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Richard Yeeles 23 October 2014 Australia’s Leading Development Stage Uranium Company Toro Energy Limited What’s Down the Track? Kalgoorlie CCI Forum.

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Presentation on theme: "Richard Yeeles 23 October 2014 Australia’s Leading Development Stage Uranium Company Toro Energy Limited What’s Down the Track? Kalgoorlie CCI Forum."— Presentation transcript:

1 Richard Yeeles 23 October 2014 Australia’s Leading Development Stage Uranium Company Toro Energy Limited What’s Down the Track? Kalgoorlie CCI Forum

2 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 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 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 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. 2

3 Overview of Toro Energy 3

4 Toro Snapshot 4 GROWTH ASSETS & STRATEGY WILUNA URANIUM PROJECT 76mlb Resource 1 to 10mtrs deep Trial Mining & Pilot Plant Complete Permits & Approvals Progressed DFS 60% Complete EXPLORATION PORTFOLIO Theseus @ 6.9mlbs + Wiso & Reynolds Range M&A FOCUS Market Opportunities $6.7M Cash on hand Board & Management Extensive Uranium Experience Market Capitalisation AUD $140M OZ Minerals Mega Uranium RealFin Capital STRUCTURE

5 2014 – Another year of achievements 5

6 Company Strategy April 2014 6  Strive to create a significant uranium company to fill the relative void in mid cap uranium companies:  Think big +$250M market cap  Take advantage of potentially cyclically low valuations  Aim to be institutional grade investment  Based on:  A stable financial position  Improving Wiluna - move down the cost curve  Creating value from exploration  Asset growth

7 Uranium Market 7

8 Uranium Market - Demand Forecasts 8

9 Uranium Market - Supply Estimates 9

10 Uranium Market - Supply Gap & Lead Times With +2-7year development timeline for emerging projects and +2year fuel cycle lead time real pricing pressuring starting to mount from 2016. 10

11 The Wiluna Uranium Project 11

12 Wiluna Project Location  520 km north of Kalgoorlie and 30 km south of Wiluna Highlights  76.5Mlb JORC Resource  6 shallow calcrete-hosted carnotite deposits  Centipede, Lake Way, Millipede, Lake Maitland, Nowthanna, Dawson Hinkler  First class mining jurisdiction; 100+ years of mining history  Infrastructure and services available – power, gas, transport, people  2014: improve resource definition and process optimisation studies, project finance as market recovers Status  State & Federal Environmental approvals granted for Centipede and Lake Way  Environmental approvals underway for Lake Maitland & Millipede  Low technical risk – simple open cut mining and proven process flow sheet  Project optimisation studies now underway Wiluna Location 12

13 Internal Technically FeasibleRequired Permissions External Optimal Timing Wiluna Development Aligned with Market Recovery Technical Confidence: - Resource - Mining - Processing Timing: Supportive price environment needed. Regulatory Confidence: - Environmental Approval - Mining Leases - Traditional Owner Agreements 13

14 Wiluna Project Development Status 14 First UOC Production Resource Acquisition and Definition Trial Mining Final Feasibility Study Design & Costs Final Mining Proposal & TO Agreements Resource Discovery Selection of Operational Configuration Piloting Final Investment Decision

15 Major Approval & Permitting Requirements 15 Wiluna Deposit Government environmental approvals Mining Leases Granted Traditional Owner Agreement CentipedeAnticipated 2014 Lake WayApplicationAnticipated 2014 Millipede Anticipated 2016 Anticipated 2014 Lake Maitland Anticipated 2016 Anticipated 2014 Dawson HinklerPost 2016ApplicationNegotiations 2016 NowthannaPost 2016 Negotiations 2016 CORE DEPOSITS

16 Approvals Strategy  One combined approval document  Withdraw the existing Lake Maitland referral document  Toro would change the project significantly compared to the past referral (in particular, ore to be transported to Centipede for processing and tailings deposited in the approved tailings storage facility)  The proposed changes by Toro will result in a lower level of environmental impact and smaller project footprint  New approval to co-exist with existing Centipede and Lake Way approval  S:45C not the preferred pathway  Life of processing plant camp and other associated infrastructure to be extended  Period for consumption from West Creek Borefield life to be extended (reconfiguring of the borefield may be required to extend life but keep abstraction at or below sustainable yield)  No changes in production from mining at Centipede above what has been approved already  Public interest in the approvals would require a full assessment Millipede and Lake Maitland environmental approvals 16

17 Millipede and Lake Maitland approvals timetable DateAction 2013Pre-referral discussions with the Government OctoberMeeting with EPA Chairman and other State and Federal agencies 2014MarchProposal referred and accepted by the Government AprilGovernment publishes its decision to assess proposal as PER JuneSubmission of Draft Environmental Scoping Document (ESD) and review by Government Agencies Government authorises public release of ESD OctoberRelease and public review of ESD NovemberGovernment provides Toro with a summary of responses to the ESD NovemberToro responds to public comments on ESD DecemberGovernment approves ESD 2015MarchToro completes draft PER MayGovernment reviews PER and approves for public release SeptemberPublic review of PER completed NovemberGovernment provides Toro with a summary of public comments on PER DecemberToro provides responses to public comments on PER 2016JanuaryGovernment completes review of Toro’s response to public comments on PER MarchGovernment submits its assessment of proposal to EPA Board MayEPA Board request further information JuneGovernment consults with appropriate agencies on draft conditions of approval JulyGovernment submits assessment report to Minister and publishes the report AugustAppeals period ends on Governments assessment report 17

18 Joint Venture Wiluna Project Finance Target $315m Strategic Partner : Equity : Offtake agreement Wiluna Project Financing Concept 18 Project Finance Structure  Toro is willing to sell a significant interest in the Wiluna Uranium Project  Toro expects the project will support $160M of debt with offtake agreements from its partner  Strong interest from Asia, India and UAE  Data room open with due diligence ongoing

19 Toro Energy Limited Richard Yeeles Approvals and Community Director Toro Energy Limited L3 33 Richardson St WEST PERTH WA 6005 Telephone: +61 8 9214 2100 Email: Website:

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