Annual technical report for period 5 January 2013 to 31 October 2014 EL 28752 McArthur Project

Abstract

A downturn in the uranium market forced Toro into immediately putting on hold any of the planned exploration drilling for 2014 on the Benmara Project and re-assessing its company operating strategy and commodity focus. In 2013 and 2014 Toro undertook a detailed prospectivity analysis to identify targets, both uranium and non-uranium. Non-uranium targets were then used to interest potential JV partners, however no JV interest was generated on the Benmara ground. Uranium targets were then assessed and prioritised relative to all other uranium targets on Toro held ground within the Northern Territory and Western Australia. Using this assessment, Toro then identified exploration ground with no or only low ranked priority uranium targets to be surrendered. By mid 2014 these decisions had been made and EL 28054 and EL 28840 were surrendered from the Benmara Project tenure. The only tenement remaining within the Benmara group is EL 28752