Toro Energy’s significant uranium resource in a tier 1 jurisdiction places the company in a compelling position to leverage a bullish uranium market and the mineral’s strategic role in global decarbonization.
Australia is the world’s third-largest uranium producer (12 percent) next to Kazakhstan (43 percent) and Canada (13 percent). It is home to the Wiluna Uranium Project, the flagship asset of Toro Energy (ASX:TOE), a uranium exploration and development company also exploring value in other commodities.
The 100-percent-owned Wiluna uranium project includes three key deposits – Lake Maitland, Centipede-Millipede and Lake Way – and offers significant uranium exposure of 87.8 million tons (Mt) at 381 ppm for 73.6 Mlbs U3O8 at 100 ppm cut-off (JORC 2012). It is located only 30 kilometers southeast of Wiluna in Central Western Australia.
The Wiluna uranium project has received state and federal approval (subject to required amendments) and has been granted mining leases.
Considerable research over recent years has identified processing redesign opportunities from unique geological attributes within the uranium deposits, but particularly at Lake Maitland, as well as the ability to extract the inherent vanadium held within the uranium ‘ore’ for a vanadium by-product.
Within the uranium mineralization envelope, the Wiluna project is estimated to contain 141.8 Mt vanadium oxide (V2O5) at 286 ppm for 89.3 Mlbs of V2O5 at 100 ppm V2O5 cut-off (JORC 2012), as of September 24, 2024.
The scoping study for the stand-alone Lake Maitland uranium-vanadium operation option shows potential for exceptional financial returns with a pre-tax NPV of AU$832.8 million, a short payback period of 2.5 years, 48 percent internal rate of return, and low capex of AU$291 million (US$203 million), based on price assumption of US$85/lb U3O8, US$5.67/lb V2O5 and a 70 cents US$:AU$ exchange rate.
In September 2024, the Lake Maitland deposit has been re-estimated using a resource envelope more in line with the other Wiluna uranium deposits; allowed the lowering of the cut-off grade to 100ppm U3O8, expanding Lake Maitland resources by 12 percent and that of the entire Wiluna project by 17 percent (when the expansions at Lake Way and Centipede-Millipede are also included).
The design phase of Toro Energy’s beneficiation and hydrometallurgical pilot plant is on track and in line with plans to finalise construction. The pilot plant will test the improved beneficiation and hydrometallurgical circuit developed by Toro from bench scale research at a closer-to-production scale and as single streams. It will also test potential ore from the three uranium-vanadium deposits that Toro believes will make up an extended Lake Maitland operation – these include Lake Maitland, Lake Way and Centipede-Millipede.
The Lake Maitland deposit is part of a joint venture partnership with two reputable Japanese corporations, Japan Australia Uranium Resource Development. (JAURD) and Itochu.
Toro has been actively evaluating the prospectivity of its Wiluna asset portfolio for minerals other than uranium, including nickel and gold.
The Lake Maitland mining pit re-optimization which incorporated the latest resource estimates and updated financial data has been completed. Mine scheduling is currently underway in preparation for the upcoming scoping study update.
Toro’s Dusty nickel project is located on the northern, eastern and southern shores of Lake Maitland and the Lake Maitland uranium deposit and is focused on two main target areas: Dusty and Yandal One. These properties will be the subject of a proposed demerger, following Toro’s recent strategic review of its non-core assets and future plans to solely focus on its uranium development opportunities and its flagship Wiluna project.
Toro Energy’s management team and board of directors have extensive experience in the mining industry, with combined expertise that includes working at major mining houses, exploration companies, uranium mining operations, corporate financing and government and community relations.
Location of the Lake Maitland Uranium and Vanadium Deposit within Toro’s portfolio of Uranium-Vanadium Deposits that make up the company’s Wiluna Uranium-Vanadium Project
Toro Energy’s flagship asset is located only 30 kilometers from the town of Wiluna in the northern goldfields region within central Western Australia. The Wiluna project contains 87.8 Mt at 381 ppm for 73.6 Mlbs U 3O8 at 100 ppm cut-off over three deposits: Centipede-Millipede, Lake Way and Lake Maitland. The asset has been de-risked and optimized to improve yield and has successfully incorporated the processing of a vanadium resource as a by-product. A scoping study was completed for a stand-alone Lake Maitland uranium-vanadium operation.
Toro’s Lake Maitland tenure is located in the Yandal Greenstone Belt within the Yilgarn Craton of Western Australia, a gold district within a world-class gold and nickel province. With little exploration for non-uranium minerals ever conducted on the properties, Toro considers the project area highly prospective for nickel, gold and base metals.
Exploration and diamond drilling have identified four massive/semi-massive nickel sulphide zones within just 4.5 km of a 7.5 km komatiite magnetic trend. Limited testing has been conducted across a 15 km strike of known komatiite-ultramafic target rock. With minimal drilling at Lake Maitland, the full extent of prospective nickel sulphide mineralization remains unknown.
The Lake Maitland tenure is located only 20 kilometers northeast of the world-class Bronzewing and Mt McClure gold mines within the same Greenstone Belt, the Yandal, within one of the most famous gold provinces in the world, the Yilgarn Craton.
Early exploration by Toro at the Golden Ways target area in the north of the project has uncovered surface rock chip samples of up to 70 g/t gold and significant drilling results, including:
Richard Homsany has extensive experience in the resources industry, having been the executive vice-president for Australia of TSX-listed Mega Uranium since April 2010. He has worked for North Ltd, an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate, before its takeover by Rio Tinto.
Homsany is an experienced corporate lawyer and certified practicing accountant (CPA) advising numerous clients in the energy and resources sector, including publicly listed companies. He was corporate partner at international law firm DLA Phillips Fox (now DLA Piper), where he advised clients on a range of transactions and matters including capital raising, IPOs, stock exchange listing, mergers and acquisitions, finance, joint ventures, divestments and governance.
Michel Marier joined Sentient in 2009 as an investment manager. Before joining Sentient, Marier worked eight years in the private equity division of la Caisse de dépôt et placement du Québec. Marier holds a master’s degree in finance from HEC Montreal and is a CFA charter holder.
Richard Patricio is the CEO and president of Mega Uranium, a uranium-focused investment and development company with assets in Canada and Australia. Patricio has built a number of mining companies with global operations. He holds senior officer and director positions in several junior mining companies listed on the TSX, TSX Venture, AIM and NASDAQ exchanges. He is currently also a director of NexGen Energy (TSE:NXE, Mkt Cap. C$2.7 billion). He previously practiced law at a top-tier law firm in Toronto and worked as an in-house general counsel for a senior TSX-listed company. He received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.
Dr. Greg Shirtliff, with a PhD in mine-related geology and geochemistry from ANU, has 20+ years of experience across environmental, mine geology, resource development, exploration, and management. His career includes roles at ERA-Rio Tinto’s Ranger Uranium Mine, Cameco Australasia, and currently as Lead Geologist & Technical Manager at Toro Energy. He oversees uranium and mineral resource development, directs exploration strategy, supports EPA approvals, and guides engineering and metallurgical assessments.
Katherine Garvey is a corporate lawyer who has significant experience in the resources sector. Garvey advises public (both listed and unlisted) and proprietary companies on a variety of corporate and commercial matters including capital raising, finance, acquisitions and disposals, Corporations Act and ASX Listing Rule compliance, corporate governance and company secretarial issues. She has extensive experience drafting and negotiating various corporate and commercial agreements including farm-in agreements, joint ventures, shareholders’ agreements, and business and share sale and purchase agreements.
Marc Boudames is experienced in statutory financial reporting, taxation, ERP systems, business analytics, corporate transactions, due diligence, mergers & acquisitions, finance, joint ventures and divestments. He previously worked at RSM Bird Cameron, as general manager –finance & administration for ASX-listed Redport Ltd and Mega Uranium (Australia), a Canadian TSX-listed mining and equity investment company focused on global uranium properties and multi-mineral exploration. He has worked for multiple companies across various industries, including listed and public companies associated with the mining and oil and gas sectors, such as WesTrac, CB&I and Spotless Group.
Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce that the Company has entered into an Ore Purchase Agreement ("Agreement") with Energy Fuels Inc. (NYSE American: UUUU) (TSX:EFR).
Western plans to commence hauling around the beginning of May, making deliveries to Energy Fuels' White Mesa Mill, the only operational conventional uranium/vanadium mill in the United States. Deliveries will be sourced from previously mined production that has been stockpiled at the Company's flagship Sunday Mine Complex. The Agreement is for a one year period, and provisions for the delivery of up to 25,000 short tons of uranium bearing ore. The purchase price will be calculated based upon the uranium grade of each closed lot according to the agreed pricing schedule.
George Glasier, Western's CEO stated: "This Agreement strengthens Western's strategic position and accelerates our generation of revenues, while rewarding shareholder investments that have yielded our current stockpiles. The collaboration with Energy Fuels provides synergies and leverage for both companies, while the North American nuclear fuel supply chain benefits from expedited near-term production of uranium resources."
Warrant Repricing
Further to the news release issued by the Company on November 29, 2024, Western announces that a total of 2,868,541 previously issued common share purchase warrants (the "Warrants") have been repriced and are now exercisable at CAD$2.00 per share. The Company received consents from all holders of Warrants and filed an amended Form 13 dated February 27, 2025 under its profile on the Canadian Securities Exchange ("CSE") website. As previously announced, the term of the Warrants was extended with all Warrants now expiring on January 20, 2026. All other terms of the Warrants remain unchanged. In accordance with the CSE rules, no compensation warrant was repriced or extended. Western will not issue replacement Warrant certificates. The originally issued Warrant certificates will be utilized for any such exercises. Please refer to Western's news release issued on November 29, 2024 for additional details.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Mustang Mineral Processing Site is being licensed and developed for mined material recovery and will incorporate kinetic separation to optimize economics.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Statements of that nature include statements relating to, or that are dependent upon: the Company's expectations, estimates and projections regarding the Offering and exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company's business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Please refer to the Company's most recent Management's Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com , for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company's forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT :
Grant Glasier
Vice President Marketing and Project Development
303-808-3306
grantg@western-uranium.com
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
News Provided by GlobeNewswire via QuoteMedia
The Cloncurry Gold project is a portfolio of an existing permitted processing plant, mining and exploration licences that are being acquired by Orion Resources. AuKing has the right to acquire a 50 percent interest in these near-term gold production interests by incurring AU$5 million in expenditure before 30 June 2027.
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of assets focused primarily on gold, but also uranium, copper, and critical minerals, across Australia, Tanzania, and Canada. The company aims to become a mid-tier producer through the acquisition and development of near-term production assets.
In February 2025, AuKing Mining entered into a strategic agreement with Gage Resources, an Australian subsidiary of Beijing-based Gage Capital Management. The agreement includes a $300,000 investment by Gage, resulting in a 10 percent stake in AuKing, and the sale of two non-core prospecting licenses in Tanzania to Gage for an additional $300,000. This partnership is expected to enhance AuKing's financial position and support its ongoing exploration and development activities.
In November 2024, AuKing Mining entered into an earn-in agreement with Orion Resources for the Cloncurry gold project in northern Queensland. This agreement allows AuKing to increase its stake in the project to 50 percent by investing AU$5 million in project funding by June 2027.
Orion’s Cloncurry Project interests, including the Mt Freda/Golden Mill mining leases. [Note the nearby Wynberg and Wallace/Wallace South gold projects are not assets being acquired by Orion]
A key component of this project is the Tick Hill Gold Joint Venture, involving AuKing, Orion Resources, and Tick Hill Mining, the current owner of the Tick Hill gold mine. The JV aims to establish a processing operation at Tick Hill, focusing initially on reprocessing the existing tailings stockpiles. A pre-feasibility study completed in 2020 outlined a processing capacity of 474,200 tonnes at 2 g/t gold over 13 months, yielding approximately 27,300 ounces of gold at an all-in sustaining cost (AISC) of AU$1,493 per ounce.
In March 2025, the JV partners signed a memorandum of understanding (MoU) to assess the viability of processing Tick Hill's tailings and other ore materials at the Lorena processing plant, located 15 km east of Cloncurry. This initiative aims to expedite the re-commencement of gold production in the region.
The JV also plans to evaluate the feasibility of reopening the historical open pit mine at Tick Hill, with the goal of extending the project's life and enhancing gold production. An independent preliminary economic assessment has concluded that the proposed tailings retreatment plan is both technically and financially viable, recommending progression to a final feasibility study.
Through these strategic initiatives, AuKing Mining is actively advancing the Cloncurry gold project, aiming to unlock significant value and establish a sustainable gold production operation in the Cloncurry region.
The Mt Freda Complex, covering an area of no more than 6 sq kms, looking from north-west to the south-east, 30kms south of the Lorena plant.
The Mt Freda Mining Complex is a key element in the proposed restart of mining operations at the Cloncurry Gold Project in northern Queensland. A comprehensive drilling program, consisting of an estimated 10,000 meters of combined diamond and reverse circulation (RC) drilling, is planned at Mt Freda to support the project’s development.
Koongie Park project (also known as Halls Creek project) lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
In February 2025, AuKing entered into a earn-in agreement with Cobalt Blue (ASX:COB) whereby COB can earn up to 75 percent interest in the Koongie Park project.
The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a 11,000 m drilling program.
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
Mark Fisher is a highly accomplished resources executive with over 35 years of experience. His skills and experience include strategic business planning, feasibility, project management, organization design, mine engineering and mine management. Mark’s combination of skills and depth of experience has consistently produced profitable and sustainable outcomes in complex settings delivering increased shareholder value.
Mark’s extensive global leadership and operational experience includes senior positions with Placer Dome Inc and Barrick Gold Corporation over a period of decades. In his last corporate role, Mark was President of the Global Copper division for Barrick Gold Corporation, executing the development strategy for its portfolio of key copper assets in South America, Africa, Middle East and Asia.
Kylie Prendergast is an experienced geologist and technical leader with more than 25 years’ experience within the international and resource sector. She currently holds the position of non-Executive Director at Helix Resources Limited (ASX: HLX) and has worked across a range of different operating jurisdictions, including significant in-country assignments and expatriate roles. This has included substantial business development, project technical and economic evaluation, and commercial management including direct interaction with a range of stakeholders in global resource capital markets.
Previously the Managing Director at leading industry consultant Mining Associates, Dr Prendergast has held senior leadership roles with Felix Gold Limited (Managing Director), Mawarid Mining (Oman – GM Exploration and Business development), Batu Mining (Mongolia – Senior Geologist) and Gold Fields St Ives (Project Generation Geochemist). Prior to that she worked in technical geology positions with BHP Billiton, Ivanhoe Mines (Mongolia) and North Limited.
Nick Harding is a Certified Practicing Accountant (FCPA) with extensive executive and senior management experience across the resources and agribusiness sectors in the areas of finance, commercial, corporate governance and company administration. He possesses significant experience in equity raisings, debt funding, management and statutory reporting, corporate governance, financial modelling and the preparation of feasibility studies.
Nick has held the roles of Executive Director, Chief Financial Officer, and Company Secretary through his professional services company for a number of ASX listed junior exploration companies over the past 16 years, taking some of these through to the evaluation phase and into development and production.
Prior to this, over a 20-year period, Nick has held senior finance management positions within WMC Resources, Normandy Mining/Newmont Australia and Beach Energy across various commodities including gold, copper, nickel, uranium, industrial minerals and oil and gas.
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman. Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.