Torque Metals and Aston Minerals to Merge, Advance Western Australia and Ontario Projects

Torque Metals (ASX:TOR) and Aston Minerals (ASX:ASO) said on Tuesday (January 28) that they have entered into a binding scheme implementation deed to facilitate a merger of equals.

Under the agreement, Torque will acquire 100 percent of Aston. The company said it will provide one share for every 5.2 Aston shares, representing an offer price of AU$0.01 per Aston share.

The goal is to create a well-funded, growth-focused gold exploration company with projects located in two Tier 1 mining jurisdictions: the Western Australian Goldfields and Ontario, Canada.

The combined business will have 1.75 million ounces in gold resources across exploration projects, namely the Western Australia-based Paris gold project and the Edleston gold project in Ontario.

“I am particularly impressed by the scale potential of the Paris Gold project,” said Russell Bradford, Aston's managing director and chairman, adding that the asset is in a strategic location near well-known explorers and producers.

Paris holds 250,000 ounces at 3.1 grams per tonne gold, while Edleston has a resource of 1.5 million ounces at 1 gram per tonne gold. Torque is bringing Paris to the table, while Edleston is currently held by Aston.

Torque said it will not offer to acquire Aston options that expire in March 2025.

Should the projected schedule be followed, the transaction will be completed by late April or early May 2025.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.