Toro Energy Limited announced that TED38, the follow up diamond drill hole at the Jumping Jack Ni-sulphide discovery, has also intersected massive and semi- massive nickel sulphides, 18m to the east of the discovery intersection. The follow- up intersection highlights the potential for Ni-sulphide mineralisation in the Jumping Jack location and the continued potential of 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. Shareholders and potential investors should be very encouraged to note that only 1km has been tested so far at a single depth along a 7.5km komatiite magnetic trend, yet Toro already has 3 discovery locations of massive and semi-massive nickel sulphides.

The upside here remains vast and uncapped. Diamond drilling continues. Diamond drill hole TED38, the follow-up drill hole at the Jumping Jack discovery, intersected 2.3m of massive and semi-massive Ni-sulphide from 232.1m downhole.

Multiple spot analyses using a hand-held portable X-Ray Fluorescence instrument (hh-pXRF) suggests local nickel concentrations within the massive sulphide of between 1.28 and 3.5% 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. The massive/semi-massive Ni-sulphide intersection is located in the same stratigraphic position as the discovery hole, structurally offset just below the base of the Dusty Komatiite.

Geological interpretation is on-going, however, the downhole depth of the follow-up Ni-sulphide intersection is shallower than was expected which could suggest some structural offset between TED38 and the discovery hole, TED37. TED37, the Jumping Jack discovery hole, intersected 3.4m of massive and semi-massive Ni-sulphide potentially grading between 1.44 and 4.66% Ni from 240.3m downhole. The Jumping Jack discovery is located approximately 500m to the SSE of the Houli Dooley discovery, along strike of the Dusty Komatiite, which is in turn located approximately 400m SSE of the original Dusty discovery.

The Dusty Komatiite extends to the north of Dusty for approximately 1.5km, which remains untested by drilling, and it extends for approximately 5km south of Jumping Jack, also untested by drilling to date. This leaves the majority of the Dusty Komatiite untested along strike and all of the mineralisation so far discovered at the three locations, Dusty, Houli Dooley and Jumping Jack, open at depths above and below the current positions drilled. Logging and geochemical sampling of TED38 core is continuing.

Due to the current unprecedented demand, labour shortages and COVID related staffing issues at geochemical laboratories in Western Australia, geochemical results are not expected until the fourth quarter of 2022.