Tolu Minerals (TOK) Q3 2025 TU earnings summary

Executive summary

• CEO transition announced, with Dr. Chris Muller appointed as CEO and Managing Director effective 10 November 2025, bringing recognized exploration expertise.

• Strategic realignment underway to focus on restarting Tolukuma Gold Mine (TGM), advancing exploration, and developing new resource areas.

• Significant interest generated from institutional investors following corporate development presentations at major mining conferences.

Financial highlights

• Raised AUD $60.5 million via issuance of approximately 50.4 million shares at $1.20 per share, finalized on 16 October 2025.

• Exploration and evaluation expenditure for the quarter totaled $8.49 million, including roadway construction.

• Net cash used in operating activities for the quarter was $2.56 million; net cash used in investing activities was $8.93 million.

• Cash and cash equivalents at quarter end were $10.02 million, down from $21.56 million in the previous quarter.

• $203,000 paid to related parties during the quarter for executive and director compensation.

Outlook and guidance

• Production recommencement at TGM targeted for the second half of 2026, aiming for 500 tonnes per day.

• 30,000-metre drilling program set to launch in 2026, with new rigs and crews being mobilized.

• Company expects to continue meeting business objectives and operations, supported by recent capital raise.