Torque Metals Raises $3M, Appoints Ex-Spartan Leaders to Boost Paris Gold

Leadership Overhaul Signals New Chapter

Torque Metals Limited (ASX:TOR) has announced a significant leadership reshuffle, appointing a proven team from Spartan Resources to drive the next phase of growth at its Paris Gold Project in Western Australia. Simon Lawson steps in as Chairman-elect, Craig Jones takes the helm as Chief Executive Officer and Managing Director-elect, and David Coyne joins as Non-Executive Director-elect. This trio brings a wealth of experience from their instrumental roles in Spartan’s transformation and high-grade gold discoveries.

The appointments come alongside a cornerstone $3 million capital raise at $0.27 per share, positioning Torque with a pro-forma cash balance of approximately $19 million. The fresh capital is earmarked to accelerate exploration activities throughout 2026, signalling a clear intent to rapidly advance the Paris Gold Project and broader Kalgoorlie district land package.

Proven Track Record in High-Grade Gold Discoveries

The incoming leadership team’s pedigree is notable. At Spartan Resources, Lawson, Jones, and Coyne played pivotal roles in the discovery and development of the Never Never and Pepper deposits at the Dalgaranga Gold Project; two of the most significant high-grade gold finds in recent Western Australian history. Their efforts culminated in Spartan’s $2.5 billion merger with Ramelius Resources in mid-2025, underscoring their capability to create substantial shareholder value through disciplined exploration and strategic development.

Torque’s Paris Gold Project, located about 100 kilometres south of Kalgoorlie, sits within a 1,200 square kilometre landholding that remains largely underexplored despite its proximity to world-class gold operations. The new team sees this as a compelling opportunity to apply their systematic exploration approach, leveraging geological insights and advanced targeting techniques to unlock high-grade gold shoots.

Strategic Focus and Exploration Outlook

Craig Jones, stepping in as CEO, brings over 28 years of experience in mining operations and project development, including senior roles at Barrick Gold and Northern Star Resources. His immediate focus will be to accelerate exploration programs and progress the Paris Gold Project towards development and production. The project already boasts a JORC-compliant mineral resource estimate of approximately 250,000 ounces of gold across three deposits; Paris, HHH, and Observation; with significant potential for expansion.

Simon Lawson emphasised the team’s confidence in the project’s geological potential, highlighting the advantage of low-cost electromagnetic targeting in identifying high-grade zones. The leadership change is expected to catalyse a more aggressive drilling campaign, with multiple rigs planned to test high-priority targets identified through a comprehensive review of historical data.

Capital Raise and Incentive Alignment

The $3 million capital raise, to be supported by the incoming directors as cornerstone investors, underscores their commitment and confidence in Torque’s prospects. Additionally, the company plans to issue up to 40 million performance rights to the new directors and potentially another 40 million to employees, contingent on shareholder approval. These incentives are tied to ambitious milestones including resource and reserve definitions and share price targets, aligning management’s rewards with shareholder value creation.

Outgoing Chairman Evan Cranston praised the new team’s technical expertise and vision, expressing optimism about unlocking the project’s full potential. Meanwhile, current Managing Director Cristian Moreno and Director Tolga Kumova are set to resign following shareholder approval of the new appointments, marking a clear transition in leadership and strategic direction.

Positioning for Growth in a Premier Gold District

Torque Metals’ strategic pivot comes at a time when the Kalgoorlie region continues to attract significant mining interest due to its rich endowment and infrastructure. The Paris Gold Project’s location within this prolific gold belt, combined with the new leadership’s proven track record, positions the company to potentially emerge as a notable player in Western Australia’s gold sector. Investors will be watching closely as the company embarks on an intensified exploration campaign aimed at delivering high-impact drilling results and advancing towards development.