The Napperby project in the Northern Territory, 160 km northwest of Alice Springs, covers two tenements and the historic ‘calcrete style’ uranium prospect, New Well, comprising an extensive, near-surface, consistent mineralised zone that is relatively low grade, but is close to infrastructure. Toro Energy entered an option agreement with Deep Yellow to purchase the deposit within three years on a per pound basis. Toro has undertaken two phases of resource definition and has increased the contained tonnes of uranium on a JORC basis. Toro is currently concluding a scoping study aimed at identifying the key economic factors toward development. Given the favourable political jurisdiction in which this resource lies, it is Toro’s intention to rapidly advance this project to an operating mine status.

Toro Energy is seeking government approval to develop the 25 million pound U3O8 indicated JORC resource at its Wiluna Project.

The Wiluna project comprises the historic Lake Way and Centipede deposits in Western Australia, which are shallow calcrete-style uranium deposits. Toro Energy is undertaking a fully funded Bankable Feasibility Study and approvals program with a plan to be in production by early 2013.

The Nonning project on the southern margin of the Gawler Range Volcanic Province is focussed on a new interpretation of palaeodrainage systems emanating from inliers of Gawler Range Volcanics and Hiltaba Granite; the likely basement source rocks for uranium. The palaeodrainage system is poorly-defined and not drill tested. The volcanics and granites themselves have potential for IOCG-U deposits. The project also encompasses highly-prospective Palaeoproterozoic metamorphics under the volcanics, which host the nearby Meninnie Dam basemetals deposit. Assessment continues by Menninnie Metals under a JV agreement with Minotaur Exploration. Gravity and IP survey data was acquired during late 2008 southwest of Nonning Homestead in an area totally concealed by ~20–50 metres of Cainozoic sediments.

The Roxby–Acropolis project area is known to host anomalous uranium associated with IOCG breccias at Acropolis south. It also lies in close proximity to the World-class Roxby Downs Cu-Au-U deposit. Exploration for uranium-dominant IOCG-style mineralisation remains a viable exploration strategy, despite the depth to basement. Given the very significant quantities of uranium in the basement at Olympic Dam, there is potential for its accumulation in favourable environments within the adjacent basement and cover sequences. Japan Oil, Gas and Metals National Corporation (JOGMEC) had an Exploration Agreement with both Toro and Minotaur to explore the Roxby-Acropolis project area, west and north of Olympic Dam for iron oxide copper-gold uranium mineralisation. JOGMEC recently withdrew from this agreement mainly due to uncertainty of land access within the Woomera Prohibited Area. Drilling carried out by Minotaur under the JOGMEC agreement intersected IOCG alteration within basement and minor uranium anomalies. An infill gravity survey is underway to refine the targets for another round of deep drilling.

Primary uranium mineralisation at the Radium Hill Mine, less than 5 km from the Toro’s tenement, was mined between 1954 and 1961 and produced approximately one million tonnes of davidite-bearing ore. EL2531 contains the same rock types as at the Radium Hill Mine, but beneath thin cover. The potential to locate further vein style deposits as well as hydrothermal uranium deposited within the graphitic metamorphics of the Willyama Block is considered high. In addition, areas of palaeodrainage at the headwaters of the Murray Basin are prospective for near-surface roll front (redox)-style uranium mineralisation. Exploration drilling for palaeochannel uranium carried out during 2009 failed to identify this style of mineralisation. Potential for basement sources remains and will be advanced further in 2010.

The Amadeus Basin Project in the NT provides Toro Energy with exposure to a highly prospective region for roll-front and structure-controlled sandstone-hosted uranium deposits. The Amadeus Basin hosts the nearby Angela-Pamela deposits, 20 km south of Alice Springs, together with a number of smaller uranium occurrences. Toro Energy is about to embark on a drilling program aimed at testing the Angela redox model within the Waterhouse tenement. Toro has also rationalised it’s ground position in the basin via the relinquishment of low priority tenements and by lodging new applications over more prospective ground.

The Lake Mackay exploration licences cover 3000km² of unexplored ground in the Lake Mackay area in north-eastern Western Australia. A large, high-amplitude uranium channel radiometric anomaly is located over the southern part of Lake Mackay and is one of the target areas for exploration. Amadeus Basin sediments are present to the south of Lake Mackay and these overlie Mesoproterozoic basement further to the south. The Devonian-Carboniferous rocks are considered prospective for roll-front type deposits similar to those at Bigryli and Angela-Pamela in the Ngalia and Amadeus Basins respectively. The Mesoproterozoic basement has never been explored and comprises rocks of similar age and character to those which host the IOCG deposits of the Gawler Craton, including Olympic Dam. A reconnaissance soil and rockchip sampling program carried out in early 2009 provides a focus for aircore drilling to be carried out late 2009. Several deeper magnetic and gravity anomalies will be tested by diamond drilling also in late

Toro Energy has applied for numerous exploration licences in the Alice Springs, Reynolds Range and Tanami regions since listing on the ASX. These regions are considered to have significant geological potential for hardrock (‘unconformity’ and ‘magmatic’), palaeochannel and calcrete style uranium at surface or under shallow (<200 m) sedimentary cover. Toro Energy will be advancing these projects as quickly as feasible and hope to begin exploration in early 2009.

Toro Energy has acquired a significant tenement holding in the Reynolds Range region of central NT, which is considered to be highly prospective due to it’s likeness to the Frome Embayment in South Australia, having a highly-radiogenic uplift area of the Reynolds Range in the south and Tertiary outwash fans emanating to the north. Historic drilling has identified appropriate sedimentary facies and redox features to support the model. Toro recently flew close-spaced Tempest EM over some of the prospective covered areas and will be using this to generate targets for drilling in 2010. Meetings with traditional owners are planned for early 2010 and Toro is confident that agreements can be put in place soon after.

Toro Energy has applied for numerous exploration licences in the Tanami Desert region, within Aboriginal Freehold Land in the NT and Pastoral land in adjacent WA. This region comprises analogous geology and tectonics to the Alligator River region to the north, which hosts the world-class Ranger and Jabiluka uranium deposits. Historic exploration data indicates the correct attributes to host ‘unconformity style’ uranium mineralisation and there are numerous small shows in the area. Toro are advancing exploration agreements with traditional owners via their representative body and are confident that exploration will begin in 2010. Some tenements are advanced sufficiently that drilling may proceed immediately upon grant, while other require acquisition of airborne geophysical data. Toro are also in advanced discussions with another party to farm into their highly-prospective tenement package.

In December 2006, Nova Energy (Namibia) [now a wholly-owned subsidiary of Toro Energy Limited] was granted three Exclusive Prospecting Licences ("EPLs") in Namibia for nuclear fuel and base and rare metal exploration. The licences cover areas considered to be prospective for primary Rossing-type mineralisation and superficial Langer Heinrich-type uranium mineralisation.

The Gawib West EPL3668 is located about 12km west of Paladin's Langer Heinrich deposit and covers part of the upper Tumas drainage. The Langer Heinrich channel is interpreted to have once flowed directly west into the upper reaches of the Tumas drainage system. The photograph shows the surface features in this area down-stream of the Langer Heinrich deposit. Initial drilling of the channel that drains downstream of Langer Heinrich was unsuccessful with a number of drill holes failing to penetrate to basement.

The Tumas North EPL3669 is located about 24km southwest of Swakopmund and covers part of the northern arm of the Tumas drainage system. The tenement contains bedrock alaskites and superficial calcretes, both of which have the potential to host uranium mineralisation. Initial reconnaissance and alpha cup sampling has been carried out over the Tumas North (EPL3669) tenement. Results of this survey and scintillometer data are being analysed.

Chungochoab is a large EPL (3670) that covers a tract of land about 80km south-southeast of Swakopmund. Three anomalies are evident on airborne radiometric data. Two of these cover area underlain by calcrete and have been the subject of an alpha cup survey. The results show significant radon signatures over potential palaeochannel areas, which align with the more regional radiometric data. Drilling has been planned to test these anomalies in 2009.