
January 30, 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 December 2023.
Highlights
Wiluna Uranium Project
- Significant progress made on Lake Maitland Uranium Project Extension Study, which involves evaluating the potential incorporation of material from Toro’s 100% owned Lake Way and Centipede-Millipede uranium deposits into a proposed processing operation at Lake Maitland.
- Strong potential exists to increase production at Lake Maitland with additional uranium resources from Lake Way and Centipede-Millipede. The study will evaluate whether this extends the potential processing of high-grade uranium resource well beyond the 7th year - a stand-alone Lake Maitland operation is expected to process 7 years of high grade material.
- The Extension Study includes a pit optimisation of Lake Way and Centipede-Millipede to determine economic cut-off grades based on latest long-term prices, exchange rates, operating costs & processing recoveries. Lake Maitland pit optimisation successfully increased potential production by 8Mlbs U3O8 and 11.9Mlbs V2O5 based on the price assumptions set out in the Lake Maitland stand-alone scoping study.
- 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. The pit optimisation will also be assessed again.
- Cash and liquid financial assets valued at approximately $15 million as at 31 January 2024.
Corporate
- Fifty for one capital consolidation completed in December 2023 following shareholder approval at the Company’s 2023 Annual General Meeting.
- Two successful capital raisings completed:
- In September 2023, prior to completion of the above capital consolidation, an A$4,224,100 placement (before costs) by the issue of 422,410,000 fully paid ordinary shares at an issue price of $0.01 per Share to institutional, sophisticated and professional investors together with one (1) free attaching listed option exercisable at $0.015 on or before 23 October 2023 for every two (2) shares subscribed for and issued.
- After the end of the quarter in January 2024, on a post consolidation basis, an A$12.3 million placement (before costs) comprising the issue of approximately 23 million new fully-paid ordinary shares in the capital of the Company.
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
This article includes content from Toro Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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