TORQUE METALS LIMITED

P.O. Box 27, West Perth WA 6872, Australia

T: 08 6323 6826

M: 0421977617; 0414270248

April 2020

Dear Member,

In my February update letter I outlined the extensive benefits to the Company of acquiring the exclusive right to

purchase the “near production” Paris Mining Project. This has been a successful strategy and is beginning to pay

off.

Production

With large increases in the $Aud gold price since my last letter, it is worth re-looking at a possible production

outcome from mining the Paris/HHH resource.

In their detailed 2018 scoping study, Austral Pacific estimated that the resource could be mined for a total cash

surplus of ~Aud$2.95 million. The mining study was undertaken at the, then, gold price of around Aud$1,650 /oz.

The significant rise in gold price since then has improved potential returns from the resources at Paris/HHH

exponentially. Today (at around Aud$2,700 / oz) the returns are more likely to be in the range of Aud$12 Mill -

Aud$15 Mill.

Importantly this cash surplus can be achieved in a relatively short space of time due to the fact that the deposits lie

on granted mining leases.

New resource IPO listings on ASX remain near zero. This is due largely to the unwillingness of ASX to recognise

the changing market and accept the desperate need for fresh “blood” in the junior sector. The nervousness of

investors due to the Covid-19 pandemic is also playing a part.

Australia NEEDS a viable second board, dedicated to “start-up” companies, as exists in almost all other first

world countries.

Your board has carried out extensive research into the viability of two existing, alternative stock exchanges – The

National Stock Exchange (NSX) and The Sydney Stock Exchange (SSX). Each has pros and cons in relation to a

new resource listing, but both recognise the need for flexibility, simplification of listing rules and lower costs.

Encouraged greatly by what we have heard, your board has decided to pursue a listing on one of these two

exchanges. (a firm choice will be made after further talks). A new prospectus is underway and is in its second

draft.

When completed it will be lodged with ASIC for compliance approval. I intend to update members regularly on

our progress on this matter.

TORQUE METALS LIMITED

Asset Enhancement.

Some of you may have noticed a recent announcement by the listed resource company, Jindalee Resources Ltd

(JRL), regarding an agreement with Torque. This deal, which gives TOR the ability to acquire up to 80% of the

JRL tenements, has approximately doubled our footprint in the important Paris / HHH mining area.

Fig 1 (below) shows the contiguous nature of the newly acquired area and its significance in relation to the

underlying geology.

The agreement with JRL has added a further ~13km of highly prospective strike extent, to the Paris / HHH mining

area.

Initial research on the area has already uncovered historical drill results up to 3m @ 28g/t Gold at the “Maynards

Dam” prospect, at the Northern end of the newly acquired tenements. (See Fig 1)

The above represents part of a staged programme of project enhancement.

The drilling of two metallurgical test holes beneath the HHH pit has been postponed until late May so that efforts

can be concentrated on the listing process. A mining feasibility study, along with the commencement of infill and

extensional resource drilling will commence immediately after listing.

Finance

The Company is currently finalising the raising of $335,000 through sophisticated investors, as mentioned in my

previous letter.

Unfortunately the strictures placed upon us by ASIC have made the proposed rights issue to all shareholders

impossible to achieve in a timely manner.

The Company is now in discussion with a number of corporate and financial institutions regarding the proposed

IPO capital raising.

Yours Sincerely,

Ian D Finch

TORQUE METALS LIMITED

Figure 1 – Paris/HHH & Jindalee Tenement Map