Extension of Environmental Approval at Wiluna Underway, ESD's submitted for review by the EPA for the Millipede and Lake Maitland deposits. The approval process is expected to be completed in the 2H’CY2016. Landowner approval progressing for Wiluna Project. Refinancing of Macquarie bank debt facility complete. TOE repaid the outstanding $6m of the facility through a $6m interest free loan provided by The Sentient Group, which matures in three years (August 2018). Well Capitalised; At 31 December 2015, the company had $13.4m cash on hand. Valuation; IIR have assigned a valuation of $0.13 per share to TOE. This valuation includes a DCF value for the Wiluna Project and a cost value for the Thesus Project. The uranium price is the major determinant as to when construction will commence at the Wiluna Project, with the company previously stating a long-term price of $65-$70/lb is the point at which production becomes attractive. As such, there is significant upside required in the longterm price before construction will commence.



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