Toro Energy Limited

An Emerging Uranium Development Group

AMEC National Mining Congress - May 2008

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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.

Disclaimer

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High Level HistoryToro 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 Structure494.67m issued shares

10.07m unlisted options

Market Cap. ~A$172m@A$0.35/share (~US$162m)

Experienced Board & Management

In under 2 years Toro has evolved from a South Australian focused uranium explorer to now having 20mlb U3O8JORC resource in 2 potentially economic deposits in the Northern Territory and Western Australia, along with exploration in 3 Australian states and 3 African countries.

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Corporate Overview

Oxiana: 228m (46%)

Minotaur: 36m (7%)Argonaut

Capital: 20m (4%)

Allarrow: 17m (4%)

Toro minority shareholders:

77m (16%)

Nova minority shareholders:

116m (23%)

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LAKE WAY &CENTIPEDE PROJECT20mlb JORC resource.Adjacent infrastructure.Pre-feasibility study andresource upgradeunderway.

IOCG PROJECTTargeting Olympic-Damstyle mineralisationproximal toProminent Hill, SA.

GUINEAProterozoic sandstonehosted uranium.

NAMIBIATargeting palaeochannelcalcrete style, Rossingstyle bedrock type and possible extensions ofLanger Heinrichpalaeo-valley.

MOROCCOHaute Moulouyamentproject is hard-rocksandstone hostedtarget.

NAPPERBY PROJECT1.5mlb JORC resourceExtensive mineralisedsystem at 3-8m depth. Resource extension underway.

GAWLER CRATON &WARRIOR PROJECTSTargeting palaeochannelsin SA.

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.F

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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

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Napperby Uranium ProjectCurrent 1.5mlb JORC under evaluation and extension

Scoping study to commence 2008

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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 operationsF

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Napperby Uranium Project2008 Drilling focused on converting

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

Targeting estimated 13mlb historic mineralisationdefined by Uranerz.

Additional drilling underway and two resource extensions planned this year.

Close to surface (<8m) with strip ratio circa 1:1.

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Best U3O8 results using a 200ppm cut-off include:

• 5.5m at 907 ppm (0.09%) inc 1.5m at 2063 ppm (0.21%)

• 3.5m at 967 ppm (0.10%)

• 3.0m at 886 ppm (0.09%)

• 1.5m at 1233ppm (0.12%)

• 1.5m at 1225 ppm (0.12%)

Napperby Uranium Project2007 Drilling Results

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SONIC CORE DRILLING - QUALITYF

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Continue resource definition drilling on 50x50m to 100x100m gridEstablish factor of disequilibrium Wide spaced Sonic core with chemical and gamma assay Rapid Aircore or Mud Rotary infill with gamma

Outlining the orebody and regional targetsHydrogeochemistryBiogeochemistryRegional drilling at discrete targets

Economic Scoping StudyInitial leach tests underwayOre types & Deposit characteristicsHydrogeology (water quality, volume, permeability, aquifers)Environmental and community baseline data collectionMining methods (open cut/in situ leach/dredging/leach pads?)Mineral processing routes (alkali /acid leach/standard/RIP?)

Community updates, visits and first employment

Napperby Uranium ProjectTaking the project forward

Work Program for 2008

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Proposed Plant Location

Wiluna Uranium Project - WAComprising Lake Way & Centipede deposits

Pre-feasibility Study Underway - Completion June 2008Technically very applicable to Napperby

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.

Continuous miner trial

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Exploration OverviewToro is active in Australia and Africa

Priorities

- Namibia

- NT regional

- SA IOCG and Palaeochannel

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Exploration NamibiaDrill program under planning and imminent start

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2008 Activity and News Flow

Napperby Project JORC Resource expansion (June 2008 and Nov 2008)Napperby Project scoping study (2008 H2)Wiluna Project - JORC Resource update and pre-feasibility (June - July 2008)Warrior Project – Advanced exploration results (June 2008)Namibian exploration commencement 1H 2008NT regional exploration 2008SA Regional exploration for IOCG targets by Oxiana (drilling 2008)Regional exploration, Lake Mackay, greenfields opportunity in WA (2008)

Key Activity & News FlowNear-term activity on exploration and

development projects

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Uranium Market Fundamentals Strong

• Long term contracting has been the dominant force in sales – LT price US$90 per lb U3O8

• Spot price being forecast to remain +/- US$80 per lb average out to 2013Source: UxC Market Outlook Report

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Australian Political & Regulatory Landscape

Federal Government State Governments

• EPBC Act• Export Approvals

• Mine Approvals• EnvironmentalF

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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 similarly allow new uranium mines to proceed through approvalsWestern Australian and Queensland policies appear out of date, and not recognising themodern uranium and nuclear business practiceWA 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 rely 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

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TORO ENERGY LIMITED

ASX CODE : TOE

www.toroenergy.com.auFor

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