Quarterly Activities Report for Period Ending 31 March 2024

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to provide the following review of activities for the three month period ended 31 March 2024.

Highlights

Wiluna Uranium Project

• Design phase commenced for the Company’s planned beneficiation and hydrometallurgical pilot plant, anticipated to commence operation in the second half of 2024. The pilot plant will test the entirety of the successful bench scale research completed by Toro do date at a closer to production scale.
  
• Planning underway to commence a large sonic core drill programme, designed to provide bulk, but targeted potential ore, for the upcoming pilot plant programme.
• Refresh and update of Lake Maitland Scoping Study, completed in 2022, commenced to evaluate financial outcomes using the latest more favourable commodity pricing and exchange rate guidance.
• U₃O₈ and V₂O₅ cut-off grade for the stated resources at the Lake Way and Centipede-Millipede U-V Deposits lowered from 200ppm to 100ppm as a result of significantly improved economics at the Wiluna Uranium-Vanadium (U-V) Deposits, which effectively expands the stated resource and lowers the average grade.
  • The stated Centipede-Millipede U₃O₈ resource expands by 25% or 5.98Mlbs to 29.95Mlbs contained U₃O₈, with a reduction in average grade to 351ppm U₃O₈.
  • The stated Lake Way U₃O₈ resource expands by 15% or 1.79Mlbs to 14.12Mlbs contained U₃O₈, with a reduction in average grade to 406ppm U₃O₈.
    
  • The stated Centipede-Millipede V₂O₅ resource expands by 17% or 6.6Mlbs to 45.2Mlbs contained V₂O₅, with a reduction in average grade to 281ppm V₂O₅.
    
  • The stated Lake Way V₂O₅ resource expands by 9.5% or 1.1Mlbs to 12.7Mlbs contained V₂O₅, with a reduction in average grade to 307ppm V₂O₅.
    
• Further information regarding the resource upgrade is contained in the Company’s ASX release of 8 March 2024.

Corporate

• A$12.3 million placement (before costs) completed in January 2024 comprising the issue of approximately 23 million new fully-paid ordinary shares in the capital of the Company. Canaccord and Euroz Hartleys were joint lead managers to the placement.
  
• Intention to demerge the Company’s portfolio of non-core assets including its nickel, gold and base metal assets in Western Australia, subject to all requisite approvals announced after the end of the quarter. The strategic decision to consider the demerger follows a detailed review of its asset base in light of the strong and impressive results delivered from the Lake Maitland Scoping Study and the implications for its broader flagship Wiluna Uranium Project.
• Cash and liquid financial assets valued at approximately $14 million as at the quarter end.

URANIUM PORTFOLIO SUMMARY

Wiluna Uranium Project, Western Australia

Toro’s 100%-owned Wiluna Uranium Project is located near Wiluna on the Goldfields Highway, some 750km NE of Perth in Western Australia.

The Wiluna Project consists of the Lake Maitland, Lake Way, and Centipede- Millipede Deposits (see Figure 1). Together, these deposits of the Wiluna Uranium Project contain some 52 Mt grading 548ppm U₃O₈ for 62.7 Mlbs of contained U₃O₈ at a 200ppm U₃O₈ cut-off (JORC 2012 – refer to ASX announcements of 15 October 2015, 1 February 2016, 21 October 2019 and 30 November 2021).

This is in addition to the vanadium resource of 96.3Mt grading 322ppm V₂O₅ for 68.3Mlbs of contained V₂O₅ at a 200ppm V₂O₅ cut-off as referred to above (JORC2012 – Inferred – refer to the Company’s ASX announcement of 21 October 2019).

Click here for the full ASX Release

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