Toro Energy Limited

An Emerging Uranium Producer

Market, Projects and Uranium Politics

Sydney Mining Club – April 2008

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.

Disclaimer

Uranium Market Update

Toro Energy Projects and Exploration

Australian Uranium Politics

33

Toro Energy – Sydney Mining Club

From UxC Consulting – Jan 08 Uranium Market Outlook

Historical and Future Uranium Production

Uranium Market Fundamentals Strong

• 439 existing plants – significant upgrades & efficiency improvements

• 34 under construction in 11 countries, 90 under planning, 200 additional proposed

• Eight new nuclear plant applications in USA

• UK, Japan, China, Russia, Scandinavia, Canada, etc planned nuclear expansion

• New potential plants – Turkey, Egypt, etc

• Uranium production issues – optimistic projections on start-ups and expansions

• African & Eastern Europe production push

• Many Australian resources politically constrained

• Spot price varying US$70 to 90 – long term price remains firm at US$95

Uranium Market Fundamentals Strong

• Physical reality – stable long term price at US$95

• Increased long term contracting –quantity and duration

• Spot price – barometer of short term sentiment

• Spot volume declines at higher spot prices

Uranium Market Fundamentals Strong

• Prices being forecast to remain +US$80 per lb out to 2014

• Needed to ensure production replaces the declining secondary supplies

2006 All sources of Uranium(73,289t U3O8)

63%14%

11%

4%8%

Existing minesPlanned minesFSU suppliesHEU feedUSECOther

2015 All sources of Uranium(100,371t U3O8)

57%32%

6%5%

Existing minesPlanned minesFSU suppliesHEU feedUSECOther

Source UxC Consulting – Jan 07 Uranium Market Outlook

Increase in Uranium Supply –Current to 2015

Greenhouse Gas Emissions from Electricity Production

289

176

113

77

236 4280

100 48 10 21 9

1017790

575362

0

200

400

600

800

1000

1200

1400

grams CO2

equivalent

Indirect, from life cycle

Direct emissions fromburning

Source: IAEA 2000

Twin bars indicate range

Coal Gas Hydro Solar PV Wind Nuclear

Nuclear Power Cost Competitive

Depending on location

11

Toro Energy Limited

High Level History

Toro ASX listing March 2006 from Oxiana and Minotaur Exploration uranium assets

Napperby Option Agreement with Deep Yellow, July 2007 [Option based on 13.2mlb U3O8]

Nova Energy merger completed December 2007 [JORC Resources 19.8mlb U3O8]

Capital Structure

494.67m issued shares (incl. 72m escrowed to Mar 08)

10.07m unlisted options

Market Cap. ~A$124m@A$0.25/share (~US$112m)

In under 2 years Toro has evolved from a South Australian focused uranium explorer to now having 20mlb U3O8 JORC resource in 2 potentially economic deposits in the Northern Territory and Western Australia, along with exploration in 3 Australian states and 3 African countries. 1212

Corporate Overview

13

LAKE WAY &CENTIPEDE PROJECT20mlb JORC resource.Scoping studies confirmpotential for productionof ~750t/pa U3O8

(1.6mlb per annum)@ A$28/lb.Pre-feasibility studiesnow underway.

IOCG PROJECTTargeting Olympic-Damstyle mineralisationproximal toProminent Hill, SA.

GUINEAProterozoic sandstonehosted uranium.

NAMIBIATargeting Rossing-stylebedrock mineralisationAnd extensions ofLanger Heinrichpalaeo-valley.

MOROCCOHaute Moulouyamentproject is hard-rocksandstone hostedtarget.

NAPPERBY PROJECT1.5mlb JORC resourceExtensive mineralisedsystem at 3-6m depth. Resource extension underway.

ESPERANCE, GAWLERCRATON &WARRIOR PROJECTSTargeting lignite-bearingpalaeochannels in SA & WA.

Geopolitical Diversity: Focused on exploration and development throughout Australia and AfricaExperienced Board – Founding Directors + Oxiana + ex Nova

Corporate Overview

AMADEUS BASINExploring forPalaeozoic roll-frontssouth of Alice Springs.

14

JORC Inferred Resources

Tonnes (m)

% U3O8 kg/t U3O8 lb/t U3O8 Contained U3O8 (t)

Contained U3O8(mlb)

Lake Way 8.51 0.054 0.54 1.19 4,600 10.12

Centipede 7.00 0.063 0.63 1.38 4,400 9.68

Wiluna Project Total 15.51 0.058 0.58 1.27 9,000 19.80

Napperby 1.9 0.036 0.36 0.79 670 1.47

Total 17.41 0.056 0.56 1.23 9,670 21.27

Corporate Overview

JORC Resource Inventory : Expandable in the short to medium term

Resource Expansion at both Wiluna and Napperby possible in the short-medium term (1-2 years)

Medium Term Potential at Wiluna ~ targeting 12,000t U3O8 – 25mlbsMedium Term Potential at Napperby ~ targeting 6,000t U3O8 – 13mlbs

15

Warrior Project, SA IOCGU

SA Palaeochannel

Centipede –Lake Way

Napperby

Warrior Project , Guinea, Namibia Calcrete, SA IOCGU

SA & WA Palaeochannel, Namibia Alaskite, Morocco Sandstone, WA Meekatharra, NT-WA Palaeozoic

Sandstones

GreenfieldsExploration

AdvancedExploration

Resource Definition &Scoping Studies

Feasibility Studies &Regulatory Approvals

Production

2006Assets on Toro ASX listing

2008Assets post Toro-Nova Merger

Corporate Overview

The Toro Project Pyramid

16

Projects

Napperby Uranium ProjectCurrent 1.5mlb JORC under evaluation and extension

Scoping study to commence 2008

17

Toro has Option to purchase 100% of project at capped price on per lb resource basis from Deep Yellow.

Valuable infrastructure (sealed road from Alice Springs, nearby gas pipeline, rail to Darwin port)

Exploration Agreement with CLC in place

The Northern Territory is politically favourable for uranium mine development and operations

18

Napperby Uranium ProjectFocused on converting

historical resources to JORC standardsCurrently 1.5mlb U3O8 resource under JORC @ 0.04%.

Targeting estimated 13mlb historic mineralisation defined by Uranerz.

Additional drilling and two resource extensions planned this year.

Close to surface (<10m) with strip ratio circa 1:1.

Napperby Uranium ProjectEvaluating most effective drilling methods

Fast track resource expansion – up to 15 people employed

Piling Rig (Auger)

MiniSonic Core Rig

300mm diameter holes

large sample

dry and split

potential bulk sampling

coring unconsolidated sediment at >90% recovery

qualitative data for geological model and mettesting

good drilling rate for long term applications19

20

Napperby Uranium ProjectRecent Drill Program Results Confirm Historical Mineralised Zone

o Consistent mineralised intersections at shallow depth (<10m)

o Bulk of assays in the range 200 to 700ppm (0.02% to 0.07%) U3O8

o Assays averaging ~550ppm (0.06%) U3O8 at 200ppm cut-off

o Individual assays ranging up to 2,070 ppm (0.21%) U3O8

o Mineralised width averaging 1.3m at 3m to 7m depth below surface

o Undertaking QA & QC controls, and awaiting additional assays for release and resource calc –est May 2008

o Second drilling program commencing May 2008

15 staff, consultants and drilling-related contractorsExternal contractors for airborne geophysics & biogeochemistryLocal content includes accommodation (Tilmouth), mining supplies, sampling crew, hire vehicles, transport and construction (Alice Springs)Regular update meetings with Alice Springs Council, Central Land Council and local MembersIndigenous stakeholder interaction

Radiation information sessions at CLCSite anthropological clearanceTraditional Owners site visit during drilling

Information session with local pastoralists

Napperby Uranium ProjectWorking with local stakeholders

21

22

Proposed Plant Location

Data relating to the determination of mineral resources was compiled by Ashley Jones BSc (Hons), MAusIMM and David Princep BSc, MAusIMM, both of whom have more than five years experience in estimation of mineral resources and ore reserves, with David Princep being the competent person under the JORC code in respect to uranium deposits.

Wiluna Uranium ProjectComprising Lake Way & Centipede deposits

Pre-feasibility Study Underway - Completion May / June 2008

Tonnes (m)

kg/tU3O8

ContainedU3O8 (t)

Contained U3O8 (m lb)

Lake Way 8.51 0.54 4,600 10.12

Centipede 7.00 0.63 4,400 9.68

Total 15.51 0.58 9,000 19.8

Inferred Resource Prepared in Accordance with the JORC

Code.

23

Wiluna Uranium ProjectToro continues to move the project forward and is involved in increasing education and community debate around uranium

Project Attributes

Significant JORC Resource potentially expandable to >12,000t U3O8

Close to surface (<10m) with strip ratio circa 1:1

Proximal to extensive infrastructure

sealed road

water borefield

gas pipeline

electricity

Wiluna township and airstrip

historically mined out pits (tailings storage)

Positive Scoping Study in 2006

Multiple mining methods possible

(truck and shovel, continuous miner and dredging)

Environmental baseline and community

consultation already underway

24

Wiluna Uranium ProjectPotential Development Timeline

Key TasksAdditional drilling at both Lake Way and Centipede

JORC Resource update underway

Completion of Pre-feasibility study

Active engagement of local stakeholders

Political consultation, education and engagement – influencing State Government uranium mining policy

Establishment of ‘worlds best practice’ in operations and development proposals

Project consolidation

Early discussions with nuclear

utilities underway

25

Exploration

26

OverviewToro is active in Australia and Africa

27

NamibiaPrime exploration ground in Western Namibia

Paladin Energy: Langer

Heinrich

Bannerman: Goniakontes

28

Northern Territory & Western Australia Regional Exploration

Strong focus on politically favourable jurisdictions and uranium mining experience of the South Australia and Northern Territory

‘corridor’.

29

South Australia: Iron-Oxide Copper GoldIOCGU exploration focused around

Prominent Hill, South Australia

3030

2008 Activity and News Flow

Napperby Project JORC Resource expansion (May 2008 and ~Nov 2008)Napperby Project scoping study (2008 H2)Wiluna Project - JORC Indicated Resource definition and pre-feasibility (May 2008)Warrior Project – Advanced exploration results (June 2008)Namibian exploration results 1H 2008Regional exploration for IOCG targets by Oxiana adjacent to Prominent Hill (drilling 2008)Regional exploration, Lake Mackay and other NT greenfields opportunity (2008)

Key Activity & News FlowNear-term activity on exploration and

development projects

3131

Australian Uranium Politics

3232

Australian Uranium Mines

3333

History

Uranium discovered at Rum Jungle, Radium Hill, Mt Painter, numerous other small depositsEarly mines for radium, UK and US military and nuclear programs – also potential Australian power programWorld uranium price US Govt controlled until late 1960’sAustralian Govt floor price until the late 1980’sLast Australian Govt uranium stockpile sold early 1990’sInitial commercial mines – Mary Kathleen (QLD), Narbelek (NT), Ranger (NT), Olympic Dam (SA), Beverley (SA)1983 Federal Labor Govt Three Mine Policy (Ranger, Narbelek, Olympic Dam)1996 Federal Coalition Govt allows new mines (Beverley)Federal Labor Opposition modification to a “no new mines” policyUp to 2007 – some State Labor Govts voiced need for change

Australian Uranium - Politics

3434

Australian Uranium - Politics

Current Situation

2007 Federal Labor Opposition changes policy to allow new uranium mines to follow approval process – will approve contracts with countries who are signatories to the NPT

Following this, SA and NT Labor Govts change policy and now support uranium mining and new mines – Tas appear to support (uncertain)

Currently WA and QLD have state policies not to allow uranium mines to commence

NSW and Vic have legislation preventing exploration or mining

3535

Nuclear Power not currently being considered by Australian Federal and State Governments

Not an issue for uranium mining as we have a global marketplace, but disappointing

Nuclear Power favoured by other countries for limiting carbon emissions from energy production and for energy security

439 current nuclear plants globally - 34 under construction – represents current U demand290 planned or proposed - Over 100 countries to continue or consider nuclear powerUK, Japan, Finland, Canada – latest countries to advocate expansion of nuclear for energysupply while combating and reducing greenhouse

Japanese Government Statement – “Huge Scope For Nuclear Expansion”METI Cool Earth 50 program for developing energy related technologiesTargeted to halve global greenhouse emissions by 2050Involves 21 technologies with roadmaps for their developmentSubstantial contribution from advanced nuclear power – about five times current levelWould create annual global reduction of 10 billion t CO2 per yearJapan - founding shareholder of Energy Resources of Australia’s Ranger uranium mine,with continuous contracts with Australian uranium suppliers for 28 years

Australian Uranium - Politics

3636

Only two Australian regions currently allow uranium miningFederal Labor now allows new uranium mines to follow due process for Federal approvalSouth Australia and the Northern Territory to be commended for their pro-activeunderstanding of the modern nuclear and uranium industry, and similarly allowing newuranium mines to proceed through approvalsWestern Australian and Queensland policies appear out of date, and not in line with themodern uranium and nuclear businessWA and QLD uranium deposits combined could produce over 9,000t U3O8 per annum– effectively doubling Australia’s current annual uranium output

Japan, UK, Korea, Canada, France, USA, Finland, Sweden, Taiwan, Spain, Germany, China – all are relying on Australian uranium to produce energy while limiting greenhouse emissions – all are effectively being cut out of 50% of Australia’s potential uranium production

If Australia is going to play a key role in global greenhouse and carbon emission politics, it will need to consider the view of these countries on our “confusing mixed bag” of state uranium policies

Australian Uranium - Politics

37

TORO ENERGY LIMITED

ASX CODE : TOE

www.toroenergy.com.au