1. HIGHLIGHTS
Toro continues to focus on bringing the wholly owned Wiluna Uranium Project (“Wiluna” or the “Project”) in WA to market to coincide with forecast uranium pricing conditions that support development. Highlights of activities during for the quarter included:
1. The 12 week public comment period for the PER for an extension to the Wiluna Uranium Project1 closed during February and Toro filed the Response to Submissions with the Office of the Environmental Protection Authority during April.
2. The Traditional Owner Agreement with the Wiluna People is in final drafting form. Heritage survey work was undertaken in March to support the agreement.
3. Expanded high grade resources at Wiluna Uranium Project (500ppm cut-off) following completion of geological analysis, resource estimation and 3D geological modelling. Wiluna now has a total resource of 84Mlb (200ppm cut-off) with 40Mlb at 951ppm U3O8 (500ppm cut-off) across Centipede, Millipede, Lake Maitland and Lake Way.
4. Mining Pit optimisations for Centipede/Millipede and Lake Maitland have delivered the opportunity for a head grade above 1000ppm and a 43% reduction in waste mined at Centipede/Millipede.
5. Strategic Metallurgy has been appointed to assist Toro with metallurgical testwork, process design optimisation and capital and operating cost improvements for the project.
6. Uranium spot price declined US$5.05 over the quarter closing at US $29.15/lb. Long term prices remained steady at US$44.00/lb.
7. Nuclear markets remain with an excess of uranium inventories, generated by the continued slow return of the Japanese reactor fleet, and continued primary production dominated by Kazakhstan, Canada and Australia.
8. Cash balance at end of the quarter was $12.2M.
9. Minister for Mines, Hon Bill Marmion attended a site tour to Wiluna during February.
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