Quarterly Activities and Cashflow Report September 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 30 September 2023.

HIGHLIGHTS

Corporate

• Successful capital raising of $4,224,100 completed during the quarter by the issue of 422,410,000 shares at $0.01 per share to institutional, sophisticated and professional investors.
• Cash and liquid financial assets valued at approximately $5.65 million as at 30 September 2023.
• Funds support further development of the Wiluna Uranium Project, the Dusty Nickel Project and working capital requirements.

Wiluna Uranium Project, Western Australia

• Pilot plant design commissioned for the Wiluna Uranium Project that now includes the processing of vanadium as a valuable by-product.
  • Pilot plant will be designed to test the newly developed processing flow sheet for Lake Maitland at closer to ‘operational’ scale.
  • The design will include both a hydrometallurgical pilot plant design and a beneficiation pilot plant design, and will incorporate all aspects of both uranium and vanadium production.
• Lake Maitland Extension Study initiated post quarter end to incorporate material from Lake Way and Centipede-Millipede uranium deposits into proposed processing operation at Lake Maitland.
• One of the stand-out growth opportunities identified from the Lake Maitland Scoping Study is that the proposed production schedule does not include any Mineral Resources from Toro’s other wholly owned uranium deposits including Centipede-Millipede and Lake Way.
• Processing flow sheet for both uranium & vanadium products revisions resulted in the very strong estimated financial outcomes of the Lake Maitland Scoping Study (excludes Lake Way & Centipede- Millipede):
  • NPV8% pre-tax of approximately A$610M at a discount rate of 8%
  • IRR 41% - Mine Life 17.5 years – Short Payback 2.5 years
  • Total EBITDA $1,768.6M
  • Average EBITDA $1.95M per week ($101M pa)
  • Modest capex of US$140M plus 20% contingency and 15% EPCM allowance
  • Low operating cost estimates for Life of Mine:
    • C1 cash operating cost US$23.10/lb U3O8
    • AISC of US$28.02/lb U3O8
  • C1 US$15.84/lb U3O8 & AISC US$20.32/lb U3O first 7 years provide very strong margins
  • Low average strip ratio of 1.17
  • Annual average production 1.3Mlbs U3O8 and 0.7Mlbs V2O5
  • Total production 22.8Mlbs of U3O8 and 11.9Mlbs of V2O5
  • Estimates assume US$70/lb U3O8 and US$5.67/lb V2O5 price, and US$:A$0.70 exchange rate

Dusty Nickel Project, Western Australia

• Assay results received during the quarter confirmed:
  • intersection of massive Ni-sulphides in TED42 to be 3.13m thick (downhole only) grading 1.42% nickel (Ni), 0.17% copper (Cu) and 0.605 g/t platinum (Pt) plus (+) palladium (Pd) from 314m downhole;
  • 4.31m of massive and semi-massive Ni-sulphide grading 1.37% Ni, 0.13% Cu and 0.539 g/t Pt+)Pd from 332m downhole intersected in TED43;
  • TED53 intersected 4.31m of massive and semi-massive Ni-sulphide grading 1.37% Ni, 0.13% Cu and 0.539 g/t Pt+Pd from 332m downhole, being twice as thick as first thought and as announced on 12 April 2023
  • Two additional zones of (Ni-sulphide mineralisation intersected in diamond drill hole TED54, extending the existing Ni mineralisation already intersected at Dusty further towards the surface, as follows:
    • TED54 Ni-sulphide Zone 1:
      • 4.6m of massive Ni-sulphide grading 1.61% Ni, 0.22% Cu and 0.56 g/t Pt+Pd from 194.2m downhole.
    • TED54 Ni-sulphide Zone 2:
      • 9m of blebby and disseminated Ni-sulphide grading 0.79% Ni from 162m downhole, inclusive of:
        • 3m grading 1.09% Ni from 166m downhole.
  • o2.1m of massive Ni-sulphide grading 1.83% Ni, 0.29% copper (Cu) and 0.55 g/t platinum (Pt) plus (+) palladium (Pd) from 147.1m downhole intersected in TED55.

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).

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