JORC Code.

Forward-looking statements : This Presentation contains forward-looking statements concerning the Company’s business, operations, financial performance and condition as well as the Company’s plans, objectives and expectations for its business, operations, financial performance and condition. Any statements contained in this Presentation that are not of historical facts may be deemed to be forward-looking statements. You can identify these statements by words such as “aim”, “anticipate”, “assume”, “believe”, “could”, “due”, “estimate”, “expect”, “goal”, “intend”, “may”, “objective”, “plan”, “predict”, “potential”, “positioned”, “should”, “target”, “will”, “would” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the Company’s business and the industry in which the Company operates and management’s beliefs and assumptions. These forward-looking statements are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, any or all of the forward-looking statements in this Presentation may turn out to be in accurate. Factors that may cause such differences or make such statements in accurate include, but are not limited to, the risk factors described in this Presentation. Readers of this Presentation are urged to consider these factors

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carefully in evaluating the forward-looking statements set out in this Presentation and are cautioned not to place undue reliance on such forward-looking statements. Unless required by law, the Company does not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise. These forward looking statements speak only as at the date of this presentation. Save as required by applicable law or regulation the company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward looking statements in this presentation may not occur. Nothing in this Presentation constitutes the provision of financial or legal advice.

Investor Presentation

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capital structure

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Share Price Since IPO

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Capital Structure
Ordinary shares on issue 62.8m Daily Volume Traded (m) Share Price
Options [1] 12.6m 30 7
Share Price (31 August 2021) $0.23
Market capitalisation (undiluted) $14.4m 6
25
Cash [2] $5.1m
Debt [2] Nil
5
Enterprise Value (undiluted) $9.0m 20
1. Unlisted options with a weighted average exercise price of $0.283 per share and weighted average expiry of 26
April 2024
2. Cash and Debt as at 30 June 2021 4
15
Shareholders
3
Board & Management (escrowed) 10
2
7%
Austral Pacific Pty Ltd (escrowed) 5
73% 1
8%
Other Shareholders Subject to Escrow - 0
12%
25-Jun-21 9-Jul-21 23-Jul-21 6-Aug-21 20-Aug-21
Other Shareholders
Daily Volume Traded (m)
Daily Closing Price (cents pershare)
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Investor Presentation

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a new WA gold explorer

Torque has amassed a toehold in two premier gold provinces:

Paris Gold Project

• On the Boulder-Lefroy Fault – host to over 70Moz gold

• Footprint of 143km[2] approximately 120km S-SE of Kalgoorlie

• Secured a JV to earn up to 80% in the adjacent tenements, adding a 14 km extension of the prospective stratigraphy

• Paris contains 2 historic high grade mines: Paris and HHH, where 43koz mined since 1989 at 7.9g/t Au (recovered)

• 9 Granted Mining Licenses – substantial time and cost savings.

• JORC Resources of 32,700oz @ 3.24g/t Au (indicated)

• Outstanding potential for new discoveries and resource growth

Bullfinch Gold Project

• Footprint of 572km[2] over 5 Exploration Licences

• A region that has seen over 15Moz gold mined already !

• Over 200 prospector, high grade gold pits, shafts and mines

• Recorded production grades up to 35.7g/t gold (WithersFind)

• Very limited modern exploration

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Investor Presentation

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world-class gold mining province

Torque’s Flagship Paris Project sits along strike of 70Moz of gold Production

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Premier
location
On the richly endowed Boulder-
Lefroy Fault – over 70 million
ounces of gold produced from
many large deposits.
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Investor Presentation

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paris gold project
Torque’s Large Tenement Holding at Paris
Tenement Package:
•
Nine Mining Leases (100% Owned)
•
Two Prospecting Licenses (100% Owned)
•
Three Exploration Licenses (JV with Jindalee | Torque to earn-in up to 80%)
Historical Production and 2012 JORC Resource:
•
43koz Mined since 1989 @ 7.9g/t (recovered)
•
2012 JORC compliant resource of 32,700 oz @ 3.24g/t (indicated)
+ + =
[[2]] [[3]] [[143km][2]][[2]]
Prospecting Exploration Total
licences licences
Investor Presentation 6
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Torque’s Large Tenement Holding at Paris

Tenement Package:

Historical Production and 2012 JORC Resource:

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9
+ + =
[[2]] [[3]] [[143km][2]][[2]]
Mining Prospecting Exploration Total
licenses licences licences
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paris project – historical mines

Two mines (Paris and HHH) have produced 43,000oz at a grade of 7.9g/t gold since 1989

Paris Mine

• Immediate targets needing following up below existing pit (shallow drilling to date)

• Numerous historical drill hits > 8 g/t gold

• Strike (+1km) extensions with drill hits > 8 g/t gold

• Fault splays – drill hits up to 5.2m @ 14.2g/t gold

HHH Mine

• Immediate targets needing following up below existing Pit (shallow drilling to date)

• Numerous historical drill hits over 8 g/t gold

• Strike extensions with drill hits > 8 g/t gold

• Potential adjacent splays similar to the Paris mine

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HHH
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Investor Presentation

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paris mine historical drilling

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• Two Parallel Shears and Probable Splays

• Numerous Significant Drill Results > 8g/t AU

• Intercepts up to 5.2m @ 14.2g/t gold

Investor Presentation

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recent results at observation

Outstanding results from Torque’s first drilling results post IPO

• Broad, high-grade gold intercepts from first phase drilling:

• 9m @ 11.5g/t gold from 63m (21ORC009)

• 6m @ 5.6g/t gold from 42m (21ORC003)

• 9m @ 4.0 g/t gold from 21m (21ORC008)

• 9m @ 3.0 g/t gold from 21m (21ORC010)

• 6m @ 2.0 g/t gold from 39m (21ORC002)

• All are shallow intercepts above 60m vertical depth

• New Observation mineralised zone – 350m strike length – open to West and at depth

• Observation results extend the Paris gold corridor by a further 900m to the North – beyond the HHH pit

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Investor Presentation

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observation plan view

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Investor Presentation

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observation prospect future activities

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Recent results at Observation open up the Prospect and further increase the potential for scale at the Paris Project

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Investor Presentation

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assay results to continue

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Torque have only received a fraction of the results from their maiden drilling campaign at Paris

Drilling Completed	Status
Observation (22 holes for 1,688m)	Received
Strauss (24 holes for 1,722m)	Results Pending
HHH South (11 holes for 804m)	Results Pending
Paris North (6 holes for 402m)	Results Pending
HHH pit (3 holes for 308m)	Results Pending
Harold’s & Senator’s Lodes (4 holes for 618m)	Results Pending
Marmaracs (21 holes for 1,116m)	Results Pending
Lady Doris (11 holes for 768m) Results Pending

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9m @ 11.52g/t
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Investor Presentation

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paris project – initial objectives

Paris and Observation HHH mines prospect

Strauss prospect

• RC drilling at Paris – HHH test the scope and range for resource increase

• Exploration AC / RC program – targeting near surface oxide resource and depth extensions

• Exploration RC program on Boulder – Lefroy Shear Zone

• Drill existing gold resource extensions – along strike and at depth

  • Prior drill result of 12m @ 2.46 g/t Au not followed up

• Recent drill results including 9m @ 11.52 g/t Au to be followed up

• Resource drilling aimed at substantially expanding the existing Indicated resource of ~33koz Au. to a JORC

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Marmaracs prospect

• Second Order splay on Boulder – Lefroy Shear Zone

• First pass exploration – AC/RC program planned

100,000 to 200,000ozs in Year 1

Investor Presentation

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jindalee and SensOre joint ventures

Expanding Paris Gold project footprint

Jindalee

• JV formed with Jindalee Resources

• Torque to earn up to 80% in three Paris adjacent tenements by spending $200,000 over 3 years

• Increases exposure to the highly prospective stratigraphy at Paris Project by 14km

SensOre*

• Torque has also agreed a transaction with exploration technology leader, SensOre

• SensOre can earn a 51% interest in EL15/1752, by expending $3 million over 3 years

• Minimum expenditures of $300,000 in year 1 and $700,000 in year 2

• SensOre may increase their stake by completing a Feasibility Study

• Torque maintains a 10% buy back provision

• Contains historic drilling results at Maynard’s Dam of up to 3m @ 28g/t gold

• Native title agreement already completed

Investor Presentation

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* for detailed agreement terms see Torque prospectus

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bullfinch project

Over 15Moz past production and Resources in the Southern Cross Goldfields

• Western Australia’s first major goldfield

• Over 570 km[2] of contiguous title

• Known for high grade gold occurrences

• Over 200 prospector, high grade gold pits, shafts and mines

• Recorded production grades up to 35.7g/t gold (“Withers Find” prospect)

• Very limited modern exploration

100 of 5 =[572km][2] Percent Exploration Total licences

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Investor Presentation

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bullfinch – leading prospects

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Withers:

• 3 Kms of historical gold workings

• Produced 1688ozs @ 35.7 g/t gold

• Virtually No drilling

Rutherfords Find Drill Intersections

Reynolds:

• 4 shallow historic RC holes (65m Max)

• 3 holes hit commercial grades up to 4m @ 14g/t gold

• Open at depth and along strike

Rutherfords:

• High Grade quartz lode

• 12 historic RC holes only. (10 Commercial grade hits)

• 2 wide zones: 8m @ 3.9g/t gold and 8m @ 5.4g/t gold

• No follow up drilling!

Investor Presentation

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exploration programme and timeline

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Indicative Exploration Programme	2021	2021	2021	2021	2022	2022	2022	2022
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Paris Project Area
Data Compilation/Desktop Review
Reconnaissance Field Work Mapping/Sampling
Geophysics
Geochemical Sampling
Air Core (AC) & Reverse Circulation (RC) Drilling
Resource Drilling (RC)
Bullfinch Project Area
Data Compilation/Desktop Review
Reconnaissance Field Work Mapping/Sampling
Geophysics
Geochemical Sampling
Air Core (AC) Exploration Drilling
Resource / Exploration Drilling (RC)

Investor Presentation

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board of directors and management

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Tony Lofthouse

Ian Finch

Patrick Burke

Executive Chairman

Non-Executive Director

Non Executive Director

More than 43 years of working in the resources sector in Australia, Saudi Arabia and the United Kingdom.

Exploration and mining geologist with a career spanning over 50 years. Ian has worked extensively throughout Southern Africa, South America, Indonesia and Australia.

Extensive legal and corporate advisory experience.

Pat has acted as Director for a large number of ASX, NASDAQ, and AIM listed companies.

Tony has broad ranging experience including as a field geologist; a resources equity analyst; a corporate banker managing a portfolio of resource and infrastructure customers.

He was a founding director of ASX listed companies - Taipan Resources, Trafford Resources, Tyranna Resources, IronClad Mining, Robust Resources, Bannerman Resources and the Canadian listed Goldminco Corporation.

Currently Executive Chairman of Meteoric Resources, Non-Executive Chairman of Province Resources, and Mandrake Resources, and a Non-Executive Director of Triton Minerals.

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Neil W. McKay

CFO / Company Secretary

Mr McKay is an accountant with more than 40 years in senior accounting, finance and company secretarial roles.

He was a founding director, Company Secretary and Chief Financial Officer of ASX listed Trafford Resources, Tyranna Resources and IronClad Mining.

Investor Presentation

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investment highlights

Simple development pathway

High grade gold fields

• Historical high grade production from the Paris and Bullfinch

Potential to Fast-track to development

• ✓ 9 Post NativeTitle Mining Licenses at the Paris Project

• Project areas

24Koz @ 11.2 g/t

• (Paris Mine – Julia Mines 1989)

• ✓ Several process plants proximate to the project areas

71Koz @ 38.5 g/t

• (Radio Mine, Bullfinch – to 1974)

Under explored

Torque’s ground positions are relatively under-explored.

Generally limited to shallow drilling and near surface mining only.

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Experienced board

A board with decades of experience in exploration and driving value for shareholders.

Investor Presentation

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JORC 2012

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JORC 2012 Mineral Resource Statement – April 2020

The Mineral Resource Estimates were prepared by Darryl Mapleson (the Competent Person) a director of BMGS Global Mining Geology Consultants (BMGS) on 9[th] April 2020 to take into account the mining activities of the open pit and underground mining activity to August 2017. The Mineral Resources for both HHH and Paris have been classified as Indicated Mineral Resources .

Depleted Mineral Resource Estimate	Depleted Mineral Resource Estimate	Depleted Mineral Resource Estimate	Depleted Mineral Resource Estimate	Depleted Mineral Resource Estimate
Deposit	Category	Tonnes	g/t Au	Ounce
Paris	Indicated	81,000	4.50	11,700
HHH	Indicated	233,000	2.80	21,000
Total		314,000	3.24	32,700

The Paris Mineral Resource is reported above a block grade of 0.5 g/t Au using a 35 g/t Au top cut. The HHH Mineral Resource is reported above a block grade of 0.5 g/t Au using a 50 g/t Au top cut.

The Indicated Resource Estimate has previously been reported in the Torque Metals Limited Prospectus dated 14 April 2021, in the Independent Technical Assessment Report prepared by Agricola Mining Consultants Pty Ltd and also in the Company’s Quarterly Report dated 30 July 2021 and ASX Announcement of 14 July 2021.

The relevant JORC Competent Person Statement and Consent can be found on pages 1 and 2 of that report (pages 63 and 64 of the Prospectus). Torque Metals confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning any resource estimates quoted herein continue to apply and have not materially changed.

Investor Presentation

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competent persons statement – exploration forward looking statements

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Competent Persons Statement – Exploration Results

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Rohan Williams, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Williams is an employee of Torque Metals Limited (“the Company”). Rohan Williams 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’. Rohan Williams 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.

Investor Presentation

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Contact information:

Ian Finch 0414 270 248 ian@torquemetals.com

torquemetals.com