TORO ENERGY LIMITED — Regulatory Filings 2012

Dec 5, 2012

6 December 2012 Company Announcements Office Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

L1, 254 Railway Parade West Leederville Western Australia 6007 PO Box 1245 West Leederville Western Australia 6901 T: 61 8 9363 7800 F: 61 8 9363 7801 E: info@ashmin.com.au

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by electronic lodgement

Ashburton Minerals Ltd (“Ashburton” or “the Company”)

Dear Sir/Madam

MT WEBB: AGREEMENT WITH TORO ENERGY LIMITED

We advise the ASX that Ashburton has reached agreement with Toro Energy Limited (“Toro”) under which Ashburton has been able to re-secure access to the Pokali prospect after inadvertently failing to lodge an application with the Department of Mines and Petroleum (“DMP”) to extend the tenure over E80/3327 within the prescribed time.

Exploration licence E80/3327, which contains the Pokali prospect, expired on 24 November 2012. Consequently, on 28 November 2012 Toro lodged an application for an exploration licence, E80/4747, over the identical area. Ashburton became aware of the situation on the afternoon of 4 December 2012 and requested a Trading Halt in its securities on the following morning.

During the course of the following two days, Ashburton and Toro reached agreement whereby, in summary, Ashburton can regain a 90% interest in the ground in return for granting Toro 100% uranium rights over E80/4747 and E80/3920, Ashburton’s other remaining tenement in the Mt Webb area.

To earn the 90% interest in E80/4747, Ashburton must sole fund minimum DMP expenditure over the tenement for the first two years after grant, being $53,000 per year. Subsequent expenditure would be on a joint venture basis. Ashburton and Toro will equally share costs associated with negotiating Native Title access agreements both in relation to E80/4747 and in relation to an amendment to include uranium exploration rights over E80/3920.

The administrative error arose as a result of Ashburton reviewing and rationalising its tenure position in the area with a view to reduce expenditure commitments by shedding less prospective ground. Consequently, two tenements, E80/3329 and E80/3785, were allowed to lapse without application to renew. However, the Pokali tenement, E80/3327, was intended to be renewed. A further tenement, E80/3920, was also retained, being the planned focus of Ashburton’s field activities in 2013.

Ashburton has expended in excess of $3.2 million on the Mt Webb project, located 650 kilometres due west of Alice Springs on the WA side of the NT border. Most of this expenditure was incurred over the Pokali prospect within E80/3327.

Significant copper mineralisation at Pokali has been identified over an extensive area, over three kilometres in strike, and including a broad intercept of 246 m @ 0.22% Cu. Ashburton remains confident that economic levels of copper mineralisation can be defined within the Pokali area and is both pleased and relieved that a mutually beneficial agreement has been reached with Toro.

The Directors of Ashburton wish to express their thanks to Toro for the constructive and timely manner in conducting these negotiations.

With the release of this announcement we request that the Trading Halt in the Company’s securities now be lifted.

Yours faithfully,

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Tom Dukovcic Managing Director

For further information, please contact: Ashburton Minerals Ltd Tel: +61 8 9363 7800 Fax: +61 8 9363 7801 Email: info@ashmin.com.au or visit our website: http://www.ashmin.com.au and join our e-list

The information in this report that relates to Exploration Results is based on information compiled by Mr Tom Dukovcic, who is an employee of the Company and a member of the Australian Institute of Geoscientists and who has sufficient relevant experience 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 Dukovcic consents to the inclusion in this report of information compiled by him in the form and context in which it appears.

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