Toro Energy Limited

Published : September 25th, 2015

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Report: Proactive Investors research report

Toro Energy pushes Wiluna forward as uranium markets return

Toro Energy

Suite 5, Level 8, 99 York Street, Sydney NSW 2000

P: +61 2 9299 5001 | F: +61 2 9299 8001

[email protected] www.proactiveinvestors.com.au

Sep 24th 2015

Toro Energy pushes Wiluna forward as uranium markets return

Toro Energy (ASX:TOE) is steadily demonstrating that its Wiluna Uranium Project in Western Australia will be financed and brought into production as markets for the nuclear fuel improve.
Toro's Wiluna regional resource contains approximately 76.5 million pounds of uranium oxide, sufficient to run a mine for around 20 years.
The project has already received government environmental approvals for the processing facility and two of the six deposits, setting it up to be WA's first producing uranium operation.
Recent progress in realising the Wiluna plan has unfolded on several fronts, with technical R&D work to improve operational viability as Toro embraces new investors and international customers in the uranium space.
In December 2014, the company raised $20 million through a subscription and securities sale agreement and unitisation deed with independent global private equity firm The Sentient Group.
Further working capital of A$4.9 million was also raised through a $3.9 million share purchase plan and private placement with RealFin Capital Partners for
$1 million.
Perhaps not appreciated is the vote of confidence from Sentient Group this provided to the management group to execute and deliver on milestones.

Price: A$0.057

Market Cap: A$114.05M

1 Year Share Price Graph

Share Information

Code: TOE Listing: ASX Sector: General Mining Website:

www.toroenergy.com.au

Company Synopsis:

Toro Energy Limited (ASX:TOE) is an Australian uranium company with a highly prospective project development and exploration portfolio.

Author:

This support has helped the company reduce financing costs and bolster the cash holdings needed as Wiluna marks milestones toward operational start-up.

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Recent optimisation work at Wiluna has included an ambitious drilling program, completed at the end of June, which comprised a total of 130 sonic holes for 983 metres across the project's Centipede, Millipede, Lake Maitland and Nowthanna areas.
Some 1,800 half-metre full core samples were collected for geochemical analysis and about 600 sub-samples for mineralogical analysis.
All geological data from the campaign is being reviewed and is expected to be delivered during the next month.
Toro has also made progress on an environmental approval extension for Wiluna. The extension relates to mining of the Millipede and Lake Maitland deposits and treatment of ore from these deposits at the already approved Centipede processing facility.
The company is aiming to have received state and federal environmental approval for the extended Wiluna project, by the third quarter of 2016. The company is also progressing through the final stages of a Mining Agreement with the Native Title Holders and Traditional Owners in the Wiluna area.
One of only a handful

Wiluna represents one of the few projects worldwide capable of bringing new production to the market in the medium

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term when a shortfall is predicted during the second half of the decade.
The uranium is found close to the surface and is often associated with naturally forming calcium-carbonate cement known as calcrete. This type of deposit is not unlike the nearby Yeelirrie deposit owned by Cameco Corporation (TSE:CCO) and the Langer Heinrich deposit in Namibia being mined by Paladin Energy (ASX:PDN).
The mine will be a shallow strip excavation using surface miners with a maximum mining depth of 15 metres. Drill and blast will not be required. The processing flow sheet is a conventional hydrometallurgical circuit based on a carbonate leach.
Early results from the 2015 drilling program
Drilling this year has targeted high grade areas of all deposits that have previously lacked geochemical analysis to investigate a potential under-calling of uranium values by the gamma probe measurements that are universally used.
The updated resource estimation that is due soon will be used to positively revise the project economic model and mine plan.
Recently, Toro also announced results from the process improvement studies which included testing a beneficiation process with Marenica Energy to upgrade the concentration of uranium in the leach process and reduce the material throughput.
Lab scale testing results indicate a possible loss of 15% of the mass with minimal loss of uranium and production of a deslime product. Improved settling rates from the desliming may also result in a reduction in the size of equipment thereby realising capital and operating cost savings to the project.
Finding new markets
Traction in building customer relationships as uranium markets expand has been a priority for Toro during the development of Wiluna.
Earlier this year, Toro's Managing Director, Dr Vanessa Guthrie was invited by the then Prime Minister Tony Abbott to join the Australia-India CEO Forum following signing of the Nuclear Civil Cooperation Agreement between Australia and India in September 2014.
Guthrie participated in the forum held in Delhi in June 2015, continuing Toro's focus on developing relationships with potential project financiers, equity partners and off-takers within the expanding Indian energy market.
While the restart of Japanese reactors often makes headlines as a bellwether of improving uranium sentiment, more commercial possibilities are likely to be exploited in the construction of 27 new nuclear reactors in China, the growing demand base in India and the emerging nuclear markets in the Middle East and Gulf States.
Analysis
Toro's proven ability to raise cash for Wiluna has reflected a growing awareness about the pending upswing in the uranium price as the growing Asian markets explore options for cleaner energy sources.
Wiluna's location in WA provides the politically stable mining jurisdiction that is necessary for uranium customers needing security of supply through undisrupted 5-10 year contracts. Well established business ties between WA's mining industry and its Asian customers are likely to facilitate future foreign investment in the state's emerging uranium sector.
Strategic investment and offtake partners for Wiluna are likely to emerge from India and China as they continue with their nuclear growth agenda, as MD Dr Vanessa Guthrie actively pursues the high level of interest shown in Australian uranium supplies.

Further meetings are planned with JAURD and Itochu of Japan Toro's joint venture partners for the Lake Maitland deposit.

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Given their long term supply horizons, it would not surprise to see offtake and investment interest emerge sooner than later.
Wiluna's design features, management controls and mitigation measures are expected to allow environmental, socioeconomic, health and cultural heritage impacts to be managed sustainably a critical political advantage in this sector.
Toro has successfully completed a trial mine and a comprehensive metallurgical testwork program including a pilot plant trial. These studies substantially reduced the technical risk of the project by generating critical information that was used to support the engineering design of the project.
Approvals from both State and Federal governments for the extension to the Wiluna Project are tracking on schedule during 2016.
For the long term investor looking for uranium counter tracking an inevitable uranium price rise and management team adding significant value, it is reassuring to be investing alongside private equity firm The Sentient Group with its confidence to acquire an 18.3% shareholding.
For Toro Energy trading at a share price of $0.058 and a market capitalisation of $116 million, there is likely no better place to start.
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Toro Energy Limited

DEVELOPMENT STAGE
CODE : TOE.AX
ISIN : AU000000TOE6
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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$ 34.1 millions as of today (US$ 24.6 millions, € 21.6 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.

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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
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