Ann: Significantly Thicker Massive Ni Sulphides for Toro, page-7

It is actually a pretty good result, it was only a couple of years ago a high-grade Ni hit like this would launch a Ni explorer around 200%. It just goes to show the horror state of the market now for many junior explorers (outside the Li & REE players who are enjoying some great action right now).

I am happy for the company to continue working and adding value and proving up a Ni resource while we await the Uranium spot prices to finally shoot up to a level where significant global investment and attention will arrive. IMO that will be $80usd plus U prices, in which financers will see the economical upside of getting many projects into production, even with current global risks. Eventually it has to play out because supply will start to stagnate and there will not be enough Uranium to feed into the growing number of nuclear reactors getting constructed globally (see below).


Source - Nuclear reactors under construction worldwide 2023 | Statista

For the Ni work, it may not be huge intersections yet or enough to prove up a substantial proven resource. If that was the case, the share price would be 10c minimum now. However, the region is huge and mineralisation remains open pretty much everywhere. I am quietly confident they will eventually hit a major zone as they continue exploring. The issue is that they need more funds to keep drilling. Potentially a future JV, with a well-funded peer maybe a solution to keep this drilling work ongoing. Otherwise, another lowly capital raise will be on the horizon which nobody wants. Lets hope the U market picks up before this unfolds and we can at least get a raise above 2c.

"The potential strike at Dimma continues to grow, as there has been no drilling further south or north of TED53 or TED42, showing that the discovery remains open along strike, north and south. TED53 and TED42 are also the deepest holes drilled to date, showing the discovery remains open at depth.
All four discoveries to date on the Dusty Nickel Project remain open at depth and with all four discoveries along strike over only some 2km of the Dusty Komatiite, we believe the Dusty Nickel Project has high potential to deliver considerable value for the Company alongside its uranium assets.”

Even if TOE do not take the Ni into production themselves, at least they are building value and may be able to sell it for a decent profit in the future, or this asset may also be used as financial protection for any future loans/funding. Despite the negative commentary on here it is good to have project diversity and additional workflow going on. The last thing we want is management doing nothing and just waiting for the U market to turn and taking money out of the kitty with no return.