PAYDIRT URANIUM CONFERENCE ADELAIDE 1 MARCH 2010 Toro Energy is an Australian resource Toro Energy is an Australian resource 1 MARCH 2010 company with a multi‐project uranium portfolio and the aim of achieving i bl di d i company with a multi‐project uranium portfolio and the aim of achieving i bl di d i sustainable medium‐term production at its flagship Wiluna Uranium Project in Western Australia sustainable medium‐term production at its flagship Wiluna Uranium Project in Western Australia in Western Australia… in Western Australia…
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PAYDIRT URANIUM CONFERENCE ADELAIDE1MARCH 2010
Toro Energy is an Australian resource Toro Energy is an Australian resource
1 MARCH 2010
company with a multi‐project uranium portfolio and the aim of achieving
i bl di d i
company with a multi‐project uranium portfolio and the aim of achieving
i bl di d isustainable medium‐term production at its flagship Wiluna Uranium Project in Western Australia
sustainable medium‐term production at its flagship Wiluna Uranium Project in Western Australiain Western Australia…in Western Australia…
Disclaimer
This presentation has been prepared by Toro Energy Limited (“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 Toroaccurate, reliable or complete, it has not been independently audited or verified by Toro.
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. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned to not place undue reliance on such forward‐looking statementsRecipients of this document ( Recipients ) are cautioned to not place undue reliance on such forward‐looking statements.
Toro makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any 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 officers, employees, related bodies corporate and agents (“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 co seque t a (a d et e o ot a s g out o t e eg ge ce, de au t o ac o ca e o o o a d/o a y o ts ge ts) o a y oss o da age su e edby 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.
C t t P St t tCompetent Persons Statements:The information in this report that relates to Mineral Resources is based on information compiled by Mr Daniel Guibal who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Guibal is a fulltime employee of SRK Consulting and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Guibal consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.the inclusion in this release of the matters based on his information in the form and context in which it appears.
Information in this presentation relating to exploration results of the Napperby Project and Lake Mackay is based on information compiled by Dr David Rawlings BSc (Hons) who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Rawlings is a full‐time employee of the Company. Dr Rawlings has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ Dr Rawlings consents to the inclusion in this release of the matters based on his information in the form and context in
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Resources and Ore Reserves . Dr Rawlings consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Corporate snapshot
Capital structureExchanges ASX: TOE
Shareholder profile
Share Price (Feb 2010) A$0.13Options 16.14m
Shares 964.95mFully Diluted Market Cap A$125 4m
Oz Minerals 42.5%
Minorities57 5%Fully Diluted Market Cap A$125.4m
Cash (at December 31 2009) A$61.9mDebt NilEnterprise Value A$63.5m
57.5%
12 Month High / Low A$0.26 / $0.09
StrategyP d i f i id f Wil b 2012 /13Production of uranium oxide from Wiluna by 2012 /13Further enhancement of Wiluna project economicsTargeted exploration in politically supportive regionsCorporate consolidation and active business d ldevelopment
Deliver a pre‐eminent Australian uranium investment
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opportunity
$61m Capital raising complete
Key assets
NamibianJointVenture
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ALLIANCE RESOURCES
L I M I T E D
il i jWiluna Uranium Project
Wiluna Uranium Project
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Wiluna Uranium Project
Total 25m lbs U3O8 [20.2mt @ 548ppm]#Lake Way L k WLake Way• 12.6Mlb U3O8 resource#
– 10.5Mt @ 543ppm
• near surface calcrete‐style deposit
Lake WayCentipede
• near surface calcrete‐style depositCentipede• 11.8Mlb U3O8 resource#
– 9.7Mt @ 554ppm@ pp
• 90% of currently defined resource now in Indicated category#
Mineralisation typeApprox12km
• Calcrete / clay hosted carnotite
• Within delta, generally below water table
• Resource estimate using uniform conditioning
12km
g g
• Lake Way all assay data
• Centipede mainly gamma data
7100% Toro owned project # Refer Competent Persons Statements on Page 2 and category of resources on Page 8
Upgraded resource
L k W…31% increase in TOTAL …with slight increase in Lake Way
Centipederesource grade…with slight increase in
contained metal
Resource Grade* Contained U3O8#
As at June 2009 Category Mt ppm % U3O8 tonnes Mlbs
• Laboratory and pilot column leach testingLaboratory and pilot column leach testing
• Resource Drilling
• Sterilisation Drilling
B k bl F ibilit St d• Bankable Feasibility Study
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BFS and Approvals
L k W
BFS ObjectivesLake WayCentipede• Confirm detailed design parameters & preferred treatment process at
Wiluna – carry out engineering and design study for construction
• Identify additional value drivers
WA Govt and Federal Approvals
• Referral documents submitted (27 October)
• Level of assessment set at ERMP after one appeal dismissed – 14 week public consultationpublic consultation
• Fed Govt deemed project nuclear action under EPBC Act – bi‐lateral with WA Govt to manage assessment and approvals process
• Scoping document being prepared for submission
• ERMP document to be submitted (~August 2010)
14• Approval – estimated late 2011 to early 2012
Wiluna project milestones
• Wiluna Resource Upgrade
• Wiluna Prefeasibility / Optimisation Study
• Approvals underway level of assessment at ERMP• Approvals ‐ underway – level of assessment at ERMP –Scoping document under preparation
k bl ibili d d• Bankable Feasibility Study – underway – management in place – Resource test pit and trial heap leach ‐ EPCM contractor selectioncontractor selection
E 8003557E 8003557E 8003557E 8003557E 8003557E 8003557E 8003557E 8003557E 8003557
7885000 mN
7870000 mN
7875000 mN
7880000 mN
7890000 mN c. 1855 Ma
Birrindudu
STURT CREEKLEWIS CREEK
E 8003560E 8003560E 8003560E 8003560E 8003560E 8003560E 8003560E 8003560E 8003560
Mt. Junction-U (Cu)Mt. Junction-U (Cu)Mt. Junction-U (Cu)Mt. Junction-U (Cu)Mt. Junction-U (Cu)Mt. Junction-U (Cu)Mt. Junction-U (Cu)Mt. Junction-U (Cu)Mt. Junction-U (Cu)Don-U, Au (REE)Don-U, Au (REE)Don-U, Au (REE)Don-U, Au (REE)Don-U, Au (REE)Don-U, Au (REE)Don-U, Au (REE)Don-U, Au (REE)Don-U, Au (REE)
• Exploration initiatives– Lake Mackay – new uranium discovery in greenfields project
Namibia leveraging on ground expertise through Deep Yellow– Namibia – leveraging on‐ground expertise through Deep Yellow
– Birrindudu – new uranium exploration province
• Scoping Study at Napperby Uranium Project• Scoping Study at Napperby Uranium Project– Additional work to augment project viability with various regional options
• Continuing evaluation of corporate and project opportunitiesContinuing evaluation of corporate and project opportunities
• Long term uranium demand fundamentals remain strong, driven by: i d ili i / i l lif i / i i li
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– improved utilisation / operational life extensions / construction pipeline– delayed supply / new production / current soft pricing
Greg HallManaging Director
Toro Energy Limitedgy3 Boskenna AvenueNORWOODSouth Australia 5067
Appendix 1: 2009 Drilling details at Lake Mackay GDA94 zone 52
LP0026 AC 477290 7486191 102LP0027 AC 472198 7488577 90
Drill Hole Drill type East (GDA)North (GDA)DepthLD00001 RC/DDH 446698 7491600 500
GDA94 zone 52
LP0027 AC 472198 7488577 90LP0028 AC 472111 7488346 117LP0029 AC 464333 7488573 120LP0030 AC 466382 7488363 93LP0031 AC 465855 7488349 120
LD00001 RC/DDH 446698 7491600 500LD00002 RC/DDH 463802 7488674 106LD00003 RC/DDH 449111 7491138 112LP0001 AC 442056 7492325 105LP0002 AC 442887 7492280 102LP0003 AC 443667 7492130 72
LP0032 AC 462388 7488876 107LP0033 AC 463048 7484480 71LP0034 AC 448844 7487494 93LP0035 AC 450611 7487161 78LP0036 AC 452710 7486718 90
LP0003 AC 443667 7492130 72LP0004 AC 444459 7492005 104LP0005 AC 445613 7491775 108LP0006 AC 446853 7491594 96LP0007 AC 447165 7491538 93LP0008 AC 448131 7491420 96 LP0036 AC 452710 7486718 90
LP0037 AC 454668 7486215 87LP0038 AC 456597 7485649 75LP0039 AC 458554 7485074 93LP0040 AC 460827 7484911 120LP0041 AC 464490 7484089 120
LP0008 AC 448131 7491420 96LP0009 AC 448778 7491290 115LP0010 AC 449564 7491138 117LP0011 AC 450354 7491013 105LP0012 AC 451543 7490843 116LP0013 AC 453127 7490555 96 LP0041 AC 464490 7484089 120
LP0042 AC 466432 7483347 120LP0043 AC 468525 7483016 77LP0044 AC 470572 7482769 106LP0045 AC 472677 7482383 102
LP0013 AC 453127 7490555 96LP0014 AC 454699 7490267 84LP0015 AC 455865 7490057 90LP0016 AC 457824 7489705 87LP0017 AC 459422 7489412 102LP0018 AC 461407 7489069 108 LP0046 AC 474538 7482106 120
LP0047 AC 476259 7481919 120LP0048 AC 477863 7481661 105LP0049 AC 479717 7481361 69LP0050 AC 467509 7483147 120
LP0018 AC 461407 7489069 108LP0019 AC 463362 7488799 111LP0020 AC 465331 7488421 108LP0021 AC 467280 7488188 102LP0022 AC 469269 7487760 105
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LP0050 AC 467509 7483147 120LP0051 AC 465525 7483915 120LP0052 AC 463694 7484247 18
LP0023 AC 471194 7487605 114LP0024 AC 473356 7487365 99LP0025 AC 475104 7487291 105