Torque Raises $16.2M, Sets Multi-Rig Drilling in Motion at Paris Gold Project
Torque Metals has raised $16.2 million through a $15 million placement and early option exercises, setting the stage for an aggressive drilling campaign at its Paris Gold Project in Western Australia.
- Raised $16.2 million via $15 million placement plus $1.16 million from option exercises
- Strongest balance sheet since listing enables accelerated exploration
- Multi-rig drilling program to start January 2026 targeting high-grade lodes and new targets
- Funds allocated mainly to drilling, early feasibility, and production pathway assessments
- Potential for additional $4.68 million if remaining options are exercised
Funding Boost for Paris Gold Project
Torque Metals Limited (ASX, TOR) has successfully completed a $15 million institutional placement alongside $1.16 million raised from early option exercises, bringing total fresh capital to $16.2 million. This injection marks the company’s strongest financial position since listing, providing the necessary resources to accelerate exploration at its flagship Paris Gold Project in Western Australia.
Strategic Deployment of Capital
The placement, priced at $0.30 per share, was completed at a minimal discount, reflecting robust confidence from institutional investors and existing shareholders alike. Torque’s Managing Director, Cristian Moreno, emphasised that the majority of these funds will be directed straight into the ground, underpinning an aggressive, multi-rig drilling campaign scheduled to commence in early January 2026.
This drilling program aims to extend known high-grade gold lodes and explore new targets identified through advanced geophysical techniques such as downhole electromagnetic (DHEM) surveys. The campaign will cover the Paris–HHH–Observation corridor and other promising areas outside the current Mineral Resource Estimate, signalling a clear intent to expand the project’s resource base.
Beyond Drilling, Early Feasibility and Production Pathways
In addition to exploration, the funds will support early feasibility studies and assessments of production pathways, leveraging Paris’ granted mining licenses and proximity to existing infrastructure. This approach suggests Torque is not only focused on discovery but also on advancing the project towards potential development, balancing exploration with practical steps towards production.
Options and Future Funding Potential
Alongside the placement, early exercise of 4.67 million options at $0.25 each contributed $1.16 million. Notably, 18.7 million options remain outstanding, which if exercised, could inject an additional $4.68 million, providing further financial flexibility. This layered funding strategy underscores strong shareholder support and offers a buffer for ongoing activities.
Torque’s disciplined capital allocation, focused predominantly on drilling, aligns with a value-driven approach that prioritises tangible progress on the ground. As the company embarks on this intensified phase of exploration, market watchers will be keenly observing the results and any subsequent resource updates.
Bottom Line?
Torque’s fresh capital positions it to unlock new value at Paris, but drilling results will be the true test of its growth trajectory.
Questions in the middle?
- How will initial drilling results influence Torque’s resource estimates and project valuation?
- What timeline does Torque envision for moving from exploration to production feasibility?
- Will remaining unexercised options be converted, and how might that impact future funding?
