Toro Energy (TOE) Q2 2025 TU earnings summary

Executive summary

• Advanced integration of Lake Maitland vanadium resource into uranium resource block model, initiating a new scoping study for a stand-alone uranium-vanadium operation at Lake Maitland.

• Continued engagement with native title groups for planned drilling and pilot plant activities at Wiluna Uranium Project.

• Focus remains on long-term uranium production feasibility, supported by improving uranium market conditions.

Financial highlights

• Exploration and evaluation expenditure for the quarter totaled $1,790,000.

• Net cash used in operating activities for the quarter was $2,033,000.

• Cash and cash equivalents at quarter end were $8,641,000, down from $10,171,000 in the previous quarter.

• Payments to related parties and directors during the quarter amounted to $261,000.

Outlook and guidance

• New scoping study at Lake Maitland aims to optimize mining pit and assess increased production potential.

• Company expects to maintain operations with estimated 4.2 quarters of funding available at current expenditure rates.

• Potential amendments to environmental approvals may be required based on study outcomes.