Final surrender report for period 30 March 2012 to 3 December 2015 GR311 Wiso Project

Abstract

Between the 9th of May 2014 and the 20th of May 2015 Areva drilled 23 vertical mud rotary holes for a total of 2,619.5m within EL 27138 and EL 27123. Holes were geophysically probed at completion and no significant results were recorded. At the end of the drilling it was concluded that due to lack of favourable sedimentary formations and anomalous results that no further work was warranted. As such Toro has elected to surrender EL 27123 and EL 29395. Toro believes the ground has been adequately tested via geophysical surveys and follow up drilling programs and the combined expertise of Areva and Toro's in house technical staff have demonstrated that further exploration is unlikely to result in the discovery of economic uranium mineralisation.