Torque Metals : Emerging High-Grade Gold Zone Adjacent to Paris Pit

For personal use only

21st February 2022

EMERGING HIGH-GRADE GOLD ZONE

ADJACENT TO PARIS PIT

Highlights

• Drilling adjacent to the Paris pit returns high-grade mineralised zone of:

• • 3m @ 11.6 g/t Au from 159m downhole, within
  • 9m @ 4.6 g/t Au from 159m, within
  • 21m @ 2.3 g/t Au from 159m in drill hole 22PRC034
• Confirms a continuous high-grade gold zone, which remains open to the west
  of the recent discovery of 24m @ 10.7 g/t Au from 141m including 6m @ 34.6 g/t Au from 141m (21PRC0251)
• Follow-updrilling is planned to further expand the new gold mineralised zone as a new exploration front opens up to the west of the Paris pit
• Phase 3 follow-up drilling continues at the Caruso, Observation, HHH, and Paris South prospects

Torque Executive Chairman Mr Ian Finch said:

"This is yet another great result to add to the long list of captivating results we have unearthed at the Paris Project in only a short timeframe.

Importantly, the result demonstrates a continuous mineralised zone open to the west of high- grade discovery. These are truly spectacular grades to encounter at reasonably shallow depths, near existing mines owned by Torque, and in the heart of the WA goldfields. Withresults like these, it is clear we have something special on our hands at Paris.

We are now planning follow-up drilling to test the new mineralised zone which is consistent with our aim to keep increasing the size of the gold resource at the Paris Project by tracking the higher-grade zones. I look forward to further updating you as we continue to take a substantial leap forward within this world-class gold province."

Perth-based, Western Australian-focused gold explorer Torque Metals Limited ("Torque" or the "Company") is pleased to announce assay results from follow-up drilling have demonstrated a continuous mineralised zone adjacent to the Paris pit at the Company's wholly-owned Paris Project, located on the richly gold endowed Boulder-Lefroy Fault Zone, south east of Kalgoorlie.

• Refer to ASX announcement dated 18 October 2021

For personal use only

Torque Metals Limited ASX Announcement

21 February 2022

This recent drilling 120m west of the existing Paris open pit area has confirmed 21m @ 2.33 g/t Au from 159m including 3m @ 11.6 g/t Au from 159m in drill hole 22PRC034 (See Figure 1 & 2).

The result demonstrates a continuous mineralised zone exists to the west of the high-grade discovery in 21PRC025 of 24m @10.7 g/t Au from 141m including 6m @ 34.6 g/t Au from 141m.Together the results of the above two mentioned drill holes suggest the Paris pit may extend for up to 120m west, and still remains open.

This opens up an exploration front with Torque already planning follow-up drilling of this zone as soon as practicable.

Figure 1: Paris Project open pit map

Actual Hole_ID	Original_East	Original_North	Original_RL	Dip/Azimuth	Planned depth
22PRC034	402534		6504673	298		-60/020	208
		Table 1:22PRC034 drill hole summary

Torque is currently undertaking the Phase 3 RC drilling program, consisting of up to 5,000 metres, to follow-up the first and second phase drilling which resulted in several new gold discoveries adjacent to existing open pits at Paris and HHH, as well as additional drilling at the Observation, Strauss and Caruso prospects.2

So far, 11 holes for 1,648 metres have been drilled across these prospects as part of the Phase 3 campaign.

• Refer to ASX announcements dated 18th August 2021, 15th September 2021, 18th October 2021, 15th December 2021

2

Torque Metals Limited ASX Announcement

21 February 2022

For personal use only

Figure 2: Paris Project 22PRC034 cross-section

The Paris Project

Torque's Paris Project lies within the area known as the Boulder-Lefroy Fault Zone (Figure 3). This prolific gold-bearing structure is host to numerous mines that have produced many millions of ounces of gold. Not least of these mines is the world famous "Super Pit" in Kalgoorlie. Torque's Paris Project area remains vastly underexplored, with past drilling generally restricted to the top 50 metres, highlighting significant opportunities for discovery of gold mineralisation by the application of modern-day exploration techniques and the undertaking of more extensive, and deeper, drilling.

Torque has already undertaken a two drilling campaigns at Paris with the objective of better defining the zones most likely to rapidly increase the project's gold resource base.

3

Torque Metals Limited ASX Announcement

21 February 2022

For personal use only

Figure 3: Paris Project located within the Boulder-Lefroy Fault Corridor

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

4

For personal use only

Torque Metals Limited ASX Announcement

21 February 2022

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.

This announcement has been authorised by the Board of Torque Metals.

ENDS

For further information, please contact:

Ian D. Finch Executive Chairman [e-mail] M: [phone]

Media

David Tasker / Colin Jacoby

Chapter One Advisors

[e-mail]/ [e-mail]

1. [phone] / [phone]

5