TORO ENERGY LIMITED — AGM Information 2012

Nov 27, 2012

TORO ENERGY LIMITED

An Emerging Australian Uranium Producer

ANNUAL GENERAL MEETING MANAGING DIRECTOR PRESENTATION 28 NOVEMBER 2012

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Disclaimer
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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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Corporate Overview

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Corporate Overview
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Toro’s Australian Tenement Footprint
NT
Theseus
WA
Wiluna
Perth
Adelaide
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100% Wiluna Uranium Project (WA)

• WA State approval received

• Federal Government decision Q4 2012

100% Theseus Uranium Project (WA)

• Greenfield discovery in new area

• Targeting initial resource Q4 2012

• Potential ISR operation

Capital Structure

• 1042m shares on issue (ASX code: TOE)

• 37m options on issue (unlisted)

• A$0.115 Share Price (23 Nov)

• A$120m Market Capitalisation

• A$6.55m cash (31 Oct)

• A$12.0m Convertible Loan (Macquarie Bank)

• A$114m Enterprise Value (EV/lb A$2.10/lb)

12 Month Share Price Graph

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0.15
0.13
0.11
0.09
0.07
0.05
0.03
0.01
-0.01
20
10
0
$'AUD
Millions
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Key Points
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“To become a significant sustainable uranium mining company focusing on developing a top tier exploration and production profile in the global uranium mining sector.”

• Wiluna Uranium Project & Region

– WA Ministerial environmental approval received

– One of the few projects globally capable of production from 2015

– 54mlb (24,200 tonnes) U3O8 total regional JORC resource*

Front-running project with Federal Govt decision anticipated Q4

• Theseus Uranium Project

– Exciting discovery in greenfield exploration of new uranium province – High grade tenor (up to 1% pU3O8) with potential acid ISR extraction[#] – Exploration target range (ETR) 22 - 44mlbs (10,000-20,000t) U3O8 Maiden resource and updated ETR in Q4 2012*

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Achievements for Year
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Toro Energy has had a significant year of progress which has seen:

• Full Pilot process plant completed for Wiluna project

• Share purchase plan for existing shareholders raises $5m

• Asset sales of non-core tenements

• Phase 1 of Definitive Feasibility Study – Process Engineering completed

• Theseus drilling program indicates high grades and ISR potential

• WA Govt approval of the Wiluna Uranium Project

• 44% share price increase in difficult market

• Subject to Wiluna approval, access to $18m cash

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Peer comparison over 12 months
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Nuclear Power & Uranium Market

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Electricity Demand & Nuclear Power
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Key nations indicating continuing support for nuclear: China India South Korea Russia USA, UK UAE Current Nuclear Picture 432 Operable 63 under construction 150 firmly planned >300 conceptual

International Atomic Energy Agency reported in August 2012 that nuclear power capacity will grow 30% - 100% by 2030.

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Supply/Demand Imbalance
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Recent Uranium Market News…
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Australia

• Emerging Australia-India negotiations on uranium sales

• Olympic Dam Expansion deferred for at least 4 years – BHPB considers uranium as a ‘by-product’ only

• BHPB sells Yeelirrie to Cameco for US$430m (+ $21.5m stamp duty) - 144mlb @ ~$3/lb

• Cameco announces Kintyre project requires $US67/lb to be economic ( DFS deferred)

• Wiluna Project receives WA Government approval

Global

• Paladin $200m forward payment on 13.73mlb uranium contract delivering 20192024

• UAE $3b fuel supply deal with Areva/Uranium One/Rio/Converdyn/Urenco/Tenex

• Nuclear Power Corp of India & Uranium Corp of India form JV to acquire foreign mines

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Nuclear Price Revival: Japan Re-starts
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BMO Capital Markets 26 October 2012

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Japanese nuclear capacity to be restored through 2013-2015

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Uranium Price Summary
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2014/2015 Term Long Term Investment Bank 1 US$70/lb US$70/lb Investment Bank 2 US$85/lb US$65/lb Investment Bank 3 US$74/lb US$70/lb Investment Bank 4 US$66/lb US$76/lb Incentive Price US$85/lb US$80/lb Average: US$76/lb US$72/lb

• With growing demand and insufficient supply the price of uranium must increase

• For new mines to come into production, long-term prices in excess of $70/lb are required

• Prices are likely to start to rise during 2013

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The Wiluna Uranium Project 100% Toro

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Project Overview – Updated Economics
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Parameter November 2012 Economics Processing Plant 1.3mtpa Head grade 716ppm Recovery Ramping to 86% C1 Cash Cost AUD $41/lb USD $37/lb Capital Cost AUD $269m Product (per annum) 780t U3O8 (1.7mlb) Mining Duration 10 – 14 years*

• 960km NE of Perth in Western Australia, semi arid environment with low rainfall

• Shallow open pit mining (<10m), strip 3.8:1, mining to a 250ppm or > U3O8 cut-off

• Processing 1.3 mtpa to a 500ppm U3O8 cut-off results in 716ppm head grade

• Alkaline tank leach with direct precipitation

• In-pit tailings storage, progressive rehabilitation, similar to sand mining operation

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Wiluna Project Costs
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Wiluna Local Infrastructure
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Uranium Resources
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Technical De-Risking
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Trial mining confirmed selective mining process

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• Vermeer continuous miner cutting 25cm bench

• GPS/gamma logger for pit floor grade mapping

• Groundwater control systems

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• Ability to map and select higher grade confirmed

• Continuous miner confirmed efficient method

• In pit tailings deposition and full rehabilitation

• Groundwater control through water barriers

Pilot plant confirms Toro’s proposed process

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• Fully integrated continuous hydrometallurgical circuit

• Utilised 15 tonne sample from trial mining

• 40 tonne of site groundwater used in process

• Calcrete and clay dominant processes tested

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• Economic processing and recovery proven (~85%)

• Saline water used for processing

• Sample uranium to be sent to uranium converters

• Savings from coarser grind & lower leach temperature

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WA Ministerial Approval
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“The Liberal-National Government is committed to ensuring that uranium mining in WA will be subject to strict security provisions and world’s best practice safety and environmental standards.”

Minister Marmion, Media Statement 10 October 2012

WA Opposition spokesman Bill Johnston said: “…if the ALP come to government and there's a project that's been approved - and when I say been approved I mean by state approvals - it can proceed.”

ABC Radio, 11 October 2012

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Community & Indigenous
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• Industry collaboration on regional consultation program since 2008

• Information days in Wiluna, Kalgoorlie, Menzies and Leonora for ERMP

• Wiluna Shire (Local Government) adopted policy of support for uranium mining

• Wiluna population ~ 650 – more than half indigenous

• Contracts already provided to local and regional businesses

• Indigenous employees engaged during technical site works

• Regular attendance by Toro at claimant meetings in Wiluna to provide Project updates

• TO’s support in media and public for Toro’s engagement process

• Mining agreement negotiations underway

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Project Timeline
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Final Government Decisions Financing

2012 q4 2012 q4 – 2013 q2

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• ….…Final Government decisions anticipated q4 2012

….Final Investment decision targeted for first half 2013

……. First uranium sales targeted for 2014/15

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Wiluna Project Summary
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• The Wiluna project is the most advanced uranium project in Australia

• one of only two Australian projects to receive State environmental approval in last seven years

• Toro has worked hard to bring project to market

– Awaiting final Federal Government decision

• Mining process proven

• Processing technique proven

• Excellent relationship with local people

• Wiluna Project will be the next uranium mine in Australia

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The Theseus Uranium Project 100% Toro

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Theseus : a potential second project
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Theseus Exploration Targets
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Highest grade intercept: 0.79m @ 1.17% pU3O8 from 124.32m in LM0175 (grade-thickness 0.92%GT)

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Forward Work Plan
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Prime Objectives for 2012-2013

• Finalise disequilibrium studies on recovered core (Dec 2012)

• Targeting initial resource & revised Exploration Target (Nov 2012)

• Core recovery from 12 to 20 holes - 2500m (2013)

• Combination of aircore / core samples to extend resource (2013)

• Drill 5000m to test regional potential (2013)

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Theseus Project Summary
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• Theseus is an exciting new uranium target

• Has the potential to open up a new province

• High grade intersections

• Geologically open in many directions

• Good potential for ISR operation

• Excellent relationship with local people

• Forward work plan

• Upgrade exploration target range

• Define maiden resource

• Further drilling planned for 2013

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Key Points
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Market

• Global uranium market indicates growth in demand

• Supply shortfall opening in 2015

The Wiluna Project

• Most advanced uranium project in Australia

• WA State approval and is nearing final Federal Govt decision

• Development dependent on financing and market conditions

• Target commitment decision in 2013 with first uranium sales in 2014 / 2015

The Theseus Project

• Significant blue sky and the potential to be a second project in the medium term

• Potential evolution of a new uranium province with significant regional-scale and ISR mining potential

• Upgrade of exploration target range and maiden resource

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Appendix

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Competent Person’s Statement
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The information in this report that relates to Mineral Resources is based on information compiled by Dr Katrin Karner of Toro Energy Limited, Mr Robin Simpson and Mr Daniel Guibal of SRK Consulting (Australasia) Pty Ltd. Daniel Guibal takes overall responsibility for the Resource Estimate, and Dr Karner takes responsibility for the integrity of the drilling and bulk density results. Dr Karner, Mr Simpson and Mr Guibal are Members of the Australasian Institute of Mining and Metallurgy (AusIMM), and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2004)’. The Competent Persons consent to the inclusion in this release of the matters based on the information in the form and context in which it appears.

Information in this report relating to Exploration results is based on information compiled by Mr Mark McGeough who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McGeough is a full-time employee of Toro, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McGeough consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Information in this report relating to Deconvolved Gamma Results, is based on information compiled by Mr David Wilson BSc MSc who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Wilson is a full-time employee of 3D Exploration Ltd, a consultant to Toro and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Wilson consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

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Theseus Project Exploration Target Range
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20Mt to 40Mt @ approx 400 to 500parts per million (ppm) U3O8, # for 10,000t to 20,000t U3O8 or 22Mlb to 44Mlb U3O8 .

# CAUTIONARY STATEMENT

The Exploration Target Range (ETR) is conceptual in nature and there has been insufficient exploration completed to define this material as a Mineral Resource. There is no certainty that the further work referred to herein will result in the determination of a Mineral Resource.

cU3O8 denotes results obtained via chemical assay

eU3O8 denotes results obtained via down-hole gamma logging

pU3O8 denotes results obtained via down-hole Prompt Fission Neutron logging ‘PFN’

Down-hole gamma logging of drill holes provides a powerful tool for uranium companies to explore for and evaluate uranium deposits. Such a method measures the natural gamma rays emitted from material surrounding a drill hole. Gamma radiation is measured from a volume surrounding the drill hole that has a radius of approximately 35cm. The gamma probe is therefore capable of sampling a much larger volume than the geological samples recovered from any normal drill hole. Gamma ray measurements are used to estimate uranium concentrations with the commonly accepted initial assumption being that the uranium is in (secular) equilibrium with its daughter products (or radio- nuclides) which are the principal gamma ray emitters. If uranium is not in equilibrium (viz. in disequilibrium), as a result of the redistribution (depletion or enhancement) of uranium and/or its daughter products, then the true uranium concentration in the holes logged using the gamma probe will be higher or lower than those reported in this announcement.

The gamma tools were calibrated in Adelaide at the Department of Water in calibration pits constructed under the supervision of CSIRO. The eU3O8 data has been filtered (deconvolved) to more closely reproduce the true grades and thicknesses where thin narrow zones are encountered. The various calibration factors and deconvolution parameters were calculated by David Wilson BSc MSc MAusIMM from 3D Exploration Ltd based in Perth, Western Australia.

The down-hole PFN logging tool directly measures the amount of the isotope U[235] that is present in all natural uranium. This is considered to give a reliable estimate of the grade of uranium results with a cut off at or above 0.5m @ 300ppm. For further information on the use and calibration of the PFN, readers are directed to the GAA Wireline website www.gaawireline.com.

All drill holes are vertical and all intersections are considered to be true widths.

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Uranium Resources Table
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Project Name	Category	Resource M Tonnes	Grade U3O8	Contained U3O8, tonnes	Contained U3O8, Mlb
Centipede	Measured	3.08	552	1,703	3.75
Centipede	Indicated	7.56	555	4,197	9.25
Centipede	Inferred	2.30	272	627	1.38
Lake Way	Indicated	2.57	492	1,265	2.79
Lake Way	Inferred	7.38	544	4,015	8.85
Total Wiluna Project		22.89	516	11,807	26.02
Millipede	Indicated	1.77	412	728	1.61
Millipede	Inferred	5.51	533	2,935	6.47
Dawson Hinkler Well	Inferred	13.09	312	4,077	8.99
Nowthanna	Inferred	11.91	399	4,750	10.47
Total Wiluna Regional		32.28	387	12,490	27.54
Total Wiluna Project & Regional		55.17	441	24,297	53.56

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All resources quoted on a 200ppm U3O8 cut-off.

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Contact
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Greg Hall Managing Director

Vanessa Guthrie Executive General Manager - Wiluna

Toro Energy Limited Corporate & Exploration Office 3 Boskenna Ave NORWOOD SA 5067 Telephone: +61 8 8132 5600

Wiluna Project Office L2 35 Ventnor Ave WEST PERTH WA 6005 Telephone: +61 8 9214 2100

Email: info@toroenergy.com.au Website: www.toroenergy.com.au

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