Tolu Minerals (TOK) Q4 2026 TU earnings summary

Executive summary

• Achieved record drilling activity with 68 holes (11,686m) in the June quarter, totaling 143 holes (22,975m) year-to-date, and made two new high-grade gold discoveries at Tolukuma Gold Mine.

• Maintains a strong cash position of approximately A$50 million, supporting ongoing exploration and development.

• Remains on track for an updated Mineral Resource Estimate (MRE) in late August 2026 and targets first gold production by Q1 2027.

• Underground development and processing plant refurbishment are progressing, with early face-sampling grades exceeding 30g/t Au.

• Reported a fatal incident in the field, emphasizing ongoing commitment to safety.

Financial highlights

• Cash and cash equivalents at quarter end: A$50.0 million, up from A$38.9 million in the previous quarter.

• Net cash used in operating activities: A$2.3 million for the quarter.

• Net cash used in investing activities: A$13.0 million for the quarter, primarily for exploration and equipment.

• Net cash from financing activities: A$26.4 million, including A$23.8 million from convertible debt and A$3.3 million from option exercises.

• Exploration and evaluation expenditure during the quarter: A$9.7 million.

Outlook and guidance

• Updated MRE expected in late August 2026, incorporating 44 mineralized veins and splays.

• Confident in achieving first gold production by Q1 2027, with staged restart targeting 500 tonnes per day.

• Ongoing drilling and pending assay results expected to provide strong near-term news flow.