Torq Resources Shareholders Overwhelmingly Approve Santa Cecilia Joint Venture Transaction

Torq Resources Inc. (TSXV:TORQ)(OTCQB:TRBMF) shareholders have spoken, and they've given a resounding thumbs-up to the Santa Cecilia joint venture transaction with Gold Fields. At the company's Annual General and Special Meeting held on January 10, 2025, a record 55.8% of shareholders turned out to vote, with an overwhelming 99.91% approving the deal. This high level of support reflects the excitement and confidence shareholders have in the potential of the Santa Cecilia project and the benefits that the joint venture brings to the table.

The Santa Cecilia project, located in Chile's Maricunga belt, is a promising copper-gold project immediately adjacent to Newmont/Barrick's Norte Abierto project. The joint venture agreement with Gold Fields allows the company's affiliate to earn up to a 75% interest in the project by investing up to USD$48 million over six years. This significant investment, along with Gold Fields' expertise and resources, is likely seen as a positive by shareholders, as it increases the likelihood of successful exploration and development of the project.

The high shareholder participation rate can be attributed to several factors. First, the record date for the meeting was set as July 10, 2024, giving shareholders ample time to prepare and participate. Second, the company provided clear and detailed information about the meeting and the proposed transactions in its Information Circular dated December 5, 2024, and on SEDAR+ filed December 9, 2024. This transparency helped shareholders understand the importance of the meeting and the issues at hand, encouraging them to participate. Additionally, the potential impact of the joint venture agreement on the company's share price may have motivated shareholders to participate in the meeting to ensure their interests were represented and to influence the outcome of the vote.

The 99.91% approval of the Santa Cecilia joint venture transaction by Torq Resources' shareholders reflects overwhelming support for the deal. This high level of approval indicates that shareholders are confident in the potential benefits of the agreement with Gold Fields. The transaction allows Gold Fields to earn up to a 75% interest in the Santa Cecilia project in Chile by investing up to $48 million over six years. This significant investment, along with the expertise and resources that Gold Fields brings to the table, is likely seen as a positive by shareholders, as it increases the likelihood of successful exploration and development of the project. Additionally, the fact that the transaction was approved by such a large majority suggests that shareholders are optimistic about the potential value that the project could bring to the company and its shareholders.

In conclusion, Torq Resources shareholders have given a resounding vote of confidence in the Santa Cecilia joint venture transaction with Gold Fields. The high level of support reflects the excitement and confidence shareholders have in the potential of the project and the benefits that the joint venture brings to the table. With a record 55.8% of shareholders turning out to vote and an overwhelming 99.91% approving the deal, it's clear that Torq Resources is on the right track to unlock the value of the Santa Cecilia project and create shareholder value.