Tolu Minerals (TOK) H2 2025 earnings summary

Executive summary

• Completed two major equity placements in 2025, raising A$27.25M in April and A$60.5M in October, supporting exploration and mine redevelopment initiatives.

• Announced a binding offer in March 2026 for a further A$23.75M investment via convertible note, pending shareholder approval.

• Focused on restarting the Tolukuma Gold Mine, with significant progress in mine dewatering, rehabilitation, and infrastructure upgrades.

• Targeting a production ramp-up to 500 tonnes per day from Q1 2027.

Financial highlights

• Reported a net loss of A$14.93M for 2025, compared to a loss of A$7.62M in 2024.

• Cash reserves increased to A$51.19M at year-end 2025, up from A$16.74M in 2024.

• Net current assets rose to A$49.75M from A$15.24M year-over-year.

• Total assets grew to A$127.98M (2024: A$54.53M); equity increased to A$115.19M (2024: A$44.71M).

• No dividends declared or paid for 2025.

Outlook and guidance

• 2026 expected to be a defining year with major projects, resource updates, and expanded exploration.

• Drilling targets set at 15,000m by June 2026 and 30,000m by year-end 2026.

• Focus on operational readiness and disciplined capital deployment to support mine restart.