THREE GROWTH FRONTS
Exploration upside across the Tolukuma EL District, Mt Penck on New Britain Island, and district-scale porphyry targets.
Beyond the Tolukuma Gold Mine and Mining Lease, Tolu Minerals controls three high-conviction growth levers — 2,200 km² of Exploration Licences surrounding Tolukuma, within known regional vein corridors and with nearby mill infrastructure in place, and a 128,000 oz at 2.0 g/t Au Mineral Resource at Saki; a 293,000 oz at 1.2 g/t Au Mineral Resource at Mt Penck atop a large interpreted copper-gold porphyry system; and a drill-ready target at Ipi Porphyry with a 6 × 6 km undrilled porphyry target at Mt Yule.
DISTRICT-SCALE EXPLORATION
01 Tolukuma EL District
Over 2,200 km² of granted exploration ground across multiple ELs hosting high-grade vein corridors, porphyry feeder systems, and untested structural targets — with mill infrastructure already in place.
View EL targets →BLUE-SKY UPSIDE
02 Ipi River District Porphyry
A shallow-drilled copper-gold porphyry target (Ipi Porphyry) along the Ipi River, known since the 1970’s but largely untested at depth, a second 6 × 6 km copper-gold porphyry/magnetic target at Mt Yule never drilled, and several peripheral priority MT targets.
View district targets →HIGH-GRADE SYSTEM
03 Mt Penck
An initial 293,000 oz at 1.2 g/t Au Mineral Resource at Kavola Shallow estimated within approximately 200 m of surface sitting above a large copper-gold porphyry target mapped by modern geophysics.
View regional targets →
Regional overview — Tolu Minerals’ three exploration growth fronts across Papua New Guinea. Tolukuma project location — exploration licences across the EL district, Papua New Guinea. Tolu Minerals regional project locations — Tolukuma, Mt Penck and surrounding tenements.
DISTRICT-SCALE EXPLORATION
Tolukuma Exploration Licences District
Tolu Minerals controls a dominant exploration position across the Tolukuma district — over 2,200 km² of granted tenements spanning multiple exploration licences. Recent Airborne MT geophysics has redefined the district's prospectivity, suggesting large porphyry systems at depth, re-prioritising high-grade vein corridors, and unlocking a pipeline of copper-gold and VHMS base metal targets well beyond the immediate mine surrounds.
2,200 km²
Total EL District Area
800 m
Mt Olom Porphyry Diameter
6 Targets
Compelling District Targets
535 g/t Au
0.5m Peak Trench Assay
Six compelling district targets
Surrounding the Tolukuma Mine and ML104, Tolu Minerals has identified six high-priority targets — each confirmed by airborne MT geophysics and surface sampling. These range from vein swarms with existing mineral resources to large-scale porphyry conductors awaiting first drill programs and VHMS base metal-gold targets.
High-grade gold at surface
Multiple targets return exceptional surface results: Saki is a more advanced target with a 128,000 oz at 2.0 g/t Au Inferred Mineral Resource that extends from surface to 120 m depth - included in Tolu’s 1.04 Moz reported gold resources; Float assay results from Hula include 69.44 g/t Au; Mt Olom returned 33.53 g/t Au in rock chips.
Large-scale porphyry potential
Three targets — Belavista, Mt Tafa, and Hula — present 3–4 km scale MT conductors interpreted as subsurface porphyries at accessible depths of 200–500 m. Mt Tafa sits at the centre of interpreted fluid flow pathways feeding ML104 — Tolu Minerals' most compelling target.
Classification
Detailed Statement below referring to Saki Mineral Resource, reported above a 1 g/t Au cut-off and in accordance with the JORC Code (2012).
Tolukuma EL District — ranked vein corridors and porphyry targets across the granted tenement package
RANKED TENEMENT TARGETS
Ipi River · 55 km NW of Tolukuma
Ipi River: Two Large-Scale Copper-Gold Porphyry Targets with Significant Untested Potential
The project contains two significant copper-gold porphyry targets along the Ipi River corridor. The first, the Ipi Porphyry, was discovered in the 1970s and has been tested only by shallow drilling, leaving substantial depth potential largely unexplored. In contrast, the second target at Mt Yule is a much larger 6 × 6 km intrusive-related magnetic anomaly displaying characteristics typical of tier-one Pacific Rim porphyry systems, yet it remains completely undrilled. Recent airborne magnetotelluric (MT) surveys have further refined the opportunity, defining eight priority drill-ready geophysical and geochemical targets across the project area.
167 g/t Au
Peak rock chip gold
10.1% Cu
Peak rock chip copper
6 holes
Total historical drilling
2 targets
Porphyry targets
Ipi Porphyry
First discovered in the 1970s, Ipi Porphyry has 6 historical drill holes only 2 deeper than 100 m, and is essentially untested at depth. Historical results: up to 167 g/t Au and 10.1 % Cu in rock chips, 6 m at 3.4 g/t Au & 8.1 % Zn in trenches and 96 m at 0.1 % Cu in drilling. IP geophysical anomalies and a deep potassic core interpreted from geophysics are immediate drill-ready targets. May lie on the flank of a much larger porphyry system interpreted from MT geophysics.
The Mt Yule anomaly
Mt Yule is a notable untested copper-gold porphyry target, with a large 6 × 6 km sub-circular magnetic signature — characteristic of tier-one intrusive systems elsewhere in the Pacific Rim — underlying a mapped intrusive body at surface, with a wide peripheral halo of anomalous stream sediment/float geochemistry and has never been drill tested.
Ipi River (EL 2780) — Airborne MT conductivity image (300mRL) defining eight priority drill targets
Ranked Corridor Targets
Mt Penck · West New Britain
Mt Penck - A gold Mineral Resource sitting on top of a district-scale porphyry system
Mt Penck hosts a 293,000 oz at 1.2 g/t Au Mineral Resource - entirely within 180 m from surface. But the real target lies beneath: Kavola Porphyry: 1.6 km × 900 m, defined by geophysics to +400 m depth. Only two historical holes below 300 m, that could transform this from a potential near-surface starter pit into a district-scale opportunity. Additional nearby shallow gold targets have potential to add to the existing resource.
293 koz Au
Inferred Mineral Resource
13.2–33 Mt Au
Gold Exploration Target, 0.7–1.2 g/t Au
17.6–44 Mt
Copper Exploration Target, 0.2–0.5% Cu
3 targets
Deep porphyry drill targets
Mineral Resource Base
The 293,000 oz Mineral Resource is defined entirely within 180 m of surface at Kavola Shallow prospect. This shallow, near-surface position provides a strong foundation for further evaluation of a potential starter pit and future development opportunities.
Peni Creek Expansion Drilling
The Peni Creek prospect represents an immediate target for resource expansion, with the next drilling campaign aimed at converting exploration potential into mineral resources.
Six Compelling Targets
MT Penck has 6 drill-ready targets, 3 shallow gold targets (Kavola Shallow, Peni Creek and Koibua – all historically drilled) and 3 newly identified deep porphyry targets at Kavola Porphyry (Kavola East, Kavola Northeast & Kavola South). The deep porphyry targets have been interpreted from ground 3DIP and airborne MT geophysics and are undrilled. Four of the 6 targets will be drill-tested in the first phase of follow up drilling, Kavola Shallow, Peni Creek, Kavola East and Kavola Northeast.
Mt Penck Upside
In addition to the 6 drill-ready targets, a total of 14 exploration targets, based on historical geochemistry, drilling and geophysics, have been selected for follow up, providing a pipeline of gold and porphyry copper-gold drill targets to progress exploration potential into resource definition.
DISCLAIMER
Exploration Potential and Competent Person Statements below.
Exploration Highlights - Mt Penck
01 TOLUKUMA EL DISTRICT
Classification – Table 1: Saki Mineral Resource reported above a 1 g/t Au cut-off and in accordance with the JORC Code 2012 comprises an Inferred Mineral Resource of 2.0 Mt at 2.0 g/t Au containing 128 Koz Au; the Mineral Resource was originally reported by Frontier Resources Limited in 2022 in accordance with the JORC Code 2012 and validated by AMC in Tolu Minerals Independent Geologists Report dated 20 September 2026; Tolu Minerals confirms it is not aware of any new information or data that materially affects the information included in the original market announcement, that all material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
02 Mt Penck
Classification – Table 2:presents the Mt Penck Mineral Resource, reported above a 0.5 g/t Au cut-off and in accordance with the JORC Code (2012), comprising an Inferred Mineral Resource of 7.3 Mt at 1.2 g/t Au for 293 Koz Au; the Mineral Resource is extracted from the report entitled “Mineral Resource Estimate for the Mt Penck Gold-Copper Prospect, Papua New Guinea” dated 20 September 2026, available for viewing on the ASX announcement of 21 September 2026 on this website at Investor Centre, and 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, that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed, and that the form and context in which the Competent Person (Steve Rose)’s findings are presented have not been materially modified from the original market announcement.
Gold Exploration Target:Tolu Minerals has reported a gold Exploration Target of 13.2–33.0 Mt at 0.7–1.2 g/t Au in accordance with the JORC Code (2012), which represents mineralisation potential down dip and along strike of the Mt Penck Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target was prepared using the historical drillhole database and expansions of the mineralisation wireframes interpreted for the resource estimate. Tolu Minerals plans to drilltest the Exploration Target.
Copper Exploration Target: Tolu Minerals has also reported a copper Exploration Target of 17.6–44.0 Mt at 0.2–0.5% Cu in accordance with the JORC Code (2012). The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Mt Penck Mineral Resource, reported above a 0.5 g/t Au cut-off and in accordance with the JORC Code (2012), comprising an Inferred Mineral Resource of 7.3 Mt at 1.2 g/t Au for 293 Koz Au; the Mineral Resource is extracted from the report entitled “Mineral Resource Estimate for the Mt Penck Gold-Copper Prospect, Papua New Guinea” dated 20 September 2026, available for viewing on this website at Investor Centre, and 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, that all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed, and that the form and context in which the Competent Person (Steve Rose)’s findings are presented have not been materially modified from the original market announcement
Competent Person Statement: The information in this website that relates to the Mt Penck Exploration Targets is based on information compiled by Steve Rose, a Competent Person who is a consultant with Rose Mining Geology Consultants (RMG). Steve Rose has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting Exploration Results, Mineral Resources and Ore Reserves. Steve Rose consents to the inclusion in this website of the matters based on his information in the form and context in which it appears.