Toro Energy Limited

critical to a

Investor Briefing Uranium:

clean energy

future

Vanessa Guthrie Todd Alder

Managing Director CFO / Company Secretary

September 2015

Disclaimer

• This presentation has been prepared by Toro. The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Toro has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Toro.

• This presentation is not to be construed as legal, financial or tax advice and any recipients of this information ('Recipients') or prospective investors should contact their own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.

• Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Toro. In particular, they speak only as of the date of this document, they assume the success of Toro's strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. No assurance can be given by Toro that the assumptions reflected in any forward looking statements will prove to be correct and actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients are cautioned to not place undue reliance on such

  forward-looking statements.

• Toro and its officers, employees, related bodies corporate and agents ('Agents') make no representation or warranty, express or implied, as to the accuracy, reliability or completeness of information or opinions in this document and do not take responsibility for updating any information, providing Recipients with access to additional information or correcting any error or omission which may become apparent after this document has been issued.

• To the extent permitted by law, Toro and its Agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Toro and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts in A$ unless stated otherwise.

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World Energy Outlook 2014

(1)

es oil iv

(1) Million tonnes oil equivalent (Mtoe) Source: IEA 2014

3

Where will the energy come from?

Source: IEA 2014

4

Global Nuclear Power Growth

69

new reactors under construction

5

The uranium market and Toro's response

• Uranium prices have taken longer to recover than forecast, but long term fundamentals remain strong

  
  

• 5 mines produce 85% of current global primary uranium

  supply; Kazakhstan remains largest supplier

  
  

• 3 of 5 'pivotal projects' for expanded supplies not proceeding

  
  

• Despite market conditions Toro has expanded its asset portfolio, improved its share register and maintained a healthy balance sheet

  
  

• Continued focus on the critical Wiluna development activities including permitting and traditional owner agreements, resource, project economics

  
  

• Seeking new properties that are capable of development to

coincide with forecast improvement in uranium prices

Source: TradeTech 2015

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Our goal is to grow to be a mid-tier uranium company

'bridging' & 'bulking'

growth strategy

Unlocking the potential of 200-300 Mlb Wiluna Province

TSX

ASX

(1) Amounts in A$'M applying foreign exchange rates as at 4th September 2015 and share prices as at 3rd or 4th September 2015

7

Toro's asset portfolio

(1)

(1) Refer Resources table at slide 10 and Competent Person's statement following this presentation

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Capital structure

Shareholders

21.2%

35.3%

20.8%

4.4%

18.3%

OZ Minerals Mega Uranium The Sentient Group RealFin Cap

1. In June 2015 Toro announced a financing transaction which at completion would result in a new $6M loan from The Sentient Group. Completion is expected during quarter 3 2015

2. Fiona Harris has been granted three months personal leave effective 1 July 2015. John Cahill is interim Chair during this period.

   9

   A leadership team to deliver…

   …proven track record in permitting, government, exploration through to operations

   
   

   Vanessa Guthrie, Managing Director, PhD in Geology, Environment

   • Extensive executive & management experience in sustainability, environment, government & approvals, mine operations, community & indigenous in Western Australia

   • India - Australia CEO Forum, Deputy Chair Minerals Council of Australia, Chamber of Minerals and Energy, WA Water Corporation, Murlpirrmarra, MAICD

Andrew Worland, General Manager

• ~20 years corporate, project development, financing, corporate and product marketing experience in bulk, base, strategic and precious metals

  
  

  Richard Yeeles, Approvals and Community Director

  - Wiluna

• Extensive management experience in government/ community relations, ex-BHPB Olympic Dam Expansion, WMC, Government

  Todd Alder, Chief Financial Officer & Company Secretary

• ~20 years financial management experience within the Mining,

  Energy and Steel Manufacturing industries

  
  

  Greg Shirtliff, Geology Manager

• 15 years experience in geology and geochemistry of uranium including a PhD from Australian National University.

• Employed in roles within the environment, mining and exploration side of the uranium mining industry with ERA-Rio Tinto and Cameco prior to joining Toro Energy

  
  

  10

  …that has delivered in 2015…

  
  

  Activities Outcome

  
  

  $20M from Sentient Group

  • $10M private placement, $10M Unitisation Deed for 2.5% royalty

  • $18M acquisition of equity and debt in Strateco Resources

  • Sentient becomes major shareholder at 18.3%, one Board seat

    $3.9M SPP and $1M placement

  • $1M private placement Realfin Capital

  • $3.9M SPP with current retail shareholders

$22M cash on hand end June 2015

$22M cash on hand end June 2015

$12M debt facility refinanced

• Reduced $12M Macquarie debt facility to $6M through $6M paydown and

  refinancing of remaining debt

• $6M interest free, 3 year loan due October 2018

  Sufficient cash to continue

  current work plan to 2017

  
  

  
  

  Wiluna resource drilling program

• Drilling 130 sonic holes Centipede, Millipede, Lake Maitland, Nowthanna

• Focus on higher grade areas to determine gamma-geochemistry differential

• Early results encouraging

  
  

  Resource estimation in Q3 2015

  
  

  
  

  R&D process optimisation

  
  

  Wiluna Environmental approvals &

  Aboriginal agreement

• Beneficiation studies indicate 15% mass rejection with little uranium loss

• Improved physical separation and settling of deslime product

• Investigation of water balance, tailings, resins & filtration

• Approvals process commenced February 2014

• Draft Public Environmental Review with WA government for review

• Public comment period Q4 2015

• Commercial term sheet for Aboriginal agreement under negotiation

  
  

  Potential reduction in project capex and opex Revised project economics Q1 2016

  
  

  Environmental approval anticipated in Q3 2106 Aboriginal agreement anticipated end 2015

  
  

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  …and plans to deliver in 2016

  
  

  Activities

  Growth strategy

  • Seeking growth that will bridge the low price environment to 2018-2020

  • Seeking growth that positions Toro as the lead Australian U supplier

    
    

    Wiluna Offtake & Project finance

  • Seeking offtake contracts with major utilities or India & China

  • Project strategic partner from Japan, India, China

Wiluna resource estimation update

• To include latest drilling results and geological model

• Focus on grade results based on gamma-geochemistry differential

• Early results encouraging

  
  

  
  

  Wiluna Project economic model

  • Revised capex with improved supply inputs - labour, gas, construction methods

  • Revised opex with optimised process flow sheet

  • Revised PEA Q1 2016

    
    

    
    

    Wiluna Environmental approvals & Aboriginal agreement

• Public comment period Q4 2015

• Aboriginal agreement to be concluded 2015

• State & Federal approval for Millipede and Maitland Q3 2016

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