Tolu Minerals (TOK) H1 2026 earnings summary

Executive summary

• Loss after tax for the half-year ended 30 June 2026 was $9.09 million, a 35% increase year-over-year, reflecting expanded workforce and exploration for the Tolukuma Gold Mine restart and full-period depreciation on new mining equipment.

• Principal activities included refurbishment of the Tolukuma Gold Mine, infrastructure upgrades, and near-mine and regional exploration.

• No revenue from ordinary activities was reported for the period.

Financial highlights

• Net loss after tax: $9,085,243 (up from $6,727,410 year-over-year).

• Cash reserves at 30 June 2026: $50,009,414.

• Net cash used in operating activities: $4,246,097; investing activities: $23,400,148; financing activities provided $26,498,285.

• Net tangible asset backing per ordinary security: 49.30 cents (up from 44.44 cents at 31 Dec 2025).

Outlook and guidance

• Focus remains on reducing cost base, initiating early gold production, growing resources, and returning Tolukuma Gold Mine to nameplate capacity.

• ESG reporting framework and baseline to be developed during 2026.