Torque Metals Limited (ASX: TOR), a company focused on the exploration and development of mineral resources in Western Australia, particularly gold, has announced the completion of a $15 million placement and the early exercise of options, raising a total of $16.2 million. The placement, priced at $0.30 per share, involved the issuance of 50 million new shares. An additional $1.16 million was raised through the early exercise of 4,670,291 options at $0.25 each. The company still has 18.7 million options outstanding, exercisable at $0.25, which could potentially provide a further $4.68 million in funding.
According to Torque, this funding places the company in a strong financial position to accelerate exploration at its Paris Gold Project. An aggressive, multi-rig drilling program is scheduled to commence in early January, targeting extensions to high-grade lodes and new DHEM-generated targets across the Paris Gold Camp. The funds will support drilling throughout 2026, early feasibility workstreams, and assessment of production pathways, leveraging the project’s granted mining licenses and nearby infrastructure.
Cristian Moreno, Managing Director of Torque, commented that the placement was completed at a small discount, reflecting the quality of the project and institutional conviction. He also welcomed new shareholders and thanked existing investors for their support. The majority of the funds will be allocated to drilling, maintaining Torque’s disciplined approach to expenditure.
Torque states it is now fully financed to execute a major step-up in exploration activity at the Paris Gold Project. Drilling will focus on DHEM-guided exploration across known mineralised lodes and untested positions within the broader Paris Gold Camp. A small portion of the proceeds will be allocated to working capital and corporate costs. This announcement has been authorised by the Board of Directors of Torque.
