Toro Energy (TOE) Q3 2025 TU earnings summary

Executive summary

• Completed re-optimisation of the proposed mining pit at Lake Maitland, incorporating updated resource estimates and cost assumptions, with a full scoping study update ongoing and expected next quarter.

• Engaged with native title groups regarding planned drilling activities and began geological remodeling to enhance geo-metallurgical data for future pilot plant work.

• Remains focused on long-term uranium production feasibility, supported by strengthening uranium market conditions and technical improvements at Wiluna.

Financial highlights

• Exploration and evaluation expenditure for the quarter totaled $1,028,000.

• Net cash used in operating activities was $1,183,000 for the quarter and $4,847,000 for the nine months year-to-date.

• Interest received during the quarter was $110,000, with $356,000 year-to-date.

• Cash and cash equivalents at quarter end were $7,455,000, down from $8,641,000 in the previous quarter.

• Payments to directors and related parties during the quarter amounted to $192,000.

Outlook and guidance

• The full scoping study update for Lake Maitland is expected to be completed in the next quarter.

• Estimated quarters of funding available is 6.3, indicating sufficient liquidity for ongoing operations.