Torrent Capital

Investor Insight

Torrent Capital offers investors exposure to a high-conviction, actively managed portfolio targeting mispriced growth opportunities across public and private markets. With consistent NAV reporting and a disciplined, opportunistic strategy, the company combines venture-style upside with public market liquidity.

Overview

Torrent Capital (TSXV:TORR) is a publicly traded investment company focused on capturing outsized returns through a diversified portfolio of high-growth and undervalued public and private companies. The firm targets opportunities where it sees a clear disconnect between current valuation and long-term potential, positioning capital ahead of broader market recognition.

Leveraging an active and opportunistic strategy, Torrent dynamically allocates capital across sectors such as technology, AI, cybersecurity, and critical minerals. This flexible approach enables the company to capitalize on emerging themes while maintaining disciplined risk management through selective positioning and portfolio balance.

The company offers a differentiated investment model that combines venture-style upside with public market liquidity, giving investors access to early-stage and high-growth opportunities typically unavailable in traditional structures. This hybrid approach is designed to maximize long-term value creation while retaining the flexibility to adapt to evolving market conditions.

Torrent reinforces its commitment to transparency and disciplined execution through regular monthly net asset value (NAV) and portfolio updates, providing investors with timely insight into performance and portfolio positioning.

Portfolio Overview

Public Equities

Torrent’s core public equity holdings include the following:

Kneat (TSX:KSI) – A leader in SaaS solutions for digitising validation and quality processes in regulated industries, including life sciences. Torrent invested early, recognising Kneat’s scalable platform and its potential to transform compliance-heavy sectors globally.

Lemonade (NYSE:LMND) – An insurance technology company that leverages artificial intelligence to automate operations such as claims processing and policy issuance, disrupting the $2 trillion global insurance market.

SentinelOne (NYSE:S) – A global leader in AI-powered cybersecurity. Torrent invested in SentinelOne for its ability to disrupt traditional security solutions and scale rapidly as enterprises adopt automated threat detection and response.

Fortune Bay (TSXV:FOR) – A Canadian gold exploration company with promising assets in Saskatchewan and Mexico. Torrent’s investment reflects our belief in gold’s enduring role as a hedge against market volatility, coupled with Fortune Bay’s potential to unlock significant resource value through exploration success.

Sona Nanotech (CSE:SONA) – Innovator in nanotechnology with applications across healthcare and diagnostics. Torrent’s investment thesis is based on the potential for Sona’s unique gold nanorods to deliver breakthroughs in medical technology, particularly in diagnostics and cancer treatment.

ReeXploration (TSXV:REE) - A rare earth exploration company focused on the Eureka Project in Namibia. Torrent invested in ReeXploration for its strategic exposure to critical minerals essential to clean energy and advanced technologies.

Private Ventures

Torrent selectively invests in early-stage private ventures with high growth potential.

Holding:

OARO Technologies – A cybersecurity and digital identity company delivering advanced blockchain-powered authentication, digital ticketing, and secure credential solutions. Torrent invested in OARO for its ability to meet the growing global demand for secure, scalable identity management, positioning the company at the intersection of cybersecurity and blockchain adoption.

Royalty Investments

Torrent maintains selective exposure to royalty investments designed to generate potential long-term, recurring cash flows.

Key investment:

Argentia Capital – Argentia Capital is focused on the construction of port infrastructure, the provision of services and equity ownership in businesses that support aquaculture, renewable energy, and oil and gas sectors, as well as other port developments.

Company Highlights

• Proven Performance Across Market Cycles: Torrent Capital’s Net Asset Value (NAV) increased from approximately $0.80 per share in 2024 to approximately $0.85 per share as of December 31, 2025, reflecting continued portfolio growth and resilience through market volatility. This performance outpaced the S&P 500 (12.98 percent) and the TSX Small Cap Index (7.96 percent) over the same period.
• Diversified Investment Model: Combines public equities, private ventures and royalty investments to balance growth and stability through market cycles.
• Active Management and Transparency: Torrent publishes frequent NAV updates and portfolio disclosures, providing clarity that differentiates it from other investment companies.
• Proven Leadership: Led by CEO Wade Dawe and a team with over C$2 billion in deals completed, Torrent combines decades of entrepreneurial and capital markets experience across public and private companies.
• Strategic focus: Targeted exposure to key growth themes—including artificial intelligence, cybersecurity, and critical minerals—balancing innovation with defensive holdings to produce long-term compounding.
• NAV Transparency: Regular NAV and portfolio updates provide real-time visibility into performance and reinforce disciplined, active management.

Management Team

Torrent’s leadership is aligned with shareholders and focused on long-term value creation.

Wade Dawe – Chief Executive Officer, Director

Wade Dawe is an Atlantic Canadian entrepreneur and skilled investor. Fiercely independent throughout the entirety of his career, he achieved early success internationally in the resource sector and went on to play a pivotal role in a number of companies as a financier and company founder.

Carl Sheppard – President & Chief Operating Officer, Director

Carl Sheppard is the current president and chief operating officer of Torrent Capital and is also the president and managing partner of Strategic Concepts, a business consulting company. For the past 30 years, he has provided consulting services to many of Canada’s leading resource companies and organizations. He has participated in numerous economic studies, strategic plans, cost/benefit reports and business plans targeted at the identification of development opportunities.

Eric Thompson – Chief Financial Officer

Eric Thompson has over ten years of accounting and assurance experience in both public practice and industry. Prior to assuming the CFO position, he served as the controller of Torrent Capital, contributing to enhanced financial reporting and treasury oversight.

Evan Dawe, CFA – Portfolio Manager – Public Equities

Evan Dawe is a Portfolio Manager at Torrent Capital, focused on identifying high-growth public equity opportunities across U.S. and Canadian markets. He brings a rigorous, fundamentals-driven approach with a strong emphasis on business quality, competitive positioning, and long-term value creation. Evan is a CFA charter holder and holds a Bachelor of Commerce degree from Queen’s University. Prior to Torrent Capital, he served as a Corporate Development Officer at Numus Capital, where he sourced venture capital deal flow and coordinated capital raises for early-stage companies.

Jim Megann – Director

Jim Megann is Managing Director of Numus Financial and serves as a Director of OARO Technologies. He has extensive experience in capital markets, corporate development, and strategic communications, and is the former Chair of NWest Energy.

Carl Hansen – Director

Carl Hansen is CEO of Cascada Silver Corp. and a geologist with more than 30 years of experience in exploration, mining, and public markets. He has led multiple successful exploration companies and has significant experience in corporate finance and capital formation.

Wayne Myles – Director

Wayne Myles is a legal advisor specializing in international mergers and acquisitions, corporate, and commercial law. He provides strategic legal guidance to Torrent’s management and board on governance and cross-border transaction structures.