Torque Metals Finalises Merger with Aston Minerals, Aston Delisted from ASX
Torque Metals has completed its acquisition of Aston Minerals through a court-approved scheme of arrangement, issuing new shares to Aston securityholders and delisting Aston from the ASX. The combined entity will operate under Torque’s leadership with a refreshed board.
- Torque Metals acquires all Aston Minerals shares and unlisted options
- Aston shareholders receive Torque shares at a fixed exchange ratio
- Aston Minerals suspended and delisted from the ASX
- New board composition includes directors from both companies
- Key management roles confirmed with some director resignations
Merger Completion and Shareholder Impact
After months of preparation and regulatory approvals, Torque Metals Limited (ASX – TOR) has officially completed its merger with Aston Minerals Limited (ASX – ASO). The Supreme Court of Western Australia sanctioned the schemes of arrangement, allowing Torque to acquire all fully paid ordinary shares and certain unlisted options of Aston. Eligible Aston securityholders received Torque shares in exchange, with a ratio of one Torque share for every 5.2 Aston shares held, and one Torque share for every 2,500 Aston unlisted options.
This exchange marks a significant consolidation in the mineral exploration sector, combining the assets and expertise of both companies under the Torque Metals banner. The merger aims to streamline operations and leverage combined resources to enhance exploration and development potential.
Delisting and Market Implications
Following the implementation of the schemes, trading in Aston Minerals securities was suspended as of 29 May 2025, with the company now formally delisted from the Australian Securities Exchange as of 10 June 2025. This removal from the official ASX list signals the end of Aston as a standalone public entity and consolidates shareholder interests within Torque Metals.
For investors, this means a shift in exposure from Aston to Torque, with the latter now representing the combined entity’s market presence. The share exchange ratio sets a clear valuation framework for Aston shareholders transitioning into Torque ownership.
Leadership and Board Restructuring
The merger also brings a reshaped leadership team. Cristian Moreno will continue as Managing Director of the combined group, supported by a board comprising existing Torque director Evan Cranston and Aston director Tolga Kumova. Several directors from both companies, including Aston’s Russell Bradford and Robert Jewson, and Torque’s Antony Lofthouse, have resigned as part of the integration process.
Company secretarial roles will see continuity with Michelle Kennedy and Meagan Hamblin maintaining their positions, while Aston’s company secretary Oonagh Malone will assist during a transitional period. This blend of leadership aims to balance continuity with fresh perspectives as the merged entity moves forward.
Looking Ahead
While the merger’s completion is a milestone, many questions remain about the strategic direction and operational integration of the combined group. Market watchers will be keen to see how Torque Metals leverages the expanded asset base and whether synergies translate into enhanced shareholder value.
Overall, this merger reflects ongoing consolidation trends in the mining exploration sector, where scale and resource pooling are increasingly critical to navigating market challenges and capitalising on opportunities.
Bottom Line?
Torque Metals’ merger with Aston Minerals closes a chapter of consolidation, setting the stage for a new phase of growth and integration.
Questions in the middle?
- What are Torque Metals’ immediate plans for integrating Aston’s exploration projects?
- How will the new board balance legacy interests and strategic priorities?
- What financial impacts and cost synergies can investors expect in the coming quarters?
