Toro Acquisition Faces Shareholder Vote After FIRB Green Light
Toro Energy has secured a crucial Foreign Investment Review Board approval for its acquisition by IsoEnergy, moving the deal closer to completion. Shareholder and court approvals remain as the next steps.
- IsoEnergy receives FIRB no objection letter for Toro acquisition
- Condition precedent for scheme of arrangement satisfied
- Shareholder and court approvals still pending
- Acquisition centers on Toro’s Wiluna Uranium Project
- Deal signals consolidation in Australian uranium sector
FIRB Approval Clears Regulatory Path
Toro Energy Limited (ASX, TOE) announced on 30 December 2025 that IsoEnergy Ltd has received formal confirmation from the Australian Commonwealth Government’s Foreign Investment Review Board (FIRB) indicating no objection to its proposed acquisition of Toro. This regulatory green light satisfies a key condition precedent outlined in the scheme of arrangement announced in October 2025, marking a significant milestone in the transaction.
Next Steps, Shareholder and Court Approvals
While FIRB approval removes a major regulatory hurdle, the acquisition remains contingent on further approvals. Toro shareholders must vote to approve the scheme at an upcoming meeting, and the transaction also requires sanctioning by the court. These steps are standard in Australian corporate takeovers but introduce some uncertainty around timing and final completion.
Strategic Implications for Toro and IsoEnergy
The acquisition would consolidate Toro’s assets, including the flagship Wiluna Uranium Project in Western Australia, under IsoEnergy’s ownership. Wiluna is a significant uranium development project comprising several deposits such as Centipede-Millipede, Lake Maitland, and Lake Way. This deal reflects growing interest in uranium as a strategic energy metal amid global shifts towards clean energy and nuclear power.
Market and Sector Context
Toro Energy’s move aligns with broader consolidation trends in the Australian uranium sector, where companies seek scale and operational synergies to advance development projects. The FIRB’s no objection letter underscores the government’s cautious but supportive stance on foreign investment in critical energy resources, balancing national interest with market dynamics.
Looking Ahead
Investors will be watching closely as Toro’s shareholders prepare to vote and the court considers the scheme. The outcome will shape Toro’s future trajectory and potentially influence uranium supply dynamics in Australia’s resource-rich northern goldfields region.
Bottom Line?
With FIRB approval secured, all eyes turn to shareholder and court decisions that will define Toro’s next chapter.
Questions in the middle?
- When will Toro’s shareholder meeting be held and what is the expected outcome?
- Could court approval introduce delays or conditions impacting the acquisition timeline?
- How will IsoEnergy’s ownership affect the development pace of the Wiluna Uranium Project?
