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Wiluna Uranium Project Update

Toro Energy Limited (ASX: TOE) (‘the Company’ or ‘Toro’) is pleased to announce that the Company is continuing to advance its plans to begin operation of a pilot plant for its Wiluna Uranium Project in the second half of 2024.

Design phase for the pilot plant commissioned by Toro is nearing completion ahead of planned start-up later this yearSonic drill programs designed to supply material feed to the pilot plant from all three deposits approved by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS)Detailed reworking of the geometallurgical models for all three deposits, to ensure the drill plan is representative of all ore types likely to be mined and processed, has been initiatedPilot plant will test the improved beneficiation & hydrometallurgical circuit developed by Toro at closer to production scalePilot plant to test potential ore from all three uranium deposits – Lake Maitland, Lake Way and Centipede-Millipede – these deposits could potentially underpin an expanded Lake Maitland operationProject optimisation work continues to evaluate further economic improvements driven by Lake Maitland’s close proximity to Toro’s 100% owned Centipede- Millipede and Lake Way uranium deposits within Wiluna by the potential integration of additional resources from these deposits. Strong improved financial outcomes from the updated Lake Maitland Scoping Study include:Pre-tax NPV8 of A$832.8M (+37% increase of A$223.20M)Excellent 48% IRR (+7% increase)Total EBITDA of $2,303.3M (+30% increase of A$534.4M)Total undiscounted cash flow of A$1,903.3M pre-tax – average >$2M per week (+36% increase of A$507.3M)Short payback period of 2.1 yearsLow C1 operating cost of US$17.28/lb U3O8 in years 1 to 7 when high grade uranium resource is being processedStrong life of mine C1 operating cost of only US$24.78/lb U3O8Low AISC cost of US$22.58/lb U3O8 in years 1 to 7 when high grade uranium resource is being processedStrong life of mine AISC cost of only US$30.55/lb U3O8Modest total CAPEX of US$149M plus 20% for contingency and 15% for EPCM over a 17.5 year mine life producing a total of 22.8Mlbs U3O8 and 11.9 Mlbs V2O5

Management Commentary

Commenting on the update Toro’s Executive Chairman, Richard Homsany, said:

“Toro continues to advance important workstreams across our flagship Wiluna Uranium Project in WA, and we are pleased to report that work on the pilot plant design is nearing completion. The pilot plant is an important step in demonstrating the potential scale and value of not only the Lake Maitland Uranium deposit, but of the entire Wiluna Uranium Project.

This latest body of work further builds upon the excellent economics resulting from the updated Lake Maitland Scoping Study which confirmed a significant uplift of 36% or A$223M in pre-tax NPV8 to A$832.8M.

It should be emphasised that the pilot plant will aim to test potential ore from all three uranium deposits – (1) Lake Maitland (2) Lake Way and (3) Centipede-Millipede – that Toro believes could contribute to an extended Lake Maitland processing operation. The proximity of Lake Way and Centipede-Millipede to Lake Maitland provides Toro with valuable optionality to substantially increase the feasibility of the broader Wiluna Uranium Project beyond the A$832M NPV8 resulting from the updated stand-alone Lake Maitland Scoping Study. Another outcome could be that Lake Way and Centipede-Millipede sustain a separate feasible mining and processing operation to that at Lake Maitland.

Toro remains committed to ensuring the Wiluna Uranium Project is ready to be brought into production when government policy aligns. Our ongoing evaluation work, in a strong global uranium market and backdrop of an evolving sophisticated nuclear energy debate in Australia, is exciting for Toro shareholders and potential investors.”

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