Quarterly Activities and Cashflow Report June 2024

Description

Toro Energy Limited (ASX:TOE) is pleased to provide the following review of activities for the three month period ended 30 June 2024.

Highlights

Wiluna Uranium Project
• Results of updated Scoping Study for the Lake Maitland Uranium Project released, including:
Excellent Financial Outcomes

• NPV pre-tax of approximately A$832.8M at a discount rate of 8% (+37% increase of A$223.20M)
• Pre-tax IRR of 48% (+7% increase)
• Payback period of 2.1 years (0.4 years less)
• Total EBITDA of A$2,303.3M (+30% increase of A$534.4M)
• Total undiscounted cash flow of A$1,930M pre-tax (+36% increase of A$507.3M)
• Average EBITDA of A$131.6M per annum
• Average undiscounted cash flow of A$110.3M per annum -– average >A$2M per week
• Estimates assume a US$85.00/lb U3O8, US$5.67/lb V2O5 price and a US$:A$0.70 exchange rate

Modest CAPEX

• US$203.7M (or A$291M) capital cost estimate including 20% contingency and 15% EPCM
• Includes all infrastructure for the proposed stand-alone Lake Maitland operation, including: • entire processing facility with beneficiation plant and ability to produce both a uranium and vanadium product; and all mining & administration related infrastructure, access roads, power plant, borefield and a reverse osmosis desalinisation plant for water supply
• A$143.0M non-processing infrastructure build cost (A$105.7M excluding contingency and EPCM)  A$148.1M processing infrastructure build cost (A$107.3M excluding contingency and EPCM)

Low operating cost estimates

• C1* Cash operating cost of US$17.28/lb U3O8 over the first 7 years
• C1* Cash operating cost of US$24.78/lb U3O8 over Life of Mine (LoM)
• All In Sustaining Cost (AISC)# of US$22.58/lb U3O8 over the first 7 years
• All In Sustaining Cost (AISC)# of US$30.55/lb U3O8 over LoM
• Robust estimated operating margins
• C1 (US$17.28) and AISC (US$24.78) for the first 7 years provides Toro with very strong margins during the initial payback period

ASX Listing Rule 5.19.2 The Company confirms that all material assumptions underpinning the production target and the derived
forecast financial information disclosed in the updated Lake Maitland Scoping Study announced by the Company on 18 June 2024 continue to apply and have not materially changed.

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