Earnings release
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ASX Release ASX: TOE Page 1 of 10 AUSTRALIA’S URANIUM Toro Energy Ltd (ACN 117 127 590) 60 Havelock Street, West Perth WA 6005 30 April 2025 QUARTERLY ACTIVITIES REPORT For period ending 31 March 2025 Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to provide the following review of activities for the three month period ended 31 March 2025. 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 announcement of 24 September 2024 for the latest JORC Table 1 relevant to all associated estimations). This is in addition to the vanadium resource of 141.8Mt grading 286 ppm V 2O5 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 24 September 2024). During the quarter, the re-optimisation of the proposed mining pit at Lake Maitland was completed as announced by the Company on 6 February 2025. The re- optimisation was based on the new resource estimation for the potential uranium (as U 3O8) and vanadium (V 2O5) resources at Lake Maitland completed in September 2024 (refer to ASX announcement of 24 September 2024) after the new V2O5 resource was integrated into the new U3O8 block model (refer to ASX announcement of 21 October 2024). The proposed mining pit re- optimisation also incorporated updated financial data and assumptions as well as an assumed increase in all cost inputs according to the Consumer Price Index (CPI). As at the date of this report, the full scoping study update for the stand-along Lake Maitland mining and processing operation, which included the now completed proposed mining pit re-optimisation, is ongoing with SRK Engineers having been engaged to under take this work on the Company’s behalf. This work is expected to be completed in the following quarter. During the quarter, the Company met with representatives for the native title groups at Lake Way and Centipede-Millipede, and Lake Maitland, to discuss the planned drilling activities over the respective potential ore bodies in connection with the proposed research pilot plant, details of which were contained in the Company’s ASX release of 24 July 2024. As part of this work, Toro has begun remodeling the geology of all three deposits to improve the accuracy of the geo-metallurgical information within the block models ready for including the new information from the planned drilling. For personal use only
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Toro Energy Ltd | ASX Announcement Page 2 of 10 EXPLORATION SUMMARY The Company’s expenditure on evaluation and exploration activities detailed above for the quarter totalled $1,028,000. Figure 1: Location of the Wiluna Uranium Project URANIUM DEVELOPMENT STRATEGY Toro remains focussed on the long- term feasibility of uranium production for its shareholders from the Wiluna Uranium Project, and continues to be encouraged by strengthening uranium market conditions that are aligning with the recent technical and development improvements delivered at the Wiluna Uranium Project. Given the Lake Maitland Uranium Deposit represents a significant proportion of the Wiluna Uranium Project’s resources of both uranium and vanadium, improvements at Lake Maitland will have the greatest potential for improving the economics of the Project as a whole. As previously advised, the date for the substantial commencement condition contained in the State environmental approval for the Wiluna Uranium Project, granted pursuant to Ministerial Statement 1051 (MS 1051), has passed. Toro considers, and has sought advice to confirm, that the environmental approval granted by MS 1051 will remain valid notwithstanding that substantial commencement did not occur by the date specified in MS 1051, and that it will be open to the Company to apply under the Environmental Protection Act 1986 (WA) for an extension of time for that condition at a later time during the life of the approval. It is also envisaged that favourable results from the studies detailed in this announcement may also necessitate an amendment to the proposal the subject of each environmental For personal use only
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Toro Energy Ltd | ASX Announcement Page 3 of 10 approval received. Please see the Competent Person’s Statements at the end of this release for information about the reporting of the resource. CORPORATE The Company confirms that the amount disclosed in Appendix 5B under section 6 – Payments to related parties of the entity and their associates – relates to payments made during the quarter of remuneration to and for services provided by Directors in the amount of $192,000. TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3 The tenements held by the Company at the end of the quarter are set out in Appendix 1. The Company did not vary or dispose of any interests in any joint ventures or farm out arrangements during the quarter. A tenement map is attached at Appendix 2 and Appendix 3. Attached at Appendix 4 is the Wiluna Uranium Project resource table. – Ends – This announcement was authorised for release to the ASX by the Board of Toro Energy Limited. Katherine Garvey Legal Counsel and Company Secretary, Toro Energy Limited 60 Havelock Street, West Perth WA 6005 For further information contact Richard Homsany Greg Shirtliff +61 8 9214 2100 +61 8 9214 2100 For personal use only
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Toro Energy Ltd | ASX Announcement Page 4 of 10 MINERAL RESOURCE ESTIMATE ASX LISTING RULE 5.19.2 COMPETENT PERSONS’ STATEMENTS Competent Person’s Statement Exploration The information in this document that relates to geology and exploration was authorised by Dr Greg Shirtliff, who is a full time employee of Toro Energy Limited. Dr Shirtliff is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience of relevance to the tasks with which they were employed to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Shirtliff consents to the inclusion in the report of matters based on information in the form and context in which it appears. Competent Persons’ Statement Wiluna Project Mineral Resources – 2012 JORC Code Compliant Resource Estimates – U3O8 and V2O5 for Centipede-Millipede, Lake Way and Lake Maitland. The information presented here that relates to U 3O8 and V2O5 Mineral Resources of the Centipede- Millipede, Lake Way and Lake Maitland deposits is based on information compiled by Dr Greg Shirtliff of Toro Energy Limited and Mr Daniel Guibal of Condor Geostats Services Pty Ltd. Mr Guibal takes overall responsibility for the Resource Estimate, and Dr Shirtliff takes responsibility for the integrity of the data supplied for the estimation. Dr Shirtliff is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and Mr Guibal is a Fellow of the A usIMM and they have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)’. The Competent Persons consent to the inclusion in this release of the matters based on the information in the form and context in which it appears. The Mineral Resource Estimates in this announcement were reported by the Company in accordance with Listing Rule 5.8 via announcements dated 1 February 2015, 1 Febr uary 2016, 21 October 2019 and 14 December 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed. 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. For personal use only
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Toro Energy Ltd | ASX Announcement Page 5 of 10 APPENDIX 1 – TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3 The following tenements were held by the Company at the end of the quarter: Tenement Owner Project Status Consolidated Entity Interest M53/113 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% M53/224 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% M53/1090 Nova Energy Pty Ltd Lake Way, Wiluna Uranium Project (Western Australia) Granted 100% G53/021 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% G53/022 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% G53/023 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% L53/175 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% L53/182 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% L53/183 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% L53/184 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% L53/205 Nova Energy Pty Ltd Centipede, Wiluna Uranium Project (Western Australia) Granted 100% M53/336 Nova Energy Pty Ltd Millipede, Wiluna Uranium Project (Western Australia) Granted 100% M53/1095 Nova Energy Pty Ltd Millipede, Wiluna Uranium Project (Western Australia) Granted 100% M53/1089 Redport Exploration Pty Ltd Lake Maitland, Wiluna Uranium Project (Western Australia) Granted 100% L53/167 Redport Exploration Pty Ltd Lake Maitland, Wiluna Uranium Project (Western Australia) Granted 100% E53/1060 Redport Exploration Pty Ltd Lake Maitland, Wiluna Uranium Project (Western Australia) Granted 100% E37/1146 Redport Exploration Pty Ltd Lake Maitland, Wiluna Uranium Project (Western Australia) Granted 100% E53/1210 Redport Exploration Pty Ltd Lake Maitland, Wiluna Uranium Project (Western Australia) Granted 100% E53/1211 Redport Exploration Pty Ltd Lake Maitland, Wiluna Uranium Project (Western Australia) Granted 100% R53/003 Nova Energy Pty Ltd Dawson Hinkler, Wiluna Uranium Project (Western Australia) Granted 100% R51/003 Nova Energy Pty Ltd Nowthanna, Wiluna Uranium Project (Western Australia) Granted 100% For personal use only
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Toro Energy Ltd | ASX Announcement Page 6 of 10 R80/001 Nova Energy Pty Ltd Theseus Uranium Project (Western Australia) Granted 100% E53/1858 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Granted 100% E53/1909 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Granted 100% E53/1929 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Granted 100% E53/1593 Toro Energy Ltd Exploration (Western Australia) Granted 100% E37/1448 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E37/1449 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E37/1555 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E37/1556 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E51/2213 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E53/2181 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E53/2350 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E53/2351 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E53/2361 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% E20/1074 Toro Energy Exploration Pty Ltd Exploration (Western Australia) Application 100% EL25787 Toro Energy Ltd Exploration (Northern Territory) Application 100% EL28093 Toro Energy Ltd Exploration (Northern Territory) Application 100% EL28997 Toro Energy Ltd Exploration (Northern Territory) Application 100% EL32067 Toro Energy Ltd Exploration (Northern Territory) Application 100% EL32068 Toro Energy Ltd Exploration (Northern Territory) Application 100% EL32069 Toro Energy Ltd Exploration (Northern Territory) Application 100% EPL3668 Nova Energy (Namibia) Pty Ltd Nova Joint Venture (Namibia) Granted 15% EPL3669 Nova Energy (Namibia) Pty Ltd Nova Joint Venture (Namibia) Granted 15% EPL3670 Nova Energy (Namibia) Pty Ltd Nova Joint Venture (Namibia) Granted 15% For personal use only
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Toro Energy Ltd | ASX Announcement Page 7 of 10 APPENDIX 2 – WILUNA URANIUM PROJECT – MARCH 2025 For personal use only
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Toro Energy Ltd | ASX Announcement Page 8 of 10 APPENDIX 3 – EXPLORATION PROJECT AREAS – MARCH 2025 For personal use only
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Toro Energy Ltd | ASX Announcement Page 9 of 10 APPENDIX 4 – WILUNA URANIUM PROJECT RESOURCE TABLE – JORC 2012 At 100ppm grade cut-offs. The V2O5 resource has been estimated within the 70ppm U3O8 mineralisation envelope but reported at a 100ppm V2O5 cut-off. Note: ID = Insufficient data for an estimation currently. Data in the table has been rounded to 1 decimal place, which is the nearest 100,000t or lbs in the case of ore and contained oxide respectively. The JORC Table 1 relevant to all of the resource estimations related to the resources stated in the above table can be found in the ASX announcement of 24 September 2024. For personal use only
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Toro Energy Ltd | ASX Announcement Page 10 of 10 Competent Person’s Statement Wiluna Project Mineral Resources – 2012 JORC Code Compliant Resource Estimates – Centipede, Millipede, Lake Way, Lake Maitland, Dawson Hinkler and Nowthanna Deposits The information presented here that relates to Mineral Resources of the Centipede, Millipede, Lake Way, Lake Maitland, and Dawson Hinkler deposits is based on information compiled by Dr Greg Shirtliff of Toro Energy Limited, Mr Sebastian Kneer formerly of Toro Energy Limited and Mr Daniel Guibal of SRK Consulting (Australasia) Pty Ltd. Mr Guibal takes overall responsibility for the Resource Estimate and Dr Shirtliff takes responsibility for the integrity of the data supplied for the estimation. Dr Shirtliff is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM), and Mr Guibal is a Fellow of the AusIMM and they have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)’. The Competent Persons consent to the inclusion in this release of the matters based on the information in the form and context in which it appears. For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Toro Energy Limited ABN Quarter ended (“current quarter”) 48 117 127 590 31 March 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers - 83 1.2 Payments for (a) exploration & evaluation (1,028) (3,738) (b) development - - (c) production - - (d) staff costs (26) (121) (e) administration and corporate costs (239) (1,427) 1.3 Dividends received (see note 3) - - 1.4 Interest received 110 356 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (1,183) (4,847) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities - - (b) tenements - - (c) property, plant and equipment - (8) (d) exploration & evaluation - - (e) investments - (37) (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 2.2 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) Investments - 541 (e) other non-current assets (3) (3) 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (3) 493 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - - 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 8,641 11,809 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,183) (4,847) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (3) 493 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 7,455 7,455 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 955 641 5.2 Call deposits 6,500 8,000 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 7,455 8,641 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 192 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payments to related parties and their associates includes directors’ fees, consulting fees and superannuation For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (1,183) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,183) 8.4 Cash and cash equivalents at quarter end (item 4.6) 7,455 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 7,455 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 6.3 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 5 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 April 2025 Authorised by: The Board of Directors, Toro Energy Ltd (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that w ishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only