21/05/2015 1

Marenica Developing Proprietary U-pgradeTM – Technology

Marenica in Africa

2 21/05/2015

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20

40

60

80

100

120

140

Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14

U3O8 Price History

U-pgradeTM

4 21/05/2015

U-pgradeTM – How Does it Work?

5 21/05/2015

U-pgrade TM ConcentrateOre Feed

U-pgradeTM

RejectU-pgradeTM

Process Plant

Leach / Refinery

Offsite or Onsite

6 21/05/2015

U-pgradeTM – Application

U-pgradeTM – Timing is Excellent

7

Development of Uranium business will be timed perfectly to ride the upcoming wave of demand for U3O8.

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Projected U Price Profile

Commercialisation

Project Development

Exit

21/05/2015

Corporate Summary

8 21/05/2015

Capital Structure

Shares on issue: 13.8M

Convertible notes: $1.65M

Market capitalisation: $4.1M*

Share price: 30c*

Cash: $96k*

Board & Management

Doug Buerger, Chairman

Murray Hill, Chief Executive Officer

David Sanders, NED

Gavin Becker, NED

Nelson Chen, Hanlong Director

Lou Guo Qing, Hanlong Director

Key Assets

New U-pgradeTM uranium processing technology

Marenica Uranium Project, Namibia (75%)

Major Shareholders:

Hanlong Energy Ltd 27.1%

Board & Management 7.5%

Areva NC 3.4%

9 21/05/2015

Wolf Minerals ASX:WLF|AIM:WLFE

Level 3, 22 Railway Road, Subiaco,

Western Australia 6008 P: +61 8 6364 3776

www.wolfminerals.com.au

Melbourne Mining Club Cutting Edge Series

19 May 2015 Russell Clark, Managing Director

The information contained in this document has been prepared based upon information supplied by Wolf Minerals Limited (the Company). This Document does not constitute an offer or invitation to any person to subscribe for or apply for any securities in the Company.

While the information contained in this Document has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give any representations or warranties (express or implied) as to the accuracy, reliability or completeness of the information in this Document, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as Information) and liability therefore is expressly disclaimed.

Accordingly, to the full extent permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained in this Document or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Document. Neither the issue of this Document nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any person. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Document, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Document or to correct any inaccuracies in, or omissions from, this Document which may become apparent.

This Document should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Document is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained in this Document necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

This Document may include certain statements that may be deemed forward-looking statements. All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The Company, its shareholders, directors, officers, agents, employees or advisers, do not represent, warrant or guarantee, expressly or impliedly, that the information in this Document is complete or accurate. To the maximum extent permitted by law, the Company disclaims any responsibility to inform any recipient of this Document of any matter that subsequently comes to its notice which may affect any of the information contained in this Document. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements.

Disclaimer

2

• On schedule – first production mid 2015.

• Fully permitted.

• Fully funded through to positive cash flow.

• UK operations team established.

• Operational and reserve extension upside.

Hemerdon Project A world-class, UK tungsten and tin mine under construction

4

• Hard

• Heavy

• High Melting Point

• Non Corrosive

• No Substitutes

• Critical & Strategic – China has majority of reserves.

• Demand growth has exceeded GDP growth for past 10 years.

• Expected extra demand for WO3 is forecast to be 4-5,000 tpa1.

• Supply constraints are evident.

• Current APT (Ammonium Paratungstate) price US$250-265/mtu2.

Market needs at least one “Hemerdon” coming on line each year to meet demand. 1. Edison Tungsten Sector Report December 2014, 2. Metal Pages April 24th 2015

Tungsten Critical to industrial, mining and agricultural production – no

substitutes

5

Corporate Snapshot

Notes: 1 As at 12th May 2015.

7

WOLF MINERALS1

Stock Codes AIM:WLFE ASX:WLF

Share Price AIM: £0.191 ASX: A$0.3551

Issued shares 808.6 Million Options 6.6 Million Market Cap ~£150M ~A$287M

Key

Personnel

Managing Director – Russell Clark

Chairman – John Hopkins OAM

CFO – Richard Lucas SUBSTANTIAL

SHAREHOLDERS Holding Background

Resource Capital Fund Group 41.7% Mining focused private equity firm.

TTI (NZ) Limited 32.2% Wholly owned subsidiary of Todd Corporation Limited, a major private

NZ based company with a diversified portfolio of business interests.

Traxys Projects LP 6.9% Global leader in financing, marketing, distribution and financial services for

the mining, metals and minerals industries.

10

Hemerdon Project

Corporate Video

11

• 40 year lease term

– 2% NSR royalty to landowners who own all metal mineral rights

• Plymouth 10 kilometres away

– Excellent transport links

– 250,000 population

– Power & water infrastructure

• China clay mines adjacent

• Project will generate approximately 300 direct and indirect jobs during the operational phase

• £10 – 13 million per annum in salaries and wages during the operational phase

Hemerdon Project Access to world-class infrastructure in a mining friendly area

12

Existing china clay operations

Hemerdon approved planning

permission limits

Hemerdon approved pit

rim limit

Hemerdon Mineral Resources and Ore Reserves4

13

Notes: 1. Mineral Resources are inclusive of Ore Reserves. 2. Mineral Resources reported at a cut-off grade of 0.063% WO3. 3. Refer to the Competent Person’s Statement at the end of this presentation. 4. Mineral Resources and Ore Reserves per ASX/AIM announcement 25 March 2015 (JORC 2012).

ORE RESERVES TONNAGE (Mt) WO3 GRADE (%) Sn GRADE (%) Proved 27.9 0.19 0.03

Probable 7.8 0.15 0.02

Total: Proved & Probable 35.7 0.18 0.03

35.7Mt reserves depleted during mine life,

58.6Mt in Measured & Indicated resources offers significant upside potential.

MINERAL RESOURCES TONNAGE (Mt) WO3 GRADE (%) Sn GRADE (%)

Measured 39.9 0.18 0.02

Indicated 18.7 0.16 0.02

Subtotal: Measured + Indicated 58.6 0.17 0.02

Inferred 86.6 0.14 0.02

Total: Measured + Indicated +

Inferred 145.2 0.15 0.02

• Open pit mining, 10 year mine life1.

• Pit 800m long x 400m wide x 260m deep.

• Low life of mine strip ratio.

• 3Mt of ore mined per annum1.

• Open at depth and along strike.

Mine Design Open pit mine, low strip ratio, extension potential

1 Assumes extension of current planning permissions beyond 2021 and 5.5 days per week operation

14

Drilling indicates mineralisation is open at depth to +400m below surface, ~140m below final pit bottom.

Hemerdon Ore Body Cross-Section

Grade Control drilling Excellent Correlation to resource model

16

• Grade control drilling 88% complete.

• 20,000m drilled to date.

• Excellent correlation with resource model.

• Additional data collected has significantly increased resolution of orebody.

• Proven technology.

• Gravity circuit using DMS, tables, spirals.

• Initial fines removal and DMS upgrades headgrade from 0.19% WO3 to ~1% WO3.

• Throughput of 3 Mtpa – Tungsten recovery ~66%.

• Production: – ~3,450 tpa WO3 in concentrate1. – ~460 tpa tin in concentrate1.

• Product shipped by container ~100 tonnes per week1.

Processing Simple gravity circuit using proven technology

18

PRIMARY &

SECONDARY

SCRUBBING &

SCREENING

DENSE MEDIA

SEPARATION

REGRIND MILL

REDUCTION KILN

MAGENETIC

SEPARATORS

ROM BIN

TUNGSTEN

CONCENTRATE

TERTIARY

CRUSHING

SPIRAL

CONCENTRATORS

SHAKING TABLES

SHAKING TABLES

TIN

CONCENTRATE1 Assumes 5.5 days per week operation

On Site Laboratory – SGS Rapid turnaround of grade control and process plant samples

19

• SGS Laboratory equipment now arriving daily with shift chemist and technicians onsite to oversee the installation.

• Sample numbers to ramp-up once plant commissioning starts in June; laboratory testing from May.

• Samples to include both plant samples and grade control samples.

Mine Life

• Additional mine life potential through: – Steepening walls, mining deeper - – Known extensions to the south. – Ore body is open at depth - underground potential.

Processing

• Increased production through: – Improved WO₃ recoveries – currently 66%. – Greater plant availability – 6 month trial of 24/7 operation approved, March 2015.

– Sale of aggregate.

Financial

• Processing upside opportunities may result in increased production with no additional Capex.

Opportunities – Being Realised

20

DFS Ore Reserve increased by 34%, March 2015.

Note: Subject to confirmatory studies and extension of planning permission where appropriate

21

Community & Social Responsibility

Environmental Extensive monitoring, mitigation and reporting

22

Certified ISO 14001 Environmental Management System – “Pending Certificate”.

Ecological mitigations for construction phase – 90% complete.

Tree planting of 30,000 seedlings – 100% complete.

Devon stone walling – 100% complete.

Isolation of Biodiversity Enhancement Zones – 100% complete.

Protected Species replacement roosts – 100% complete.

Extensive monitoring and reporting in accordance with regulator approved plans:

• Ground and Surface Water

• Noise

• Dust

• Ecology

• Vibration

EXTENSIVE MONITORING, MITIGATED IMPACTS, TRANSPARENT REPORTING

• £75 million Engineering Procurement & Construction (EPC) contract.

• Globally experienced firm in EPC project execution.

• Solid reputation for on time, on budget delivery.

• Commissioning and performance guarantees included.

• Completion scheduled for 3rd quarter 2015.

EPC contract to GR Engineering Fixed term, fixed price EPC with globally experienced firm

23

• 80% of tungsten concentrate off-take with GTP & Wolfram Bergbau und Hutten.

• Five year delivery schedule.

• Partial guarantee for senior debt, along with German Government under UFK scheme.

• Tin marketing agreement with Traxys.

Strategic Off-taker Support Fixed term, fixed volume, floating price

Wolfram Bergbau und Hutten (Sandvik)

24

Global Tungsten & Powders (Plansee)

Low cost producer, excellent margins4 Funded through construction and into positive cash flow

COST (AISC) US$/mtu

Mining cost 64

Processing cost 53

Site administration cost 12

Tin Credits 1 (20)

Royalties 15

Rehabilitation 4

All In Sustaining Costs (“AISC”) 3 128

Add: Debt service costs 42

AISC + Debt Service 170

• Project fully funded through to earnings.

• Capital cost £123M 2.

• £75 million of senior debt including £5 million project bond facility, 5.5 year repayment term.

• Drawdown commenced in September 2014.

• Fixed price/term EPC contract.

• First production 3rd quarter 2015.

• Strong earnings potential.

25

1. Based on spot tin price US$20,000/t

2. See ASX Release 19 March 2014 for detailed breakdown

3. AISC: On site mining, waste stripping & processing costs + site general and administration costs + royalties + community and permitting costs + 3rd party refining and transport costs + by-product credits + corporate costs + rehabilitation costs + exploration costs and sustaining capital costs

4. Assumes 5.5 days per week operation

Live photos and streaming video @

26

http://www.wolfminerals.com.au/irm/content/live-streaming-video.aspx?RID=326

FULLY FUNDED, FULLY PERMITTED, ADVANCED CONSTRUCTION*

Demolition of pre-existing plant complete.

Haul road complete.

Top soil removal complete.

Concrete complete.

Equipment delivery 100% complete.

Structural steel erection 100% complete.

Mine Waste Facility progressing well.

HV power connected.

* As at end of April 2015 (from internal reporting)

Production Forecast for Q3 2015

27

2014 Design Earthworks Construction Dry Commissioning Wet Commissioning Ore processing Offtake

H1 2015 H2 2015 Hemerdon Project Timeline

28

Peer Comparison Wolf is the only major tungsten listed company with a funding solution in place and

construction underway

Company Market Cap A$m

Ore Reserves

Comment Tonnes (M)

Grade % WO3

Wolf Minerals 287 35.7 0.18 Commissioning Hemerdon

Carbine Tungsten 44.7 Resources only, treating tailings

Almonty 30.7 3.9 0.28 Producer –Los Santos, Spain

Ormonde 23.4 8.7 0.3 Seeking funding solution

King Island Scheelite 27.4 Resources only

Woulfe Mining 20.0 13.3 0.43 Seeking funding solution

W Resources 17.1 Resources only

Northcliffe 14.8 334.4 0.07 Undertaking studies

Vital Metals 11.6 21.3 0.15 Seeking funding solution

North American Tungsten 8.7 12.6 1.13 Mining Cantung, Canada

Tungsten Mining 8.5 Resources only

12 May 2015: Ore reserves from company web sites, Market Cap from Bloomberg, 1 CAD= 1.04 AUD, 1 GBP= 1.96 AUD

• First new metal mine in England for over 40 years.

• Globally significant deposit of a strategic metal - Ore Reserve increase 34% March 2015.

• One of the largest western world tungsten mines.

• Experienced management team.

• Fully permitted and funded to positive cashflows.

• Strong local and regional support for project.

• Strong strategic and institutional shareholder base.

• Construction approaching completion – production forecast for Q3 2015.

• Tungsten offtake agreements with two of world’s largest end-users.

• Significant potential to increase production and mine life - 6 month trial of 24/7 operation given the go ahead in March 2015.

• Tungsten price forecast to strengthen1

1. (Argus Tungsten Monthly Outlook - March 2015)

Summary Hemerdon Project

29

Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (“Wolf” or “the Company”) wishes to clarify where production forecasts for its

Hemerdon Tungsten and Tin project released in its presentations are sourced.

On 16th May 2011, Wolf Minerals issued an ASX announcement “Hemerdon Tungsten and Tin Project Definitive Feasibility Study

Results” in which the Minerals Resources and Reserves were stated. In addition the mining method and associated assumptions, and

the concentrator flow sheet, tin and tungsten recoveries and resultant annual production figures for tin and tungsten were also stated.

These continue to form the basis of the production forecasts included in the company’s presentations.

Following the 16th May 2011 announcement, capital and operating costs and the project time line were re-assessed.

On 20th January 2014, Wolf Minerals issued an ASX announcement “Hemerdon Tungsten Project Pre-Construction Update” in which it

updated DFS estimates of the project timetable, the capital costs of the project and the operating costs associated with the project.

These continue to form the basis of the project capital expenditure forecasts and the project timeline that are included in the

company’s presentations.

On 25th March 2015, Wolf Minerals issued an ASX announcement “Wolf Minerals Announces 34% Increase in Ore Reserves at

Hemerdon Tungsten and Tin Project” in which it announced a Mineral Resource Estimate compliant to the JORC code 2012, and an

Ore Reserve which had been revised following a successful geotechnical drilling program which resulted in steeper pit slope design

and increased ore reserves.

Clarification of production and capital cost forecast

assumptions stated in this presentation

30

The Mineral Resource Estimate reported is above a 0.05% W (0.063% WO3) cut-off and is based on work done by Mr Daniel Guibal, who is a Chartered Professional Fellow of The Australasian Institute of Mining and Metallurgy. Mr Guibal is employed by SRK Consulting and takes responsibility for the Mineral Resource Estimate. He has sufficient experience which 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 Person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC, 2012). Mr Guibal consents to the inclusion of the Mineral Resource Estimate based on his information in the form and context in which it appears.

The 2015 Ore Reserve is based on work done by Mr Rick Taylor, who is a Chartered Professional Member of

The Australasian Institute of Mining and Metallurgy. Mr Taylor is a full time employee of Wolf Minerals

Limited, and takes responsibility for the Ore Reserves. He has sufficient experience which 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 Person as defined in the 2012 Edition of the "Australasian Code for reporting of

Exploration Results, Mineral Resources and Ore Reserves" (JORC, 2012). Mr Taylor consents to the inclusion

of the Ore Reserve based on his information in the form and context in which it appears.

Competent Persons Statement

31

Wolf Minerals ASX:WLF|AIM:WLFE

Level 3, 22 Railway Road, Subiaco,

Western Australia 6008 P: +61 8 6364 3776

www.wolfminerals.com.au

FURTHER INFORMATION:

Russell Clark - Managing Director

managingdirector@wolfminerals.com.au

Or

Tim Thompson / Adam Lloyd, Newgate

+44 (0) 207 653 9850 / tim.thompson@newgatecomms.com

James Moses, Mandate Corporate

+61 (0) 420 991 574/ james@mandatecorporate.com.au

Toro Energy Limited Ready for the next upward

uranium price cycle

Uranium:

critical to a

clean energy

future

Melbourne Mining Club 2015

• This presentation has been prepared by Toro. The information contained in this presentation is a professional opinion only and is given in good faith. 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.

• This presentation is not to be construed as legal, financial or tax advice and any recipients of this information (“Recipients”) or prospective investors should contact their own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.

• 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 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. No assurance can be given by Toro that the assumptions reflected in any forward looking statements will prove to be correct and actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients are cautioned to not place undue reliance on such forward-looking statements.

• Toro and its officers, employees, related bodies corporate and agents (“Agents”) make no representation or warranty, express or implied, as to the accuracy, reliability or completeness of information or opinions in this document and do not take responsibility for updating any information, providing Recipients with access to additional 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 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.

Disclaimer

2

3

Toro’s uranium project development and exploration pipeline

(1) Refer to slides 17 & 19 for Resource Table and Competent Persons statement (2) Refer slide 20 for information on Strateco Resources Ltd

(1)

(2)

Toro Energy today

[VALUE]

21.8%

14.4%

4.6%

37.1%

OZ Minerals Mega UraniumThe Sentient Group RealFin Capital PartnersOther

Shareholders

4

Directors

Fiona Harris Independent Chairman

Vanessa Guthrie Managing Director

John Cahill Independent NED

Richard Patricio – Mega NED

Richard Homsany – Mega NED

Michel Marier – Sentient NED

Board and management shareholding – OTM options and performance rights

2% of diluted issued capital

Research Coverage

Realfin Capital Partners

BBY

Dundee

Paradigm

Capital Structure

ASX Code TOE

Ordinary Shares on Issue m 1,903.8

Share Price (27 April 2015) cps 7.6

Undiluted Market Capitalisation

A$m 145

Cash (31 March 2015) A$m 22.8

… has a clear strategy to create the “go to” Australian uranium company

5

-

100

200

300

400

500

600

700

800Market cap A$M

ASX TSX

(1) Source: company websites February 2015 (2) Uranerz and Energy Fuels currently subject to merger

Unlocking the potential of 200-300 Mlb Wiluna Province

Asset base growth

Driving value from Exploration

1

3

2

-100.0%

-50.0%

0.0%

50.0%

100.0%

150.0%

Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15

Shar

e P

rice

Mo

vem

en

t %

Toro Energy vs Peers: Share Price Comparison

AEK

AGS

BKY

BMN

DYL

EME

FSY

LAM

PEN

TOE

URG

URZ

USA

US$/lb

…with standout share market performance

6

Toro outperforming relative to its ASX and TSX peers

Uranium Market Forecasts

Raymond James Market and Price Outlook

7

UxC Market and Price Outlook

Australian uranium…under-explored for 30 years

8

0 200 400 600 800 1000 1200

Australia

Niger

Kazakhstan

Canada

Namibia

US

Russian Federation

Brazil

South Africa

China

Ukraine

Other

Quantity (kt)

Global uranium resources

Australia is open for uranium development and Toro is at the forefront

Nuclear’s role in clean energy widely recognized including amongst long standing

opponents

Free trade deals signed with China, South Korea and Japan confirms Australia’s

commitment to bi-lateral relationships with traditional and emerging nuclear powers

India – Australia Nuclear Civil Cooperation Agreement signed

Toro Managing Director appointed to the India – Australia CEO Forum (Chaired by Rio

Tinto’s Sam Walsh) to advise respective Prime Minister’s office

India – Australia Free Trade Agreement expected 2015

US – China agreement on greenhouse gas omission targets, including China commitment

to energy sourced from zero carbon emitting sources

South Australian Government announce Royal Commission into the downstream

participation in the nuclear fuel cycle applauded

There are few choices for investors seeking Australian uranium projects

9

The Wiluna Uranium Project

10

Highlights

The Wiluna Uranium Project is the most

advanced Australian uranium

development stage asset

Seeking $315M in construction

finance

2Mlb/a U3O8 production for a

minimum of 15 years

Positioned close to growing nuclear

markets

$23M cash on hand at 31 March 2015

Current market capitalization

approximately $150M

Further development and exploration

stage assets in the portfolio

11

Refer ASX release 20 November 2013 for additional and qualifying information on the resource that underpins the production target and ASX release 30 January 2014 that provides the material assumptions on which the production target is based.

12

Wiluna Key Project Attributes • Resource

– 76.5Mlb @ 479 ppm including 42.2Mlb @

898ppm(1)

– 6 calcrete associated deposits

– Over 80% of global resource in Measured or

Indicated category

– 98% of current mine plan sourced from Measured or Indicated Resources

• Mining

– Shallow free dig mining

– No drill and blast required

• Approvals

– Environmental approvals in place for mining at

Centipede and Lake Way including a

processing facility

– PER being prepared for Millipede and Lake

Maitland

• Plant

– Alkaline leach with direct precipitation

– 1.3M tpa capacity

– A$315M capital cost estimate

• First class jurisdiction

– One hour commercial flight from Perth

– Historic mining region

– Mining services

– Water available

– Gas supply

• Production(2)

– 2Mlb/a for ~15 years

– Higher grade mill feed for over 10 years –

880ppm+

– Resource base to extend mine life through

20 years

(1) Refer to slides 17 & 19 for Resource Table and Competent Persons statement (2) Refer ASX release 20 November 2013 for additional and qualifying information on the resource that underpins the production target and ASX release 30 January 2014 that provides the material assumptions on which the production target is based.

Wiluna Project – Development Status Resource acquisition and definition

Centipede and Lake Way government environmental

approvals

Mine Integration Scoping Studies

Trial mining

Metallurgical test work and Pilot Plant

Processing Plant definitive feasibility study design and

costs

Key outstanding tasks

Traditional owner agreements – 2015

Millipede and Lake Maitland government environmental

approvals - 2016

Final feasibility study and Mining Proposal - 2016

Project Financing & Offtake

Wiluna - ready for the uranium price rise! 13

Why Wiluna? …pathway to production

0

20

40

60

80

100

120

140

160

180

Omahola Matoush Manyingee Carely Bore VariousAthabasca

Etango Norasa Salamanca Reno Creek MulgaRocks

DeweyBurdock

Temrezli Kintyre Wiluna Lance

Exploration stage Scoping / PEA / Feasibility…Permitted In construction

Pro

ject

Res

ou

rces

– M

lbs

14

Toro’s value proposition

A clear vision to create value in the uranium industry

Our belief in the uranium market and in the need to continue to advance the approved Wiluna

Uranium Project despite slow market pressure

A first class jurisdiction…

…On the doorstep of the fastest growing world economies in China and India…

…Where Toro has strong corporate and political connections

Australia’s increasing competitiveness with a lowering Australian dollar

The Wiluna Uranium Project status at the front of the Australian project development queue

15

Vanessa Guthrie Managing Director

Toro Energy Limited L3 33 Richardson St WEST PERTH WA 6005 Telephone: +61 8 9214 2100 Email: info@toroenergy.com.au Website: www.toroenergy.com.au

Thank You

16

The Wiluna Uranium Project - Resources

17

The Wiluna Uranium Project - JORC 2012

Measured Indicated

Total Measured or Indicated

Inferred Total

Deposit Measure 200 ppm 500 ppm 200 ppm 500 ppm 200 ppm 500 ppm 200 ppm 500 ppm 200 ppm 500 ppm

Centipede

Mt's 2.9 1.2 7.5 3.1 10.4 4.3 - - 10.4 4.3

Grade ppm 551 872 572 943 566 923 - - 566 923

Mlb's U3O8 3.5 2.3 9.5 6.5 13.0 8.8 - - 13.0 8.8

Lake Way

Mt's - - 10.3 4.2 10.3 4.2 - - 10.3 4.2

Grade ppm - - 545 883 545 883 - - 545 883

Mlb's U3O8 - - 12.3 8.2 12.3 8.2 - - 12.3 8.2

Millipede

Mt's - - 4.5 1.6 4.5 1.6 1.9 0.4 6.4 1.9

Grade ppm - - 530 956 530 956 382 887 486 943

Mlb's U3O8 - - 5.3 3.3 5.3 3.3 1.6 0.7 6.9 4.0

Lake Maitland

Mt's - - 19.9 7.5 19.9 7.5 - - 19.9 7.5

Grade ppm - - 555 956 555 956 - - 555 956

Mlb's U3O8 - - 24.3 15.7 24.3 15.7 - - 24.3 15.7

Sub-total

Mt's 2.9 1.2 42.2 16.3 45.1 17.6 1.9 0.4 47.0 17.9

Grade ppm 551 872 553 935 553 930 382 887 546 930

Mlb's U3O8 3.5 2.3 51.4 33.7 55.0 36.0 1.6 0.7 56.6 36.7

Dawson Hinkler

Mt's - - 8.4 0.9 8.4 0.9 5.2 0.3 13.6 1.1

Grade ppm - - 336 596 336 596 282 628 315 603

Mlb's U3O8 - - 6.2 1.1 6.2 1.1 3.2 0.4 9.4 1.5

Nowthanna

Mt's - - - - - - 11.9 2.3 11.9 2.3

Grade ppm - - - - - - 399 794 399 794

Mlb's U3O8 - - - - - - 10.5 4.0 10.5 4.0

Total Regional Resource

Mt's 2.9 1.2 50.6 17.2 53.5 18.4 19.0 2.9 72.5 21.3

Grade ppm 551 872 517 918 519 915 365 791 479 898

Mlb's U3O8 3.5 2.3 57.7 34.8 61.2 37.1 15.3 5.1 76.5 42.2

(1) Tonnes and pounds are quoted to one decimal place which may cause rounding errors when tabulating (2) All resources are reported in accordance with the 2012 edition of the JORC code. Refer competent persons statements at slide 29 of this presentation and ASX

releases dated 8 October 2013 and 19 November 2013

Theseus Project - Resources

18

(1) GT is a calculation of the average grade of the mineralised interval multiplied by the width (thickness) of the interval (2) Tonnes and pounds are quoted to one decimal place which may cause rounding errors when tabulating (3) All resources are reported in accordance with the 2004 edition of the JORC code. Refer competent persons statements at slide 29 of this presentation

Inferred Mineral Resource

ppm ppm.m

Tonnes (M)

Grade ppm Mlbs

Grade cut-off 200 6.3 493 6.9

GT cut-off 1,000 6.1 491 6.6

This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that this information has not materially changed since it was reported.

Competent Persons Statements

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Wiluna Uranium Project 2012 JORC code compliant resource estimates

The information presented here that relates to Mineral Resources of the Centipede, Millipede, Lake Way, Lake Maitland, Dawson Hinkler and Nowthanna deposits is based on information compiled by Dr Greg Shirtliff of Toro Energy Limited (with the aid of Mega Uranium Limited geologists Mr Stewart Parker and Mr Robin Cox in the case of Lake Maitland) and Mr Robin Simpson and Mr Daniel Guibal of SRK Consulting (Australasia) Pty Ltd. Mr Guibal takes overall responsibility for the Resource Estimate, and Dr Shirtliff takes responsibility for the integrity of the data supplied for the estimation. Dr Shirtliff is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM), Mr Guibal is a Fellow of the AusIMM and Mr Simpson is a Member of the Australian Institute of Geoscientists (AIG) and they have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)’. The Competent Persons consent to the inclusion in this release of the matters based on the information in the form and context in which it appears.

Theseus Prospect 2004 JORC code compliant resource estimate

The information presented here that relates to the Mineral Resources of the Theseus Prospect is based on information compiled by Dr David Rawlings, formerly of Toro Energy Limited and Mr Michael Andrew of Optiro. Mr Andrew takes overall responsibility for the Resource Estimate and Dr Rawlings takes responsibility for the integrity of the data supplied for the estimation. Dr Rawlings and Mr Andrews are Members of the Australasian Institute of Mining and Metallurgy (AusIMM) and they have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Competent Person consents to the information presented here relating to Mineral Resources as well as to the form and context in which it appears.

Strateco Resources Ltd

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Strateco Resources Ltd (“Strateco”) is a TSX-listed uranium exploration company with assets in Quebec, Canada. Its main property is the Matoush Project. Strateco’s NI43-101 compliant resource estimate published on 15 February 2012 states a total Resource of 2.5Mt at 0.49% for 27Mlbs U3O8, comprising Indicated Resource of 0.4Mt at 0.78% for 7.8Mlbs U3O8

and Inferred Resource of 2.0Mt @ 0.43% for 19.2Mlbs U3O8 all calculated at a cut-off of 0.1% U3O8. Further information can be found at www.stratecoinc.com