Torq Resources Stock Price, News & Analysis

Torq Resources (OTCQB:TRBMF) has announced the termination of its option to acquire interest in the Margarita Project in Chile. The decision comes as the company shifts focus to its Santa Cecilia copper/gold project, which has a US$48M Earn-in Option granted to Gold Fields.

The company will maintain 100% ownership of the 90-hectare La Cototuda concession adjacent to Margarita, which has minimal holding costs and no royalty burden. The termination will have no material impact on financial statements as capitalized costs were previously written off.

Additionally, Torq has completed its inaugural drill program at Santa Cecilia under the Gold Fields joint venture, with results pending from laboratory analysis.

Torq Resources (OTCQB:TRBMF) has completed its first drill program at the Santa Cecilia project under its joint venture with Gold Fields. The program comprised five holes totaling 4,062 metres, targeting the unexplored Gemelos Norte area and following up on the Pircas Norte discovery from 2024.

Gold Fields has earned a 10% interest in the project by funding this drilling program. The company is awaiting Gold Fields' decision on further funding to increase their project stake. Additionally, Torq has granted 12.7 million stock options, with 8.75 million allocated to directors, officers, and an IR consultant, exercisable at $0.10 with a five-year expiration.

Torq Resources (TRBMF) has received regulatory approval to extend its $2.8 million Credit Facility for one year until July 11, 2026. As part of the extension agreement, the lender will receive 46,666,667 share purchase warrants, exercisable at $0.06 per common share until July 11, 2026. The interest rate will reset to 12% for the final year, and the lender will receive a $30,000 payment for security priority and default waivers. The lender's existing 7.5 million warrants at $0.35 will be cancelled. The new warrants include a blocker term limiting exercise to 9.99% of issued shares without company approval, with potential increase to 19.99% requiring TSXV and shareholder approval.

Torq Resources (TRBMF) has engaged Kin Communications Inc. to handle its investor relations activities. The agreement spans 12 months with a month-to-month continuation option. Kin, a Vancouver-based full-service IR firm owned by President & CEO Arlen Hansen, will focus on building relationships with shareholders, investment professionals, newsletter writers, and media to effectively communicate Torq's corporate message. The compensation includes a monthly fee of CDN$15,000 plus GST and 2,000,000 stock options with a five-year expiry term. The agreement and stock options are pending TSXV approval. Kin Communications and its CEO have no prior relationship with Torq and currently own no securities in the company.

Torq Resources (TRBMF) has completed a recapitalization through two key transactions totaling C$3.12 million. The company executed a private placement of 25.15 million units at C$0.06 per unit, raising C$1.51 million. Each unit includes a share and a warrant exercisable at C$0.12 until June 2027. Additionally, Torq settled C$1.30 million in debt by issuing shares and units to creditors, primarily related to the 2024 Minera Santa Drilling Campaign. The company paid C$51,012 in finder's fees and issued 800,200 finder's warrants. Torq is seeking approval to extend its credit facility to July 2026. The company expects these transactions to strengthen its financial position for more active operations in 2025, with ongoing exploration at the Santa Cecilia project funded by Gold Fields under an earn-in option.

Torq Resources (TRBMF) has provided updates on three key areas: drilling progress, financing, and corporate changes. The company has successfully completed 4,062.5 meters of drilling across 5 holes at its Santa Cecilia project under favorable weather conditions. Drill results are expected to be released starting June. On the financing front, Torq's previously announced non-brokered private placement, along with debt settlement and credit facility extension, awaits conditional approval from TSX Venture Exchange. In corporate news, director Waldo Cuadra has resigned from the board but will continue as General Manager, Chile, maintaining his operational role at Santa Cecilia.

Torq Resources (TRBMF) has announced a non-brokered private placement to raise C$2 million through the issuance of 33.33 million equity units at CAD$0.06 per unit. Each unit includes one common share and one warrant exercisable at C$0.12 for 24 months.

The company has also extended its Credit Facility of $2.8 million from July 2025 to July 2026, with the lender receiving 46.67 million share purchase warrants exercisable at $0.06 per share. The interest rate will reset to 12%, and the lender will receive a $30,000 payment for security priority and default waivers.

Additionally, Torq has agreed to settle approximately $1.15 million in debt with creditors using identical units from the offering. The company is also seeking to renegotiate its Margarita project option terms, which requires a balloon payment by August 2025, or may need to relinquish a substantial portion of the project.

Torq Resources (TRBMF) has initiated drilling operations at its Santa Cecilia gold-copper project in Chile's Maricunga belt. The project, located 100km east of Copiapo and near Newmont and Barrick's Norte Abierto project, will focus on the Pircas Norte and Gemelos Norte targets.

Previous drilling revealed significant mineralization, including 120 metres of 1.33 g/t gold and 0.096% Copper in hole 24SC-DDH-005, and 498m of 0.36 g/t gold and 0.08% copper in hole 24SC-DDH-003. The current program will comprise 5-7 drill holes for approximately 4,000m using two drill rigs, funded by Gold Fields' initial USD$6 million commitment.

The Pircas Norte target features mineralized porphyry copper outcrops with a gold-copper-molybdenum soil anomaly covering 600m by 600m. Notable findings include high-grade quartz veins with samples returning up to 47.90 g/t gold.

Torq Resources has finalized its option and joint venture transaction with Gold Fields for the Santa Cecilia project in Chile. Under the agreement, Gold Fields can earn up to a 75% indirect interest by funding up to USD$48 million over 6 years.

The deal structure includes: a committed minimum spend of USD$6 million to earn an initial 10% interest, followed by the option to earn up to 51% interest by funding USD$18 million within 30 months, and a final option to reach 75% by funding an additional USD$30 million in the following 42 months.

The transaction received overwhelming approval from Torq's disinterested shareholders on January 10, 2025. A previous USD$1.8 million interim loan from Gold Fields has been converted to a contingent capital contribution toward the initial exploration expenditures.