Toro Energy (TOE) Q1 2025 TU earnings summary

Executive summary

• Completed re-estimation of Lake Maitland uranium and vanadium resources at a 100ppm cut-off, aligning with other Wiluna deposits and expanding the stated resource base.

• Lake Maitland uranium resource increased by 12% to 29.6Mlbs U3O8, vanadium by 74% to 31.4Mlbs V2O5, with lower average grades.

• Total Wiluna Uranium Project resources expanded by 17% to 73.6Mlbs U3O8 and 31% to 89.3Mlbs V2O5 at 100ppm cut-off.

• Design phase for pilot plant nearing completion to test improved beneficiation and hydrometallurgical circuit at production scale.

• Cash and liquid financial assets at quarter end were approximately $11.2 million.

Financial highlights

• Quarterly expenditure on evaluation and exploration activities totaled $920,000.

• Net cash used in operating activities for the quarter was $710,000.

• Net cash used in investing activities was $928,000, primarily for exploration and evaluation.

• Cash and cash equivalents at quarter end were $10.17 million, down from $11.81 million at the start of the quarter.

• Payments to related parties during the quarter amounted to $248,000.

Outlook and guidance

• Preparations underway for a new scoping study update for a stand-alone uranium-vanadium mining and processing operation at Lake Maitland.

• Pilot plant will test ore from all three Wiluna deposits, supporting potential expansion of Lake Maitland operations.

• Company remains focused on long-term uranium production feasibility, encouraged by strengthening uranium market conditions.