TORO ENERGY LIMITED

A.C.N. 117 127 590 3 Boskenna Avenue, Norwood

South Australia 5067 Ph (08) 8132 5600 Fax (08) 8362 6655

REPORT FOR THE QUARTER ENDING 31 MARCH 2008

Email: info@toroenergy.com.au Website: www.toroenergy.com.au

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SUMMARY &HIGHLIGHTS CORPORATE • Investors in uranium stocks re-enter the market, particularly where developable

resources exist in politically favourable regions.

• Uranium spot price at US$65 per lb in April, however the long term contract price remains buoyant at US$90 per lb.

• Toro investor relations briefings held with overseas investors and shareholders.

• Cash and net receivables of $15.7 million.

• The merging of Nova Energy and Toro Energy accounts were completed.

EXPLORATION - AUSTRALIA • Additional drilling program at Warrior (SA) complete – Part 9B Access Agreement

being progressed for access to southern channel.

• Labyrinth (SA) and Grass Patch (WA) drill results show indications of uranium.

• Review of potential drill targets at Coober Pedy IOCG project (SA).

• Commenced review of exploration priorities.

EXPLORATION - AFRICA • Namibian alpha cup surveys confirm potential palaeochannel targets, with drill

program commencing second quarter.

• Access track upgrade to the Domou project area of Guinea underway.

• Extension received from the Moroccan Government over the Haute Molouya exploration area.

PROJECT DEVELOPMENT • Napperby drill results continue to provide significant grade intersections (up to

0.2%) and increased confidence in the integrity and cohesiveness of mineralisation.

• Data integration for Napperby resource increase underway – planned for late second quarter.

• Lake Way / Centipede (WA) pre-feasibility study progressing – results expected late May.

BUSINESS DEVELOPMENT • Review work continued on existing and potential projects. F

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REVIEW OF OPERATIONS

CORPORATE

With the funds withdrawal from equity markets, and the reduction in interest in uranium stocks in particular, most uranium exploration businesses reduced dramatically in market value, with Toro being no exception. The impact on ASX listed uranium stocks has been greater than those of other countries.

However investors, particularly in North America and Europe, have an increasing understanding that the nuclear power expansion globally provides strong incentive for investment in new uranium mines. During the quarter the United Kingdom and Canada joined other countries in committing to expand and renew their nuclear power generation facilities.

At the same time, uranium production from existing, expanding and new mines is continuing to under-perform optimistic forecasts. Global 2007 uranium production (reported during the quarter), was less than 2006 production. While the short term spot price appears to be moving in a range of US$65 to $90 per lb U3O8, the long term price, which depicts the level at which new term contracts are being set, has remained buoyant at US$90 to 95 per lb for over 12 months. Term contracts are being reported using a hybrid pricing, with a fixed component (related to the long term price) and a spot price component, with floors on the spot component of between US$40 to $60 per lb.

Consequently investors are now re-entering the equity market in uranium stocks, in particular where companies have developable resources in politically favourable regions. Toro Energy provided investor and shareholder briefings in the USA, Canada, London and Europe, with particular interest being expressed in the Company’s Napperby Project in the NT.

Toro’s 46% shareholder Oxiana Ltd announced a merger with Zinifex Ltd. Oxiana continues to support its interest in Toro Energy.

Toro continues to provide information to the Western Australian Office of State Revenue (WAOSR) in regard to its stamp duty liability on the Nova transaction. Our professional advisors assisting Toro have not recommended any change in the stamp duty provision.

At the end of quarter, the Company held cash and net receivables of $15.7 million. The final merging of the Nova Energy and Toro Energy accounts and financials were completed early in the quarter.

EXPLORATION

The Australian exploration licences and applications held by Toro, or subject to uranium access and joint venture rights, as at 31 March 2008 totaled approximately 44,000km² in South Australia, Western Australia and the Northern Territory, as shown in Figure 1. African interests include tenements in Namibia and Guinea, totaling 2,180km² and an MOU for exploration review work with the Kingdom of Morocco. Over the period January to March 2008 a number of changes in interests in mining tenements occurred. Toro Energy relinquished its interest in EL/3475 (Lake Eyre) and its Uranium rights over EL/3697 (Calca) and E63/1011 (Dundas). Tenement areas were reduced for EL/3486 (Conical Hill down to 618 kmsq), EL3157 (Yerda Well down to 487 kmsq) and EL/3460 (Nuckulla Hill down to 230 kmsq). Toro Energy applied for 1 exploration licence in Western Australia and 12 exploration licences in the Northern Territory. Details on these applications are included in Annexure 1 of the Appendix 5B report.

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Figure 1: Toro’s tenement access for uranium exploration and future development. Also shown are the tenements related to the Napperby Option Agreement.

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South Australia Warrior Project Tarcoola Joint Venture – Uranium Only – ELs 3040, 3107 and 3698 – Range River 100% - Toro earning 75%

Stellar Joint Venture – ELs 3372 and 3369W – Stellar Resources 100% - Toro earning up to 70% During March 2008 Toro undertook its fourth exploration drill program over the Warrior Project. The program included the drilling & gamma logging of 83 aircore holes for 4,198m. Hole locations are shown in Figure 2.

Figure 2: Stage 4 drillholes located across the palaeochannel floodplain & thalweg, and between Anomalous Uranium Zones, designated as Area A and Area B

Anomalous uranium (>100ppm U3O8 over one metre discrete sample intervals) has been previously reported in numerous drill holes in both Area A and B. In general, intersections are between one and seven metre thicknesses with grades in the 100 - 900ppm U3O8 range. Thicker intervals, where they occur, are generally in the 100-250ppm U3O8 range with Area A providing a more coherent mineralisation picture than Area B. The latest drilling was undertaken on east-west traverses, across the floodplain and thalweg of the Warrior Palaeochannel, with holes located adjacent and between the previously identified anomalous uranium bearing zones of the palaeochannel. Maximum gamma response was in the order of 500 cps, and where gamma counts were recorded above 250 cps samples were taken and submitted for analysis. The results of these are still pending. A Part 9B Access Agreement has been drafted and submitted to the Far West Coast Native Title group to allow access into the southern extension of the palaeochannel, which has never been drill tested.

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Labyrinth Project Labyrinth Joint Venture – Uranium Only – ELs 3120, 3121 and 3252 – Dominion Gold Operations Pty Ltd Tarcoola Joint Venture –Uranium Only - EL 3698 – Range River Gold Ltd

During December 2007, 31 holes for 2,085m were drilled on EL3252 Labyrinth and 14 holes for 707m were drilled on EL3024 Gosse Range. The drill holes encountered palaeochannel infill sediments including carbonaceous sands, silts and clays over weathered basement. EL3980 Gosse Range had a small portion of palaeochannel, identified by PIRSA as the headwaters of the Kingoonya palaeodrainage system. Toro drilled a series of aircore holes using gamma directed sampling, as shown in Figure 3.

Figure 3: Toro 2007 drilling (blue dots), historic drillholes (black dots) within EL3980. Kingoonya Palaeochannel (PIRSA interpretation) in blue hatching.

Carbonaceous sands were encountered in three of the holes, being AC07GR001, 002 & 003. Gamma response was generally low <90 cps and assays confirmed little anomalous uranium in these intervals. In summary, uranium assays (XRF by AMDEL) for the drillholes indicated that uranium is present in low concentrations (<30 ppm U3O8). Maximum assay grade encountered on both tenements was a 1m assay from hard rock of 88 ppm U3O8. Further work programs on these tenements are being reviewed. Location of drilling on EL3252 Labyrinth tenement is shown in Figure 4. Thirty one holes were drilled for 2,087m. Assay results have shown indications of uranium at low levels, with maximum of 19ppm U3O8.

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6600000 mN6600000 mN6600000 mN6600000 mN6600000 mN6600000 mN6600000 mN6600000 mN6600000 mN

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EL3252EL3252EL3252EL3252EL3252EL3252EL3252EL3252EL3252LabyrinthLabyrinthLabyrinthLabyrinthLabyrinthLabyrinthLabyrinthLabyrinthLabyrinth

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AC07LA020AC07LA019

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Figure 4: Toro 2007 drilling, within EL 3252. Kingoonya Palaeochannel (PIRSA Interpretation) in grey hatching.

Kingoonya Project

Tunkillia Joint Venture- Uranium Only- ELs 3403 and 3335 and ELA 2006/00389 - Helix Resources - Toro to earn up to 75%

TARCOOLA Joint Venture- Uranium Only- EL3107 - Range River Gold- Toro to earn up to 75%

Minotaur Uranium Access Agreement – ELs 3100, 3157 and 3266

The Kingoonya Project is located south of Tarcoola in the western Gawler Craton and covers the Kingoonya Palaeodrainage system. An AEM survey for Toro in 2006 has clearly identified the palaeodrainage system, a significant part of which occurs within the Yellabinna Regional Reserve.

A Declaration of Environmental Factors (DEF) was submitted to the Department for Environment and Heritage as part of the process to allow access to the reserve, and is still under discussion by DEH and PIRSA. A Part 9B Access Agreement has been submitted to the Far West Coast Native Title Group to allow access for heritage clearances, and is currently being reviewed.

Mount Woods Project Uranium Access rights to ELs 3056, 3079, 3162 and 3229 - held 100% by Oxiana Limited

Uranium Access rights to EL3302 - held 100% by Minotaur

The Mt Woods project comprises Uranium Access Agreements over four Oxiana and one Minotaur tenements. Oxiana completed an initial drilling program targeting several IOCG targets. Oxiana’s assay results are pending.

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Pandurra Project Roopena Joint Venture-Uranium Only-Resource and Capital Management (SA) Pty Ltd - ELs 3236 and 3443 - Toro earning up to 70%

Minotaur Uranium Access Agreement – EL3416 The south-eastern tenements of the Pandurra Project are subject to the possible expansion of a Department of Defence exclusion zone that will restrict access to the area. Further information is being sought from relevant authorities prior to committing to additional expenditure in this area.

Roxby Acropolis Project Minotaur Uranium Access Agreement – ELs 3761 and 3762 These tenement are subject to an Exploration Agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC) to explore the Roxby-Acropolis project area, west and north of Olympic Dam for iron oxide copper-gold uranium mineralisation. A second hole was completed by Minotaur to a depth of ~1,487m and portable XRF scanning of the core is underway.

Coober Pedy Project

100% Toro - EL3437

Detailed gravity survey data combined with historical reports and data have identified several potential IOCG targets in this tenement. Drill core from previous holes were reviewed and a potential further drill program is being considered.

Northern Territory Tanami Project ELA’s

Toro Energy, along with other exploration companies were invited to present to the traditional owner group at Kalkaringi in the NT regarding their proposed exploration work on the above tenements. It is hoped this will lead to an exploration agreement to allow work to proceed.

Western Australia Lake Mackay

100% Toro - ELAs 80/3483, 3484, 3485, 3486, 3519, 3580, 3581, 3582, 3583, 3584, 3585, 3586, 3587, 3588, 3589 and 3837

Subsequent to the end of the quarter the WA Stamp Duty assessment was received, ratifying the Exploration Agreement with the Traditional owners over the Lake MacKay tenements. A letter was also received from DOIR in WA indicating an Intent to Grant the tenements. Once this is done, an initial planned work program comprising reconnaissance and sampling surveys will be commencing during the June / July period. Discussions with the Traditional owner group regarding this work has commenced.

Grass Patch Project

100% Toro - ELs 63/1008, 1009, 1010, 1012, 1013, 1014 and 1015

An aircore drilling program targeting airborne EM defined palaeochannels was completed in December 2007. The holes were spread across 16 lines and a total of 3,500m in 104 holes was drilled (refer Figure 5).

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Figure 5: Location of holes drilled over the Grass Patch Project tenements

Assay results for the holes indicated some concentrations of uranium to low levels only, with a maximum assay of 39ppm U3O8 in drill hole G09-2. However, in an adjacent hole (G09-3) elevated nickel (4,310ppm and 2,030ppm) and zinc (200ppm and 175ppm) were assayed from 1m samples at 61 – 63 m depth. Toro is reviewing these results in line with the geological interpretation.

Africa

Figure 6: Areas under exploration or review in Africa

Namibia

100% Toro (through Nova Energy (Namibia) Pty Ltd) – EPLs 3668, 3669 and 3670- Figure 6

Alpha cup survey results over parts of the Chungochoab tenement (EPL 3670) about 80km south-southeast of Swakopmund were received. These showed significant radon signatures over potential palaeochannel areas, which align with the more regional radiometric data. A reconnaissance drill program has now been approved for three target areas and will commence in early May. (Figure 7).

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Assay results from the recent Gawib West (EPL 3668) drilling program showed only around double background uranium levels. Likely future work may be alpha cup surveys to determine further extent of channels to north. Initial reconnaissance and sampling has been carried out over the Tumas North (EPL 3669) tenement in the area which may contain alaskite extensions from Bannerman’s ground to the north.

Figure 7: Planned RC drill holes on Chungochoab tenement (EPL 3670), Namibia

GUINEA PR N°A 2006/79, 2006/80, 2006/153 and 2006/154 Toro has four exploration permits located in northern Guinea. The permits cover Neoproterozoic sediments that were the focus of a large uranium exploration project managed by Cogema between 1977 and 1981. Upgrading of the ~50km access track into the more prospective Domou project area was commenced during the quarter, and is approximately 65% complete. This will improve access for drilling and supply equipment for a planned drill program. A program designed to confirm the historically identified mineralisation and test for the presence of a high grade channel on a closer spaced grid is being considered.

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Figure 8. – Guinea Project area showing access track currently under upgrade

Morocco An application to extend the exclusivity for uranium exploration over the prospective Haute Moulouya region was approved by the Moroccan Government.

PROJECT DEVELOPMENT Napperby Project The Napperby Project is an historic mineralised zone discovered and explored by CRA Exploration and Uranerz in the late 1970s and early 1980s. The project comprises an extensive, shallow, consistent mineralised zone which is relatively low grade, but is reasonably close to infrastructure. Toro has an Option Agreement with Deep Yellow Ltd over the Napperby Project which allows 100% purchase of the project at a capped price at any stage over a three year period. The 2007 resource drilling program extended from September to December 2007, and involved 305 holes for approximately 3,200m drilling. Both 300mm diameter auger drilling (123 holes) and sonic core drilling (182 holes) were undertaken. An additional 23 trial aircore holes were also drilled. Significant intersections from the latest assay results, covered 204 holes, are shown in the table below and the extent of the drilling is shown in Figure 9.

Access track upgrade

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Hole ID

Length

(m) U3O8

(ppm) U3O8 (%)

NA00327 3.0 563 0.06 NA00333 2.0 566 0.06 NA00359 1.5 1043 0.10

inc 0.5 1692 0.17 NA00359 2.0 846 0.08

inc 1.0 1361 0.14 NA00373 0.5 933 0.09 NA00378 3.5 967 0.10

inc 1.0 2042 0.20 NA00389 2.0 570 0.06 NS00020 5.5 907 0.09

inc 1.5 2063 0.21 NS00021 2.7 539 0.05 NS00031 3.0 415 0.04 NS00033 3.0 633 0.06

inc 0.5 1397 0.14 NS00036 3.0 886 0.09

inc 1.0 1580 0.16 NS00038 1.5 744 0.07 NS00044 0.5 724 0.07 NS00046 2.3 566 0.06 NS00058 0.6 965 0.10 NS00060 1.5 1233 0.12 NS00067 3.1 633 0.06 NS00068 2.9 915 0.09 NS00071 1.3 609 0.06 NS00078 2.4 850 0.09 NS00080 1.5 748 0.07 NS00083 4.0 650 0.07 NS00084 3.5 610 0.06 NS00101 1.5 1226 0.12 NS00137 0.5 793 0.08

Initial metallurgical leach tests are underway, and petrology work on samples is still pending. Quality Assurance and Quality Control procedures continue to support the validity of the drilling, sampling and assay techniques used.

The calculation of an extended and upgraded resource will be undertaken with estimated completion in the latter part of second quarter 2008. The Toro Project team has commenced the outline of a planned scoping study for Napperby, including ongoing metallurgical testing, baseline environmental work, and initial groundwater and hydrogeological studies. A further extensive drilling program utilising both sonic and aircore drilling is planned to commence in May to further extend confidence in the uranium mineralisation. Community engagement with local traditional owners through the Central Land Council (CLC) is ongoing. F

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Figure 9 – Map showing total assay results reported to date

Lake Way / Centipede - Pre-feasibility Study

GRG Minproc continued work on the Lake Way / Centipede pre-feasibility study with a range of processing and mining options being considered. Processing options include conventional milling with CCD solid/liquid separation, conventional milling with resin-in-pulp uranium recovery and heap leaching. Mining options being considered include bulk mining using a conventional excavator and trucks and alternatively continuous miners with very tight grade control to minimise dilution. The study is expected to be completed late May and will be followed by a review.

In support of the study ANSTO completed their report on mineralogy, leaching and resin performance. Additional work was commissioned on tailings settlement to determine if leachate recovery and water utilisation could be improved and long term tailings storage could be managed in an environmentally appropriate way.

Baseline weather and continuous dust monitoring was concluded. Environmental baseline reports on soils, background radiation, flora, fauna and aquatic ecology were completed.

A water extraction permit was granted by the Department of Water and the Department of Conservation and Environment to access the old Wiluna South bores, test water qualities and conduct pump tests over the area.

The pre-feasibility study is expected to be completed in June 2008.

BUSINESS DEVELOPMENT

The Business Development group continues to evaluate opportunities in the uranium industry. Notwithstanding the recent equity market weakness and the affect on the Toro share price, the recent correction also provides an opportunity for considered industry consolidation. It is Toro Energy’s view that the uranium market in Australia needs to mature with the evolution of several larger scale mid-cap companies with the credibility and resources to develop uranium mines. Toro intends to be a leader in this process although proposals need to be demonstrably value additive.

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Business Development is also continuing to foster relationships with key investors, potential investors and potential off-take customers. While investors are cautious about entering the market at this time, medium to longer term interest is evident and the appetite for exposure to projects is particularly strong out of Asia. Toro will continue to expand on these initial investor relations programs in the coming year. Yours faithfully

Greg Hall Managing Director The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by:

o Mr Ashley Jones who is a Member of the Australian Institute of Mining and Metallurgy and a full time employee of Toro Energy Limited, and has sufficient exploration experience for the various styles of uranium mineralisation under consideration. He qualifies as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves’.

o Mr Stephen Pugh who is a Member of the Australian Institute of Geoscientists, and a full time employee of Toro Energy Limited, and has sufficient exploration experience for the various styles of uranium mineralisation under consideration, qualifies as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves’.

o Mr. Malcolm Titley is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Titley is a Director and Principal Consultant of FinOre Mining Consultants, who undertook the resource calculation for Deep Yellow Ltd in 2006. Mr Titley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Dr Eisenlohr and Mr Titley consent to the inclusion of the information in this report in the form and context in which it appears.

For other enquiries contact: Greg Hall 08 8362 6677

For media enquiries please contact: Kevin Skinner 08 8234 9555

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Consolidated statement of cash flows (Note 6.0)

Cash flows related to operating activities

1.1 Receipts from product sales and related debtors

1.2 Payments for (a) exploration and evaluation(b) development(c) production(d) administration

1.3 Dividends received1.4 Interest and other items of a similar nature received1.5 Interest and other costs of finance paid1.6 Income taxes paid1.7 Other - Joint Venture repayments1.7 Other - Nova Energy merger acquisition costs

Net Operating Cash Flows

Cash flows related to investing activities

1.8 Payment for purchases of: (a) prospects(b) equity investments(c) other fixed assets

1.9 Proceeds from sale of: (a) prospects(b) equity investments(c) other fixed assets

1.10 Loans to other entities1.11 Loans repaid by other entities1.12 Other - Cash acquired on acquisition of Nova Energy Ltd

Net Investing cash flows1.13 Total operating and investing cash flows

(carried forward) (2,040) 4,006

(77) 11,148

- --

- -- 11,460

- -

- --

(1,466) (4,421)

(107) (1,303)

(515) (2,045)

Current quarter(9 months)

$A'000 $A'000- -

Quarter endedABN. 48 117 127 590 31-Mar-08

627125

Year to date

1

APPENDIX 5BMining exploration entity quarterly report

TORO ENERGY LTD

- -

-

(312)(77)

-

(1,963) (7,142)

- -

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1.13 Total operating and investing cash flows(brought forward)

Cash flows related to financing activities

1.14 Proceeds from issues of shares, options, etc

1.15 Proceeds from sale of forfeited shares

1.16 Proceeds from borrowings

1.17 Repayment of borrowings

1.18 Dividends paid

1.19 Other (Share issue costs)

Net financing cash flows

Net increase (decrease) in cash held

1.20 Cash at beginning of quarter / year to date

1.21 Exchange rate adjustments to item 1.20

1.22 Cash at end of quarter

Payments to directors of the entity and associates of the directorsPayments to related entities of the entity and associates of therelated entities

1.23 Aggregate amount of payments to the parties included in item 1.2 156

1.24 Aggregate amount of loans to the parties included in item 1.10 -

1.25 Explanation necessary for an understanding of the transactions

Directors' fees, wages, expenses and superannuation for the Quarter

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidatedassets and liabilities but did not involve cash flows

-

Current quarter $A'000

Nil

-

(2,040) 4,006

17,775 11,729

-

-

15,735 15,735

- -

- -

- -

-

- -

2

(2,040) 4,006

- -

-

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2.2 Details of outlays made by other entities to establish or increase their share in projects in whichthe reporting entity has an interest

Financing facilities available

3.1 Loan facilities

3.2 Credit standby arrangements

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 2,400

4.2 Development -

Total 2,400

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.

5.1 Cash on hand and at bank

5.2 Deposits at call

5.3 Bank overdraft

5.4 Other (provide details) - 30 and 60 day term deposits

Total: cash at end of quarter (item 1.22)

Changes in interests in mining tenements

Tenement Interest at Interest atreference beginning end of

of quarter quarter

6.1 Interests in mining tenementsrelinquished, reduced or lapsed

6.2 Interests in mining tenementsacquired or increased

Nature of interest

(note 2)

See Annexure 1

- -

$A'000

Current quarter Previous quarter

17,775

14,000 14,963

15,735

$A'000 $A'000

1,735 2,812

3

Amount available Amount used

Nil

$A'000 $A'000

- -

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Issued and quoted securities at end of current quarter

Number quoted

7.1 Preference securities(description)

7.2 Changes during quarter(a) Increases throughissues(b) Decreases through returns of capital, buy-backs, redemptions

7.3 Ordinary securities 494,670,520

7.4 Changes during quarter(a) Increases throughissues

(b) Decreases throughreturns of capital, buy-backs

7.5 Convertible debtsecurities(description)

7.6 Changes during quarter(a) Increases throughissues(b) Decreases throughsecurities matured,converted

7.7 Options(description andconversion factor)

7.8 Issued during quarter

440,000 $0.88

31/03/2012500,000 $0.65 26/09/2011

Excise Price

$1.15 18/03/201211/12/2011

Expiry Date

$0.45

23/03/201131/03/2011

100,000 $1.21 02/07/2012

500,000 18/11/2012350,000 $0.59 05/12/2012

2,000,0001,000,000

4,000,000 $0.40

200,000

$0.35

security (cents)

494,670,520 Fully paid

20,000

860,000 $0.61 13/12/2012

100,000 $1.21 09/04/2012$1.21 18/02/2012

$0.73

Fully paid

4

Total number Issue price per Amount paid upper security (cents)

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7.9 Exercised during quarter

7.10 Cancelled during quarter

7.11 Debentures(totals only)

7.12 Unsecured notes(totals only)

Compliance statement

1.0 This statement has been prepared under accounting policies which comply with accountingstandards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

2.0 This statement does give a true and fair view of the matters disclosed.

Sign here:………………………………………………….. Date: 30 Apr 2008 Company Secretary

DONALD STEPHENSPrint name: …………………………………………………..

Notes

1.0 The quarterly report provides a basis for informing the market how the entity'sactivities have been financed for the past quarter and the effect on its cashposition. An entity wanting to disclose additional information is encouraged todo so, in a note or notes attached to this report.

2.0 The "Nature of interest" (items 6.1 and 6.2) includes options in respect ofinterests in mining tenements acquired, exercised or lapsed during the reportingperiod. If the entity is involved in a joint venture agreement and there areconditions precedent which will change its percentage interest in a miningtenement, it should disclose the change of percentage interest and conditionsprecedent in the list required for items 6.1 and 6.2.

3.0 Issued and quoted securities The issue price and amount paid up is not requiredin items 7.1 and 7.3 for fully paid securities.

4.0 The definitions in, and provisions of, AASB 1022: Accounting for ExtractiveIndustries and AASB 1026: Statement of Cash Flows apply to this report.

5.0 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address atopic, the Australian standard on that topic (if any) must be complied with.

6.0 Preparation of Cash Flow Statement The acquisition of Nova Energy Ltdwill be treated as a 'reverse acquisition' in accordance with AASB 3 Business Combinations for Financial Reporting purposes. However, the Appendix 5B has been completed in the name of the legal parent for consistency purposes as it provides users with more meaningful information regarding the cash flows of Toro Energy Ltd. Therefore, comparativedetails for the six months reflect that of Toro for the six month period plus thecash flows of Nova Energy Ltd from the date that control was obtained by Toro.

300,000 $1.15 18/03/2012

5

500,000 $0.61 13/12/2012

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ANNEXURE 1Changes in interest in mining tenments

Tenement Interest at Interest atreference beginning end of

of quarter quarter

EL/3697 0% 0%EL/3475 100% 0%

E63/1011 DUNDAS - Relinquished 100% 0%EL/3486 100% 100%EL/3157 100% 100%EL/3460 0% 0%

E53/1393 Application 0% 0%EL26600 Application - LEDAN 0% 0%EL26601 Application - TANAMI WEST 0% 0%EL26632 Application - DEAD BULLOCK 0% 0%EL26633 Application - COOMARIE RANGE 0% 0%EL26634 Application - TANAMI 0% 0%EL26635 Application - FARRANDS HILLS 0% 0%EL26636 Application - TANAMI FLAT 0% 0%EL26638 Application - GRANITES SOUTH 0% 0%EL26639 Application - GRANITES EAST 0% 0%EL26640 Application - GRANITES WEST 0% 0%EL26674 Application 0% 0%EL26704 Application 0% 0%

NUCKULLA HILL - Reduced to 230 kmsqYERDA WELL - Reduced to 487 kmsq

Nature of interest

(note 2)Note: Percentage interest at end of period refers to Toro's equity interest in the tenements, which may be nil due to Uranium rights being held, Joint Venture earn-in arrangements or applications pending.

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CALCA - Relinquished Uranium RightsLAKE EYRE WEST - Relinquished

CONICAL HILL - Reduced to 618 kmsq

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