13 May

Addendum to 31 March 2022 Quarterly Report

13 May 2022 ASX ADDITIONAL INFORMATION Supplementary Information – Addendum to 31 March 2022 Quarterly Report 1. ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure spent during the quarter was $ 766,000. Full details of exploration activity during the March 2022 quarter are set out in this report. 2. ASX Listing Rule 5.3.2: There were no mining production or development activities 3. during the quarter 4. ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the quarter was $84,168. 5. ASX Listing Rule 5.3.4: Use of Funds The Company was admitted to the official list of the ASX on 23 June 2021 with official quotation commencing 25 June 2021 and provides the following information with respect to its Use of Funds Statement set out in its Prospectus dated 14 April 2021 and its actual expenditure since admission to ASX. Expenditure Item Use of Funds Actual Expenditure 23 June to 31 March 2022 Variance Favourable / (Unfavourable) Existing cash reserves - 28,000 28,000 Funds raised from the offer 5,000,000 5,500,000 500,000 Sub Total 5,000,000 5 , 528 , 000 528,000 Option entitlement (net) - 126,000 126,000 Total 5, 000 ,000 5,654,000 654,000 Use of Funds Evaluation and exploration of the Paris Gold Project 2,540,000 2,2 62, 000 1 278,000 Evaluation and exploration of the Bullfinch Project 535,000 132 ,000 1 403,000 Estimated expenses of the Offers 475,000 531,975 (56,975) Administration and general working capital 810,520 429,025 1 381,495 Director salaries and fees (including Executive Directors) 639,480 286,000 1 353,480 Tenement & rights acquired - 179,000 (179,000) Loan Repayments - 175,000 (175,000) Total Expenditure 5,000,000 3,9 95 ,000 1,005,000 Closing Cash on Hand - $1,659,000 $ 1,65 9,000 Note: The variances are s due to timing differences of the Prospectus forecast of 2 years against a 6 month cash actual from 25 June 2021. Torque Metals Limited ASX Announcement 13 May 2022 2 Related Party Payments During the quarter ended 31 March 2022, the Company made payments of $84,168 to related parties and their associates. The payments relate to existing remuneration arrangements (directors fees and superannuation of $80,300 and provision of tenement and general advice of $ 3,868). Neil McKay Company Secretary
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