Toro Energy (TOE) Corporate presentation summary

Project portfolio and resource expansion

• Flagship Wiluna Uranium Project in Western Australia holds 73.6Mlbs U3O8 and 89.3Mlbs V2O5 resources at 100ppm cut-off, with three main deposits: Lake Maitland, Centipede-Millipede, and Lake Way.

• Recent updates show a 17% increase in uranium resources and a 31% increase in vanadium resources at Wiluna, with Lake Maitland alone seeing a 12% uranium and 74% vanadium resource boost.

• Total JORC 2012 resource inventory across all deposits, including satellite projects, stands at 112.7Mlbs U3O8 and 89.3Mlbs V2O5.

• All mining leases and environmental approvals for Wiluna are granted, with amendments required for further development.

• Strategic joint venture allows Japanese partners to acquire 35% of Lake Maitland for US$39.6M.

Economic studies and project economics

• Updated Lake Maitland Scoping Study (June 2024) shows pre-tax NPV of A$832.8m, IRR of 48%, and a 2.1-year payback period.

• Life-of-mine EBITDA projected at A$2,303.3m, with average annual EBITDA of A$131.6m.

• CAPEX estimated at A$291m, including processing and infrastructure, with LOM C1 Opex at US$24.78/lb U3O8 and ASIC at US$30.55/lb.

• Scoping study excludes resources from Lake Way, Centipede-Millipede, and Dawson Hinkler, indicating further upside potential.

• Pilot plant design is in final stages, aiming to test ore from all three main deposits.

Operational milestones and development strategy

• Key milestones include resource expansions, pilot plant commissioning, and ongoing scoping and extension studies.

• Preparations for DFS underway, with further beneficiation test work and flowsheet refinements targeting cost reductions.

• High-grade production potential beyond year 7 by integrating all three deposits.

• Pilot plant to operate in Perth, testing improved beneficiation and hydrometallurgical circuits.

• Substantial satellite resources at Dawson Hinkler and Nowthanna provide additional growth opportunities.