ASX ANNOUNCEMENT

30 November 2021

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TORO TO ASSESS VALUE OPPORTUNITIES FOR ITS 90.9

Mlbs U3O8 PORTFOLIO

HIGHLIGHTS

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• Review underway to identify value opportunities across Toro's Australian uranium

portfolio which currently includes 90.9 Mlbs of contained U3O8(at a 200ppm U3O8 cut-off -

see below for references)

• Toro holds significant uranium resources inside the Wiluna Uranium Project with 62.7

million pounds (Mlbs) contained U3O8(at a 200ppm U3O8 cut-off - JORC 2012, refer to

ASX announcement 1 February 2016 and Appendix 1) in three deposits, Lake Maitland,

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Lake Way and Centipede-Millipede

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Nowthanna

•

96%of the Resources are Measured and Indicatedin the Wiluna Uranium Project (JORC

2012 - refer to table in Appendix 1)

• The U3O8 mineralisation envelope of these three deposits also contains a Vanadium

Resource of 96.3Mt grading 322ppm V2O5 for 68.3Mlbs of contained V2O5at a 200ppm V2O5

cut-off (refer to ASX announcement of 21 October 2019) which initial testwork has shown

may be utilised as a value-addby-product

• A further 28.2 Mlbs of contained U3O8(at a 200ppm U3O8 cut-off)is 100% held by Toro in

three assets outside the Wiluna Uranium Project (refer to Appendix 1 and Appendix 2):

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Dawson Hinkler

9.4 Mlbs contained U3O8(at a 200ppm U3O8 cut-off- JORC 2012 refer to ASX

announcement 1 February 2016)

For

11.9 Mlbs contained U3O8(at a 200ppm U3O8 cut-off- JORC 2012 refer to ASX

announcement 1 February 2016)

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Theseus

6.9 Mlbs contained U3O8(at a 200ppm U3O8 cut-off- JORC 2012 refer to ASX

announcement 5 December 2012 and information below)

There is an Exploration Target Range (ETR)for Theseus of 28-35Mt at 450-

520 ppm U3O8 for 28-40Mlbs of contained U3O8* (refer to ASX announcement

5 December 2012)

• Toro is evaluating significant exploration and/or development opportunities outside of its

Wiluna resource base to take advantage of (1) improving uranium market conditions and

(2) intellectual property held by Toro regarding metallurgical optimisation at the Wiluna Uranium Project

• Toro owns a 15% interest in a joint venture actively exploring for uranium in Namibia. Joint venture partners include a subsidiary of Deep Yellow Ltd (ASX: DYL) (39.5%) (another subsidiary of which is manager/operator of the joint venture) and the Japanese Oil, Gas and Metals National Corporation (JOGMEC) (39.5%). The joint venture's tenements are proximal to the world class Rossing, Husab and Langer Heinrich uranium deposits.

only* CAUTIONARY STATEMENT: The ETR is conceptual in nature and there has been insufficient exploration completed to define this as a Mineral Resource. There is no certainty further work will result in the determination of a Mineral Resource.

Toro Energy Limited (ASX: TOE) ('the Company' or 'Toro') is pleased to announce that it has initiated an assessment of its entire Australian uranium asset portfolio to identify opportunities to optimise and add further value to its current resource base of 90.9 Mlbs of contained U3O8.

This internal review will include a focus on the three (3) significant assets containing JORC resources

o tside the Wiluna Uranium Project, namely the Dawson Hinkler Deposit, the Nowthanna Deposit and the

useTheseus Deposit.

Some of the potential areas of opportunity to be assessed:

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1.

the entire Wiluna Uranium Project

Improving Toro's resource base both from inside and outside the Wiluna Uranium Project, inclusive

of exploration potential

2.

Evaluating potential work programmes on uranium assets outside the Wiluna Uranium Project

3.

Further metallurgical and engineering opportunities with the potential to continue to optimise both

4.

CAPEX and OPEX

The potential to integrate the key findings from the metallurgical test-work, new processing plant

design and engineering studies (still to be completed) at the Lake Maitland Uranium Deposit across

Toro also advises that the Lake Maitland Uranium Project engineering study is in its final phase.

Toro's Executive Chairman Richard Homsany commented:

"Toro is now aggressively pursuing several cost-effective pathways that it believes can add significant value to its 90.9 Mlbs uranium asset portfolio in the near to medium term.

ForRe-engineering and scoping studies completed on the Lake Maitland operation to date have already revealed significant optimisation opportunities, and with further work, our team is confident these improvements have potential to be applied across the broader Wiluna Uranium Project. One such potential improvement currently being investigated is the lowering of the optimised mining cut-offs at the Lake Maitland Deposit as a result of improved economics in the proposed new processing flow sheet, resulting in more of the resource being processed over the life of the mine, which could add considerable value.

Our technical team has identified significant potential to grow the value in our footprint outside the existing Wiluna resource base and a key focus will be on assessing exploration potential across Toro's entire uranium portfolio. We are also actively testing several priority exploration targets including nickel targets at Yandal where a diamond drill programme is currently underway. Toro

has a busy pipeline of activity planned across both its uranium portfolio and its emerging Dusty Nickel Project in WA, so we look forward to providing further updates on exploration progress."

onlyWiluna Uranium Project

Uranium Resource

Toro's 100% owned Wiluna Uranium Project consists of the Lake Maitland, Lake Way, and Centipede- Millipede Deposits. Together, these deposits of the Wiluna Uranium Project contain some 52 million t nnes (Mt) grading 548ppm U3O8 for 62.7 million pounds (Mlbs) of contained U3O8 at a 200ppm U3O8 cut-off (JORC 2012 - refer to ASX announcements of 15 October 2015, 1 February 2016 and 21 October 2019 and to Appendix 1).

useThe Company remains focussed on the long-term feasibility of uranium production for its shareholders from the Wiluna Uranium Project, from which it is permitted to mine up to 62 million pounds of measured or indicated uranium resources (JORC 2012). There is a substantial commencement condition contained in the State environmental approval for the Wiluna Uranium Project, granted pursuant to Ministerial Statement 1051 (MS 1051). Toro considers that, should it not proceed to substantial commencement of the Wiluna Uranium Project by the date required by that condition, being 9 January 2022, the environmental approval

personalwi remain valid and it will be open to the Company to apply under the Environmental Protection Act 1986 (WA) for an extension of time for that condition later in the currency of the approval.

Vanadium Resource

Within the U3O8 mineralisation envelope of the three uranium deposits, the Wiluna Project also contains a vanadium resource of 96.3Mt grading 322ppm V2O5 for 68.3Mlbs of contained V2O5 at a 200ppm V2O5 cut- ff (JORC2012 -Inferred - refer to ASX announcement 21 October 2019). Successful metallurgical testwork completed by Toro has shown that these vanadium resources may be utilised as a value-addby-product of

any potential future uranium mine.

The uranium and vanadium resources of the Wiluna Uranium Project are sub-surface groundwater carbonate associated deposits, which are situated no more than 12m beneath the surface and which can be mined with conventional open-cut mining methods.

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Figure 1: Location of the Wiluna Uranium Project. This map also shows the location of the Dawson Hinkler

Deposit relative to the deposits of the Wiluna Uranium Project.

Toro also owns a number of JORC 2012 resources in Western Australia outside the Wiluna Uranium Project, which bring Toro's total uranium assets in Australia to 90.9 Mlbs contained at a 200ppm U3O8 cut-off (all resources are JORC 2012 - refer to individually referenced ASX announcements for the related resources as outlined above and below).

Dawson Hinkler Uranium Deposit

ForThe Dawson Hinkler Deposit, like the deposits of the Wiluna Uranium Project, is a groundwater carbonate associated uranium deposit and contains 9.4 Mlbs at a 200ppm U3O8 cut-off (JORC 2012 - refer to ASX announcement of 1 February 2016 and to Appendix 2). It is located only 25km from the Centipede-Millipede Deposit (refer to Figure 1) and as such has the obvious opportunity to potentially contribute resources to the planned greater Wiluna Uranium Project's mill to be located at Centipede-Millipede if uranium prices permit.

Being of the same deposit type as those of the Wiluna Uranium Project, any potential ore from the Dawson Hinkler Deposit may also have the opportunity for a V2O5 by-product.

Nowthanna Uranium Deposit

The Nowthanna Deposit is also a groundwater carbonate associated uranium deposit located just beneath

onlythe surface of Lake Nowthanna, some 60km south of Meekatharra and 170km WSW of the Centipede-

Millipede Deposit. The current JORC 2012 uranium resource contained at Nowthanna stands at 11.9

Mlbs U3O8 at a 200ppm U3O8 cut-off (refer to ASX announcement of 1 February 2016 and to Appendix 2).

The Nowthanna Deposit has not been drilled since 2015, when 15 holes were drilled to confirm historical drilling results.

Once again, Nowthanna will also have the potential for a V2O5 by-product being of the same deposit type as

those of the Wiluna Uranium Project.

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Figure 2: Approximate location of Toro's Nowthanna Deposit relative to the deposits of the Wiluna Uranium

Project. Note, the approximate location of Cameco's Yeelirrie Uranium Deposit is also presented. See text for

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further details. This map has been created by modifying an image from Google ©.

Theseus Uranium Deposit

The Theseus Deposit is a sandstone hosted in situ recovery (ISR) uranium deposit discovered by Toro in 2009 beneath the southern edge of Lake Mackay in Western Australia. This is a similar deposit to those mined for uranium product in South Australia since the year 2000 - Beverley, North Beverley (Heathgate Resources Pty Ltd) and Four Mile (Quasar Resources Pty Ltd). The processing plants at Beverley are still in operation, processing the ore stream from the Four Mile Deposit. ISR operations are relatively non-intrusive mining methods, using a controlled water flow with weak acid to recover uranium in situ from buried unconsolidated sediments and processing at the surface.

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Toro Energy Limited published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 22:00:09 UTC.