Toro Energy's Pilot Plant Advancement

Toro Energy Limited (ASX: $TOE) is progressing the design phase of its beneficiation and hydrometallurgical pilot plant as part of the Wiluna Uranium Project development. The pilot plant aims to test potential ore from Lake Maitland, Lake Way, and Centipede-Millipede Deposits, with plans to begin operation in the second half of 2024.

Executive Chairman's Perspective

As Toro continues to advance the Wiluna Uranium Project towards production, the potential value of the Project, amidst the backdrop of a strengthening global uranium market, keeps growing. The Wiluna Uranium Project is an asset of global significance. Toro remains committed to developing the asset so that it can be brought into production when government policy and uranium markets align. The pilot plant is an important step towards further demonstrating the potential scale and value of this asset, and developing it to production.

Wiluna Uranium Project Outlook

Toro Energy's advancement of the pilot plant for the Wiluna Uranium Project signifies a significant step in testing potential ore from multiple deposits. The company's commitment to developing the asset reflects its ambition to capitalize on the strengthening global uranium market. The pilot plant's operation in the second half of 2024 aligns with Toro's goal of bringing the Wiluna Uranium Project into production when favorable government policy and uranium market conditions converge. The refresh and update of the Lake Maitland Scoping Study aims to evaluate financial outcomes using the latest commodity pricing and exchange rate guidance, indicating Toro's proactive approach to maximize the project's potential. With the Wiluna Uranium Project's global significance and Toro's dedication to its development, the company's outlook remains focused on leveraging the asset's value and progressing towards production.