As per the terms of the agreement, Toro will issue 415-million fully paid ordinary shares to the seller, representing a 28% holding in the company.
Toro managing director Vanessa Guthrie said, "Today’s shareholder approval provides the foundation for Toro to significantly increase the operational life of Wiluna to a minimum 20 years, subject to further approvals."
Current strategic partners in Lake Maitland, including JAURD International Lake Maitland Project (JAURD) and Itochu Minerals & Energy of Australia (IMEA), can acquire a 35% stake in Lake Maitland for $39m, which can be exercised at any time up to a decision to mine on Lake Maitland.
Toro Energy believes that the acquisition will expand Wiluna project’s Joint Ore Reserves Committee-compliant resource (JORC) base by around 42% to 74 million pounds of uranium oxide from 54 million pounds.
The Lake Maitland uranium mine is located in Eastern Goldfields, nearly 95km north-east of Leinster and 105km south-east of Wiluna.
