Announcement • Nov 21

Toro Energy Limited Announces Gold Intersected At Dusty Nickel Project

Toro Energy Limited announced that geochemical assays have confirmed that gold (Au) mineralisation was intersected in diamond drill hole TED25, 80m north of the massive nickel sulphides intersected in TED04 at the Dusty nickel sulphide discovery. The intersection of 4m at 1.4g/t Au from 188m downhole highlights the prospectivity of the Dusty Target Area for gold and base metals, adding to the anomalism intersected in a number of the exploration drill holes in the area, in particular the gold anomalism proximal to the Dusty nickel sulphide discovery zone. TED25 was drilled as part of the Company's 100% owned Dusty Nickel and Yandal Gold Projects (Figure 1). The Dusty Nickel and Yandal Gold Projects are located on the same exploration ground within the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit and only 15km NE of the world class Bronzewing Gold Mine. Diamond drill hole TED25 was drilled to test for northern extension of the Dusty nickel discovery, being drilled some 40m north of what are now known as the Dusty discovery holes of TERC13 (a reverse circulation drill hole) and TED03 and 80m north of the first definitive massive nickel sulphides intersected at the Dusty discovery within TED04. The intersection consisted of 4m at 1.4g/t Au from 188m downhole and included 2m at 2.2g/t from 188m downhole. The gold is hosted within a 5m thick (downhole) chlorite altered shear zone incorporating footwall metasediments directly between the overlying Dusty komatiite and underlying granite. Although not the focus of this ASX announcement, the overlying Dusty komatiite was found to be approximately 58.6m thick (downhole) in TED25 and geochemical indicators suggest it hosts 13.5m of continuous disseminated nickel sulphides at its base grading 0.43% Ni on average from 174m downhole. The gold intersection in TED25 confirms the prospectivity of the Dusty area for gold, with gold anomalism also intersected in drill holes TERC13, TED03, TED23, TED24, TED04, and TED06 (in order of north to south from TED25), all within the Dusty nickel discovery zone. In TERC13, the gold anomaly occurs throughout the footwall metasediments starting from 181m downhole depth, and extends into the underlying granitoid. It includes intervals of 2m at 0.57g/t gold from 182m and 5m at 0.49g/t gold from 187m downhole, the latter including 1m at 1.3g/t gold from 188m downhole. In TED03, which twins TERC13 from above, 0.84g/t Au was intercepted in the footwall metasediments from 182m downhole. In TED23, approximately 15m to the SE of TED03, 1.1m at 1.17g/t Au was intercepted in a sheared section of the footwall metasediments from 186.5m downhole. In TED24, approximately 25m SE of TED23, 0.6m at 0.67g/t Au was intersected in a sheared contact between the Dusty komatiite and footwall metasediments from 194.4m downhole. In TED04, 3.55m grading 0.14g/t Au was intersected in the granite at the granite-footwall metasediment contact. In TED006, drilled beneath TED04, 3m at 0.27g/t Au was intersected in the footwall metasediments from 210m downhole, but the gold anomalism extends well into the basement granitoid, within altered quartz veins some 25m below the metasedimentary contact, with 1.5m grading 0.2g/t Au from 244.5m downhole. Another 40m to the SE, a vein within the basemen granitoid was intersected in TED08 with high concentrations of some of the gold pathfinders, notably 0.35 grading 1,890g/t Bi and 450g/t Mo from 266.5m downhole. Gold pathfinders, inclusive of base metal concentrations, have also been intersected elsewhere in the footwall metasediments along strike of the Dusty komatiite whilst drill testing for nickel sulphides. In the footwall metasediments beneath the semi-massive nickel sulphides intersected in TED14 for example, a 9.85m thick (downhole) breccia zone was intersected from 333.35m downhole consisting of angular clasts of the silicified footwall with quartz carbonate infill and sulphides. The sulphides were particularly concentrated near the top and bottom of the breccia zone where base metal mineralisation and anomalous pathfinder geochemistry was also concentrated, which geochemical assays show included: 1.15m at 1.0% copper, 0.12% zinc, 0.062% lead, 0.09g/t gold, 20g/t silver, 188g/t bismuth with anomalous lead, cadmium, molybdenum and tellurium from 335.3m downhole; and 2.2.m at 0.062% copper, 80g/t bismuth and anomalous lead, silver and molybdenum and potassium from 341m downhole. The bismuth anomalism in TED14 was extensive, stretching beyond the breccia zone to veining at the underlying contact with the granitoid and grading 38.6g/t Bi over 12.15m from 333.2m downhole. Structural measurements suggest the breccia in TED14 has a similar orientation to lithological layering and layer parallel shearing in the area, striking N-NW and dipping relatively steeply to the E-NE. There is currently no evidence to suggest any `link' to the nickel mineralisation in the stratigraphically overlying komatiite. Gold anomalism is also prevalent in adjacent target areas, Christmas and November Rain, approximately 700m to the east of TERC13. There, a low level but extensive top of basement gold anomaly found in aircore drilling, trending approximately parallel to the N-NNW oriented layering/shearing in the host geology, stretches over 1km and is open to the south. TERC06, drilled beneath this anomaly's northerly extent, intersected a 52m thick (downhole) zone of anomalous gold from 151m downhole (refer to ASX announcement of 10 February 2020), which included three zones averaging above 0.1g/t gold: 5m from 151m, 5m from 184m and 3m from 201m downhole. The significant structure containing base metals and gold pathfinders in the footwall at Dusty 2, along with the considerable gold anomalism in the surrounding area shows that the Dusty and surrounding target areas are highly prospective for gold mineralisation. It also shows that when targeting the nickel sulphides at the base of the Dusty komatiite, Toro is always also testing for gold. The gold and the significant structures containing base metals and gold pathfinders intersected beneath the Dusty komatiite shows that the Dusty and surrounding target areas are highly prospective for gold mineralisation. Toro will take this into account when assessing and sampling all drilling targeting nickel sulphides in the area.

Interest coverage ratio	n/a
Cash	AU$2.81m
Equity	AU$17.32m
Total liabilities	AU$946.70k
Total assets	AU$18.26m

Data	Last Updated (UTC time)
Company Analysis	2026/05/14 23:49
End of Day Share Price	2026/05/14 00:00
Earnings	2025/12/31
Annual Earnings	2025/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Andrew Scott	CGS International
Sheldon Modeland	Edison Investment Research
Tom Sartor	Morgans Financial Limited

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