Toro Energy Limited

Published : October 16th, 2015

Report: Dundee Capital Markets Research report

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Report: Dundee Capital Markets Research report

ab4eed8b1c791b3dab8fd8.pdf


Toro Energy Ltd.

(TOE-AU: A$0.06) October 14,2015

David A. Talbot / (416) 350-3082 [email protected]

NEUTRAL, Speculative Risk

Dundee Target: A$0.09

Lilliana Paoletti / (416) 350-5090 [email protected]


20% Resource Increase at Wiluna's Centipede and Millipede Deposits

TOE-AU New Last

We continue to recommend Toro as a NEUTRAL and maintain our target price

Rating -- Neutral

Target -- 0.09

Risk -- Spec.

Projected Return 41% 10%

Target/NAV multiple -- 0. 80x Corporate DCF 0.07 0.07

Cash & Investments 0.03 0.00

Debt 0.00 -0.01

Exploration & Unmodelled Resources 0.01 0.03

Total NAV 0.11 0.12

P/NAV 0.59x 0.67x


Company Data

Last Price $ 0.06

52-week Range $ 0.05 - $ 0.10

Market Cap ($MM) $ 120.3

Enterprise Value ($MM) $ 115.7

Shares Outstanding - Basic (MM) 2,004.2

Shares Outstanding - FD (MM) 2,133.2

Avg Volume - 100d (000 shares/day) 572.1

Cash ($MM) $ 22.9

Debt ($MM) $ 18.3

Working Capital ($MM) $ 11.7

Forecast 2013A 2014A 2015A LT

Spot (US$/lb) 43.8 33.9 35.9 65.0

Term (US$/lb) 58.2 50.2 46.8 65.0

Realized Prices (US$/lb) 0.0 0.0 0.0

Revenue ($MM) 0 0 0

EPS ($0.01) ($0.01) ($0.01)

P/E n/a n/a n/a

EBITDA ($MM) (4) (5) (19)

EV/EBITDA (32.4x) (23.7x) (6.2x)

Interest Coverage n/a n/a n/a OP CF ($MM) (3) (3) (2)

CF/share $0. 00 $0. 00 $0. 00 P/CF n/a n/a n/a

Capex ($MM) (0) (0) (0)

FCF ($MM) (2) (3) (2)

FCF Yield n/a n/a n/a

All Figures in A$ Unless Otherwise Noted

Source: FactSet, Company Reports, DCM

TOE-AU: Price/Volume Chart

Toro Energy Lim ited (TOE-AU)

Volume (Millions) Price (A UD)

at A$0.09. A 20% increase in resources and a ~3% boost in grade at Wiluna's first two deposits to be mined is positive. However, despite the improved resource - and Toro's stance as a well leveraged, advanced, permitted, long-life uranium developer with very capable management - what this project needs most is higher uranium prices. Toro Energy trades 0.59x P/NAV compared to developers at 0.39x and producers at 0.55x.


Resource increase at Centipede/Millipede. Total resources for these two deposits, which will make up the majority of the first 7 years of production, now stand at 15.4 MM lbs at 1,015ppm (500ppm cut-off), or 24 MM lbs at 554ppm (200ppm cut-off). At both cut-offs, resources increased ~20% while grade increased ~9% and ~3% respectively. Total Main Wiluna resources (including Centipede, Millipede, Lake Maitland, and Lake Way) now total 60.6 MM lbs at 552ppm (200ppm cut-off) or 39.2 MM lbs at 963ppm (500ppm cut-off). Though the increase in resources and grade will likely boost processed head grade and improve overall project economics, without a higher uranium price, we don't see this project moving forward to the development stage and have deferred our Wiluna DCF model by one year to 2018 accordingly.

Gamma logs underestimated actual uranium concentrations. The 2015 drill program was designed to investigate whether gamma probe measurements underestimated grade compared to geochemical assays, which are more accurate. Drilling included 66 holes at Centipede and Millipede for 505m, 49 holes at Lake Maitland for 536m, and 15 holes at Nowthanna for 124m. Analysis proved that gamma probe underestimated uranium concentrations at Wiluna by a factor of at least 1.2 - the updated resource reflects this adjustment.

Despite low uranium prices, Toro continues to make headway. With uranium prices where they are, Toro Energy took advantage of this time to carry out

V olume Toro Energy Limited


20


0

Jan-14 Jul-14 Jan-15 Jul-15


0.14


0.12


0.1


0.08


0.06


0.04

several R&D programs in order to enhance and optimize the process design, and the operating and capital cost structure for Wiluna. The updated resource estimate, as well as drilling results from Lake Maitland and Nowthanna, will be used to revise project economic projections in the coming months. The public

environmental review period for the Wiluna extension, comprising Millipede and Lake Maitland, is anticipated to begin this quarter and final negotiations

Source: Factset

Company Description

Toro Energy is an advanced developer and potentially mid- term uranium producer located in Western Australia (WA). Its flagship is the 100% owned Wiluna project. WA's first approved uranium mine, it has both State and Federal approvals as of Apr-13. Wiluna has a resource of 80.47 MM lbs U3O8 at 0.5% U3O8. We estimate production for 2018.

with Wiluna Traditional Owners are also planned.


Please see Disclosures and Disclaimers at the end of this report.

A division of Dundee Securities Ltd. Dundee Capital Markets is a registered trademark of Dundee Corporation, used under license.

Table 1: Centipede and Millipede change in resources

Centipede and Millipede, 500ppm cut-off


Category

Resource Update (Nov-14)

Resource Update (Oct-15) % Change

Tonnage ('000s t)

U308 U308 Tonnage (ppm) (MM lbs) ('000s t)

U308 U308 Tonnage (ppm) (MM lbs) ('000s t)

U308 U308

(ppm) (MM lbs)

Measured

1,200

872

2.3

1,900

972

4.2

58%

11%

83%

Indicated

4,700

947

9.8

4,500

1,045

10.3

-4%

10%

5%

Inferred

400

887

0.7

400

887

0.9

0%

0%

29%

Total

6,300

929

12.8

6,800

1,015

15.4

7.9%

9.3%

20.3%

* both estimates used a lower cut-off of 200 ppm U3O8; may not add due to rounding


Centipede and Millipede, 200ppm cut-off


Category

Resource Update (Nov-14)

Resource Update (Oct-15) % Change

Tonnage ('000s t)

U308 U308 Tonnage (ppm) (MM lbs) ('000s t)

U308 U308 Tonnage (ppm) (MM lbs) ('000s t)

U308 U308

(ppm) (MM lbs)


Measured


2900


551


3.5


4,900


579


6.2


69%


5%


77%

Indicated

12000

562

14.8

12,100

582

15.5

1%

4%

5%

Inferred

1900

382

1.6

2,700

382

2.3

42%

0%

44%

Total

16,800

540

19.9

19,700

554

24.0

17.3%

2.6%

20.6%

* both estimates used a lower cut-off of 200 ppm U3O8; may not add due to rounding


Source: Company Reports

Figure 2: Centipede and Millipede drill plan



Source: Company Reports


Toro Energy (TOE-AU)

Rating

NEUTRAL

A$ Target

$0.09

Shares O/S (MM)

2,004.2

Risk*

Speculative

A$ Close

$0.06

Fully Diluted Shares (MM)

2,133.2

David A. Talbot, VP, Sr. Mining Analyst 12-month return 41% Basic Mkt. Capitalization ($MM) 128.3

PRODUCTION ESTIMATES (000 lbs)

Year-end June

2017E

2018E

2019E

2020E

2021E

Wiluna

0

400

1,200

2,000

2,000

TOTAL

0

400

1,200

2,000

2,000

TOTAL CASH COST ESTIMATES (excl. non-cash) (US$/lb)

Year-end June

2017E

2018E

2019E

2020E

2021E

Wiluna

0.0

48.3

42.9

36.9

36.9

Wt. Avg. Total Cash Costs

0.0

0.0

0.0

0.0

0.0

URANIUM RESERVES & RESOURCES


Ownership

Tonnes Grade

MM t % U3O8

Cont U3O8 (MM lbs) 100% Basis TOE Share

Proven and Probable Reserves

*The company has no current mineral reserves

Total Reserves

0.0

0.00%

0.0

0.0

Measured and Indicated Resources

Centipede+Milli

100%

17.0

0.06%

21.7

21.7

Lake Way

100%

10.3

0.05%

12.3

12.3

Lake Maitland

100%

19.9

0.06%

24.3

24.3

Dawson Hinkler Well

100%

8.4

0.03%

6.2

6.2

0.0

Total Measured and Indicated Resources

55.6

0.05%

64.5

64.5

Inferred Resources

Centipede+Milli

100%

2.7

0.04%

2.3

2.3

Dawson Hinkler Well

100%

5.2

0.03%

3.2

3.2

Nowthanna

100%

11.9

0.04%

10.5

10.5

Theseus

100%

6.3

0.05%

6.9

6.9

Total Inferred Resources

26.1

0.04%

22.9

22.9

TOTAL RESOURCES

81.7

0.05%

87.4

87.4

Current Per Pound Metrics

TOE

Developer Peers

Prem./Disc.

EV/lb (US$)

Mkt Cap/lb (US$)

$1.32

$1.47

0.59

0.65

123%

126%

dta l bot@dundeeca pi ta l ma rkets .com Enterprise Value ($MM) C$ 115.7


BALANCE SHEET (A$ MM)

Year-end June

2012A

2013A

2014A

2015A

Assets:


22.89

Cash & ST Investments

12.81

11.24

7.15

Other Current Assets

0.43

0.60

0.23

1.10

Current Assets

13.24

11.84

7.39

23.99

Mineral Properties

83.71

90.19

130.18

134.79

Other non-current Assets

2.06

0.00

0.00

0.04

Total Assets

99.02

102.04

137.56

158.82

Liabilities:

Current Liabilities

3.40

1.50

0.81

12.26

Long-term Debt

0.00

7.82

9.39

7.36

Other non-current Liabilities

0.18

0.08

0.05

0.04

Total Liabilities

3.58

9.41

10.24

19.66

Capital Stock

220.92

224.41

266.51

300.15

Retained Earnings

(125.48)

(131.79)

(139.19)

(160.99)

Total Shareholder Equity

95.44

92.62

127.32

139.16

NET ASSET VALUE (A$) - 10%

NAV ($ MM)

/Share % NAV

Assets:

Wiluna (100%)

86.6

0.06

55%

Un-mined Resources

18.6

0.01

12%

Balance Sheet & Other Items:

Cash & Investments

43.4

0.03

28%

Debt

-5.4

0.00

-3%

Exploration, G&A, and Other

13.7

0.01

9%

Total

156.9

0.11

100%

Dundee DCF Target Multiple

0.80x

Share Price Target

A$

0.09


Long Term Uranium Price Assumption (US$/l

b)

NAV (C$/share)

40

50

60

70

80

0% Discount

-0.05

0.11

0.24

0.37

0.50

5% Discount

-0.03

0.06

0.14

0.22

0.29

10% Discount

-0.02

0.04

0.09

0.14

0.19

15% Discount

-0.02

0.03

0.06

0.09

0.13


1,500

30

1,000

20

MM lbs U3O8

US$/lb

INCOME STATEMENT (A$ MM)

Year-end June

2012A

2013A

2014A

2015A

Total Revenue:

0.9

0.3

0.4

0.5

% Uranium

0%

0%

0%

0%

% Other

100%

100%

100%

100%

Operating Costs

0.0

0.0

0.0

0.0

G&A

4.2

2.9

1.3

1.0

Exploration

0.0

0.0

0.0

0.0

Depreciation

0.7

0.5

0.8

(0.7)

Other

6.7

3.8

4.0

19.4

EBITDA

(3.9)

(3.6)

(4.9)

(18.7)

EBIT

(4.6)

(4.1)

(5.7)

(18.0)

Interest Expense

0.0

0.0

(2.4)

(2.9)

EBT

(10.7)

(6.9)

(8.1)

(22.2)

Taxes

0.0

0.0

0.0

1.3

Equity Earnings

0.0

0.0

0.0

0.0

Other

0.0

0.0

0.0

0.0

Net Income (Reported)

(10.7)

(6.9)

(8.1)

(20.9)

Net Income (Adjusted)

(4.6)

(4.1)

(8.1)

(19.6)

EPS (Reported) $/sh

(0.01)

(0.01)

(0.01)

(0.01)

EPS (Adjusted) $/sh

(0.00)

(0.00)

(0.01)

(0.01)

Average Shares (MM)

983.8

858.1

1,216.0

1,448.7

CASH FLOW STATEMENT (A$ MM)

Year-end June

2012A

2013A

2014A

2015A

Net Income (Reported)

(10.7)

(6.9)

(8.1)

(20.9)

Depreciation

(0.7)

(0.5)

(0.8)

0.7

Working Capital Changes

0.0

0.0

0.0

0.0

Other

9.2

4.7

6.3

18.1

Operating Cash Flow

(2.2)

(2.7)

(2.6)

(2.1)

Operating Cash Flow/sh ($/sh)

0.00

0.00

0.00

0.00

Capital Expenditures

(0.1)

(0.1)

(0.0)

(0.0)

Acquisitions

0.0

0.0

0.0

(0.5)

Other

(19.7)

(10.3)

(9.8)

0.0

Investing Cash Flow

(19.8)

(10.4)

(9.8)

(0.5)

Common Share Dividends

0.0

0.0

0.0

0.0

Equity financing

5.3

0.0

5.0

14.9

Debt Issue

0.0

12.0

0.0

10.0

Debt Repayment

0.0

0.0

0.0

0.0

Other

(0.1)

(0.5)

3.3

(0.5)

Financing Cash Flow

5.2

11.5

8.3

24.4


Net Change in Cash


(16.9)


(1.6)


(4.1)


21.7

Cash Balance

12.8

11.2

7.2

28.9

Free Cash Flow

(2.4)

(2.8)

(2.6)

(2.2)

VALUATION DATA

Year-end June

2012A

2013A

2014A

2015A

P/E

--

--

--

--

P/CF

--

--

--

--

EV/EBITDA

--

--

--

--

FCF Yield

--

--

--

--

COMMERCIAL URANIUM PRODUCTION PROFILE


3,000

60


2,500

50


2,000

40


500

10

0

0

INPUT PRICES

Year-end June

2012A

2013A

2014A

2015A

Dundee Spot Uranium (US$/lb)

51.9

43.8

33.9

35.9

Uranium Realized Price (US$/lb)

0.0

0.0

0.0

0.0

Exchange (US$/A$)

1.03

1.03

0.92

0.84


2012A 2013A 2014A 2015A 2016E 2017E 2018E 2019E 2020E

Wiluna

Cash Cost

Total Cash Cost

Source: Company Reports, FactSet, Dundee Capital Markets

Toro Energy Ltd.

Net Asset Valuation at Dundee Price Deck (US$)

Shares Outstanding (MM) 2,685.2


Target Setting NAV

Discount Rate

($MM)

($/Share)

Uranium Assets

Wiluna (100%)


10%


160


0.06

Total Uranium Assets

160

0.06


Other Assets & Expenses

Cash Debt

Resources

Exploration, G&A, Other


10%


81

(10)

34

25


0.03

(0.00)

0.01

0.01

Net Other Assets

130

0.05


Net Asset Value Share Price P/NAV


291


0.11

0.06

0.59x

NAV at Various Discount Rates


($MM)

0%

($/Share)


($MM)

5%

($/Share)

15%

($MM) ($/Share)


942


0.35


421


0.16


20 0.01

942

0.35

421

0.16

20 0.01


81


0.03


81


0.03


81 0.03

(10)

-0.00

(10)

-0.00

(10) (0.00)

34

0.01

34

0.01

34 0.01

(276)

-0.10

(87)

-0.03

95 0.04

(171)

-0.06

18

0.01

200 0.07

771

0.29

0.06

0.22x

438

0.16

0.06

0.39x

220 0.08

0.06

0.78x


Financial Forecasts at Dundee Price Deck (MM C$)


Cash and Debt


Operating Cash Flow and Capital Spending

150


100


50


0

2012A 2014E 2016E 2018E

-50


-100


-150


-200


Cash Total Debt


Changes in Debt and Equity


2020E

100


50


0

2012A 2014E 2016E 2018E

-50


-100


-150


-200


Operating Cash Flow (B4 Working Capital) Capex


Free Cash Flow and Common Share Dividends


2020E

160


2012A 2014E 2016E


Equity Additions (incl. Dilutive Securities)


2018E


Debt Bor rowing


2020E


Debt Repayment

100


Adjusted Free Cash Flow (FCF - Capex)


Common Share Dividends


E

140

120

50

100

0

80

60

-50

40


-100

20

0

-150

-20

-40

-200


2012A 2014E 2016E

2

018

E 2020

Source: Company Reports, FactSet, Dundee Capital Markets

Disclosures & Disclaimers

This research report (as defined in IIROC Rule 3400) is issued and approved for distribution in Canada by Dundee Securities Ltd. ('Dundee Capital Markets'), an investment dealer operating its business through its two divisions, Dundee Capital Markets and Dundee Goodman Private Wealth. Dundee Capital Markets is a member of the Canadian Investor Protection Fund, the Investment Industry Regulatory Organization of Canada and an investment fund manager registered with the securities commissions across Canada. Dundee Capital Markets is a subsidiary of Dundee Corporation.

Research Analyst Certification: Each Research Analyst involved in the preparation of this research report hereby certifies that:

(1) the views and recommendations expressed herein accurately reflect his/her personal views about any and all of the securities or issuers that are the subject matter of this research report; and (2) his/her compensation is not and will not be directly related to the specific recommendations or views expressed by the Research Analyst in this research report. The Research Analyst involved in the preparation of this research report does not have authority whatsoever (actual, implied or apparent) to act on behalf of any issuer mentioned in this research report.

U.S. Residents: Dundee Securities Inc. is a U.S. registered broker-dealer, a member of FINRA and an affiliate of Dundee Capital Markets. Dundee Securities Inc. accepts responsibility for the contents of this research report, subject to the terms and limitations as set out above. U.S. residents seeking to effect a transaction in any security discussed herein should contact Dundee Securities Inc. directly. Research reports published by Dundee Capital Markets are intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and are not intended for the use of any person or entity.

UK Residents: Dundee Securities Europe LLP, an affiliate of Dundee Capital Markets, is authorized and regulated by the United Kingdom's Financial Conduct Authority (No 586295) for the purposes of security broking & asset management. Research prepared by UK-based analysts is under the supervision of and is issued by its affiliate, Dundee Capital Markets. Dundee Securities Europe LLP is responsible for compliance with applicable rules and regulations of the FCA, including Chapter 12 of the FCA's Conduct of Business Sourcebook (the 'FCA Rules') in respect of any research recommendations (as defined in the FCA Rules) in reports prepared by UK-based analysts. Dundee Capital Markets and Dundee Securities Europe LLP have implemented written procedures designed to identify and manage potential conflicts of interest that arise in connection with the preparation and distribution of their research. Dundee Capital Markets is responsible (i) for ensuring that the research publications are compliant with IIROC Rule 3400 Research Restrictions and Disclosure Requirements. And (ii) including all required conflict of interest disclosures.

General:

This research report is provided, for informational purposes only, to institutional investor and retail clients of Dundee Capital Markets in Canada. This research report is not an offer to sell or the solicitation of an offer to buy any of the securities discussed herein.

The information contained in this research report is prepared from publicly available information, internally developed data and other sources believed to be reliable, but has not been independently verified by Dundee Capital Markets and Dundee Capital Markets makes no representations or warranties with respect to the accuracy, correctness or completeness of such information and they should not be relied upon as such. All estimates, opinions and recommendations expressed herein constitute judgments as of the date of this research report and are subject to change without notice. Dundee Capital Markets does not accept any obligation to update, modify or amend this research report or to otherwise notify a recipient of this research report in the event that any estimates, opinions and recommendations contained herein change or subsequently becomes inaccurate or if this research report is subsequently withdrawn.

Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance of any security mentioned in this research report. The price of the securities mentioned in this research report and the income they produce may fluctuate and/or be adversely affected by market factors or exchange rates, and investors may realize losses on investments in such securities, including the loss of investment principal. Furthermore, the securities discussed in this research report may not be liquid investments, may have a high level of volatility or may be subject to additional and special risks associated with securities and investments in emerging markets and/or foreign countries that may give rise to substantial risk and are not suitable for all investors. Dundee Capital Markets accepts no liability whatsoever for any loss arising from any use or reliance on this research report or the information contained herein.

The securities discussed in this research report may not be suitable for all types of investors and such reports do not take into account particular investment needs, objectives and financial circumstances of a particular investor. An investor should not rely solely on investment recommendations contained in this research report, if any, as a substitution for the exercise of their own independent judgment in making an investment decision and, prior to acting on any of the information contained in this research report, investors are advised to contact his or her investment adviser to discuss their particular circumstances.

Non-client recipients of this research report should consult with an independent financial advisor prior to making any investment decision based on this research report or for any necessary explanation of its contents. Dundee Capital Markets will not treat non-client recipients of this research report as its clients by virtue of such persons receiving this research report. Nothing in this research report constitutes legal, accounting or tax advice. Investors should consult with his or her own independent legal or tax adviser in this regard.

Dundee Capital Markets Research is distributed by email, website or hard copy. Dissemination of initial research reports and any subsequent research reports is made simultaneously to a pre-determined list of Dundee Capital Markets' Institutional Sales and Trading representative clients and Dundee Goodman Private Wealth retail private client offices. The policy of Dundee Capital Markets with respect to Research reports is available on the Internet at www.dundeecapitalmarkets.com.

Dundee Capital Markets has written procedures designed to identify and manage potential conflicts of interest that arise in connection with its research and other businesses. The compensation of each Research Analyst/Associate involved in the preparation of this research report is based competitively upon several criteria, including performance assessment criteria based on quality of research. The Research Analyst compensation pool includes revenues from several sources, including sales, trading and investment banking. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. Dundee Capital Markets generally restricts any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers.

Certain discretionary client portfolios are managed by portfolio managers and/or dealing representatives in its private client advisory division, Dundee Goodman Private Wealth. The aforementioned portfolio managers and/or dealing representatives are segregated from Research and they may trade in securities referenced in this research report both as principal and on behalf of clients (including managed accounts and investment funds). Furthermore, Dundee Capital Markets may have had, and may in the future have, long or short positions in the securities discussed in this research report and, from time to time, may have executed or may execute transactions on behalf of the issuer of such securities or its clients.

Should this research report provide web addresses of, or contain hyperlinks to, third party web sites, Dundee has not reviewed the contents of such links and takes no responsibility whatsoever for the contents of such web sites. Web addresses and/or hyperlinks are provided solely for the recipient's convenience and information, and the content of third party web sites is not in any way incorporated into this research report. Recipients who choose to access such web addresses or use such hyperlinks do so at their own risk.

Unless publications are specifically marked as research publications of Dundee Capital Markets, the views expressed therein (including recommendations) are those of the author and, if applicable, any named issuer or Investment dealer alone and they have not been approved by nor are they necessarily those of Dundee Capital Markets. Dundee Capital Markets. expressly disclaims any and all liability for the content of any publication that is not expressly marked as a research publication of Dundee Capital Markets.

Forward-looking statements are based on current expectations, estimates, forecasts and projections based on beliefs and assumptions made by the author. These statements involve risks and uncertainties and are not guarantees of future performance or results and no assurance can be given that these estimates and expectations will prove to have been correct, and actual outcomes and results may differ materially from what is expressed, implied or projected in such forward-looking statements.

© Dundee Securities Ltd. Any reproduction or distribution in whole or in part of this research report without permission is prohibited.

Informal Comment: Informal Comments are analysts' informal comments that are posted on the Dundee website. They generally pertain to news flow and do not contain any change in analysts' opinion, estimates, rating or target price. Any rating(s) and target price(s) in an Informal Comment are from prior formal published research reports. A link is provided in any Informal Comment to all company specific disclosures and analyst specific disclosures for companies under coverage, and general disclosures and disclaimers.

Presentations do not include disclosures that are specific to analysts and specific to companies under coverage. Please refer to formal published research reports for company specific disclosures and analyst specific disclosures for companies under coverage. Please refer to formal published research reports for valuation methodologies used in determining target prices for companies under coverage.

Idea of Interest: Dundee Capital Markets has not initiated formal continuing coverage of Idea of Interest companies. Dundee Capital Markets from time to time publishes reports on Idea of Interest securities for which it does not and may not choose to provide formal continuous research coverage. All opinions and estimates contained in an Idea of Interest report are subject to change without notice and are provided in good faith but without the legal responsibility that would accompany formal continuous research coverage. The companies may have recommendations and risk ratings as per our regular rating system and may have target prices, see Explanation of Recommendations and Risk Ratings for details. Any recommendations, ratings, target prices and/or comments expire 30 days from the published date, and once expired should no longer be relied upon as no assurance can be given as to the accuracy or relevance going forward. Dundee does not accept any obligation to update, modify or amend any Idea of Interest report or to otherwise notify a recipient of an Idea of Interest report in the event that any estimates, opinions and recommendations contained in such report change or subsequently become inaccurate. Dundee clients should consult their investment advisor as to the appropriateness of an investment in the securities mentioned.

IIROC Rule 3400 Disclosures and/or FCA COBS 12.4.10 Disclosures: A link is provided in all research reports delivered by electronic means to disclosures required under IIROC Rule 3400. Disclosures required under IIROC Rule 3400 for sector research reports covering six or more issuers can be found on the Dundee Capital Markets website at www.dundeecapitalmarkets.com in the Research Section. Other Services means the participation of Dundee in any institutional non-brokered private placement exceeding

$5 million. Where Dundee Capital Markets and its affiliates collectively beneficially own 1% or more (or for the purpose of FCA disclosure 5% or more) of any class of the issuer's equity securities, our calculations will exclude managed positions that are controlled, but not beneficially owned by Dundee Capital Markets.

Explanation of Recommendations and Risk Ratings

Dundee target: represents the price target as required under IIROC Rule 3400. Valuation methodologies used in determining the price target(s) for the issuer(s) mentioned in this research report are contained in current and/or prior research. Dundee target N/A: a price target and/or NAV is not available if the analyst deems there are limited financial metrics upon which to base a reasonable valuation.

Recommendations: BUY: Total returns expected to be materially better than the overall market with higher return expectations needed for more risky securities. NEUTRAL: Total returns expected to be in line with the overall market. SELL: Total returns expected to be materially lower than the overall market. TENDER: The analyst recommends tendering shares to a formal tender offer. UNDER REVIEW: The analyst will place the rating and/or target price Under Review when there is a significant material event with further information pending; and/or when the analyst determines it is necessary to await adequate information that could potentially lead to a re-evaluation of the rating, target price or forecast; and/or when coverage of a particular security is transferred from one analyst to another to give the new analyst time to reconfirm the rating, target price or forecast.

Risk Ratings: risk assessment is defined as Medium, High, Speculative or Venture. Medium: securities with reasonable liquidity and volatility similar to the market. High: securities with poor liquidity or high volatility. Speculative: where the company's business and/or financial risk is high and is difficult to value. Venture: an early stage company where the business and/or financial risk is high, and there are limited financial metrics upon which to base a reasonable valuation.

Investors should not deem the risk ratings to be a comprehensive account of all of the risks of a security. Investors are directed to read Dundee Capital Markets Research reports that contain a discussion of risks which is not meant to be a comprehensive account of all the risks. Investors are directed to read issuer filings which contain a discussion of risk factors specific to the company's business.

Medium and High Risk Ratings Methodology: Medium and High risk ratings are derived using a predetermined methodology based on liquidity and volatility. Analysts will have the discretion to raise but not lower the risk rating if it is deemed a higher risk rating is warranted. Risk in relation to forecasted price volatility is only one method of assessing the risk of a security and actual risk ratings could differ.

Securities with poor liquidity or high volatility are considered to be High risk. Liquidity and volatility are measured using the following methodology: a) Price Test: All securities with a price

price volatility. In order to avoid discriminating against smaller cap equities that have higher trading volumes, the risk rating will consider 12 month average trading volumes and if a company has traded >70% of its total shares outstanding it will be considered a liquid stock for the purpose of this test. c) Volatility Test: In this two step process, a stock's volatility and beta are compared against the diversified equity benchmark. Canadian equities are compared against the TSX while U.S. equities are compared against the S&P 500. Generally, if the volatility of a stock is 20% greater than its benchmark and the beta of the stock is higher than its sector beta, then the security will be considered a high risk security. Otherwise, the security will be deemed to be a medium risk security. Periodically, the equity risk ratings will be compared to downside risk metrics such as Value at Risk and Semi-Variance and appropriate adjustments may be made. All models used for assessing risk incorporate some element of subjectivity.

SECURITY ABBREVIATIONS: NVS (non-voting shares); RVS (restricted voting shares); RS (restricted shares); SVS (subordinate voting shares).


Dundee Capital Markets Equity Research Ratings

73%

77%

66%

55%

44%


% of companies covered by Dundee Capital Markets in each rating category


% of companies within each rating category for which Dundee Capital Markets has provided investment banking services for a

33%

22%

11%

0%

27%

22%


14%

5%

0%

fee in the past 12 months.

Buy Neutral Sell


As at September 30, 2015 Source: Dundee Capital Markets

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Canada | United Kingdom | All
Gold and Silver Prices for these countries : Australia | Canada | United Kingdom | All

Toro Energy Limited

DEVELOPMENT STAGE
CODE : TOE.AX
ISIN : AU000000TOE6
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Toro Energy is a gold producing company based in Australia.

Toro Energy develops gold, aluminum, phosphate, silica and uranium in Australia, and holds various exploration projects in Australia and in Morocco.

Its main asset in production is LAKE WAY in Australia, its main asset in development is WILUNA in Australia and its main exploration properties are RADIUM HILL, LAKE MACKAY PROJECT, MT WOODS, COOBER PEDY, NONNING, ROXBY–ACROPOLIS, LAKE FROME, AMADEUS PROJECT, REYNOLDS RANGE, TANAMI, NAPPERBY and CENTIPEDE in Australia, GAWIB WEST, TUMAS NORTH and CHUNGOCHOAB in Namibia and HAUTE MOULOUYA in Morocco.

Toro Energy is listed in Australia, in Germany and in United States of America. Its market capitalisation is AU$ 30.1 millions as of today (US$ 21.7 millions, € 19.0 millions).

Its stock quote reached its lowest recent point on April 03, 2020 at AU$ 0.00, and its highest recent level on March 12, 2021 at AU$ 2.40.

Toro Energy has 2 008 069 888 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Toro Energy Limited
7/23/2015Toro Energy accelerating uranium exploration
2/13/2012Oz Minerals' offer of $3.75m for terminated SA uranium proje...
5/5/2010(Lake Mackay Project)In survey start on 4th WA uranium project
1/7/2010(Wiluna) WA Govt Approval for resource test pit
9/24/2009(Lake Mackay Project)Drilling at Lake Mackay Commences
9/1/2009(Wiluna)Major boost for new WA uranium project
5/22/2009(Lake Mackay Project)launches first survey at WA uranium project
9/30/2008(Napperby)Drilling complete for 2008 at the Napperby Project
9/23/2008Wiluna Uranium Project - Prefeasibility Study
7/30/2008(Napperby)SIGNIFICANT MINERALISATION EXTENSIONS FROM 2008 DRILLING OF ...
7/28/2008(Napperby)DOUBLING OF RESOURCE FOR TORO’S NT URANIUM PROJECT
5/16/2008(Napperby)2008 Napperby Uranium Resource Drilling Underway
4/29/2008(Napperby)Napperby Uranium Deposit Drilling Resluts
1/23/2008(Napperby)Success at Napperby Uranium Project
Corporate news of Toro Energy Limited
2/2/2016High Grade Resources Expanded at Wiluna Uranium Project
1/28/2016Quarterly Activities and Cashflow Reports
1/18/2016Wiluna Uranium Project Public Information Sessions
12/3/2015Uranium: Critical to a clean energy future
12/1/2015Operations Update
12/1/2015Report: RealFin-Operations Update
10/30/2015September 2015 Quarterly Activities and Cashflow Report
10/30/2015Report: RealFin Research report 2015
10/27/2015Uranium: Critical to a clean energy future
10/27/2015Annual General Meeting Resolution Amendments
10/19/2015Director Appointment / Resignation
10/16/2015Notice of Annual General Meeting and Proxy Form
10/16/2015Annual Report to Shareholders
10/16/2015Report: Dundee Capital Markets Research report
10/15/2015Managing Director elected as a Fellow of Australian Academy
10/15/201520% Increase in Mineral Resources at Centipede / Millipede
10/12/2015Toro Energy on improving Uranium outlook
10/6/2015Australian Uranium and Clean Energy: Toro’s Opportunity
10/5/2015Updated Presentation to Sydney Mining club
10/2/2015Updated presentation to Sydney Mining Club
10/2/2015Report: WNA Investor briefing London
10/2/2015Interview with MD
9/25/2015Report: Proactive Investors research report
9/15/2015Report: TOE Financial report 2015
9/8/2015Full Year Statutory Accounts
9/8/2015Appendix 4G
9/8/2015Corporate Governance Statement
9/4/2015Toro pushes forward with Wiluna as Japan Reactors Restart
8/26/2015Report: RealCap Uranium Research August Report
8/25/2015Report: ATSE Eminent Speaker Series – Murdoch
8/25/2015Community Consultation begins for extension for Wiluna Urani...
8/25/2015Japan Signals Uranium market rejig
8/18/2015Wiluna Uranium Project Technical Studies
8/17/2015Women on the board leads to profitability
7/23/2015Report: Ready for the next Uranium price cycle
7/21/2015Report: Ready for the next Uranium price cycle
7/16/2015Report: Ready for the next upward uranium price cycle
7/15/2015Report: Quarterly Cashflow report – June 2015
7/14/2015Report: Quarterly Activities Report – June 2015
7/8/2015Report: RealCap Uranium Research June Report
7/2/2015Appendix 3B
6/25/2015Section 708A Notice – Sentient Placement
4/13/2015Report: SAREIC Presentation
4/8/2015Appendix 3Z – Final Director’s Interest Notice
4/8/2015Clarification Statement – 2015 PDAC Presentation
3/31/2015MD presentation at ASX Spotlight Series in New York
3/13/2015Report: Half Yearly Report and Accounts
2/23/2015Report: OEPA Reviewed Environmental Scoping Document
2/11/2015Australian Uranium Industry
1/30/2015Report: Quarterly Activities and Cashflow Reports – December...
1/16/2015Australia Business Week in India
1/12/2015Confirmation of Release – TOE – Appointment of Toro Energy M...
1/7/2015Confirmation of Release – TOE – Director Appointment
12/22/2014Confirmation of Release – TOE – $17.5M Received from The Sen...
12/12/2014Toro Welcomes Foreign Investment Review Board Approval of Th...
12/8/2014Toro’s SPP wins strong shareholder backing with A$3.9 millio...
11/12/2014ASX Announcement – Toro Announces Share Purchase Plan and Up...
11/7/2014Toro Completes Unitisation Agreement with Sentient – Confirm...
11/3/2014Media Release – Toro Secures Funding and Uranium Assets from...
10/30/2014Report: Quarterly Activities and Cashflow Reports – Septembe...
10/25/2012Derek Carter to retire from Toro Energy Board
5/4/2010not to procceed with $57m purchase option
9/17/2009 Share purchase plan offer for shareholders to subscribe for...
9/15/2009Release - OZ Minerals' CFO joins Toro Energy board
8/18/2009US fund in A$20m backing of Toro's uranium ambitions
7/29/2009China and Japan investors court Toro's Australian uranium as...
6/23/2009OZ Minerals - Toro Energy ASX release
6/15/2009Board changes as result of Oz Minerals vote
6/9/2009 withdraws from SA uranium project
1/7/2009director appointed to leading nuclear body
10/1/2008Announces $26m raising to fast-track key Australian uranium ...
9/23/2008WA Uranium Project Economically Viable at Long Term Prices
9/15/2008Toro welcomes WA o.k. for uranium mining
4/28/2008to Update NT Uranium Resource - Napperby
11/23/2007 Exploration and Drilling Update
10/26/2007 success in $275 million acquistion of Nova Energy
4/30/2007Signficant U results for Toro from Warrior first drilling
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
Australia (TOE.AX)FRANKFURT (T4W.F)
0.015+0.00%0.007-41.67%
Australia
AU$ 0.015
08/17 11:00 -
0%
Prev close Open
0.015 0.016
Low High
0.015 0.016
Year l/h YTD var.
0.013 -  0.029 -31.82%
52 week l/h 52 week var.
0.013 -  0.049 15.38%
Volume 1 month var.
2,797,187 7.14%
24hGold TrendPower© : 24
Produces
Develops Gold
Explores for Copper - Gold - Iron - Platinum - Ree - Scandium - Uranium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 12/17/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-28.57%
202140.00%2.400.02
2020114.29%0.020.00
2019-72.00%0.030.01
2018-39.02%0.050.02
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.91-2.40%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.29-1.72%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.18-4.79%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58+0.34%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.14+45.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.70+0.37%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.06-5.61%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+2.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.33-4.35%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.86-8.82%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 64.14+0.88%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03-8.33%Trend Power :