Further Massive Nickel Sulphides Intersected At Dimma

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that diamond drill hole TED53 has intersected an 8.9m thick (downhole) zone of visible Ni-sulphides from 327.1m downhole inclusive of 2.4m of massive Ni-sulphide from 332.4m downhole, at its Dimma Nickel Discovery in Western Australia. The Dimma Nickel Discovery is one of four massive and semi-massive Ni- sulphide discoveries at the company’s 100% owned Dusty Nickel Project (Figures 1 and 2), located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit (Figure 2).

HIGHLIGHTS

• Diamond drill hole TED53 has intersected a 8.9m zone of visible Ni-sulphides from 327.2m downhole inclusive of 2.4m of continuous massive Ni-sulphide mineralisation from 332.4m downhole.
• Hand-held spot analysis by portable XRF (hh-pXRF) suggests that Ni grades within the massive Ni-sulphide range between 1.4 and 5.1% Ni*.
• The TED53 intersection extends the massive sulphide intersected in TED42 at Dimma by approximately 15m to the south at a similar depth.
• The intersection of continuous massive Ni-sulphides in TED42 was 2.5m thick downhole from 314.7m downhole depth with a potential grade of between 1.0 and 3.1% Ni (spot analysis using hh-pXRF, refer to ASX announcement of 6 September 2022).
• The Dimma massive Ni-sulphide discovery remains open along strike and at depth.
• Dimma is one of four (4) massive and semi-massive Ni-sulphide discoveries at Toro’s 100% owned Dusty Nickel Project (see below), located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit (see below).
• Only ~3.5km of the 7.5km long Dusty Komatiite magnetic trend has been tested to date and Toro has already discovered four zones of massive or semi-massive Ni-sulphide.

*(hh-pXRF analysis results should be used as a guide only and should not be used as a substitute for laboratory based geochemical analysis - refer to Appendix 1 for performance of the hh-pXRF results analysis against certified reference material)

Management Comment

Commenting on the latest massive Ni-sulphide intersection from Dimma, Toro’s Executive Chairman, Richard Homsany, said:

“This is yet another outstanding intersection of massive Ni-sulphide at the Dimma Nickel Discovery. It is the fourth intersection so far at Dimma and, at 15m to the south of the TED42 intersection at a similar depth, it evidences that Dimma may have some strike length. We believe Dimma has considerable potential with all four drill holes intersecting massive Ni-sulphide to date leaving the discovery open both at depth and along strike, north and south. We look forward to reporting assays from Dimma as they become available.

All four discoveries to date on the Dusty Nickel Project remain open at depth with Houli Dooley still yet to be tested with a successful follow-up hole and no drilling yet to be completed between Dimma and Jumping Jack, some 400m away. With all four discoveries along strike over some 2km of the Dusty Komatiite, we believe the Dusty Nickel Project has excellent potential to deliver considerable value for the Company. On top of this, the four discoveries have been made with only limited testing of some 3.5km of the 7.5km long Dusty Komatiite magnetic trend.

Through its targeted cost effective activities Toro has kept advancing its world-class uranium asset and high-quality nickel discovery. These assets are in close proximity to each other and positions Toro well to create value going forward.”

Multiple spot analyses using hh-pXRF suggests local nickel concentrations within the massive Ni- sulphide range between 1.4% and 5.1% Ni (refer to cautionary statement above regarding the hh-pXRF analyses). Appendix 1 contains information on the results of testing the hh-pXRF method against certified reference material and Appendix 2 has all relevant drill hole details.

The TED53 drill hole was abandoned in late 2022 before reaching target depth due to difficult drilling conditions and recently re-entered and completed in 2023. The massive sulphide intersection in TED53 extends the previous massive sulphide intersection at Dimma in TED42 approximately 15m to the south. The TED42 massive nickel mineralisation intersection consisted of 2.5m from 314.7m downhole with a potential grade of between 1.0 and 3.1% Ni (spot analysis using hh-pXRF, refer to ASX announcement of 6 September 2022).

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