Richard Yeeles

23 October 2014

Australia’s Leading

Development Stage Uranium

Company

Toro Energy Limited

What’s Down the Track?Kalgoorlie CCI Forum

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.

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Overview of Toro Energy

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Toro Snapshot

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GROWTH ASSETS & STRATEGY

WILUNA URANIUM PROJECT

76mlb Resource1 to 10mtrs deep

Trial Mining & Pilot Plant Complete

Permits & Approvals

Progressed

DFS 60% Complete EXPLORATION PORTFOLIO

Theseus @ 6.9mlbs + Wiso & Reynolds Range

M&A FOCUSMarket

Opportunities$6.7M Cash on hand

Board & Management Extensive Uranium

Experience

Market CapitalisationAUD $140M

OZ Minerals

Mega Uranium

RealFin Capital

STRUCTURE

2014 – Another year of achievements

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Company Strategy April 2014

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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 - movedown the cost curve

Creating value from exploration

Asset growth

Uranium Market

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Uranium Market - Demand Forecasts

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Uranium Market - Supply Estimates

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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.

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The Wiluna Uranium Project

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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

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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

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Wiluna Project Development Status

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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

Major Approval & Permitting Requirements

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Wiluna DepositGovernment

environmental approvals

Mining Leases Granted

Traditional Owner Agreement

Centipede Anticipated 2014

Lake Way Application Anticipated 2014

MillipedeAnticipated

2016Anticipated 2014

Lake MaitlandAnticipated

2016Anticipated 2014

Dawson Hinkler Post 2016 Application Negotiations 2016

Nowthanna Post 2016 Post 2016 Negotiations 2016

CORE

DEP

OSI

TS

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

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Millipede and Lake Maitland approvals timetable

Date Action

2013 Pre-referral discussions with the Government

October Meeting with EPA Chairman and other State and Federal agencies

2014 March Proposal referred and accepted by the Government

April Government publishes its decision to assess proposal as PER

June Submission of Draft Environmental Scoping Document (ESD) and review by Government AgenciesGovernment authorises public release of ESD

October Release and public review of ESD

November Government provides Toro with a summary of responses to the ESD

November Toro responds to public comments on ESD

December Government approves ESD

2015 March Toro completes draft PER

May Government reviews PER and approves for public release

September Public review of PER completed

November Government provides Toro with a summary of public comments on PER

December Toro provides responses to public comments on PER

2016 January Government completes review of Toro’s response to public comments on PER

March Government submits its assessment of proposal to EPA Board

May EPA Board request further information

June Government consults with appropriate agencies on draft conditions of approval

July Government submits assessment report to Minister and publishes the report

August Appeals period ends on Governments assessment report

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Joint Venture

Wiluna Project Finance Target $315m

Strategic Partner: Equity: Offtake agreement

Wiluna Project Financing Concept

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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

Toro Energy Limited

Richard YeelesApprovals and Community DirectorToro Energy LimitedL3 33 Richardson St WEST PERTH WA 6005 Telephone: +61 8 9214 2100 Email: info@toroenergy.com.auWebsite: www.toroenergy.com.au