Toro Energy Limited

An Emerging Uranium Producer

NAPPERBY URANIUM PROJECT

Australian Uranium ConferenceFremantle - July 2008Fremantle - July 2008

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Di l iThis 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.

Disclaimer

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 , g , y , y ,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 statementsstatements.

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

StrategyTo become a significant sustainable uranium producer

Business ModelTo build shareholder value through:

Advancement of its major projects toward production [Project Development Group]

Exploration of its extensive tenement portfolio [Exploration Group]

Execution of strategic corporate or project acquisitions [Business Development Group]

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Corporate Overview

High Level HistoryToro ASX listing March 2006 from Oxiana and Minotaur Exploration uranium assets

Napperby Option Agreement with Deep Yellow, July 2007 [Option based on 13.2mlb U3O8]

Nova Energy merger, December 2007 [JORC Resources revised to 23.9mlb U3O8]

Capital Structure Nova minority shareholders:

116m (23%)494.67m issued shares

10.07m unlisted options Oxiana: 228m (46%)

Toro minority

116m (23%)

Market Cap. ~A$125m@A$0.25/share (~US$120m)

Cash - March 31st A$15.7mMinotaur: 36m

(7%)

Allarrow: 17m (4%)

Toro minority shareholders:

77m (16%)

Experienced Board & Management (7%)Argonaut Capital: 20m

(4%)

In under 2 years Toro has evolved from a South Australian focused uranium explorer to now having a total 25.4m lb U3O8 JORC resource in 2 potentially economic deposits in the Northern Territory and Western Australia,

along with exploration in 3 Australian states and 3 African countries. 44

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Corporate Overview

LAKE WAY &MOROCCOHaute Moulouyament LAKE WAY &

CENTIPEDE PROJECT23.9mlb JORC resource.Adjacent infrastructure.Pre-feasibility study and

Haute Moulouyamentproject is hard-rocksandstone hostedtarget.

y yresource upgradeunderway.

GUINEAProterozoic sandstonehosted uranium.

NAMIBIATargeting palaeochannelcalcrete style, Rossing style bedrock type and possible extensions of

NAPPERBY PROJECT1.5mlb JORC resourceExtensive mineralisedsystem at 3-8m depth.

IOCG PROJECTT i Ol i D

possible extensions ofLanger Heinrichpalaeo-valley.

Resource extension underway.

GAWLER CRATON & AMADEUS BASINE l i f Targeting Olympic-Dam

style mineralisationproximal toProminent Hill, SA.

GAWLER CRATON &WARRIOR PROJECTSTargeting palaeochannelsin SA.

G liti l Di it F d l ti d d l t th h t A t li d Af i

Exploring forPalaeozoic roll-frontssouth of Alice Springs.

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Geopolitical Diversity: Focused on exploration and development throughout Australia and AfricaExperienced Board – ex-Major mining house leaders

Management – uranium start-up, operations and marketing experience

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Corporate OverviewJORC Resource Inventory : Expandable in the short to medium term

JORC Resources Tonnes (m)

% U O

kg/tU O

lb/t U O

Contained U O (t)

Contained U O (mlb)(m) U3O8 U3O8 U3O8 U3O8 (t) U3O8 (mlb)

Wiluna Project:Centipede, Indicated Centipede, Inferred

9.921.61

0.04580.0312

0.4580.312

1.010.69

4,542502

10.01.1

Lake Way, Inferred 14.3 0.0404 0.404 0.89 5,791 12.8

WILUNA PROJECT TOTAL 25.83 0.0419 0.419 0.92 10,835 23.9

Napperby Project:Napperby, Inferred 1.9 0.036 0.36 0.79 670 1.5

NAPPERBY PROJECT TOTAL 1.9 0.036 0.36 0.79 670 1.5

TOTAL RESOURCES 27.73 0.0415 0.415 0.91 11,505 25.4

Resource Expansion at both Wiluna and Napperby possible in the short-medium term (1-2 years)

Medium Term Potential at Wiluna ~ targeting 11,000 - 13,000t U3O8Medium Term Potential at Napperby ~ targeting 5,000 - 6,000t U3O8

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Cautionary Statement: Both targets above have been set based on historical occurrences of mineralisation in the project areas. The targets quoted above are potential contained tonnes andthe quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource amounting to the set targets, and that it is uncertain if further explorationwill result in the determination of a Mineral Resource.

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F d l SCorporate Overview: Uranium Market

Fundamentals Strong

• Spot price, US$64.5/lb – barometer of short term sentiment

• Spot volume declines at higher spot pricesspot prices

• Physical reality – stable long term price at US$80-US$90/lb

• Increased long term contracting –quantity and durationquantity and duration

Source: Ux Consulting Market Report

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I i U i S l Corporate Overview: Uranium Market

Increase in Uranium Supply –Current to 2015

2006 All sources of Uranium(73,289t U3O8)

2015 All sources of Uranium(100,371t U3O8)

11%

4%8%

Existing mines

6%5%

Existing mines

63%14%

Planned minesFSU suppliesHEU feedUSEC

57%32%

Planned minesFSU suppliesHEU feedUSEC63% USEC

OtherUSECOther

New mine supply must expand aggressively (from current 4% to 32%)

Source UxC Consulting Uranium Market Outlook

to meet demand projections

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Corporate OverviewA t li P liti l & R l t L d p

Federal Government State Governments• EPBC Act • Mine Approvals

Australian Political & Regulatory Landscape

• EPBC Act• Export Approvals

• Mine Approvals• Environmental

Toro’s primary area of activity

Only two Australian regions currently allow uranium mining at both a Federal and State levelIf existing U deposits in WA and QLD were allowed to commence this would ~double Australian uranium output

Toro s primary area of activity.

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If existing U deposits in WA and QLD were allowed to commence this would double Australian uranium outputUranium mining and export is the single biggest impact that Australia can have on global emissions

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Napperby Uranium ProjectCurrent 1.5mlb JORC under evaluation and extensionCu e t 5 b JO C u de e a uat o a d e te s o

Scoping study to commence 2008

Toro has Option to purchaseToro has Option to purchase 100% of project at capped price on per lb resource basis from Deep Yellow.

Valuable infrastructure (sealed road from Alice Springs, nearby gas pipeline, rail to Darwin port)

Exploration Agreement with CLC in place

The Northern Territory is aThe Northern Territory is a politically favourable part of Australia for uranium mine development and operations

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Napperby Uranium Project2008 Drilling focused on converting2008 Drilling focused on converting

historical mineralisation to JORC standards

Currently 1.5mlb U3O8 resource under JORC @ 0.036%.

Targeting mineralised area previously defined by Uranerz.

Additional drilling underway and two resource extensions planned this year.

Close to surface (<8m) with t i ti i 1 1strip ratio circa 1:1.

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Napperby Uranium Project2007 Drilling Results

Best U3O8 results using a 200 t ff i l d

2007 Drilling Results

200ppm cut-off include:

• 5.5m at 907 ppm (0.09%)

i 1 5 t 2063 (0 21%)inc 1.5m at 2063 ppm (0.21%)

• 3.5m at 967 ppm (0.10%)

3 0 t 886 (0 09%)• 3.0m at 886 ppm (0.09%)

• 1.5m at 1233ppm (0.12%)

• 1.5m at 1225 ppm (0.12%)

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Napperby Uranium ProjectTaking the project forwardTaking the project forward

W k P f 2008SONIC CORE DRILLING – QUALITY SAMPLE

Continue resource definition drilling on 50x50m to 100x100m grid

Work Program for 2008

Outlining the orebody and regional targets

Economic Scoping Study

En ironmental baseline st dEnvironmental baseline study

Community updates, visits and first employmentp y

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Wiluna Uranium Project - WAComprising Lake Way & Centipede deposits

Pre-feasibility Study Underway - Completion August 2008Pre-feasibility Study Underway - Completion August 2008Most advanced WA uranium deposit

14Continuous miner trial

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Wiluna Uranium Project - WARobust resource at Lake Way- Centipede.

Resource Prepared in Accordance with the JORC Code.

JORC Resources Tonnes (m)

ppmU3O8

Contained U3O8 (t)

Contained U3O8(mlb)

Lake Way, Inferred 14.3 404 5,791 12.8

Centipede, Indicated 9.92 458 4,542 10.0

Centipede, Inferred 1.61 312 502 1.1

Wil na Project Total 25 83 419 10 835 23 9Wiluna Project Total 25.83 419 10,835 23.9

Proximal to infrastructureProximal to infrastructure

sealed road

water borefield

i ligas pipeline

electricity

Wiluna township

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airstrip

mined out pits

(tailings storage)

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Exploration OverviewToro is active in Australia and AfricaToro is active in Australia and Africa

Priorities

- Namibia

- NT regional

- South Australia (SA) IOCG

- SA Palaeochannel

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Northern Territory & Western Australia Regional Exploration

St f liti ll f bl j i di ti d i i i

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Strong focus on politically favourable jurisdictions and uranium mining experience of the South Australia and Northern Territory ‘corridor’.

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Business Development

The Toro Project Pyramid

Production

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Wiluna Uranium Wiluna Uranium Project

N b U iResource Definition &

Feasibility Studies &Regulatory Approvals

Warrior Project, SA IOCGU

Napperby Uranium Project

Warrior Project , Guinea, Namibia Calcrete SA IOCGU

AdvancedExploration

Resource Definition &Scoping Studies

SA Palaeochannel

Calcrete, SA IOCGU

SA & WA Palaeochannel, Namibia Alaskite, Morocco Sandstone, WA Meekatharra, NT-WA Palaeozoic

Sandstones

GreenfieldsExploration

Exploration

December 2006Assets on Toro ASX listing

May 2008Assets Today

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Key Activity & News FlowNear-term activity on exploration and

2008 Activity and News Flow

Near-term activity on exploration anddevelopment projects

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Wiluna Project – JORC Resource expansion Announced

Napperby Project – JORC Resource expansion (July 2008)Napperby Project JORC Resource expansion (July 2008)

Wiluna Project pre-feasibility study (August 2008)

Namibian exploration update (August 2008)p p ( g )

Napperby Project scoping study (2H 2008)

Napperby Project JORC Resource expansion (November 2008)

NT regional exploration (2H 2008)

Warrior Project southern channel access (2H 2008)

SA Regional IOCG targets by Oxiana (2008)

WA Regional exploration, Lake Mackay, greenfields opportunity (2H 2008)

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Conclusion

Toro has…

Experienced Board & Management

JORC Resource base of 25.4m lb U3O8 and growing

2 projects with initial production target of 2012 (assuming economic p j p g ( gfeasibility and regulatory approvals)

>50 000km2 of prime exploration ground mostly in South Australia and >50,000km of prime exploration ground mostly in South Australia and the Northern Territory

Corporate backing of OZ MineralsCorporate backing of OZ Minerals

Toro is a high quality uranium investment vehicle on the ASX

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g q ywith a clear pathway to potential production.

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TORO ENERGY LIMITED

ASX CODE : TOE

www.toroenergy.com.au

Compliance Statements:1) The information in this presentation that relates to Mineral Resources for the Wiluna Uranium Project, is based on information compiled by Mr Ashley Jones BSc (Hons), MAusIMM and Mr

David Princep BSc, MAusIMM. Mr Jones is employed by Toro Energy Ltd, and Mr Princep is employed by Hellman and Schofield. Both Mr Jones and Mr Princep have sufficientexperience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person asdefined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Jones has reviewed the form and context in whichthe resource information appears and consents to the inclusion in this presentation.pp p

2) The information in this presentation that relates to Mineral Resources for the Napperby Project, is based on information compiled by Deep Yellow Limited by Mr. Malcolm Titley who is aMember of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Titley is a Director and Principal Consultant of FinOre Mining Consultants. Mr Titley has sufficient experiencewhich is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Persons as defined in the 2004Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Titley consents to the inclusion in this release of the matters based on hisinformation in the form and context in which it appears.

3) Other information in this presentation relating to exploration results of the Napperby Project is based on information compiled by Mr Ashley Jones BSc (Hons) who is a Member of theAustralasian Institute of Mining and Metallurgy. Mr Jones is a full-time employee of the Company. Mr Jones has sufficient experience, which is relevant to the style of mineralisation and

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g gy p y p y p ytype of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves’. Mr Jones consents to the inclusion in this release of the matters based on his information in the form and context in which itappears.

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