The Wiluna uranium project is located in Western Australia, 30 km south of the town of Wiluna. The deposit is near-surface and calcrete-hosted allowing for a shallow strip excavation process with no blasting or drilling required.

Toro Energy was the first company to obtain State and Federal environmental approvals for a Western Australian uranium project. The approvals received in 2013 included the Centipede and Lake Way deposits and the associated processing facility. Extensions to the State and Federal approvals to incorporate mining from the Millipede and Lake Maitland deposits have been approved.

Toro’s regional resource at Wiluna contains sufficient material to run the planned Wiluna mine for more than 20 years. An alkaline agitated leach technique has been proposed to process the ore and Toro has successfully completed a comprehensive metallurgical test work program including a trial mine and pilot plant.

Versamet’s royalty covers a portion of the Centipede and Millipede deposits, subject to production minimums prior to payability.