Torian Resources Ltd (Torian or Company) (ASX: TNR) is pleased to report on exploration and other corporate activities during the December 2021 quarter.

The Quarterly cash Flow Report for the Quarter ended 31 December 2021 is attached.

Mt Stirling Gold Project Exploration

This quarter saw The Company continue its exploration activities at the Mt Stirling Gold Project. In particular, The Company announced a 17,500m drilling campaign which would be aimed at extending and increasing the current resource at Mt Stirling / Viserion, in addition to testing other high priority targets for primary gold. The following is a summary of the some of the exploration highlights of the quarter broken down by target.

Mt Stirling / Viserion

A key priority of the current drilling campaign has been to target the shallow portion of the Mt Stirling/Viserion gold deposit to be drill defined to JORC 'Indicated' category (880m strike x 125m depth) from surface 425m down to 300mRL. The Company anticipates that this is likely to increase the global project Au grade, expand the resource base and provide valuable data and confidence to a 2022 Q1 Optimisation Study.

As already disclosed to the market, an updated global MRE for the Mt Stirling Gold Project is on track for the end of Q1 2022. (Subject to drilling efficiency and lab timelines). In addition to the results from this current round of drilling, the upcoming MRE will include previously announced results that were not included in the May 2021 MRE.

As has already been disclosed to the market, the Company has secured the services of Minecomp to conduct a pit optimisation study, to assess the economics and unlocking value from the Mt Stirling / Viserion gold system. Subsequent to the end of the quarter The Company announced that 20 of the 38 planned drill holes at Mt Stirling / Viserion had already been drilled with assay results to continue to be released to the market as they become avaialabe.

Skywing

The re-interpretation of Mt Stirling Central Zone to flat easterly dipping lode(s) has resulted in 24 pierce points over 450m strike defining the newly discovered 'Skywing' lode(s). These pierce points have been obtained from existing drilling, which has brought into play most intercepts which were outside of the previous MS MRE of May 2021.

Skywing lode(s) vary from 1-2m true width and provide an immediate prospective shallow open-pittable interpreted extents (800m x 220m; from surface). This will be drill tested with 40x40m drill spacing towards the Wonambi Shear with 3,550m of RC drilling planned; with the first phase of 1800m going towards testing the mineralised model in order to commit to a 2nd phase of drilling which will complete the program.

Of significant interest at Skywing, is that Au grades increase in grade towards the east on every section. (Other than supergene enrichment close to surface on western extents of interpreted shallow easterly dipping flat lodes). This is highly unusual that the Skywing lode(s) exhibit such Au homogeneity and increasing grades towards the Wonambi Shear. Although modest ounces, modelled Au grade increasing with depth and easterly appreciation, could multiply scale potential.

Any increase in width will also have this effect. Skywing also demonstrates potential for repeated flat lodes; alike the Stirling Well stacked lode model, in addition to prospective spaced-out occurrences that further drilling will seek to unveil. Detailed logging will also confirm saprolitic v primary gold and provide sufficient data for interpreted modelling. Given shallow nature of the mineralisation and planned drilling, assay results from Skywing are anticipated to fast-track the prospect's inclusion into the optimisation study. Subsequent to the end of the quarter the company announced that it had commenced drilling at Skywing with 2 of the 36 planned drill holes already complete.

Hydra

During the quarter The Company drilled RC drill holes at the Hydra prospect for 575m, to tested the interpreted NW target strike zone. The Compnay received the following highly encouraging results: o 2m @ 2.60 g/t Au from 106m (MSRC128); inc 1m @ 3.20 g/t Au from 107m (end of hole) Primary gold is associated within a quartz-feldspar porphyry unit, with the interpreted highgrade footwall contact yet to be fully tested Gold mineralisation dispersion is also present up-dip and along strike with: o 5m @ 0.56 g/t Au from 84m (MSRC127); inc 1m @ 0.89 g/t Au from 85m o 4m @ 0.51 g/t Au from 96m (MSRC129); inc 1m @ 0.86 g/t Au from 86m Results are from the central and northwest prospect area, with the remaining central and southeast areas to be drill tested once RC rig completes Tyrannus

A 1km strike of favourable and prospective structure remains untested between Mt stirling-Viserion and Hydra, with Hydra SE planned RC to vector towards MS-Viserion on favourable results There is also the potential for sub-parallel mineralised structural links on either flank of the Viserion Shear Zone.

The gold target trend at Hydra has been conceptualised from limited AV and historical gold data, with further systematic assaying of AV drill data likely to expand the target zones for future drill phases. Encouraging signs at Hydra are the increased wider footprint of the Au target zone, and better widths intercepted in comparison to historical mineralisation.

Tyrannus

Several structural orientations are present at Tyrannus, with linking structures likely to also have some controlling influence on gold mineralisation dispersion. Drill orientation commenced targeting sub-vertical NE dipping interpreted lodes which werealso be able to identify flat-dipping orientations that may shallowly or sub-vertically dip towards the Ursus Fault.

A second phase will likely target NE striking mineralisation associated with NE shearing, with further exploration to target possible NNW striking SW-dipping interpreted mineralisation adjoining or originating from the Ursus Fault. Tyrannus targets are structurally significant with some situated on an inflection and splay junction of the Wonambi Shear termination onto Ursus Fault, 400m east of the Mt Stirling gold mineralisation, and are highly likely to merge onto and along strike of the Mt Stirling SE mineralised Au lode positions.

A total of 6 holes (DIRC030-35) had been drilled at Unexpected Estera Lode (for 669m), with three extensional holes (DIRC032-34) completed to extend strike of mineralisation SE and NW. The Company anticipates to continue drilling at Diorite as it works to extend the discovered gold system. A single hole has also been completed (DIRC035) targeting high-grade zone down-dip continuity, with encouraging signs that system continues at depth. Trace pyrrhotite has been identified, providing vectoring geophysical potential to mineralisation. Torian's Diorite tenure hosts numerous historical mines including the Diorite King Mine that produced at 76 g/t Au per tonne, and the incredibly rich Little Wonder Mine located 2km south, which in it's first 25 tonnes of ore yielded an astounding 950 oz of gold.

Unexpected Workings

The Unexpected Workings were active during 1922 through to 1923, with an average grade of 47.2 g/t from 119.38 tonnes processed. The 'Unexpected Mine' workings and Diorite King, Diorite Queen and Kiaora-Meteor prospects all share structural links. They contribute to the structural understanding of Little Wonder / Diorite King and structural corridor(s) perspectivity between and beyond Historical Mine locations.

Mt Stirling

Central - >1km of Rare Earth Potential Uncovered Subsequent to the end of the quarter The Company announced that it has discovered Yttrium anomalies at its Mt Stirling Central project area. Yttrium is associated as a key indicator of potential Rare Earth Minerals in Critical Metals exploration. As part of the Company's ongoing systematic exploration of the Mt Stirling Gold Project, a total of 151 AV DHs systematically targeted the Arktos Fault and adjacent structures at the Wishbone Prospect for arsenic and Au vectoring pathfinders. Reconnaissance field work confirmed the presence of prospective breccias within granites and proterozoic outcrops, where the potential for Rare Earth minerals structural model was also recognised.

Focus on Yttrium presence was confirmed through pXRF processing of surface soil points to guide AV drilling, for gold exploration. Subsequently oxide intervals in AV drilling samples revealed the enrichment of discrete Yttrium anomalies on a broad 1km scale. 36 AV DHs were determined to contain a max interval meter >100ppm Yttrium (pXRF), with a peak 521ppm Yttrium (MSAV0878). 170 (>100ppm pXRF Yttrium) 1m intervals from 41 AV holes have been submitted and are awaiting multiple-element (including Rare Earth assay suite analysis) assays.

The Compnay is expecting Yttrium and Rare Earth element confirmation by the end of January 2022. Torian eagerly awaits confirmation by laboratory analysis of Yttrium presence in oxide, as it looks to expand the footprint of surface and oxide Yttrium with further pXRF fieldwork. Once assays are received, the presence and ratio of Heavy to Light Rare Earths can be calculated, in order to understand the type of REE occurrence and vector to potential mineralisation accordingly.

Contact:

Peretz Schapiro

Email: info@torianresources.com.au

About Torian

Torian Resources Ltd (ASX: TNR) is a highly active gold exploration and development company with an extensive and strategic land holding comprising six projects and over 400km-2 of tenure in the Goldfields Region of Western Australia.

All projects are nearby to excellent infrastructure and lie within 50km of major mining towns. Torian's flagship Mt Stirling Project is situated approximately 40km NW of Leonora, and neighbours Red 5's Kind of the Hills mine. The region has recently produced approximately 14M oz of gold from mines such as Tower Hills, Sons of Gwalia, Thunderbox, Harbour Lights and Gwalia

Another project in the Kalgoorlie region is the Zuleika project in which the Company is involved in a JV with Zuleika Gold Ltd (ASX: ZAG). The Zuleika project is located along the world-class Zuleika Shear, which is the fourth largest gold producing region in Australia and consistently produces some of the country's highest grade and lowest cost gold mines.

This project lies north and partly along strike of several major gold deposits including Northern Star's (ASX: NST) 7.0Moz East Kundana Joint Venture and Evolution's (ASX: EVN) 1.8Moz Frogs Legs and White Foil deposits. Torian's other projects within the Kalgoorlie region include the Credo Well JV with Zuleika Gold Ltd (ASX: ZAG), host of a JORC Inferred resource of 86,419t at 4.41 g/t Au for 12,259 oz. Torian also holds 10.7% of Monger Gold (ASX:MMG) as well as a 20% free carried JV interest in its projects. Significant High-grade gold was recently intercepted at Providence with 8m @ 16.15 g/t Au from 60m (MNRC004); inc 1m @ 111.40 g/t Au from 61m and 8m @ 31.84 g/t Au from 66m (MNRC007); inc 1m @ 190.06 g/t Au from 70m. Torian is the Pastoral Lease holder of the 172,662 hectare Tarmoola Station, which is home to Torian's Mt Stirling Project, in addition to exploration assets and operating mines of numerous other resource companies, including RED5 (ASX:RED) and St Barbara (ASX:SBM).

There are numerous operating businesses on the Tarmoola station including a 20 person accommodation camp with approvals in place to expand to a 50 person camp, a mining services business, and cattle farming. The station is also entitled to approximately $360,000 (av in each year) worth of carbon credits over a 15 year period.

Cautionary Note Regarding Forward-Looking Statements

This news release contains 'forward-looking information' within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget' 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or indicates that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be' taken, 'occur' or 'be achieved.'

Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.

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