Quarterly Activities Report For Period Ending 30 June 2023

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to provide the following review of activities for the three months ended 30 June 2023.

HIGHLIGHTS

Corporate

• Cash and liquid financial assets valued at $3.2 million as at 30 June 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

• Diamond drill hole TED55 has intersected approximately 2m of continuous massive Ni-sulphide mineralisation from 147.2m downhole, with hand-held spot analysis by portable XRF (hh-pXRF) suggesting that Ni grades within the massive Ni-sulphide range between 1.5 and 3.4% Ni*
• TED55 intersection extends the Dimma massive Ni-sulphide mineralisation towards the surface – drilling suggests it now extends continuously from TED55 down-dip (apparent) for approximately 160m to the intersections at TED42 and TED53
• Geochemical assays received during the quarter confirm:
  • Diamond drill hole TED37 intersected 3.45m of massive Ni-sulphide grading 1.42% Ni, 0.19% copper (Cu) and 0.76 g/t platinum (Pt) and Palladium (Pd) from 240.1m downhole including 1.45m of massive Ni-sulphides grading 2.2% Ni, 0.36% Cu and 1.27 g/t Pt+Pd from 242.2m downhole
  • Diamond drill hole TED38 intersected 2.44m of massive Ni-sulphide grading 1.16% Ni, 0.2% Cu and 0.77 g/t Pt+Pd from 231.65m downhole
  • Diamond drill hole TED41 intersected 4.31m of massive Ni-sulphide grading 1.16% Ni, 0.29% Cu and 0.386 g/t Pt+Pd from 243.33m downhole; and
  • Diamond drill hole TED42 intersected 3.13m of massive Ni-sulphide grading 1.42% Ni, 0.17% Cu and 0.605 g/t Pt+Pd from 314m downhole
  • 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
  • TED54 intersected two zones of Ni-sulphide, a 4.6m zone of massive Ni-sulphide grading 1.61% Ni, 0.22% Cu and 0.56 g/t Pt+Pd from 194.2m downhole and second zone consisting of 9m of blebby and disseminated Ni-sulphide grading 0.79% Ni from 162m downhole, inclusive of 3m grading 1.09% Ni from 166m downhole.
• Together the four Dusty Ni-sulphide discoveries, Jumping Jack, Dimma, Houli Dooley and Dusty, at Toro’s 100% owned Dusty Nickel Project, located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit – are the first Komatiite hosted massive Ni-sulphides to be discovered in the region and remain open at depth

*(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 release of 24 May 2023 for performance of the hh-pXRF results analysis against certified reference material).

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