Toro Energy Limited announced the discovery of Dimma, a fourth accumulation of massive and semi-massive nickel sulphides along the Dusty Komatiite, within the Company's 100% owned Dusty Nickel Project, located in the Yandal Greenstone Belt, some 50km east of the world class Mt Keith Nickel Deposit. The Dimma Ni-sulphide discovery is located approximately 400m to the SSE of the Jumping Jack discovery, along strike of the Dusty Komatiite. The discovery intersection was 3.6m thick (downhole) starting from 244.1m downhole in diamond hole TED41, with almost all of the intersection being massive in nature.

Another two intersections of semi-massive Ni-sulphides of approximately 20cm thick (downhole) were intersected in the hanging wall from 231 and 232.9m downhole. Multiple spot analyses using a hand-held portable X-Ray Fluorescence instrument (hh-pXRF) suggests local nickel concentrations within the 3.6m massive sulphide intersection of between 1.45 and 3.66% Ni. It is important to understand that `spot' analysis of drill core by hh-pXRF should only be used as a guide, it is not a substitute for bulk geochemical analysis of drill or rock samples.

Appendix 1 contains information on the results of testing the hh-pXRF method against certified reference material and Appendix 2 has all relevant drill hole details. The massive Ni-sulphide intersection is located in approximately the same stratigraphic position as Toro's other 3 (three) discoveries, Dusty, Houli Dooley and Jumping Jack to the north, at the base of the Dusty Komatiite. Diamond hole TED41 was the first hole to be drilled southerly of the Jumping Jack discovery and so with no drill holes in-between the two discovery locations, the Dimma Ni-sulphide mineralisation remains open in all directions.

The Dimma discovery shows that the Dusty Komatiite continues to be very fertile for Ni-sulphides with Dimma being the fourth discovery of massive Ni-sulphides along its length to date and with drilling so far only having covered some 1.7km of the 7.5km of its overall length according to magnetic geophysics. Dimma is located some 400m SSE of Jumping Jack, which in turn is located approximately 500m SSE of Houli Dooley, which in turn is located approximately 400m SE of Dusty, the first discovery of Ni-sulphides on the Project. The Dusty Komatiite extends to the north of Dusty for approximately 1.5km, which remains untested by drilling, and extends for approximately 5km south of Jumping Jack, also untested by drilling to date.

Logging and geochemical sampling of TED41 core is now underway. Due to the current unprecedented demand, labour shortages and COVID related staffing issues both on site on the Dusty Project and at geochemical laboratories in Western Australia, geochemical results should not be expected until the fourth quarter of 2022. The drill rig will now remain in place and steepen the drilling angle to test for Ni-sulphides 20-30m down-dip of the Dimma intersection.