TOR-Option to Acquire Known Lithium and Gold Exposures in WA Transaction includes signing of exclusive, binding, conditional option agreements to acquire 100% of an extensive and strategic package of tenements of significant additional tenure, fertile for lithium, nickel and gold, Torque’s ‘Penzance’ aggregation of ~500km2, lithium tenement is ~4km2. Option secured to acquire 100% of 'New Dawn' (Lithium) 600m off the strike of the adjacent Bald Hill Lithium and Tantalum Mine is a hard rock lithium operation, As of 2018, Bald Hill had total lithium mineral resource of 26.5Mt at 1.0% LiO2, 149ppm 25 and additional tantalum mineral resources of 4.4Mt at 336ppm 251. Further Catalysts Diamond drill rig to mobilise late September. Initial plan for 20 holes (for 2,000m) to test known pegmatitic bodies for spodumene and tantalum, and test spodumene values. Torque recently completed its first diamond drilling program at Paris and Observation prospects, which confirmed the existence of high-grade gold mineralised zones in all four drillholes. Up to 185 g/t Au. Diamond core samples are currently undergoing metallurgical analysis, Gold results are anticipated to be available in the coming weeks. Further Positives ‘Visual inspection on initial site visits clearly identifies the presence of spodumene-rich pegmatites, some containing tantalite. Stockpiles of this material are present on site.’Initial rock chips(up to 6.092%) were taken with the aim of confirming the presence of spodumene and thus lithium. (Pure spodumene contains 8.03% 2 ) Conditions of Deal Board of Directors will collectively subscribe to $170,000 The Company has paid $150,000 for an exclusive Option to acquire the tenement package. The Option may be exercised at any time during the period 1 January – 31 January 2024. note: Gives company time with allocating resources, and the ability to do Due Diligence. Upon exercise of the Option: i) ii) iii) iv)i)$1.5 million cash; ii)15 million Shares (“Consideration Shares”), iii) 2% N.S.R, iv) The issue of 85 million Performance Shares which will be convertible into Shares on satisfaction of the performance milestones of up to 15mt @1.0% LiO2 Up to $3mn performance payments for >1Moz Gold JORC. 8mn broker options exercisable at 18c and 10mn extra tranche 2 shares pending approval. Current SOI-96,337,038 MarketCap-$30mn (not including options) 23mn new issued Shares on Wednesday the 13/9/2023 ($0.12 Shares) New MC after 13/9/23- 119,421,298x0.34 = $37mn @0.31 Current Market Capitalisation (not including options/PS) This includes the short term information about the deal, for more detail please DYOR. (Such as existing capital/options)
