Torq Resources Finalizes Santa Cecilia Joint Venture with Gold Fields

Torq Resources Inc. has completed the earn-in option and joint venture with Gold Fields for its Santa Cecilia project in Chile. Under this agreement, Gold Fields can acquire up to a 75% indirect interest by funding up to $48 million over six years. An initial 10% interest is earned with a committed $6 million spend. The deal was approved by a majority of Torq shareholders, excluding Gold Fields, complying with regulatory requirements.

The agreements, including the OJVSA and Chilean Option Agreement, were executed, with documents filed on SEDAR+. Gold Fields will gain a 51% interest through an initial $18 million investment in 30 months, potentially increasing to 75% with additional funds. An interim $1.8 million loan from Gold Fields has been converted into exploration funding.

Shawn Wallace, Torq CEO, highlighted the timing of the transaction with project preparations underway. The partnership marks a significant step for both companies in 2025.