Torq Resources has increased its non-brokered private placement from $1.5 million to $1.7 million, securing gross proceeds of C$1,700,191.20 through the issuance of 34,003,824 units at C$0.05 each.

The upsized placement includes C$170,191.20 in participation from Gold Fields Atacama Holdings Inc., a wholly owned affiliate of Gold Fields Limited, lifting the major mining company's equity ownership in Torq to 10.95%. Each unit consists of one common share and a three-year purchase warrant exercisable at C$0.10. Net proceeds from the offering are earmarked for general working capital.

The transaction forms part of a broader financial and operational realignment for the Santa Cecilia copper-gold project in Chile. Alongside the equity raise, Torq expects to complete a six-month extension on its C$2.8 million loan owed to 191010 Investments Limited, which originated from a credit facility established in July 2022 and has been subjected to multiple prior extensions. To secure the extension, Torq has issued 56 million one-year warrants exercisable at C$0.05. Torq relies on equity financing for its continued operations and will seek additional funding to repay the loan and fund ongoing capital requirements.

Operationally, Torq has agreed to a 24-month extension to the project's earn-on option period, moving it from the original 72 months. The adjustment accounts for camp relocation delays experienced in late 2025 due to health and safety requirements. Under the revised terms, Gold Fields will also take on a greater role in the work program.

Torq entered into definitive earn-in agreements with the Gold Fields affiliate for Santa Cecilia in December 2024, establishing Gold Fields' initial equity participation in the company. The company plans to restart exploration activities at the project in the near future.

“We appreciate the continued support of investors and of Gold Fields in accelerating the exploration of Santa Cecilia given previous results of long drill hole intervals of mineralization. We look forward to getting back to this work in the near future”

— Shawn Wallace, CEO & Chair

The financing remains subject to customary final acceptance by the TSX Venture Exchange, with issued securities carrying a four-month statutory hold period. Torq also incurred finder's fees consisting of C$29,700 in cash commissions and 594,000 non-transferable finder's warrants exercisable at C$0.10 for three years.

Read the full announcement: Torq to Upsize Financing to $1.7 Million, Provides Other Updates