Quarterly Activities Report For period ending 30 September 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 30 September 2024.

Highlights

Wiluna Uranium Project

• Re-estimation of the Lake Maitland uranium (as U₃O₈) and vanadium (as V₂O₅) resources completed within a lower grade U₃O₈ resource envelope (see details below) to allow for the resources of Lake Maitland to be stated at a 100ppm U₃O₈ and V₂O₅ cut-off grade.
  • As a result the Lake Maitland Uranium-Vanadium resource can now be stated at a 100ppm U₃O₈ and V₂O₅ cut-off grade in alignment with the other deposits of the Wiluna Uranium Project.
  • This expands the Lake Maitland stated U₃O₈ resource by approximately 12% or 3.2Mlbs to 29.6Mlbs contained U₃O₈, with a reduction in average grade to 403ppm U₃O₈ (at a 100ppm U₃O₈ cut-off).
  • The stated Lake Maitland V₂O₅ resource expands by approximately 74% or 13.4Mlbs to 31.4Mlbs contained V₂O₅, with a reduction in average grade to 285ppm V₂O₅ (at a 100ppm V₂O₅ cut-off).
  • All of the Wiluna Uranium Project resources can now be stated at a 100ppm cut-off, resulting in an approximate 17% expansion of the U₃O₈ resources for the Project to 73.6Mlbs from the previous 62.7Mlbs, with a reduction in average grade to 381ppm U₃O₈.
• Design phase for pilot plant commissioned by Toro for the Wiluna Uranium project nearing completion, to text the improved beneficiation and hydrometallurgical circuit developed by Toro at closer to production scale.
• Pilot plant will test potential ore from all three uranium deposits (Lake Maitland, Lake Way and Centipede-Millipede) which could potentially underpin an expanded Lake Maitland operation.
• Integration of re-estimated Lake Maitland vanadium resource into Lake Maitland uranium resource block model commenced after the end of the quarter, which is the start of preparations for a new scoping study update for a stand-alone uranium-vanadium mining and processing operation at Lake Maitland.

Corporate

• Cash and liquid financial assets valued at approximately $11.2 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 87.8 Mt grading 381ppm U₃O₈ for 73.6 Mlbs of contained U₃O₈ at a 100ppm 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 141.8Mt grading 286ppm V₂O₅ for 89.3Mlbs of contained V₂O₅ at a 100ppm V₂O₅ cut-off (inside the U₃O₈ resource envelope) as referred to above (JORC2012 – Inferred – refer to the Company’s ASX announcement of 21 October 2019).

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