Quarterly Activities and Cashflow Report

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to provide the following review of activities for the three months ended 31 December 2022.

HIGHLIGHTS

Corporate

• Cash and liquid financial assets valued at $4.475 million as at 31 March 2023.
• Funds support further development of the Wiluna Uranium Project, the Dusty Nickel Project and provide working capital for the Company.

Wiluna Uranium Project, Western Australia

• Further to the excellent Scoping Study results released in the final quarter last year, evaluation activities ongoing in connection with the optimisation of the Wiluna Uranium Project.

Dusty Nickel Project, Western Australia

• Thickest intersection to date in diamond drill hole TED54 extended the Dimma massive nickel sulphide discover to 112m down-dip, with the intersection of at least 6.2m of massive and semi- massive nickel sulphide from 192.6m including 4.5m of continuous massive nickel sulphide mineralisation from 194.3m downhole.
  
• Blebby nickel sulphides with individual accumulations of up to 4cm in diameter have also been intersected above the semi-massive Ni-sulphide for at least 12m from 159m downhole.
• Hand-held spot analysis by portable XRF (hh-pXRF) suggests that nickel grades within the massive nickel sulphide range between 1.9 and 3.1% Ni*.
• Massive nickel sulphides in TED54 are geologically located at the base of the Dusty Komatiite consistent with the two other drill holes at Dimma and all other intersections of massive nickel sulphide within the Dusty Komatiite to date.
• Diamond drilling recommenced, highlighting the Company’s focus on targeted, cost effective activities that will add value to both its Wiluna Uranium Project and Dusty Nickel Project.
• Further massive nickel sulphides intersection announced at Dimma announced after the end of the quarter, being of an 8.9m zone of visible nickel sulphides from 327.2m downhole inclusive of 2.4m of continuous massive nickel sulphide mineralisation from 332.4m downhole in TED53. Hand-held spot analysis by portable XRF (hh-pXRF) suggests that nickel grades within the massive nickel sulphide range between 1.4 and 5.1% Ni*.
• Only ~3.5km of the 7.5km long Dusty Komatiite magnetic trend has been tested to date, with Toro having already discovered four zones of massive or semi-massive nickel sulphide.

*(hh-pXRF analysis results should be used as a guide only and should not be used as a substitute for laboratory based geochemical analysis - refer to Appendix 1 in releases of 14 February 2023 and 12 April 2023 for performance of the hh-pXRF results analysis against certified reference material).

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