Assays Confirm Significantly Thicker Massive Nickel Sulphide Intersection at Dimma Nickel Discovery

Management Commentary:

Commenting on the excellent results from TED53, Toro’s Executive Chairman, Richard Homsany, said:

“This is yet another excellent intersection of massive Ni-sulphide mineralisation at the Dimma Nickel Discovery. The fact that the high grade nickel sulphide mineralisation is twice as thick as first thought also provides us with encouragement for the amount of nickel that may be present at Dimma. This also builds on the impressive suite of results we have reported from our rapidly emerging Dusty Nickel Project over the past 6 months, as we continue to demonstrate the district-scale potential of this asset.

The potential strike at Dimma continues to grow, as there has been no drilling further south or north of TED53 or TED42, showing that the discovery remains open along strike, north and south. TED53 and TED42 are also the deepest holes drilled to date, showing the discovery remains open at depth.

All four discoveries to date on the Dusty Nickel Project remain open at depth and with all four discoveries along strike over only some 2km of the Dusty Komatiite, we believe the Dusty Nickel Project has high potential to deliver considerable value for the Company alongside its uranium assets.”

The results of the laboratory based geochemical analysis confirmed that diamond drill hole TED53 intersected 4.31m of massive and semi-massive Ni-sulphide grading 1.37% Ni, 0.13% copper (Cu) and 0.539 g/t Pt+Pd from 332m downhole. This is twice as thick as previously thought and as announced on 12 April 2023, after the preliminary observations and analysis with hand held portable X-Ray Fluorescence instrument (hh-pXRF).

The massive sulphide intersection in TED53 extends the previous massive sulphide intersection at Dimma in diamond drill hole TED42 approximately 15m to the south. Geochemistry has confirmed that TED42 intersected 3.13m of massive Ni-sulphide grading 1.42% Ni, 0.17% Cu and 0.605 g/t Pt+Pd from 314m downhole.

TED53 and TED42 are the deepest holes drilled at Dimma to date, showing that the Dimma discovery remains open at depth. There has been no drilling further south or north of TED53 or TED42, showing that the discovery is also open along strike, north and south. As announced previously, the Dimma discovery so far represents an open lens of continuous massive Ni-sulphide mineralisation over some 160m of down- dip extent from TED55 (refer to ASX announcement of 24 May 2023) through TED54 (refer to ASX announcement of 24 February 2023) through to TED42 (refer to ASX announcement of 15 June 2023) and TED53.

The Dimma discovery is located approximately 400m to the SSE of the Jumping Jack discovery, which is in turn located approximately 400m SSE of the Houli Dooley discovery and 800m SSE of the original Dusty discovery. The Ni mineralisation at Dimma is geologically located proximal to the base of the Dusty Komatiite consistent with all other intersections of massive Ni-sulphide within the Project to date.

All drill hole details and significant figures relevant to this ASX announcement can be found in Appendix 1 and Appendix 2 respectively. A JORC Table 1 can be found in Appendix 3.