Hong Kong

24 March 2011

Helmsec’s Annual Mining Forum

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This 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. 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 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 statements.

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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Investment Proposition

Toro Energy Ltd is a uranium focused Australian resources company.

Principal assets include:

• 100% of the expanding 31mlb* U3O8 Wiluna Uranium Project, including the Lake Way-Centipede deposits currently under Definitive Feasibility Study;

• 40,000km2 exploration portfolio in uranium friendly jurisdictions, including 100%

of recent uranium discovery “Theseus“ project, Lake Mackay, WA.

With the recent ERMP (EIS) submission for Lake Way-Centipede, Toro remains on track to achieve first uranium production from the Wiluna Uranium Project in 2013.

*See resource statement slide 14.

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The Company and the Uranium Market

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Toro’s Corporate Evolution

• South Australia Greenfield exploration • $18m raised on ASX float • Pro-forma market cap $36m

• 31mlb* U3O8 Wiluna Project & exploration • $36m cash • Current Market Capitalisation ~$116m

*See resource statement slide 14.

Exploration Focus SA Palaeochannel

Exploration Focus WA&NT

Sandstone/ Unconformity/ palaeochannel

Wiluna Project Development ERMP submitted DFS in progress

March 2006 March 2011

Mt Woods Uranium Rights

OZL exploration focus

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Toro Today

Capital Structure Exchanges ASX: TOE Share Price (21 March 2011) A$0.12 Options (unlisted) 21.69m

Shares 964.95m Fully Diluted Market Cap A$116m

Cash (Dec 31 2010) A$36m Debt Nil Enterprise Value A$80m

12 Month High / Low A$0.18 / $0.07

Largest Shareholder – OZ Minerals Ltd 42.5%

The Board

Erica Smyth Non-Executive Chairman

Greg Hall Managing Director

Derek Carter Non-Executive Director

Peter Lester Non-Executive Director

John Nitschke Non-Executive Director

Andrew Coles Non-Executive Director (OZ Minerals)

Management

Greg Hall Managing Director

Todd Alder General Manager – Finance & Corporate

Richard Dossor General Manager – Wiluna Project

Mark McGeough General Manager – Exploration

Simon Mitchell General Manager – Business Development

Richard Yeeles Approvals and Community Director

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Share Price Graph

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Share Price Graph: From 1 September 2009

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Achievements Since Capital Raising

Signs Letter of Intent with Norilsk re acquisition of

Millipede (4-5mlb exploration target)*

Dawson-Hinkler Well Project (6.2mlb JORC Resource) Acquisition

Theseus Discovery – first uranium project at Lake

Mackay

Firestrike Uranium Discovery acquired.

Agreement to acquire tenements, pastoral stations and Houses

in Wiluna District

Resources Test Pit completed

Environmental Scoping

Document Approved

…A$61m raised at $0.15/share 2009Q4

*NOTE: The total potential tonnage and grade is conceptual in nature, and Toro needs to determine whether there has been sufficient exploration to define a Mineral

Resource, and while Toro has confidence in this target statement, it is uncertain if this work will result in the determination of a Mineral Resource. See slide 13 for details.

Wiluna Project ERMP (EIS) Submitted

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Toro Assets

Exploration footprint Northern Territory,

South Australia, Western Australia With key project at

Theseus (Lake Mackay) Exploration JV

Namibia 25% Equity

31mlb* U3O8 @ Wiluna Project

With ERMP (EIS) submitted and under DFS

*See resource statement slide 14.

Mt Woods, SA Uranium Rights OZL Exploration

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Uranium Market: where to now?

Ux U3O8 Spot Price/

LT Price: (18/3/11)

$50.00/ $73.00/lb

Trade Tech Spot/ Mid

T/LT Price : (18/3/11)

$53.00/ $75.00/$70.00

Nations indicating clear

support for nuclear:

Belarus

China

India

France

Poland

Russia

South Africa

South Korea

Sweden

US Subsequent to the tsunami induced nuclear incident in Japan, several key countries have re-affirmed their commitment to nuclear power although

most will review their safety procedures.

*Source: UxC and TradeTech

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The Wiluna Uranium Project

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Wiluna Uranium Project: Overview

• Mining – shallow (generally

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Wiluna Uranium Project: Footprint

…Millipede Project acquisition in process (exploration target

4-5mlb U3O8 )*

…Lake Way JORC Resource 12.6mlb# U3O8

…Centipede JORC Resource 11.8mlb# U3O8

…Firestrike Project (exploration target)

…Dawson-Hinkler Well JORC Resource 6.2mlb# U3O8

…Albion Downs Project (exploration target)

*NOTE: The total potential tonnage and grade is conceptual in nature, and Toro needs to determine whether there has been sufficient exploration to define a Mineral Resource,

and while Toro has confidence in this target statement, it is uncertain if this work will result in the determination of a Mineral Resource. See slide 13 for details.

#See resource statement slide 14.

…Dawson West Extension (exploration target)

New Toro Leases

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Wiluna Uranium Project: Millipede

…Millipede Project acquisition in process

Exploration Target Range*

Tonnes

Mt

Grade

%

Grade

ppm

Contained Uranium

t

Contained

Uranium, Mlb

4-6 0.04-0.06 350-550 1,800-2,300 4 – 5

*NOTE: The total potential tonnage and grade is conceptual in nature, and Toro needs to determine whether there has been sufficient exploration to define a Mineral

Resource, and while Toro has confidence in this target statement, it is uncertain if this work will result in the determination of a Mineral Resource.

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Resource Grade* Contained U3O8#

As at Dec 2010 Category Mt ppm % U3O8 tonnes Mlbs

Centipede, WA Measured 0.3 588 0.059 176 0.4

Indicated 7.7 619 0.062 4,754 10.5

Inferred 1.7 251 0.025 424 0.9

TOTAL 9.7 554 0.055 5,355 11.8

Lake Way, WA Inferred 10.5 543 0.054 5,718 12.6

TOTAL 10.5 543 0.054 5,718 12.6

Dawson-Hinkler, WA Inferred 9.50 293 0.029 2,800 6.2

TOTAL 9.5 293 0.029 2,800 6.2

WILUNA TOTAL 29.71 467 0.05 13,870 30.6

*200ppm cut-off # Refer Competent Persons Statements, Page 33

Wiluna Uranium Project: Resources

Near Term Objectives

o Expansion of Centipede & Lake Way resource & conversion of Lake Way Resource to Indicated

o Redefinition of Dawson-Hinkler Resource with Uniform Conditioning

o Addition of resources from Firestrike, Albion Downs and Millipede

…grade to be reviewed after resource re-definition using Uniform Conditioning

…new geological interpretation, potential resource extension

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• Ore is within hypersaline water table

• Pump control requirements determined

• Geopolymer barrier to limit water ingress

• Gamma logger with GPS to map pit floor

• Vermeer continuous miner demonstrated

• Rapid mining advance on 30cm benches

• Cyclone system to control dust

• Bulk sample taken for pilot plant testing

Wiluna Uranium Project: Trial Mining

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Wiluna Uranium Project: Conceptual Mine Scheduling

Year 1 Year 2 Year 3

Year 4 Year 5 Year 6

Year 7 Year 8 Year 9

Mining

and

Void

Tailings

Storage

Rehab

1 kilometre

Waste

Stockpile

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• Proven by Yeelirrie Pilot Plant in 1980’s

• Toro update lab work in 2007, 2009 & 2011

Wiluna Uranium Project: Process Flow-sheet for Alkaline Tank Leach

• Bulk sample taken from test pit

• Pilot plant test work in March/April 2011

• Processing 1.3 Mtpa

• Average head grade 668ppm U3O8

• Recovery ~86%

• 1000t U3O8 product p.a

• Capital cost ~$260M

• Project life 10-15 years

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• Wiluna Resource Upgrade & Optimisation Study

• Regional Consolidation (Millipede, Dawson-Hinkler, Firestrike, Albion Downs)

• Trial Mining/ Test Pit completed

• Environmental Scoping Document & Environmental Review & Management Plan

• Completion of Pilot Plant Process Testwork In process, due 2011q2

• JORC Resource Update In process, due 2011q2

• Definitive Feasibility Study In process, due 2011q4

• Financing In process, due 2012q1

Wiluna Uranium Project: Milestones

2009 2010 2011 2012 2013

Approvals

Metallurgical Testing / Pilot Plant

Bankable Feasibility Study

Indigenous Consultation

Off-take Agreements/ Financing

Decision to Construct

Design and Construct

Commissioning & Production

…project development decision in 2012

…first production targeted for 2013H2

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Wiluna Uranium Project: UxC Classification, Uranium Suppliers Annual

Primary Producers Planned Producers Junior/ Exploration

AREVA Alliance Resources Ltd A Cap Resource Ltd

ARMZ Aurora Energy Resources African Energy Resources

BHPB (Olympic Dam) Bannerman Resources Ltd Aura Energy Ltd

Cameco Corp Berkeley Resources Ltd Black Range Minerals

Denison Mines Corp CF Industries Inc Canalska Ventures

General Atomics Energy Fuels Inc Cauldron Energy

Kazatomprom Extract Resources Ltd Crosshair Exploration and Mining Corp

Mestena Uranium LLC First Uranium Corp Curnamona Energy Ltd

Navoi MMC Forsys Metals Corp Deep Yellow Ltd

Nufcor Mantra Resources Ltd Energy & Minerals Australia

Paladin Energy Ltd Peninsula Minerals Ltd Energy Metals Ltd

Rio Tinto / ERA Powertech Uranium Corp Forte Energy NL

Uranium Energy Corp [New Entrant] Shiva Uranium Pty Ltd Greenland Minerals and Energy

Uranium One Inc Strathmore Minerals Hathor Exploration Ltd

Toro Energy Ltd Homeland Uranium Inc

Tournigan Energy Ltd Impact Minerals Ltd

UEX Corp Khan Resources Inc

Uranium Resources Inc Laramide Resources Inc

Ur-Energy Marathon Resources Ltd

Uranerz Energy Corp Mega Uranium Ltd

White Canyon Uranium Ltd + more than 60 other junior companies

....Toro Energy

classified as

“Planned Producer”

....scheduled for

2013

2007 - 2010

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• Significant Australian deposit, a Tier 1 supply country

• Supportive State and Federal Governments

• Good infrastructure and mining friendly location

• Mine life recently extended by regional consolidation

• One of the most advanced new uranium projects in Australia

Wiluna Uranium Project: Strengths F

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Exploration

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Australian Exploration Projects

Birrindudu Project (WA) JV with Cameco (TOE 50.01%)

Reynolds Range Project (NT) Redox front target

Lake Mackay (WA)

Theseus Palaeochannel

Uranium Discovery

IOCGU targets (Olympic Dam

style)

Mt Woods Uranium Rights (SA) OZ Minerals conducting >$75m

exploration program

Tenements by State

Granted km2

Application km2

South Australia

5,976 0

Northern Territory

9,261 19,240

Western Australia

5,334 375

Totals 20,571 19,615

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Lake Mackay Project (WA): Theseus

Approximate footprint of Four Mile East/West

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Birrindudu (WA) – Cameco JV (TOE 50.01%)

…Birrindudu, significant alteration zone intersected

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Reynolds Range (NT) – Toro 100%

…Reynolds Range, defined redox front

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Mt Woods (SA): Uranium Rights

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Toro has a uranium rights agreement on OZ Minerals Ltd (OZL) exploration properties adjacent to Prominent Hill mine.

OZL are spending >$70m per annum on exploration in and around Prominent Hill.

OZL mobilised 13 drill to the region/ Prominent Hill project.

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Namibia: Deep Yellow JV (TOE 25%)

.... “Alaskite Alley”

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Looking Ahead

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Toro Strategy

“To become a significant sustainable uranium mining company focusing on developing a top tier exploration and

production profile in the global uranium mining sector generating superior shareholder returns.”

“Significant”

production of greater than 2.2mlb (1,000t) U3O8 pa by 2015

production of greater than 5.5mlb (2,500t) U3O8 pa by 2020

“Sustainable”

a JORC Resource greater than 100mlb (45,000t) U3O8 by 2015

a JORC Resource greater than 220mlb (100,000t) U3O8 by 2020

Toro’s quantitative strategic targets imply organic growth or by acquisition.

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2011 : More Drilling!

Wiluna Regional

Commence Drilling in new areas 4000m

Mt Woods

Plan to drill at Taurus target 1000m

Lake Mackay Project

Theseus Prospect 8000m

IOCGU targets Lake Mackay 1500m

Birrindudu JV

Complete RC Drilling 4000m

Reynolds Range

Complete RC Drilling 2000m

Ngalia Basin

Start Drilling 1000m

Total Drilling Planned >20,000m

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News flow and value add

Lake Mackay Project

Drilling of the Theseus Prospect (6000m)

Drilling of IOCGU targets in southern Lake Mackay (1500m)

Birrindudu JV

Complete RC Drilling (2000m)

Reynolds Range

Complete RC Drilling (2000m)

Ngalia Basin

Start Drilling (1000m)

Wiluna Regional

Commence Drilling in new areas (3000m)

Mt Woods

Plan to drill at Taurus target (1000m)

More drilling! Wiluna Uranium Project – progressing approvals and the DFS

• Pilot plant test work results 2011q2

• JORC Resource update 2011q2

• Definitive feasibility study concluded 2011q4

• Product marketing, project finance, strategic partner/ investor search 2012q1

Exploration initiatives – extensive drilling (>20,000m of follow-up)

• Lake Mackay – drilling the new Theseus uranium discovery 2011q2

• Birrindudu/ Reynolds Range – follow up drilling 2011q3

• Leverage Wiluna Project expertise to assess broader regional opportunities 2011q4

Market fundamentals - long term uranium demand fundamentals remain strong

• Significant construction pipeline - demand drivers

• Delayed new supply/ production issues - supply drivers

• Long term pricing has returned to ~US$70/lb U3O8 supporting new projects For

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Simon Mitchell General Manager – Business Development

Toro Energy Limited Corporate Office 3 Boskenna Avenue NORWOOD South Australia 5067 Telephone: +61 8 8132 5600 Facsimile: +61 8 8362 6655 Email: info@toroenergy.com.au Website: www.toroenergy.com.au

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mailto:info@toroenergy.com.auhttp://www.toroenergy.com.au/

The information in this report that relates to Mineral Resources at Lake Way and Centipede is based on information compiled by Mr Daniel Guibal who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Guibal is a fulltime employee of SRK Consulting and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Guibal consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at Dawson-Hinkler Well is based on information compiled by S. Mann MAusIMM , S. Gatehouse MAIG and A. van der Heyden MAusIMM. Messrs Mann, Gatehouse and van der Heyden have sufficient experience 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 as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Mann is a full-time employee of U3O8 Limited. Messrs Gatehouse and van der Heyden are employees of Hellman & Schofield Pty Ltd. Each of the above named consents to the inclusion of the information in this announcement in the form and context in which it appears.

Information in this report is based on Exploration Results compiled by Mr Mark McGeough who is a Member of the Australasian Institute of Mining and Metallurgy. Mr McGeough is a full-time employee of Toro, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr McGeough consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Information in this report is based on information compiled by Mr Craig Gwatkin who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Gwatkin is a full-time employee of Toro, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gwatkin consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Competent Persons Statements F

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Appendix

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Knowledge, experience and delivery – the right balance

Board of Directors

Greg Hall Managing Director 30+ years resource sector experience, including 21 years uranium (Ranger, Jabiluka & Olympic Dam) and uranium marketing (ERA North America)

Dr Erica Smyth Non-Executive Chairman 30+ years experience in the mineral and petroleum industries

Peter Lester Non-Executive Director Extensive experience in senior operating, development and corporate roles with Newcrest, North, CRA and MIM

Derek Carter Non-Executive Director Geologist with over 30 years experience in corporate management, exploration and mining

John Nitschke Non-Executive Director Mining engineer with 35+ years experience in the resources industry in mining operations and project management

Andrew Coles Non-Executive Director Currently CFO of OZ Minerals Ltd, previously Treasury roles at Esso, Exon Mobile and Zinifex F

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http://www.toroenergy.com.au/_webapp_11988/Greg_Hall_BEng

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Deep experience in uranium operations, exploration & development

Management Team

Greg Hall Managing Director 30+ years resource sector experience, including 21 years uranium (Ranger, Jabiluka & Olympic Dam) and uranium marketing (ERA North America)

Simon Mitchell General Manager, Business Development 20+ years international resource development expertise including 10 years as an exploration/ development geologist

Mark McGeough General Manager, Exploration 25+ years geological & exploration expertise, including uranium

Todd Alder General Manager, Finance & Corporate 16+ years financial management experience within the Mining, Energy and Steel Manufacturing industries

Richard Yeeles Approvals and Community Director -Wiluna Extensive management experience in government/ community relations, ex-BHPB Olympic Dam Expansion

Richard Dossor Project Director – Wiluna Extensive experience in design, procurement construction of development projects F

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http://www.toroenergy.com.au/_webapp_11988/Greg_Hall_BEnghttp://www.toroenergy.com.au/_webapp_51130/Mr_Todd_Alder

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• Commonwealth Government

– Fully supportive

– Environmental and export approval

– Proliferation and security

• State Governments

– Supportive in WA, SA and NT (Toro activity area)

– Environmental and mining approval

– Health, safety and transport

Australian Political Context F

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Wiluna Project: Agitated Tank Leach F

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