Mr. Shawn Wallace reports

TORQ TRENCHES 34 METRES OF 0.89 G/T GOLD AND 0.22% COPPER IN THE FALLA 13 DISCOVERY AREA AT MARGARITA, PROVIDES FINANCING AND CORPORATE UPDATES

Torq Resources Inc. has released the results of a trenching program at its Margarita iron-oxide-copper/gold project located approximately 65 kilometres north of the city of Copiapo in Chile. The purpose of the trenching program was to further define the geometry of the mineralization at the Falla 13 discovery area, as well as to evaluate undrilled target areas in the northern half of the project. The trenching program consisted of 443.5 metres, primarily along road cuts and drill platforms created during the phase 3 drill program. Trench 23MRT-001 intersected 34 m of 0.89 gram per tonne gold and 0.22 per cent copper along a prominent west-northwest structure that links the Falla 13 discovery area to the recently announced second discovery, where 42 m of 1.1 g/t gold and 0.48 per cent copper were intersected in drill hole 23MAR-031R (see Oct. 18, 2023, news release).

Trenching technical discussion

The mineralized west-northwest structure that trench 23MRT-001 crossed was previously drilled in the company's phase 2 drill program last year, when 30 m of 1.02 g/t gold and 0.57 per cent copper (88 m to 118 m in depth) was intercepted within a larger interval of 130 m of 0.36 g/t gold and 0.28 per cent copper in drill hole 22MAR-023R (see Nov. 28, 2022, news release). Trench 23MRT-001 is the most significant result from the trenching program as it demonstrates that the mineralization in drill hole 22MAR-023R continues to surface and has the potential to extend one kilometre along the west-northwest structure. An attached table summarizes the highlights of the recently completed trench results.

Margarita phase 3 drill results

The company has also received the results from the remaining seven drill holes from the phase 3 drill program. While intersecting some zones of anomalous mineralization, the results did not materially add to the known information about the project. The company will continue to focus on the discoveries made at the Falla 13, Cototuda and Margarita structural corridors. In addition, the company will continue to refine its targeting based on the results from drill hole 23MAR-031R, where 42 m of 1.1 g/t gold and 0.48 per cent copper was intercepted from 246 m to 288 m in depth 200 m to the west of the original Falla 13 discovery. There was no geochemical anomaly present on surface, making this a blind discovery based on permissive geology. Results from the final seven drill holes of the phase 3 drill program are presented in an attached table.

Financing and corporate updates

The company advises that its chief financial officer, Elizabeth Senez, will leave the company by year-end to pursue a CFO role at a mid-tier mining company. While the company completes the recruitment process for a successor, an accounting services firm, which performed the CFO role during the recent four-month parental leave of the departing CFO, will again step into the interim role until a permanent replacement is recruited.

The company's chief executive officer, Shawn Wallace, stated: "On behalf of Torq and the board, I would like to thank Libby for her meaningful contributions to the company over the last three years. We wish her all the best in her future endeavours."

The company's previously announced prospectus supplement offering of a minimum of $4-million to a maximum of $6-million of equity units is expected to be completed by mid-December, 2023. The company also announces that the maturity date of the company's 2022 credit facility, currently drawn in the amount of $2.5-million, has been extended by agreement with the lender from July 11, 2024, until July 11, 2025. In consideration of the extension, the company has agreed to cancel the lender's July 11, 2024, share purchase warrants (3,333,333 at 60 cents and 769,231 at 65 cents) and issue a total of 7.5 million share purchase warrants with an exercise price of 35 cents with an expiry date of July 11, 2025. The creditor warrants have a blocker limiting exercise to the extent the holder would thereby exceed 9.9 per cent of issued shares.

The company's principal shareholder, Gold Fields Atacama Holdings Inc., a wholly owned affiliate of Gold Fields Ltd., has reaffirmed its commitment to purchase equity in connection with the supplement offering, but given the terms of its Sept. 6, 2022, investment agreement with the company (filed at SEDAR+ on Sept. 20, 2022) Gold Fields' affiliate will do so by concurrent private placement of units with the same terms as the prospectus supplement units. The units to be purchased by Gold Fields will differ from the units offered under the supplement in that the warrants included in those units will be subject to a blocker provision limiting exercise of the warrants to a percentage of issued common shares of Torq, which percentage is still under discussion. The common shares and warrants of Torq that will be issued to Gold Fields will have a four-month hold, and the warrants will have a term of up to 60 months because of the requirements of the blocker and the terms of the 2022 investment agreement. Both the credit facility warrants and Gold Fields' affiliate's participation are subject to customary TSX Venture Exchange approval.

Michael Henrichsen (chief geological officer), PGeo, is the qualified person who assumes responsibility for the technical contents of this release.

About Torq Resources Inc.

Torq is a Vancouver-based copper and gold exploration company with a portfolio of premium holdings in Chile. The company is establishing itself as a leader of new exploration in prominent mining belts, guided by responsible, respectful and sustainable practices. The company was built by a management team with prior success in monetizing exploration assets, and its specialized technical team is recognized for its extensive experience working with major mining companies, supported by robust safety standards and technical proficiency. The technical team includes Chile-based geologists with invaluable local expertise and a noteworthy record for major discovery in the country. Torq is committed to operating at the highest standards of applicable environmental, social and governance practices in the pursuit of a landmark discovery.

2023 Margarita trench sampling

Approximately two to five kilograms of material were taken from each two-metre trench interval and sent to ALS Lab in Copiapo, Chile, for preparation and then to ALS Labs in Santiago, Chile, and Lima, Peru, for analysis. Preparation included crushing core sample to 90 per cent less than two millimetres and pulverizing 1,000 grams of crushed material to better than 85 per cent less than 75 microns. All samples are assayed using 30-gram nominal weight fire assay with AAS finish (Au-AA23), multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61) and copper sulphuric acid leach with AAS finish (Cu-AA05). Quality assurance/quality control programs for 2023 trench samples using internal standard samples, field and lab duplicates, standards, and blanks indicate good accuracy and precision in a large majority of standards assayed.

Margarita reverse circulation drilling

Analytical samples were taken using one-eighth of each two-metre interval material (chips) and sent to ALS Lab in Copiapo, Chile, for preparation and then to ALS Labs in Santiago, Chile, and Lima, Peru, for analysis. Preparation included crashing core sample to 90 per cent less than two millimetres and pulverizing 1,000 grams of crushed material to better than 85 per cent less than 75 microns. All samples are assayed using 50-gram nominal weight fire assay with AAS finish (Au-AA24), multielement four-acid digest ICP-AES/ICP-MS method (ME-MS61) and copper sulphuric acid leach with AAS finish (Cu-AA05). Where MS61 results were greater or near 10,000 parts per million Cu, the assays were repeated with ore-grade four-acid digest method (Cu-OG62). QA/QC programs for 2023 RC drilling samples using internal standard samples, field and lab duplicates, standards, and blanks indicate good accuracy and precision in a large majority of standards assayed.

True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals.

Canadian mineral terminology and standards differ from those of other countries. The company's public disclosure filings highlight some of these differences.

We seek Safe Harbor.