Torian Resources Limited - Updated Terms on the Riverfort Funding Agreement

Torian Resources Limited's (ASX: TNR) is pleased to advise that it has successfully renegotiated the terms of its funding agreement with Riverfort Global Opportunities PCC Ltd (Riverfort).

As of March 1, the balance owed to Riverfort was $1,989,166. The Company has agreed to repay the balance on the lasting trading day of each month over the coming 12 months by making monthly instalment payments of $180,133.27 plus a 1% per month interest rate. Most importantly, provisions around the Conversion Price and Trigger price have been removed.

As such Riverfort will no longer be able to convert any outstanding balance into equity provided that Torian meets its monthly repayments. Torian can repay the loan in part or in full at any time it so chooses without any penalty.

The Company continues to explore refinancing arrangements for the Pastoral Station with traditional lenders on a 10-year completive interest rate facility. Following the acquisition of the Tarmoola Station, the Company has updated the accommodation facilities as well as rationalised some of the heavy equipment and undertaken an extensive servicing and upgrading programme.

The accommodation camp has been at or near capacity over the last 4 months, housing the Company's drilling contractors and geological and field team. Torian has also been utilising its earth moving equipment to clear pads, provide access and assist in rehabilitation work. This has resulted in significantly lower per meter drill costs over the course of the current program.

Civils contracts have also been undertaken for various exploration and mining companies operating on Tarmoola. Following unseasonal rains, the Company has made its first livestock sales resulting in approximately $281,000 of net revenue. The Company intends to use the proceeds to pay down the loan with Riverfort. Under direction from the Station Manager, cattle traps have been set at numerous bores on the Station allowing for continuous trapping of livestock throughout the warmer months.

This is seen as an inexpensive and efficient method of maintaining continuous cattle sales. Carbon credit revenue is estimated to commence August this year being the culmination of the first 18 months since the schemes operation at Tarmoola.

Contact:

Peretz Schapiro

Tel: [phone]

Email: [e-mail]

About Torian Resources

Torian Resources Ltd (ASX: TNR) is a highly active gold and rare earths exploration and development company with over 400km-2 of tenure in Western Australia's Eastern Goldfields region, near the mining town of Leonora and Kalgoorlie. All projects are nearby to excellent infrastructure. Torian's flagship Mt Stirling Project hosts current JORC compliant total mineral resource estimates of 118,400 gold ounces1 and neighbours Red 5's King of the Hills mine. The region has recently produced approximately 14M oz of gold from mines such as Tower Hills, Sons of Gwalia, Thunderbox, Harbour Lights and Gwalia. Rare Earths with an extremely high ratio of the significant critical and valuable Heavy Rare Earths (HREEs) to Total Rare Earths (TREEs) have been discovered throughout clays and regolith horizons at Yttria at Mt Stirling. Yttria has a significantly high ratio of HREOs to TREOs and hosts all five most critical REEs; Dysprosium / Terbium / Europium / Neodymium and Yttrium, with significant anomalous concentrations of Scandium. Yttria is also distinguished by lack of radioactive minerals associated with most other known rare earth deposits.

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