Tolu Minerals (TOK) Mining Forum Americas 2026 summary

Strategic and Operational Highlights

• Aggressive 75,000-m drill program underway, with seven rigs operating and new high-grade vein systems discovered; over 22,975 meters drilled in 143 holes by June 2026.

• Restart of a high-grade gold-silver mine in Papua New Guinea, with production targeted for Q1 next year and full-rate output by H1 2028.

• Processing plant refurbishment of the 220 ktpa CIL facility is progressing, targeting completion by Q4 2026 and ramping to over 200,000 tpa by 2028.

• Access road completion reduced logistics costs by over 75%, and hydroelectric power restoration is in progress.

• Tolukuma mine is fully permitted and strategically located, with significant infrastructure and access advantages.

Resource Growth and Exploration

• Updated Mineral Resource Estimate at Tolukuma reached 909 koz Au in September 2026, up 81% from 2023, with a global resource base of ~1.3 Moz Au and 3.9 Moz Ag.

• The vein field spans up to 45 sq km, with 44+ veins now identified, up from 15 previously, and only 1.2 km of an 8 km system mined.

• New high-grade discoveries include Gulbadi Red (3.2m @ 70.8 g/t Au), Zine South (3.9m @ 42.3 g/t Au), and Fundoot (4.7m @ 40.9 g/t Au).

• Multiple mineralization phases and bonanza-grade quartz-pyrite veins identified, with economic widths of 3–4 m.

• Regional exploration targets at Mt Penck and Ipi River, including a maiden 293 koz resource at Mt Penck and untested porphyry systems.

Infrastructure and Financial Position

• Extensive infrastructure in place: hydropower plant, access road, airport, and accommodation for 500 people, all being upgraded.

• Fully funded to production with approximately A$65–70 million in cash as of September 2026 and recent financing.

• Market capitalization of ~A$400–402 million at A$1.43 per share.

• Brownfield restart leverages existing infrastructure, reducing capital intensity and accelerating cash flow.

• Underground development and ore stockpiling are advancing, with face samples up to 176.9 g/t Au.