Toro Energy (TOE) H2 2024 earnings summary

Executive summary

• Focused on advancing the Wiluna Uranium Project, including updated scoping studies and resource expansions, and progressing pilot plant development for uranium and vanadium extraction.

• Completed significant capital raisings and considered a demerger of non-core assets to focus on uranium.

• Net loss after tax increased to $8.07 million, including $3.61 million in non-cash impairments.

Financial highlights

• Net loss after tax: $8,074,142 (2023: $7,097,590), driven by impairments and increased admin expenses.

• Cash and cash equivalents at year-end: $11.8 million, up from $1.1 million in 2023.

• Total assets: $31.7 million; equity: $30.4 million.

• Raised $4.2 million in September 2023 and $12.3 million in January 2024 through share placements.

• No dividends declared or paid.

Outlook and guidance

• Plans to continue technical, R&D, and financing activities for Wiluna Uranium Project.

• Ongoing exploration and evaluation of tenement portfolio, including Dusty Nickel and Yandal Gold projects.

• No significant events post-reporting period.