Price, volume & events
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- Last 2026-11-06
- A$1.09
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$306.3M
- EV
- A$281.8M
- Cash
- A$56.5M
- Debt
- A$31.4M
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 17All sources ▸- Quarterly activities and Appendix 5B for the quarter ended 30 September 2026Results
- Presentation at the Mining Forum Americas (October 2026)Presentation
- Tolukuma Mineral Resource grows 81% to 909 koz gold (HSC, September 2026)Resource Update
- Ceasing to be a substantial holder: UBS Group AGOther
- Half-year financial report for the six months ended 30 June 2026Results
- Director resignation and interim chair appointmentGovernance
- Becoming a substantial holder: UBS Group AGOther
- Tolu strengthens executive team with appointment of COO Warren UyenLeadership
- Quarterly activities and Appendix 5B for the quarter ended 30 June 2026Results
- Tolu announces chair transitionGovernance
- Timing of drilling results and new Mineral Resource estimateResource Update
- Quarterly activities and Appendix 5B for the quarter ended 31 March 2026Results
Event calendar · next 12 months
9 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Targeted for the quarter after the September MRE; assays delayed by about four months of lab turnaround | Detailed Tolukuma drilling update (post-cutoff assays) | Exploration | Company Guided | Medium | Assays from about 75,000 m of drilling feed the next resource; the update was guided for October 2026 and is not yet out at the cutoff. |
| Q4 2026 (company guided) | Major Infrastructure Project and Hydro contract announcements | Construction Or Commissioning | Company Guided | High | Contract awards for the access road and incline, hydro and dewatering set the restart capital and schedule that the funding claim depends on; no contract values have been disclosed. |
| Q4 2026 (company guided) | CIL plant refurbishment complete (220 ktpa) | Construction Or Commissioning | Company Guided | High | Completion of the existing plant refurbishment is the critical path to first gold; a slip moves the Q1 2027 restart. |
| 7 November 2026 expiry (5B tenement table) | EL2723 Etasi licence expiry (renewal pending) | Permitting | Confirmed | Medium | Licence expiry date; renewal determination timing is not disclosed. |
| 10-11 November 2026 (company table) | Warden hearings for EL2536, EL2539 and EL2538 (10-11 Nov 2026) | Permitting | Confirmed | Medium | Hearings are part of licence renewal for regional ground held by the company; outcomes affect the regional licence base only. |
| 2 December 2026 expiry (5B tenement table) | EL2780 Ipi River licence expiry | Permitting | Confirmed | Medium | The Ipi River porphyry target is the largest regional licence (395.6 km2); expiry date is in the horizon. |
| Q1 2027 (company targeted) | First gold from the Tolukuma restart | Production | Company Guided | High | First gold starts the revenue line and tests the 220 ktpa restart, recovery and ramp assumptions for the first time. |
| Q1 2027 (company guided) | Tolukuma incline and gravity dewatering works commence | Construction Or Commissioning | Company Guided | Medium | The incline and dewatering drives open the access and dewatering path for the mine plan the company has not yet published. |
| By 31 January 2027 (ASX quarterly timing) | December 2026 quarterly activities and Appendix 5B | Results | Inferred | Medium | First cash-flow report that should show restart spending and first-gold timing; the quarterly is the main check on the funding claim. |
Executive roster
As of 2026-11-04Background checks ▸Executive directors and senior management named in the FY2025 annual report corporate directory and in the August 2026 COO announcement; non-executive directors excluded (interim chair Larry Andagali is a non-executive director).
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Chris Muller | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | — | Annual Report for the year ended 31 December 2025 · Tolu strengthens executive team with appointment of COO Warren Uyen |
| Howard Lole | Executive Director - External Affairs PNG | Executive Director · Other | — | Annual Report for the year ended 31 December 2025 · Half-year financial report for the six months ended 30 June 2026 |
| Craig Dawson | Chief Financial Officer and Assistant Company Secretary | Finance · Company Secretary | — | Annual Report for the year ended 31 December 2025 |
| Naime O'ome | Company Secretary | Company Secretary | — | Annual Report for the year ended 31 December 2025 |
| Warren Uyen | Chief Operating Officer | Operations | 2026-08-10 | Tolu strengthens executive team with appointment of COO Warren Uyen |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Tolukuma Gold Mine (ML104) restart and near-mine resource
PG
Care And Maintenance100% ownedGold
Restart underway: CIL plant refurbishment (complete Q4 2026 target), underground development and ore stockpile; first gold targeted Q1 2027, full-rate H1 2028; no feasibility study or ore reserve.
- Nameplate capacity
- 2.2e+05 tpa
- Restart capex
- —
- Contained metal (attributable)
- 909.2k ozd
- Last production year
- 2,015 year
- Target restart
- 2027-03-31
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 199.1K oz | 7.33 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | Inferred | 710.1K oz | 6.38 g/t Au | Gold | 2026-06-30 |
Tenements2
Milestones5
- CIL plant refurbishment complete (Q4 2026 target)
Pending · High materiality
- Major Infrastructure Project and Hydro contract announcements (Q4 2026)
Pending · High materiality
- First gold from the restart (Q1 2027)
Pending · High materiality
- Full-rate production (H1 2028)
Pending · High materiality
- Next Tolukuma resource update (planned 2027)
Pending · Medium materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| ML104 mining lease (granted; described as fully permitted) | PNG (Mineral Resources Authority) | Granted | 2032-08-28 | No |
| Underground tailings facility design and approval (geotube dewatering in use; TMF under design) | PNG (Mineral Resources Authority) | Pending | — | Yes |
| Review of 2017 Memorandum of Agreement with Tolukuma Landowner Association | PNG | Pending | — | No |
Material
Mt Penck gold-copper project (EL2662, New Britain)
PG
Resource Stage100% ownedGoldCopper
Maiden Inferred resource (Sep 2026) from historical drilling only; staged two-year programme proposed; funding options under board review.
- Contained metal (attributable)
- 293.0k ozd
- Resource grade
- 1.2 g/t Au
- % Measured + Indicated
- 0%d
- Resource tonnes
- 7.30 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Inferred | 293K oz | 1.2 g/t Au | Gold | 2026-09-20 |
Tenements1
Milestones1
- Staged two-year programme: Kavola and Peni Creek infill and first deep porphyry drill holes
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| EL2662 renewal application (to October 2027) pending | PNG (Mineral Resources Authority) | Pending | — | No |
Other
Saki gold prospect (Saki-Yava system, EL2531 area)
PG
Resource Stage100% ownedGold
Inferred resource reported in 2022 (Frontier Resources); not re-estimated; near-mine growth target.
- Contained metal (attributable)
- 128.0k ozd
- Resource grade
- 2 g/t Au
- % Measured + Indicated
- 0%d
- Resource tonnes
- 2.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Inferred | 128K oz | 2.0 g/t Au | Gold | 2022-02-25 |
Tenements1
Other
Regional exploration licences (Ipi River, Namo, Etasi, Mt Kebea, Oro and others)
PG
Early Explorer100% ownedGoldCopper
About 2,226 km2 of exploration licences and applications; field programmes running (soil and stream sampling, Kimono drilling mobilisation); no resource.
- Ownership
- 10,000.0%
- Commodity
- Aur
- Country
- PGr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements4
Milestones1
- Ipi River stream sediment program and field camp (2026)
Pending · Low materiality
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares: 279,985,931 quoted plus 1,000,000 in escrow | Ordinary Share | 281M | — | — |
| Performance rights (unquoted; treated as fully dilutive) | Performance Right | 11.5M | A$0 | — |
KPI history
Operating metrics
Operating metric source table11
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents at quarter end | Company | Jun 2025 quarter | Point In Time | 21,563,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Sep 2025 quarter | Point In Time | 10,018,000 AUD | Reported |
| Cash and cash equivalents at year end | Company | FY2025 | Point In Time | 51,192,624 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Mar 2026 quarter | Point In Time | 38,945,000 AUD | Reported |
| Cash and cash equivalents at half year end | Company | H1 2026 | Point In Time | 50,009,414 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Sep 2026 quarter | Point In Time | 56,538,000 AUD | Reported |
| Borrowings (equipment finance and convertible notes) | Company | FY2025 | Point In Time | 6,238,865 AUD | Source Derived |
| Borrowings after note conversions | Company | H1 2026 | Point In Time | 1,582,759 AUD | Reported |
| Loan facilities drawn (NBC and equipment finance) | Company | Sep 2026 quarter | Point In Time | 31,421,000 AUD | Reported |
| Operating plus investing cash flow, quarter (outflow) | Company | Sep 2026 quarter | Quarter | -22,612,000 AUD | Source Derived |
| Surface ore stockpile incl. TSF material | Company | Sep 2026 quarter | Point In Time | 10,900 t | Reported |
Company guidance4
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Cil Plant Refurbishment Completion | tolukuma | Q4 2026 | — | — date | Current |
| Gold Production Restart | tolukuma | Q1 2027 | — | — date | Current |
| Staged Ore Throughput (About 500 Tonnes Per Day) | tolukuma | by end 2027 | 182,500 | 182,500 t/yr | Current |
| Full Rate Production | tolukuma | H1 2028 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-07 | Debt | A$30M | — | — | Completed | K95m (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. 2026-06-12 | Raising | A$3.3M | 4.1M | — | Completed | — |
| 2026-06-01 | Debt | A$4.4M | 3M | — | Completed | — |
| 2026-06-03Ann. 2026-04-23 | Debt | A$23.8M | 14.8M | — | Completed | — |
| 2025-10-16Ann. 2025-10-09 | Raising | A$60.5M | 50.4M | — | Completed | — |
| 2025-05-07Ann. 2025-04-30 | Raising | A$27.2M | 34.1M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The reviewed public record supports role-relevant professional experience for the current team, but mostly through issuer or professional profiles. Individual contribution, exact prior-role dates and several credentials remain unverified. PNG mining and underground operating experience is relevant to Tolukuma restart planning; the mine’s safety and restart execution require current operational evidence.
Decision-relevant facts
Material summary
Dr Chris Muller
Managing Director; Chief Executive Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Mining/exploration across PNG and Asia; involved in Morobe Mining JV discoveries and Kora North discovery with K92.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Leadership · Dr Chris Muller profile; career/role section
SafetyIssuer Reported · High materiality
Fatal incident reported near Tolukuma
Tolu disclosed a fatal incident on exploration licence EL2531 in Papua New Guinea on 6 July 2026. The announcement said the incident occurred near the Tolukuma operation, and the Mineral Resources Authority/Mines Inspectorate were notified. The reviewed evidence does not establish the circumstances, investigation findings, or any individual’s involvement.
Role overlaps event; causation unproven · The event occurred during current executive service, but no source reviewed links this individual to the incident or its causes. No final regulator finding was located by the cutoff.
Tolu reports incident on EL2531 resulting in a fatality · incident circumstances and notification to regulators
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
PNG mining and underground operating experience is relevant to Tolukuma restart planning; the mine’s safety and restart execution require current operational evidence.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Leadership · Dr Chris Muller profile; career/role section
Personal SuccessIssuer Reported · Medium materiality
PNG discovery, restart and technical record with verified education
Tolu’s 16 September 2025 appointment announcement says Muller had more than 25 years of global mining and exploration experience, including senior roles in PNG, mine restart work at Simberi and Kainantu, contributions to discoveries at Wafi/Golpu, and Kora North discovery at K92. It says he received a first-class honours degree in economic geology from the University of Tasmania and a PhD from Macquarie University. He joined Tolu as Executive Group Geologist in January 2025 and was appointed MD/CEO after Iain Macpherson’s contract ended in November 2025. These career achievements are issuer-reported; the discovery contribution is specific but shared with the project teams.
Individual involvement documented · The issuer describes Muller’s involvement in the listed discoveries and mine restarts; it does not assign sole credit or independently verify quantified deposit sizes.
Change of Managing Director and CEO · About Dr Chris Muller; roles, restart/discovery contributions and degrees, PDF p.1
Change of Managing Director and CEO · Appointment timing; MD/CEO succeeds foundation CEO after 9 November 2025, PDF p.1
Evidence gaps · 3
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The regulator investigation outcome and detailed circumstances of the July 2026 fatal incident were not available in the reviewed pre-cutoff material.
- The public issuer announcement provides degree names but no independent confirmation of the award records, and gives no exact employment dates for most prior roles.
Howard Lole
Executive Director - External Affairs PNG
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Former Chief Inspector of Mines and former Community Affairs Manager at K92 Mining; 25+ years in PNG public/private sectors.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Leadership · Howard Lole profile; career/role section
SafetyIssuer Reported · High materiality
Fatal incident reported near Tolukuma
Tolu disclosed a fatal incident on exploration licence EL2531 in Papua New Guinea on 6 July 2026. The announcement said the incident occurred near the Tolukuma operation, and the Mineral Resources Authority/Mines Inspectorate were notified. The reviewed evidence does not establish the circumstances, investigation findings, or any individual’s involvement.
Role overlaps event; causation unproven · The event occurred during current executive service, but no source reviewed links this individual to the incident or its causes. No final regulator finding was located by the cutoff.
Tolu reports incident on EL2531 resulting in a fatality · incident circumstances and notification to regulators
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
PNG mining and underground operating experience is relevant to Tolukuma restart planning; the mine’s safety and restart execution require current operational evidence.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Leadership · Howard Lole profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The regulator investigation outcome and detailed circumstances of the July 2026 fatal incident were not available in the reviewed pre-cutoff material.
Craig Dawson
Chief Financial Officer; Assistant Company Secretary; Local Agent
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Former CFO of Wotif.com for over four years during earnings growth and international expansion; finance roles across listed groups.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Leadership · Craig Dawson profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
PNG mining and underground operating experience is relevant to Tolukuma restart planning; the mine’s safety and restart execution require current operational evidence.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Leadership · Craig Dawson profile; career/role section
Evidence gaps · 1
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
Naime O’ome
Company Secretary
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Company Secretary; prior career chronology not detailed in reviewed sources.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Leadership · Naime O’ome profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
PNG mining and underground operating experience is relevant to Tolukuma restart planning; the mine’s safety and restart execution require current operational evidence.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Leadership · Naime O’ome profile; career/role section
Evidence gaps · 2
- The reviewed public professional and issuer materials did not establish verified degrees or professional credentials for this executive.
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
Warren Uyen
Chief Operating Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Former SVP/COO of K92 Mining, EGM Underground Operations at Macmahon, and GM of Eldorado Gold’s White Mountain mine.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Leadership · Warren Uyen profile; career/role section
SafetyIssuer Reported · High materiality
Fatal incident reported near Tolukuma
Tolu disclosed a fatal incident on exploration licence EL2531 in Papua New Guinea on 6 July 2026. The announcement said the incident occurred near the Tolukuma operation, and the Mineral Resources Authority/Mines Inspectorate were notified. The reviewed evidence does not establish the circumstances, investigation findings, or any individual’s involvement.
Role overlaps event; causation unproven · The event occurred during current executive service, but no source reviewed links this individual to the incident or its causes. No final regulator finding was located by the cutoff.
Tolu reports incident on EL2531 resulting in a fatality · incident circumstances and notification to regulators
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
PNG mining and underground operating experience is relevant to Tolukuma restart planning; the mine’s safety and restart execution require current operational evidence.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Leadership · Warren Uyen profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The regulator investigation outcome and detailed circumstances of the July 2026 fatal incident were not available in the reviewed pre-cutoff material.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2023-11-08 · 114,963,447 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 13.81% | 15,880,980 | |
| 2 | 8.25% | 9,484,442 | |
| 3 | 7.31% | 8,403,362 | |
| 4 | 6.52% | 7,500,000 | |
| 5 | 6.52% | 7,500,000 | |
| 6 | 6.52% | 7,500,000 | |
| 7 | 5.20% | 5,980,352 | |
| 8 | 3.65% | 4,201,681 | |
| 9 | 2.87% | 3,300,000 | |
| 10 | 2.87% | 3,300,000 | |
| 11 | 2.61% | 3,000,000 | |
| 12 | 2.41% | 2,770,270 | |
| 13 | 2.35% | 2,702,703 | |
| 14 | 2.35% | 2,702,703 | |
| 15 | 2.27% | 2,605,042 | |
| 16 | 2.27% | 2,605,042 | |
| 17 | 1.12% | 1,286,300 | |
| 18 | 1.12% | 1,286,300 | |
| 19 | 0.94% | 1,081,081 | |
| 20 | 0.87% | 1,000,000 | |
| 21 | 0.87% | 1,000,000 | |
| 22 | 0.85% | 972,972 | |
| 23 | 0.66% | 760,000 | |
| 24 | 0.65% | 750,000 | |
| 25 | 0.56% | 646,123 | |
| 26 | 0.52% | 600,000 | |
| 27 | 0.47% | 540,540 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Top-20 register is old (8 November 2023); no newer complete registered-holder list located.
- UBS Group AG ceased to be substantial on 14 September 2026; the cessation notice does not establish zero holdings.
Sources
- Top 20 Shareholders
ASX announcement / Tolu Minerals Limited · Published 2023-11-09 · Accessed 2026-10-09
Report totals 114,963,447 ordinary shares, 397 investors, and lists 27 top-20 lines due tied ranks.
pages 1–2, Link Market Services Top 20 Investors Report dated 8 November 2023, local copy downloads/TOK/2023/2023-11-09_Top 20 Shareholders_03677c679770aa11.pdf
- Ceasing to be a substantial holder
ASX announcement / Tolu Minerals Limited · Published 2026-09-16 · Accessed 2026-10-09
UBS Group AG and related bodies ceased to be substantial on 14 September 2026; no final holding quantity stated.
Form 605, local copy downloads/TOK/2026/2026-09-16_Ceasing to be a substantial holder_62b38c77c3dfc0e1.pdf
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
Disclosed holding observations1 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2023-11-03 | Trans Wonderland Limited
Details & evidence for Trans Wonderland Limited on 2023-11-03Initial substantial-holder balance on the date the holder became substantial.
substantial holder of Tolu Minerals Limited · Start not disclosed Becoming a substantial holder ↗ | InitialFully paid ordinary shares | 9,484,442 | 8.25%Voting Power |
The closest covered peers
Peer comparison
Peer comparison pending
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Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory28 documents
v8 database peer snapshot: EV per attributable resource oz, gold developers and resource-stage companies (4 Nov 2026)Market Data · HighExtracted
Local v8 database (data/miners_v8.db) rows for gold companies with a PFS, DFS or resource stage: EV per attributable resource oz (A$/oz) from each company latest published v8 run and the 4 Nov 2026 share price (market data provider history via miners.collect_stock_prices). Used for the Tolukuma and exploration benchmarks; the 11 developers give the median A$171.81/oz and the 2 explorers A$33.10 and A$55.91/oz.
- Document ID
- peer-benchmark-snapshot-2026-11-04
- Published UTC
- 2026-11-03T23:00:00Z
- Projects
- tolukuma · mt-penck · saki
- Commodities
- gold
TOK ASX close and volume, 3 November 2026 (reference price for valuation)Market Data · HighExtracted
Reference price: TOK close A$1.09 on 3 November 2026 (high 1.12, low 1.055, volume 54,943), one day old at the 4 November 2026 valuation date; selected by miners.reference_price --valuation-date 2026-11-04.
- Document ID
- reference-price-tok-2026-11-03
- Published UTC
- 2026-11-03T05:00:00Z
- Projects
- —
- Commodities
- gold
Gold spot (COMEX futures) and AUD/USD, 3 November 2026Commodity Data · HighExtracted
Gold spot US$3,940.40/oz (COMEX futures, 3 November 2026, from the local price database) converted at AUD/USD 1.4236 to about A$5,609/oz; trailing averages 1y US$4,451.5, 3y US$3,314.3.
- Document ID
- gold-spot-2026-11-03
- Published UTC
- 2026-11-03T05:00:00Z
- Projects
- tolukuma · mt-penck · saki
- Commodities
- gold
Quarterly activities and Appendix 5B for the quarter ended 30 September 2026Results · HighExtracted
September 2026 quarter: cash A$56.5m after NBC drawdown (A$31.4m facilities drawn, none undrawn), quarterly operating outflow A$2.0m and investing outflow A$20.6m, 10,900 t surface ore stockpile, 32,058 m drilled in 2026, shares 280,985,931 and 11,490,000 performance rights.
- Document ID
- q3-2026-quarterly
- Published UTC
- 2026-10-29T22:53:40Z
- Projects
- tolukuma · mt-penck · saki · regional-exploration
- Commodities
- gold
TOK management assessment with external background checks (local product)Governance · MediumMetadata Only
Local management assessment (management/TOK/summary.md) that cites issuer biographies, ASX appointment notices and the 6 July 2026 fatality notice; its star rating is not used. Used only for background on executives; role facts are taken from the primary ASX notices.
- Document ID
- management-assessment-local
- Published UTC
- 2026-10-08T14:00:00Z
- Projects
- tolukuma
- Commodities
- gold
Presentation at the Mining Forum Americas (October 2026)Presentation · HighExtracted
Company presentation: Tolukuma 220 ktpa CIL plant refurbishment (complete Q4 2026), 92% historical recovery, production restart Q1 2027, full-rate production targeted H1 2028, historical output about 1 Moz 1995-2015 with 87 koz peak.
- Document ID
- mining-forum-presentation-october-2026
- Published UTC
- 2026-09-30T22:54:23Z
- Projects
- tolukuma · mt-penck · saki · regional-exploration
- Commodities
- gold
Maiden Mt Penck Mineral Resource (RMG, September 2026); reported gold resources 1.33 MozResource Update · HighExtracted
Maiden Inferred Mineral Resource for Mt Penck (EL2662): 7.3 Mt at 1.2 g/t Au for 293,000 oz at 0.5 g/t cut-off, historical drilling only; conceptual Exploration Target shown separately; portfolio total 1.33 Moz.
- Document ID
- mt-penck-mre-september-2026
- Published UTC
- 2026-09-20T23:00:00Z
- Projects
- mt-penck · saki · tolukuma
- Commodities
- gold · copper
Tolukuma Mineral Resource grows 81% to 909 koz gold (HSC, September 2026)Resource Update · HighExtracted
Independent JORC 2012 MRE (H&S Consultants) at 3 g/t Au: 4.31 Mt at 6.57 g/t Au for 909.2 koz (Indicated 199.1 koz; Inferred 710.1 koz); 3.9 Moz silver; no feasibility study or ore reserve; data cut-off 30 June 2026. Saki (128 koz Inferred, 2022) restated in Table 4.
- Document ID
- tolukuma-mre-september-2026
- Published UTC
- 2026-09-15T23:54:34Z
- Projects
- tolukuma
- Commodities
- gold · silver
Ceasing to be a substantial holder: UBS Group AGOther · LowExtracted
UBS Group AG ceased to be a substantial holder on 14 September 2026; no final quantity disclosed.
- Document ID
- ubs-cessation-september-2026
- Published UTC
- 2026-09-16T02:44:40Z
- Projects
- tolukuma
- Commodities
- gold
Half-year financial report for the six months ended 30 June 2026Results · HighExtracted
Reviewed half-year accounts to 30 June 2026: nil revenue, loss A$9.09m, cash A$50.01m, convertible notes converted (A$24.0m, 14.75m shares), shares 280,985,931, subsequent NBC K95m facility and chair change.
- Document ID
- half-year-june-2026
- Published UTC
- 2026-09-11T05:33:59Z
- Projects
- tolukuma · mt-penck · saki · regional-exploration
- Commodities
- gold
Tolu Minerals fully funded to production; K95m NBC debt facilityFinancing · HighExtracted
Letter of offer for K95m (about A$30m) five-year facility from National Banking Corporation at 9.6% p.a., secured over company assets; proceeds fund remaining Tolukuma restart capital works; company states fully funded to production targeted Q1 2027; 500 tpd staged restart by end 2027.
- Document ID
- nbc-facility-september-2026
- Published UTC
- 2026-09-06T23:00:00Z
- Projects
- tolukuma
- Commodities
- gold
Director resignation and interim chair appointmentGovernance · MediumExtracted
John Anderson resigned as chair and director with immediate effect; Larry Andagali appointed interim chair; search for a permanent chair continues.
- Document ID
- chair-change-august-2026
- Published UTC
- 2026-08-26T07:49:32Z
- Projects
- tolukuma
- Commodities
- gold
Becoming a substantial holder: UBS Group AGOther · LowExtracted
Initial substantial holder notice: UBS Group AG and related bodies corporate hold 18,054,213 ordinary shares (6.43%) at 7 August 2026, largely as prime broker borrowing rights.
- Document ID
- ubs-substantial-holder-august-2026
- Published UTC
- 2026-08-11T08:42:07Z
- Projects
- tolukuma
- Commodities
- gold
Tolu strengthens executive team with appointment of COO Warren UyenLeadership · MediumExtracted
Appointment of Warren Uyen as Chief Operating Officer; former COO and SVP operations of K92 Mining (Kainantu).
- Document ID
- coo-appointment-august-2026
- Published UTC
- 2026-08-09T22:43:30Z
- Projects
- tolukuma
- Commodities
- gold
Quarterly activities and Appendix 5B for the quarter ended 30 June 2026Results · MediumExtracted
June 2026 quarter: cash A$50.0m at 30 June 2026 (A$38.9m at 31 March 2026), shares quoted 279,985,931 plus 1,000,000 escrowed.
- Document ID
- q2-2026-quarterly
- Published UTC
- 2026-07-30T23:37:39Z
- Projects
- tolukuma
- Commodities
- gold
Tolu announces chair transitionGovernance · MediumExtracted
Chair John Anderson to step down as director by November 2026; board to appoint an independent chair and a resource executive as non-executive director; no dates given.
- Document ID
- chair-transition-july-2026
- Published UTC
- 2026-07-20T22:35:48Z
- Projects
- tolukuma
- Commodities
- gold
Timing of drilling results and new Mineral Resource estimateResource Update · MediumExtracted
Company notice on the timing of assay results and the next Tolukuma resource update.
- Document ID
- timing-drilling-july-2026
- Published UTC
- 2026-07-06T22:53:29Z
- Projects
- tolukuma
- Commodities
- gold
Tolu reports incident on EL2531 resulting in a fatalityOther · HighExtracted
Fatal incident in the field on EL2531 near Tolukuma involving a services-division employee; MRA notified; Mines Inspectorate expected to investigate. Cause and regulatory finding not known at cutoff.
- Document ID
- fatality-july-2026
- Published UTC
- 2026-07-05T23:00:00Z
- Projects
- tolukuma · regional-exploration
- Commodities
- gold
Tolu drilling results (Fundoot and Gulbadi splays)Operations · MediumExtracted
Drilling results from Tolukuma near-mine programme, including Fundoot Splay 4.67 m at 42.76 g/t Au. Used for context on exploration intercepts only.
- Document ID
- drilling-results-may-2026
- Published UTC
- 2026-05-27T23:00:00Z
- Projects
- tolukuma
- Commodities
- gold
Quarterly activities and Appendix 5B for the quarter ended 31 March 2026Results · MediumExtracted
March 2026 quarter: cash A$38.9m at 31 March 2026 after the restart spending; operating outflow A$2.2m.
- Document ID
- q1-2026-quarterly
- Published UTC
- 2026-04-30T03:28:02Z
- Projects
- tolukuma
- Commodities
- gold
Issue of convertible notes to Petrosea (A$23.75m) and market updateFinancing · HighExtracted
Issue of A$23.75m convertible notes to Petrosea Services Solutions for 14,615,385 shares at A$1.625 subject to shareholder approval; diesel supply update; assay delays.
- Document ID
- convertible-notes-april-2026
- Published UTC
- 2026-04-22T23:00:00Z
- Projects
- tolukuma
- Commodities
- gold
Proposed issue of securities (Petrosea / Petrindo convertible note conversion)Financing · MediumExtracted
Appendix 3B for the proposed issue of new shares on conversion of the Petrosea convertible notes.
- Document ID
- proposed-issue-april-2026
- Published UTC
- 2026-04-22T23:25:57Z
- Projects
- tolukuma
- Commodities
- gold
Annual Report for the year ended 31 December 2025Results · HighExtracted
FY2025 audited annual report: nil revenue, loss after tax A$14.93m, operating cash outflow A$9.24m, investing outflow A$41.2m (incl. exploration), cash A$51.19m at 31 Dec 2025, borrowings A$6.24m, shares 259.1m at 31 Dec 2025.
- Document ID
- fy2025-annual-report
- Published UTC
- 2026-03-31T03:32:46Z
- Projects
- tolukuma
- Commodities
- gold
Quarterly activities and Appendix 5B for the quarter ended 31 December 2025Results · MediumExtracted
December 2025 quarter: cash A$51.2m at 31 December 2025 after the October 2025 placement; 258.1m quoted shares plus 1.0m in escrow.
- Document ID
- q4-2025-quarterly
- Published UTC
- 2026-01-29T22:41:59Z
- Projects
- tolukuma
- Commodities
- gold
Argonaut Equity Research: Placement brings forward production (4 November 2025)Other · LowExtracted
Sell-side note (Speculative Buy, price target A$2.60 against A$1.37 price at the time) using a pre-2026 resource base, about 250 ktpa CIL plant and AISC of A$1,749-1,891/oz; used only to test the thesis, not as the anchor.
- Document ID
- argonaut-research-november-2025
- Published UTC
- 2025-11-03T23:00:00Z
- Projects
- tolukuma
- Commodities
- gold
Quarterly activities and Appendix 5B for the quarter ended 30 September 2025Results · MediumExtracted
September 2025 quarter: cash A$10.0m at 30 September 2025, before the A$60.5m October placement.
- Document ID
- q3-2025-quarterly
- Published UTC
- 2025-10-31T06:18:31Z
- Projects
- tolukuma
- Commodities
- gold
Quarterly activities and Appendix 5B for the quarter ended 30 June 2025Results · LowExtracted
June 2025 quarter: cash A$21.6m at 30 June 2025.
- Document ID
- q2-2025-quarterly
- Published UTC
- 2025-07-28T23:00:00Z
- Projects
- tolukuma
- Commodities
- gold
Top 20 shareholders report (Link Market Services, 8 November 2023)Other · LowExtracted
Latest complete top-20 register in the local cache: 114,963,447 shares at 8 November 2023 (Gusaba Company 13.81%, Trans Wonderland 8.25%). Stale; used only for the historical register.
- Document ID
- top20-register-november-2023
- Published UTC
- 2023-11-09T02:01:02Z
- Projects
- tolukuma
- Commodities
- gold
Evidence facts77
-14931841 AUD
2025-12-31-7616483 AUD
2024-12-31-9237846 AUD
2025-12-31-4474368 AUD
2024-12-3141141969 AUD
2025-12-3124564861 AUD
2024-12-3151192624 AUD
2025-12-3116738502 AUD
2024-12-316238865 AUD
2025-12-31730760 AUD
2025-12-31115193473 AUD
2025-12-31-9085243 AUD
2026-06-30-4246097 AUD
2026-06-3023408278 AUD
2026-06-3050009414 AUD
2026-06-301582759 AUD
2026-06-30622763 AUD
2026-06-30138566625 AUD
2026-06-300 AUD/share
2026-06-30259111530 shares
2025-12-31166908724 shares
2024-12-31280985931 shares
2026-06-30100 pct
2026-06-30100 pct
2026-06-30100 pct
2026-06-30100 pct
2026-06-302226.05 km2
2026-06-3056538000 AUD
2026-09-3031421000 AUD
2026-09-300 AUD
2026-09-300 AUD
2026-09-3022612000 AUD
2026-09-30280985931 shares
2026-10-30292475931 shares
2026-10-3038945000 AUD
2026-03-3110018000 AUD
2025-09-3021563000 AUD
2025-06-304.31 Mt
2026-06-300.85 Mt
2026-06-303.46 Mt
2026-06-306.57 g/t Au
2026-06-307.33 g/t Au
2026-06-306.38 g/t Au
2026-06-30909200 oz
2026-06-30199100 oz
2026-06-30710100 oz
2026-06-303900000 oz
2026-06-302.0 Mt
2022-02-252.0 Mt
2022-02-252.0 g/t Au
2022-02-252.0 g/t Au
2022-02-25128000 oz
2022-02-25128000 oz
2022-02-251.0 g/t Au
2022-02-252022-02-25 date
2022-02-250 oz
2022-02-257.3 Mt
2026-09-207.3 Mt
2026-09-201.2 g/t Au
2026-09-201.2 g/t Au
2026-09-20293000 oz
2026-09-20293000 oz
2026-09-200.5 g/t Au
2026-09-202026-09-20 date
2026-09-200 oz
2026-09-202015 year
2015-12-31220000 tpa
2026-10-012027-03-31 date
2026-10-01220000 tpa
2026-10-01250000 tpa
2025-11-041.09 AUD/share
2026-11-0354943 shares
2026-11-033940.3999 USD/oz
2026-11-031.4236 AUD/USD
2026-11-035609.4 AUD/oz
2026-11-03171.81 AUD/oz
2026-11-0444.505 AUD/oz
2026-11-04Conflicts requiring judgment1
- existing CIL plant nameplate capacity (tpa)
The issuer figure in its October 2026 presentation (220 ktpa, page 19) is later and primary; the November 2025 sell-side note used about 250 ktpa on an earlier basis. The 220 ktpa nameplate is used.