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Toro Energy Limited (TOE) Initiating Coverage

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Toro Energy Limited (TOE) Initiating Coverage Toro Energy Limited (TOE) Initiating coverage November 2012 WHO IS IIR? Independent Investment Research Pty Ltd, “IIR” is an independent investment research house in Australia. IIR specialises in the analysis of industry trends, and high quality commissioned research. IIR was established in 2004 under Aegis Equities Holdings to provide investment research to a select group of customers. Since March 2010, IIR has operated independently from Aegis by former Aegis staff to provide customers and subscribers unparalleled research website, that covers listed and unlisted managed investments, resource companies, ETFs, property, structured products, and IPO’s. DISCLAIMER This publication has been prepared by Independent Investment Research Holdings Pty Limited trading as Independent Investment Research (“IIR”) (ACN 155 226 074), an Australian Financial Services Licensee (AFSL no. 420170). IIR has been commissioned to prepare this independent research report (the “Report”) and will receive fees for its preparation. Each company specified in the Report (the “Participants”) has provided IIR with information about its current activities. While the information contained in this publication has been prepared with all reasonable care from sources that IIR believes are reliable, no responsibility or liability is accepted by IIR for any errors, omissions or misstatements however caused. In the event that updated or additional information is issued by the “Participants”, subsequent to this publication, IIR is under no obligation to provide further research unless commissioned to do so. Any opinions, forecasts or recommendations reflects the judgment and assumptions of IIR as at the date of publication and may change without notice. 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IIR and the Participant, their directors and associates declare that from time to time they may hold interests in and/or earn brokerage, fees or other benefits from the securities mentioned in this publication. IIR, its officers, employees and its related bodies corporate have not and will not receive, whether directly or indirectly, any commission, fee, benefit or advantage, whether pecuniary or otherwise in connection with making any statements and/or recommendation (if any), contained in this Report. IIR discloses that from time to time it or its officers, employees and related bodies corporate may have an interest in the securities, directly or indirectly, which are the subject of these statements and/or recommendations (if any) and may buy or sell securities in the companies mentioned in this publication; may affect transactions which may not be consistent with the statements and/or recommendations (if any) in this publication; may have directorships in the companies mentioned in this publication; and/or may perform paid services for the companies that are the subject of such statements and/or recommendations (if any). However, under no circumstances has IIR been influenced, either directly or indirectly, in making any statements and/or recommendations (if any) contained in this Report. The information contained in this publication must be read in conjunction with the Legal Notice that can be located at http:// www.independentresearch.com.au/Public/Disclaimer.aspx. For more information regarding our services please refer to our website www.independentresearch.com.au. Independent Investment Research Toro Energy Limited (TOE) Contents Key Points ............................................................................................... 1 SWOT Analysis ........................................................................................ 3 Overview ................................................................................................. 4 Financial Position .................................................................................... 4 Strategy ................................................................................................... 4 Projects ................................................................................................... 5 Exploration Projects ................................................................................ 8 Uranium Market .................................................................................... 10 Uranium Demand ...................................................................................11 Peer Comparison ................................................................................... 13 Corporate Activity ................................................................................. 13 Risks ..................................................................................................... 14 Valuation of TOE .................................................................................... 14 Investment Case .................................................................................. 15 Recent Corporate Activities .................................................................. 15 Capital Structure ................................................................................... 16 Recent Events ....................................................................................... 16 Board and Management ...................................................................... 17 Independent Investment Research Toro Energy Limited (TOE) Initiating coverage Investment Profile Share price ($) as at 2 November WILUNA GAINS APPROVAL 0.13 2012 Toro Energy Limited (TOE) is an ASX-listed uranium development exploration company Valuation ($) 0.144 seeking to make the transition to producer status. TOE’s flagship Wiluna Uranium Project Issued Capital: in Western Australia has a resource base of 54 million lbs. First production is expected Ordinary shares (M) 1,041.9 in 2014/15 with project life of greater than 14 years. TOE also has exploration projects in Options (M) 37.1 Western Australia, Northern Territory and Namibia Africa. Fully Diluted (M) 1,079.1 Market capitalisation ($M) 135.5 KEY POINTS 52-week L/H ($) 0.06/0.14 EPA gains approval for Wiluna Project: After three years of consultation, the Western Australian government has approved the Wiluna Uranium Project. The company can now Board and Management progress with the engineering design and costing phase to complete the Definitive Feasibility Directors Study (DFS). TOE expects to make final investment decision in first half of 2013. Dr Erica Smyth (Non-Exec Chairman) New mineralised areas found at the Theseus Project: TOE has found new mineralised Greg Hall (Managing Director) areas to the south and east of the Theseus Uranium Project in WA. The mineralised area is Derek Carter (Non-Exec Director) 600-700m wide, 2km long and is opened to the south. TOE has an exploration target range Peter Lester (Non-Exec Director) for the Theseus Project of 20Mt to 40Mt @ 400 to 500ppm U3O8 for 22Mlb to 44Mlb of U3O8. The company has advised that a maiden JORC resource is expected to be released in 4Q’12. Andrew Coles (Non-Exec Director) Donald Stephens/ Todd Alder (Company High Grade Uranium Zones at Theseus Project: In 2012, a total of 122 mud rotary holes Secretary) were completed for approximately 16,000m during the months of May and June. The high grade uranium zones include 0.79m @ 1.17% pU3O8 from 124.32m in LM0175. The Theseus Major Shareholders % Project is developing into a major uranium discovery potentially mineable with lost cost in-situ recovery (ISR) technology. OZ Minerals Ltd 39.4 ANZ Nominees 2.3 Global Uranium Market: The Fukushima incident impacted near-term uranium market HSBC Nominees 1.5 sentiments, however uranium prices over the long-term are expected to improve. Uranium demand is supported by 63 new reactors under construction, 18 reactors undergoing Top 20 shareholders own 57.2% of company power capacity upgrades, the looming HEU agreement cessation and anticipation of further Japanese reactors coming back online. While spot uranium prices continues to trade
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