Torq Resources Announces Strategic Adjustments Amid Financial Optimizations

Torq Resources Inc., based in Vancouver, has publicly announced a series of crucial strategies aimed at preserving cash amid challenging financial times. The company is taking decisive steps, including a 50% salary reduction for all North American senior executives and the deferment of these reduced salaries. Further financial preservation measures include the deferment of directors' cash compensation, significant reduction of non-essential staff and contractors, and the consolidation of operations by combining remote work with a shift to the Santiago offices.

In tandem with these cost-saving endeavors, Torq Resources disclosed the resignation of Jeffrey Mason, a board director, and Michael Henrichsen, the Chief Geological Officer, effective immediately. The company intends to lean on its robust Chilean technical team in the interim, avoiding the immediate replacement of the CGO position. Additionally, Torq has decided to relinquish its option on the Andrea project, allowing the company to reallocate its resources towards the further development of the more promising Margarita and Santa Cecilia projects.

Shawn Wallace, CEO and Chair of Torq Resources, underscored the company's commitment to strategic financial management and shareholder value creation. He hinted at ongoing stakeholder discussions and the exploration of various financing avenues. Wallace also noted that the company believes in the underappreciated potential of the exploration results from the Margarita and Santa Cecilia projects and is optimistic about securing financing in the foreseeable future.