Torq Resources and Gold Fields Finalize Santa Cecilia Project Agreements

Torq Resources Inc. and Gold Fields Limited have signed a definitive Implementation Agreement for the Santa Cecilia Project in Chile. This accord supersedes a previous term sheet from August 2024. Gold Fields can earn up to a 75% interest in the project by investing US$48 million over six years, pending approvals from the TSX Venture Exchange and Torq's disinterested shareholders.

The agreement includes an initial option for Gold Fields to acquire a 51% stake by contributing US$18 million within the first 30 months. This option features a committed US$6 million spend, leading to an initial 10% earned interest. Further investments could increase Gold Fields' stake to 75% as the operator in the following 42 months.

A joint venture shareholders agreement dictates management and operational terms. The agreement allows Torq to repurchase Gold Fields' initial 10% interest if further commitments aren't met. A shareholders meeting in January 2025 will seek approval for the terms. In case of delays, exemptions might be sought due to financial commitments and broad shareholder support.