Toro Energy (TOE) Q4 2025 TU earnings summary

Executive summary

• Completed re-optimisation of the Lake Maitland mining pit, integrating updated uranium and vanadium resource models and financial assumptions, including CPI-adjusted costs.

• Updated scoping study for Lake Maitland operation shows improved resource estimation, pit optimisation, and mine scheduling, confirming a pre-tax NPV of A$907.9M and a payback period of 1.5 years.

• The Wiluna Uranium Project contains 87.8Mt at 381ppm U3O8 for 73.6Mlbs U3O8 and 141.8Mt at 286ppm V2O5 for 89.3Mlbs V2O5 (JORC 2012).

Financial highlights

• Pre-tax NPV of A$907.9M at 8% discount rate, up A$75M (9%) from previous study.

• Pre-tax IRR of 56% and expedited payback period of 1.5 years.

• Total EBITDA of A$2,326.9M and total undiscounted pre-tax cash flow of A$1,956.5M.

• Average annual EBITDA of A$129.3M and average annual pre-tax cash flow of A$120M.

• Modest CAPEX: US$194M (A$298.4M) including contingency and EPCM.

Outlook and guidance

• Project economics based on uranium price of US$85/lb U3O8 and vanadium price of US$5.67/lb V2O5, with A$:US$ exchange rate of 0.65.

• Mine life estimated at 16.3 years, processing 2Mtpa ore, with annual average production of 1.3Mlbs U3O8 and 0.75Mlbs V2O5.

• Sensitivity analysis included for up to 30% changes in commodity prices, exchange rates, OPEX, and CAPEX.