Name of the Project
Lake Maitland uranium/vanadium project.

Location
The project is south-east of Wiluna, in Western Australia.

Project Owner/s
Western Australia-focused uranium developer Toro Energy.

Project Description
Improved results have been reported in an updated scoping study for the proposed standalone project. The project was scoped for investigation as a potential viable alternative to the already proposed greater Wiluna uranium project that previously received state and federal environmental approval.

The scoping study focuses solely on the Lake Maitland uranium resources, which have been estimated to contain 22-million tonnes at 545 parts per million (ppm) of uranium for 25.4-million pounds of uranium at a 200 ppm uranium 
cutoff.

The scoping study update considers the viability of only mining potential uranium ore from Lake Maitland and processing it in a facility on site, adjacent to the mining pit.

The scoping study is based on a base case throughput rate of 1.95-million tonnes a year of uranium and a run-of-mine uranium grade of 519.8 ppm in the first seven years. On average, Lake Maitland will produce 1.3-million pounds a year of uranium and 700 000 lb/y of vanadium over a 17.5-year mine life for total production of 22.8-million pounds of uranium and 11.9-million pounds of vanadium.

The study also proposes a different processing flowsheet, with major changes to the processing plant and reagent volumes, as well as a simpler, more conventional mining method.

The envisaged processing plant will include a beneficiation plant using conventional coarse screens and desliming, pre- and post-leach pressure filtration, alkaline leach, ion exchange (IX), sodium diuranate precipitation, redissolution and uranium peroxide precipitation or yellow cake.

To take advantage of the vanadium inherent in the pregnant leach solution, owing to its being a fundamental part of the uranium ore mineral targeted in the leach, vanadium is proposed to be separated in the IX plant and stripped from the IX resin prior to stripping uranium. This will be conducted before being precipitated as a red cake before final product preparation as a by-product of the operation.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of A$832.8-million and an internal rate of return of 48%, with a payback of 2.1 years.

Capital Expenditure
A$291.1-million.

Planned Start/End Date
Not stated.

Latest Developments
Toro Energy has completed the re-optimisation of the potential mining pit at its Lake Maitland uranium/vanadium project, marking a key step towards the planned 2025 update to its scoping study.

The update was initiated following a revised resource estimate in September 2024, which incorporated a vanadium pentoxide resource into the uranium oxide block model. The pit re-optimisation represents the second phase of work required for the scoping study update, with the next stage focusing on mine scheduling and material movement planning.

The revised scoping study, the first update since the original study in October 2022, integrates updated financial data, adjusted cost assumptions and yearly inflationary increases

Toro is considering multiple pathways for commercialising its wholly owned Wiluna project, of which Lake Maitland is a key deposit. The Wiluna project also includes the Centipede-Millipede and Lake Way deposits, located about 30 km south of Wiluna.

Key Contracts, Suppliers and Consultants
Engineering consultancy SRK Consulting-Australasia (oversee all aspects of the update, including the pit re-optimisation of the scoping study).

Contact Details for Project Information
Toro Energy, tel +61 8 9214 2100 or email info@toroenergy.com.au.