Toro Energy

Quarterly Activities and Cashflow Report December 2023

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.


TOE:AU
Toro Energy

Toro Energy Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Toro Energy

Toro Energy


Keep reading...Show less
canadian flag, uranium ore

Top 5 Canadian Uranium Stocks of 2024

The uranium spot price hit a two decade high of US$106 per pound in January.

The energy commodity endured low prices for decades, but its recent rapid rise has come amid ongoing supply concerns and a strong outlook for demand. On the supply side, major producers are facing headwinds in ramping up output, while geopolitical concerns are creating supply chain uncertainty. In terms of demand, governments around the world continue to build out their nuclear power capacity in an effort to move away from fossil fuels.

The Investing News Network has recently spoken with many market watchers who are bullish on uranium, including Rick Rule, John Ciampaglia, Lobo Tiggre, Byron King and Justin Huhn. Tiggre mentioned uranium as a sector for which he has near-term optimism. For his part, Huhn pointed out that small- and mid-cap companies have been outperforming larger-cap companies. Rule highlighted the uranium companies he's looking at in this market environment.

Keep reading...Show less
Skyharbour Resources (TSXV:SYH)

Skyharbour Resources


Keep reading...Show less
  Summit Minerals Limited

Strategic Expansion of the Stallion Uranium Project

Summit Minerals Limited (ASX: SUM, “Summit” or the “Company”) is pleased to announce that it has acquired exploration license application E28/3249 through the acquisition of Radiant Exploration Pty Ltd for $40,000. This acquisition is in addition to two other exploration license applications that the Company has applied for in the Ponton Creek region (E39/2469 and E28/3426), which when granted would significantly increase the land package of its 100% owned Stallion Project, 175 km east- northeast of Kalgoorlie. The Company’s applications lie over palaeochannels prospective for aquifer sand and lignite-hosted uranium mineralisation in the Ponton Mulga Rock uranium province of WA (Figure 1) and capture the historical Highway and Shelf uranium deposits and several advanced prospects, including East Arm and Narnoo.

Keep reading...Show less
GTI Energy

Activity Update – Lo Herma & Green Mountain Drill Permitting on Track

GTI Energy Ltd (ASX: GTR) (GTI or Company) is pleased to advise that planning for the 2024 field season in Wyoming has progressed well and permitting is on track to facilitate drilling during Q3.

Keep reading...Show less
Tisdale Clean Energy Mobilizes Crew and Equipment for Phase One Drill Program at South Falcon East Uranium Project, Athabasca Basin, Saskatchewan

Tisdale Clean Energy Mobilizes Crew and Equipment for Phase One Drill Program at South Falcon East Uranium Project, Athabasca Basin, Saskatchewan

TISDALE CLEAN ENERGY CORP. (“ Tisdale ” or the “ Company ”) (TSXV:TCEC ) ( OTC: TCEFF ) ( FSE: T1KC ) , is pleased to confirm that crew and equipment has begun mobilization for its upcoming work program at the South Falcon East Uranium Project which hosts the Fraser Lakes B uranium deposit. The south Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine.

Tisdale Clean Energy Corp entered into an option agreement with SkyHarbour Resources Ltd in October of 2022 whereby the company can earn up to a 75% interest in the South Falcon East property.

Keep reading...Show less

Laramide Confirms High-Grade Uranium Expansion Potential at Westmoreland

Highlights:

  • 2023 drilling campaign included 13 holes for infill and extension at the Huarabagoo uranium deposit.
  • High grade uranium intercepts include:
    • HB23DD002 – 1.5m @ 1,448ppm (0.14%) U 3 O 8 from 74.5m

    • HB23DD004 – 19m @ 519ppm U 3 O 8 from 47m
      Including 2.00m @ 1,690ppm (0.17%) U 3 O 8 from 53m

    • HB23DD005 – 6m @ 682ppm (0.07%) U 3 O 8 from 50m
      Including 1m @ 1,066ppm U 3 O 8 (0.11%) from 50m
      and 0.89m @ 1,798ppm (0.18%) U 3 O 8 from 54.75m

    • HB23DD006 – 3m @ 1,236ppm (0.12%) U 3 O 8 from 102m
      Including 1m @ 2,305ppm (0.23%) U 3 O 8 from 103m

    • HB23DD007 – 11m @ 747ppm (0.07%) U 3 O 8 from 42m
      Including 2m @ 1,389ppm (0.14%) U 3 O 8 from 45m
      and 1m @ 1,739ppm (0.17%) U 3 O 8 from 49m
      ALSO 5m @ 833ppm (0.08%) U 3 O 8 from 71m
      Including 1m @ 1,651ppm (0.17%) U 3 O 8 from 73m

ALSO 7m @ 3,041ppm (0.30%) U 3 O 8 from 80m Including 5m @ 4,204ppm (0.42%) U 3 O 8 from 81m With 1m @ 10,353ppm (1.04%) U 3 O 8 from 82m

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Toro Energy

Toro Energy Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×