The opportunity
Papua New Guinea is a world-class gold and copper province — still undervalued and under-explored.
Tolu Minerals (ASX:TOK) holds a commanding position on the Tolukuma epithermal structure: a fully permitted historical mine, more than 44 mineralised veins and splays across a mineralised corridor extending for more than 8 km of strike, an extensive highly prospective tenement package surrounding the mining lease, and earlier-stage discovery ground across New Britain. The most intensive drilling program in Tolukuma's history is well underway — 143 drillholes for 22,975 metres completed — with two new high-grade discoveries and an updated Mineral Resource estimate on track for release in September 2026.
MINERAL RESOURCE & HISTORICAL PRODUCTION
503k oz Au
Current gold Mineral Resource*
1.95M oz Ag
Current silver Mineral Resource*
~1M oz Au
Gold produced historically
14 g/t Au
Historically recovered grade
*Current Tolukuma Mineral Resource estimate reported in accordance with the JORC Code (2012) at a 3 g/t Au cut-off. An updated Mineral Resource incorporating up to 44 mineralised veins is targeted for release in Q3 2026. Table 1: Tolukuma Mineral Resource, reported above a 3 g/t Au cut-off and in accordance with the JORC Code (2012). Mineral Resource extracted from the report entitled ‘Independent Geologist’s Report’ dated 3 August 2023. Tolu Minerals confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed. Tolu Minerals confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
TOLUKUMA GOLD MINE OVERVIEW
Located within a vast mineralised corridor — one of the most productive and prospective gold-copper provinces on Earth.
Explore the ResourceTolukuma sits within the same prolific New Guinea metallogenic belt that hosts some of the Pacific's largest gold and copper deposits. Substantial historical exploration across Mining Lease ML104 and adjacent exploration licences has defined several gold-silver-copper targets, giving Tolu a genuine chance at identifying a major new deposit.
WHY TOLU MINERALS
Three growth levers, pulling at once
Near-term mine restart, a high-grade discovery pipeline within a district-scale corridor, and blue-sky regional ground.
INFRASTRUCTURE LEVERAGE
Brownfield, not greenfield
Strong existing infrastructure base with drives, power, plant and roads. Recently discovered high-grade veins near existing workings provide potential for faster and lower cost future operations
View the resource →HIGH-GRADE SYSTEM
Among PNG's highest grades
Bonanza epithermal intercepts above 80 g/t Au and face samples above 170 g/t Au reflect a proven, high-grade mineralising system.
View gold production →BLUE-SKY UPSIDE
Exploration Targets
High-impact exploration targets across proven geological corridors, offering significant resource expansion potential beyond the current Mineral Resource estimate
View target portfolio →A continuous stream of near-term news flow
NOW
Drilling campaign underway
Multi-rig drilling programme active across core prospect areas, building geological confidence.
WITHIN WEEKS
Resource estimate update
Updated Mineral Resource estimate targeted, providing a stronger foundation for mine planning.
EARLY 2027
Production restart
Restart of gold production at Tolukuma is targeted for Q1 2027, with output ramping proposed steadily through the initial phase.
H1 2028
Full-rate production
Following a successful restart and ramp-up, Tolu Minerals is aiming to achieve planned peak output capacity for Tolukuma in H1 2028, supporting the Company’s goal of becoming a leading regional gold producer.
Gold Production
Rebuilding Tolukuma for gold production
Tolu Minerals is methodically rebuilding Tolukuma toward a targeted restart of gold production by Q1 2027. Underground development has recommenced on the 1560 Level, with early face-sampling grades including multiple intervals exceeding 30 g/t Au. Refurbished access roads, the site's existing hydro-electric power station, and the processing plant are being brought back online to support a staged restart.
