Toro Energy Limited

Published : October 30th, 2015

Report: RealFin Research report 2015

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Keywords :   Australia | New Zealand | Uranium |

Report: RealFin Research report 2015

Microsoft Word - Toro Energy Research Report - October 2015



RealCap Uranium Research Report


Toro Energy Limited




RealFin Capital Partners 'REALCAP' Proprietary Limited



Toro Energy - Wiluna Project Resource Update


RECOMMENDATION: BUY TARGET PRICE: A$0.18


Toro Energy continues to be an exceptionally well‐managed pre‐mining uranium exploration company. The combination of a strong balance sheet, prudent financial management, institutional shareholder base and enviable reserves and permitting advancement will allow Toro Energy to participate significantly in a uranium price rerating.



Table of Contents

RECOMMENDATION: BUY TARGET PRICE: A$0.18 1

TORO ENERGY 3

RECENT ANNOUNCEMENTS 3

MINERAL RESOURCES 3

IMPACT ON VALUATION 3

CONCLUSIONS 4

OUTLOOK 4

RISKS 4

INVESTOR RECOMMENDATIONS 4

Toro Energy

Toro Energy (ASX: TOE) is a Western Australia, Perth‐ based Uranium development and exploration company focussed on being a leading mid‐tier global Uranium company. Toro Energy has a suite of development and exploration assets within their business structure - the key flagship project being the Wiluna Project.

Recent Announcements

On the 14th of October 2015, Toro Energy released a company announcement indicating a revision in their available uranium resources. Following on from extensive geological and geochemical work, the estimated total resources at the Wiluna Project site have increased by approximately 20%. In addition to the increase in total U3O8 resources, there is also an increase in the estimated grade of the deposit.


Mineral Resources

Listed mining and minerals companies in Australia and New Zealand are obligated as part of the exchange listing rules to comply with the JORC Code. 'The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in Public Reports' (www.jorc.org).

Toro Energy, as a listed Australian entity complies with all aspects of the JORC code and as part of extensive geological work, has published an updated JORC resources schedule.

The estimation of the underground resources has been achieved through an extensive sample drilling programme funded by the some of the proceeds Toro Energy received from investment by the Sentient Group (please see earlier research publications for additional detail on this transaction).

A total of 66 sonic drill holes across the Toro Energy Centipede and Millipede tenements have been subject to a gamma ray probe. This geological sampling process in conjunction with geochemical laboratory work allows for the estimation in quantity and quality of the underground deposit.


In the case of the Centipede and Millipede properties, a significant difference between the gamma‐derived estimation of the U3O8 and the geochemical U3O8 has been observed since 2012. Based on the 2015 drilling programme just finalised in accordance with the mandatory JORC framework and guidelines, it has been concluded that there has been an underestimation in the true grade of the uranium. In other words, a positive dis‐equilibrium has been found. Toro Energy, together with independent consultants SRK Consultants have been able to update their estimation of the measured, indicated and inferred resources across the Centipede and Millipede properties to provide a total U3O8 resource of 15.4 MM lbs at an average grade of 1021 ppm U3O8.

The chart below indicates the change in resources at Centipede and Millipede based on the prior sampling work conducted in 2014 and the latest current results.

Centipede and Millipede Resources: U3O8 (MM lbs), 500ppm cut‐off


18

16

U3O8 (MM lbs)

14

12

10

8

6

4

2

0

Measured Indicated Inferred Total Prior Current


Impact on Valuation

An increase in resources, both in terms of quality and quantity allows Toro Energy to revisit the mining economics and mining schedule. Using the new resource information, Toro Energy have the ability to:

  • Maintain the currently projected mine life, but effectively increase the quantity of uranium mined per year, or

Read the rest of the article at www.noodls.com
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Gold and Silver Prices for these countries : Australia | New Zealand | All

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, TANAMI, ROXBY–ACROPOLIS, LAKE FROME, AMADEUS PROJECT, REYNOLDS RANGE, COOBER PEDY, NONNING, 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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