Toro Energy's Expansion of Stated Resources at Lake Way and Centipede-Millipede Deposits

Toro Energy Ltd (ASX: $TOE) has announced a significant expansion of the stated uranium (U3O8) and vanadium (V2O5) resources at the Lake Way and Centipede-Millipede Deposits. The decision to lower the U3O8 and V2O5 cut-off grade for the stated resources at these deposits from 200ppm to 100ppm has effectively expanded the stated resource and lowered the average grade.

Executive Chairman's Perspective on the Expansion

Toro's Executive Chairman, Richard Homsany, emphasized the company's commitment to fast-track the development of the Wiluna Uranium Project towards production, amidst a rapidly strengthening uranium market. The resource expansion and ongoing pilot plant work are important pillars of the refreshed feasibility study and will further demonstrate the significant returns on offer at Wiluna. The potential feasibility of Wiluna has been transformational and grown in value through our R&D efforts. Toro remains on track to align the finalization of the optimal development strategy at Wiluna with potential shifts in government policy regarding uranium development in WA.

Outlook and Expansion Strategy

The decision to expand the uranium-vanadium resources at the Lake Way and Centipede-Millipede Deposits reflects Toro's response to the rapidly changing uranium market and its aim to unlock considerable value. The company's evaluation of different processing options and potential regulatory conditions underlines its commitment to seeking the most financially feasible development for its shareholders. Toro's strong funding and well-positioned status indicate its capability to deliver on its stated milestones and provide further updates on its development and value creation within its asset portfolio.