Management Commentary
Commenting on the update Toro’s Executive Chairman, Richard Homsany, said:
“Toro continues to advance important workstreams across our flagship Wiluna Uranium Project in WA, and we are pleased to report that work on the pilot plant design is nearing completion. The pilot plant is an important step in demonstrating the potential scale and value of not only the Lake Maitland Uranium deposit, but of the entire Wiluna Uranium Project.
This latest body of work further builds upon the excellent economics resulting from the updated Lake Maitland Scoping Study which confirmed a significant uplift of 36% or A$223M in pre-tax NPV8 to A$832.8M.
It should be emphasised that the pilot plant will aim to test potential ore from all three uranium deposits – (1) Lake Maitland (2) Lake Way and (3) Centipede-Millipede – that Toro believes could contribute to an extended Lake Maitland processing operation. The proximity of Lake Way and Centipede-Millipede to Lake Maitland provides Toro with valuable optionality to substantially increase the feasibility of the broader Wiluna Uranium Project beyond the A$832M NPV8 resulting from the updated stand-alone Lake Maitland Scoping Study. Another outcome could be that Lake Way and Centipede-Millipede sustain a separate feasible mining and processing operation to that at Lake Maitland.
Toro remains committed to ensuring the Wiluna Uranium Project is ready to be brought into production when government policy aligns. Our ongoing evaluation work, in a strong global uranium market and backdrop of an evolving sophisticated nuclear energy debate in Australia, is exciting for Toro shareholders and potential investors.”
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