115% Expansion of Stated Uranium Resource at Dawson Hinkler Uranium Deposit to 20.29Mlbs

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that the Company has expanded the stated uranium (as U₃O₈) resources at the Dawson Hinkler Uranium Deposit (Figure 1) by reducing the stated U₃O₈ resource cut-off grade to 100ppm from 200ppm.

Toro expands strategic satellite stated resource for flagship Wiluna Uranium Project

• Rapidly improving uranium market is driving significant improvements on the potential economics of the Wiluna Uranium Deposits in WA.
• Toro has lowered the U₃O₈ cut-off grade for the stated U₃O₈ resource at the Dawson Hinkler Uranium Deposit from 200ppm to 100ppm U3O8.
• New cut-off grade expands the total stated uranium resource at Dawson Hinkler by approximately 115% to 20.29Mlbs contained U₃O₈ (44% Indicated, 56% Inferred), up from 9.44Mlbs.* The average grade of the stated resource is now 186ppm U₃O₈, down from 315ppm U₃O₈.
• The Dawson Hinkler Uranium Deposit is situated only 15km west of the Wiluna Uranium Project’s Centipede-Millipede Uranium Deposit, however it is not currently considered in Wiluna’s total potentially exploitable resources.
• Current strong uranium prices and close proximity to Wiluna support viability of Dawson Hinkler as a strategic satellite resource.
• The lower cut-off grade will also allow for better comparison with Toro’s peers, many of whom also state resources at a 100ppm U₃O₈ cut-off.
• The Lake Maitland Uranium Deposit is currently being re-estimated to better define the resource at the new cut-off grade before restating the resource and re-calculating the total Wiluna Uranium Project resources at the new cut-off grades.

* No re-estimation of resources at Dawson Hinkler has taken place. This change to the reporting cut-off is to the existing estimation completed on the Dawson Hinkler Uranium Deposit in 2013 (see ASX announcement of 8 October 2013).

Management Commentary

Commenting on this excellent development Toro’s Executive Chairman, Richard Homsany, said:

“This is a considerable advancement for Toro, as the ability to now consider the inclusion of the Dawson Hinkler Uranium Deposit in the production profile of Toro’s Wiluna Uranium Project will significantly strengthen our pending feasibility study. Located only 15km away this deposit has the potential to further enhance the significant potential returns already on offer at Wiluna.

The increased optionality around Wiluna’s development is a great outcome for shareholders and potential investors. Identifying and advancing the most financially feasible model of Wiluna amidst the backdrop of a strengthening uranium market will continue to underpin our approach to any required changes to the regulatory conditions under which we operate.

Toro looks forward to continuing to provide further updates on development and value creation within its asset portfolio. Toro remains securely funded and well positioned to deliver on its stated milestones.”

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