Merger Approval
Aston Minerals (ASX:ASO) and Torque Metals (ASX:TOR) made a joint announcement on Tuesday, June 10, acknowledging that the Supreme Court of Western Australia has approved their proposed merger. This deal, first announced in January, will see Torque acquire all of Aston’s fully paid ordinary shares.
Delisting and Merger Details
Aston’s delisting from the ASX is underway, with trading suspended on May 29. The company applied for termination of official quotation and removal from the ASX on the day the merger got the green light. The merger brings together two companies with significant assets, particularly Torque’s Western Australia-based Paris gold project, which will be one of the combined company’s main assets.
Progress at Paris Gold Project
Significant progress has been made at Paris recently, with Torque sharing the discovery of a new zone of shallow gold mineralisation at the site. The company also reported additional high-grade results from a drill campaign. In May, Paris received AU$144,500 from the Australian government’s Exploration Incentive Scheme, funds that will be used for forthcoming drilling. According to Torque Managing Director Cristian Moreno, “The immediate focus is on further defining shallow gold lodes and advancing Torque’s first mineral resource estimate and maiden gold exploration target.”
Combined Assets and Future Outlook
Together, Torque and Aston will have 1.75 million ounces in gold resources across their exploration projects, focusing on areas in the Western Australian Goldfields and in Ontario, Canada. With gold projected to reach a record high average annual price of US$3,210 per ounce in 2025, the merger positions the new company for significant potential. The new company will be led by Moreno, who will take the role of managing director, alongside a board that includes existing Torque director Evan Cranston and Aston director Tolga Kumova.
Conclusion
The approval of the merger between Aston Minerals and Torque Metals marks a significant step forward for both companies, combining their assets and expertise to create a formidable presence in the gold exploration sector. With a strong focus on advancing their projects, particularly the Paris gold project, the new company is poised to capitalize on the growing demand for gold. As the gold market continues to evolve, this merger represents an exciting development for investors and industry watchers alike.
