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2026-11-06
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Tolu Minerals Limited

Care And Maintenance · Gold · PG Rating locked: sign in to view v8.1 · tok-20261104t223126-full
Last 2026-11-06
A$1.09
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$306.3M
EV
A$281.8M
Cash
A$56.5M
Debt
A$31.4M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$56.5M2025-06-30: 21,563,000 A$2025-09-30: 10,018,000 A$2025-12-31: 51,192,624 A$2026-03-31: 38,945,000 A$2026-06-30: 50,009,414 A$2026-09-30: 56,538,000 A$ Finite
Debt A$31.4M2025-12-31: 6,238,865 A$2026-06-30: 1,582,759 A$2026-09-30: 31,421,000 A$ Net cash A$25.1M
Basic shares 281M 2026-10-30
Runway 2.5 quarters Analyst measure: cash A$56.54m (30 Sep 2026) plus undrawn facilities nil plus committed funding nil, divided by the September 2026 quarter operating plus investing outflow of A$22.61m (Appendix 5B items 1.9 and 2.6). The company's own estimate in Appendix 5B item 8.7 is 3.63 quarters on operating and exploration outflows only. Remaining restart capital is not in either denominator.

Liquidity

Financial position

Cash of A$56.5m is drawn against a fully drawn A$31.4m NBC facility (9.6%, interest-only for two years). At the September quarter burn the cash covers about 2.5 quarters; the company states the Tolukuma restart is fully funded to production, but no restart budget is disclosed to test that claim. A quarter-end deficit is not shown; the unmodelled restart budget is the largest funding unknown.

Inventory composition1

Surface ore stockpile of about 10,900 t, ahead of plant restart; no carrying value disclosed. Underground ore stockpile of about 60 kt is targeted by end Q1 2027.

Surface ore stockpiles including tailings storage facility material, about 10,900 t at 30 Sep 2026
— carrying · 10,900 t

Capital structure

Ownership and dilution

Ordinary shares
281M
Fully diluted
292.5M

Ordinary shares: 166,908,724 at 31 Dec 2024, 259,111,530 at 31 Dec 2025, 280,985,931 at 30 Jun 2026 (conversions of notes 3 and 1 June 2026 and option exercises), unchanged to 30 Oct 2026 per the Appendix 5B. No options or convertible notes outstanding at 30 June 2026; performance rights 11,490,000 added for fully diluted.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares: 279,985,931 quoted plus 1,000,000 in escrowOrdinary Share281M——
Performance rights (unquoted; treated as fully dilutive)Performance Right11.5MA$0—

KPI history

Operating metrics

Comparable series use a shared scale

Cash and cash equivalents at quarter end · Company · Point In Time

AUD

4 periods
  1. Jun 2025 quarter21,563,000 AUD
    Reported
  2. Sep 2025 quarter10,018,000 AUD
    Reported
  3. Mar 2026 quarter38,945,000 AUD
    Reported
  4. Sep 2026 quarter56,538,000 AUD
    Reported
Operating metric source table11
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalents at quarter endCompanyJun 2025 quarterPoint In Time21,563,000 AUDReported
Cash and cash equivalents at quarter endCompanySep 2025 quarterPoint In Time10,018,000 AUDReported
Cash and cash equivalents at year endCompanyFY2025Point In Time51,192,624 AUDReported
Cash and cash equivalents at quarter endCompanyMar 2026 quarterPoint In Time38,945,000 AUDReported
Cash and cash equivalents at half year endCompanyH1 2026Point In Time50,009,414 AUDReported
Cash and cash equivalents at quarter endCompanySep 2026 quarterPoint In Time56,538,000 AUDReported
Borrowings (equipment finance and convertible notes)CompanyFY2025Point In Time6,238,865 AUDSource Derived
Borrowings after note conversionsCompanyH1 2026Point In Time1,582,759 AUDReported
Loan facilities drawn (NBC and equipment finance)CompanySep 2026 quarterPoint In Time31,421,000 AUDReported
Operating plus investing cash flow, quarter (outflow)CompanySep 2026 quarterQuarter-22,612,000 AUDSource Derived
Surface ore stockpile incl. TSF materialCompanySep 2026 quarterPoint In Time10,900 tReported
Company guidance4
MetricProjectPeriodLowHighStatus
Cil Plant Refurbishment CompletiontolukumaQ4 2026—— dateCurrent
Gold Production RestarttolukumaQ1 2027—— dateCurrent
Staged Ore Throughput (About 500 Tonnes Per Day)tolukumaby end 2027182,500182,500 t/yrCurrent
Full Rate ProductiontolukumaH1 2028—— dateCurrent

Capital history

Capital events

6 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-07DebtA$30M——CompletedK95m (about A$30m) five-year secured facility from National Banking Corporation at 9.60%; interest-only for two years then principal and interest; A$30.0m drawn in the September quarter; facility total A$31.4m including equipment finance.
2026-06-23Ann. 2026-06-12RaisingA$3.3M4.1M—Completed—
2026-06-01DebtA$4.4M3M—Completed—
2026-06-03Ann. 2026-04-23DebtA$23.8M14.8M—Completed—
2025-10-16Ann. 2025-10-09RaisingA$60.5M50.4M—Completed—
2025-05-07Ann. 2025-04-30RaisingA$27.2M34.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-04

Arrangements identified in the FY2025 and H1 2026 accounts, the Appendix 5B tenement notes and the September 2026 announcements; the 2017 landowner and compensation agreements and the restart contractor terms are not in the documents read.

The PNG Government may purchase up to 30% of project equity at sunk cost when a mining lease is granted. Whether it applies to the existing ML104 is not stated in the documents read, so the effect is shown as an ownership sensitivity, not in the base value.

Other · Conditional
Counterparties
Independent State of Papua New Guinea
Applies to
Tolukuma Gold Mine (ML104) restart and near-mine resource · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Maximum state equity purchasable: 30 percent of project equity
How it affects our valuation

No valuation treatment is available for this arrangement.

Monthly meetings with the Tolukuma Landowner Association; the 2017 Memorandum of Agreement and Compensation Agreement are under review. Payment terms are not disclosed in the documents read.

Other · Active
Counterparties
Tolukuma Landowner Association · Mineral Resources Authority (Compensation Agreement)
Applies to
Tolukuma Gold Mine (ML104) restart and near-mine resource · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Review status: schedule being developed for review of the 2017 MoA
How it affects our valuation

No valuation treatment is available for this arrangement.

Contingent payment of A$1.0m to Lanthanein if an indicated resource of 500,000 oz is identified on the Frontier tenements within five years of completion (6 December 2022 agreement). Not met at cutoff; carried as a bridge liability.

Other · Conditional
Counterparties
Lanthanein Resources Limited
Applies to
Saki gold prospect (Saki-Yava system, EL2531 area) · Regional exploration licences (Ipi River, Namo, Etasi, Mt Kebea, Oro and others) · Gold
Economic direction
Burden
Period
From 2022-12-06; no end date stated
Key terms
Milestone payment on 500,000 oz JORC indicated gold on Frontier tenements within five years: 1,000,000 AUD
Fair value of contingent consideration at 30 June 2026: 782,700 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.