Toro Energy's Lake Maitland Uranium Scoping Study Refresh Announcement

Toro Energy Ltd (ASX: $TOE) has announced the initiation of a refresh and update of its Lake Maitland Scoping Study completed in 2022. The company aims to evaluate the incorporation of material from its 100% owned and proximate Lake Way and Centipede-Millipede uranium deposits into a proposed processing operation at Lake Maitland. The Scoping Study assumed a price of US$70/lb U3O8 and US$5.67/lb V2O5 with an exchange rate of US$:A$0.70 to arrive at an NPV pre-tax of A$610M over a 17.5 year mine life with annual average production of 1.3Mlbs U3O8 and 0.7Mlbs V2O5 and a rapid payback of 2.5 years.

Toro's Executive Chairman, Richard Homsany, on Lake Maitland Scoping Study Refresh

We are pleased to initiate another work stream to maximise the value of the Wiluna Uranium Project. A standalone Lake Maitland uranium vanadium processing operation is potentially quite robust and viable. Preserving the optionality available to Toro moving forward, whether to develop a standalone Lake Maitland deposit or a broader Wiluna Project amongst various production and processing scenarios, is a very valuable aspect of our uranium asset. Toro reiterates its commitment to developing the Wiluna Uranium Project to maximise its value when both government policy and uranium markets align. We are confident that our development activities will further reinforce the global significance of the Wiluna Uranium Project.

Toro Energy's Lake Maitland Uranium Scoping Study Refresh Summary

Toro Energy (ASX: $TOE) has initiated a refresh and update of its Lake Maitland Scoping Study completed in 2022. The company aims to evaluate the incorporation of material from its 100% owned and proximate Lake Way and Centipede-Millipede uranium deposits into a proposed processing operation at Lake Maitland. The Scoping Study assumed a price of US$70/lb U3O8 and US$5.67/lb V2O5 with an exchange rate of US$:A$0.70 to arrive at an NPV pre-tax of A$610M over a 17.5 year mine life with annual average production of 1.3Mlbs U3O8 and 0.7Mlbs V2O5 and a rapid payback of 2.5 years. Toro's Executive Chairman, Richard Homsany, expressed confidence in the potential of a standalone Lake Maitland uranium vanadium processing operation and reiterated the company's commitment to developing the Wiluna Uranium Project to maximize its value. The company looks forward to providing updates as work on the Scoping Study refresh is completed.