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2026-11-06
◂ Monitor TOK ASX

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
—
Upside
Locked: sign in to view
Mkt cap
A$306.3M
EV
A$281.8M
Cash
A$56.5M
Debt
A$31.4M

Narrative and provenance

Research & Sources

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Chronological 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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts77
npat-fy25-audnpat (2025-12-31)

-14931841 AUD

2025-12-31
npat-fy24-audnpat (2024-12-31)

-7616483 AUD

2024-12-31
ocf-fy25-audoperating_cash_flow (2025-12-31)

-9237846 AUD

2025-12-31
ocf-fy24-audoperating_cash_flow (2024-12-31)

-4474368 AUD

2024-12-31
capex-fy25-audcapex (2025-12-31)

41141969 AUD

2025-12-31
capex-fy24-audcapex (2024-12-31)

24564861 AUD

2024-12-31
cash-fy25-audcash (2025-12-31)

51192624 AUD

2025-12-31
cash-fy24-audcash (2024-12-31)

16738502 AUD

2024-12-31
debt-fy25-auddebt (2025-12-31)

6238865 AUD

2025-12-31
lease-fy25-audlease_liabilities (2025-12-31)

730760 AUD

2025-12-31
equity-fy25-audbook_equity (2025-12-31)

115193473 AUD

2025-12-31
npat-h1-26-audnpat (2026-06-30)

-9085243 AUD

2026-06-30
ocf-h1-26-audoperating_cash_flow (2026-06-30)

-4246097 AUD

2026-06-30
capex-h1-26-audcapex (2026-06-30)

23408278 AUD

2026-06-30
cash-h1-26-audcash (2026-06-30)

50009414 AUD

2026-06-30
debt-h1-26-auddebt (2026-06-30)

1582759 AUD

2026-06-30
lease-h1-26-audlease_liabilities (2026-06-30)

622763 AUD

2026-06-30
equity-h1-26-audbook_equity (2026-06-30)

138566625 AUD

2026-06-30
dps-ttm-h1-26dividends_per_share_ttm (2026-06-30)

0 AUD/share

2026-06-30
shares-fy25shares_basic (2025-12-31)

259111530 shares

2025-12-31
shares-fy24shares_basic (2024-12-31)

166908724 shares

2024-12-31
shares-h1-26shares_basic (2026-06-30)

280985931 shares

2026-06-30
own-tgmownership_pct (2026-06-30)

100 pct

2026-06-30
own-mtpownership_pct (2026-06-30)

100 pct

2026-06-30
own-sakiownership_pct (2026-06-30)

100 pct

2026-06-30
own-regownership_pct (2026-06-30)

100 pct

2026-06-30
area-regtenement_area (2026-06-30)

2226.05 km2

2026-06-30
cash-q3-26-audcash (2026-09-30)

56538000 AUD

2026-09-30
debt-q3-26-auddebt (2026-09-30)

31421000 AUD

2026-09-30
undrawn-q3-26-audundrawn_facilities (2026-09-30)

0 AUD

2026-09-30
committed-q3-26-audcommitted_funding (2026-09-30)

0 AUD

2026-09-30
qburn-q3-26-audquarterly_net_burn (2026-09-30)

22612000 AUD

2026-09-30
shares-q3-26shares_basic (2026-10-30)

280985931 shares

2026-10-30
shares-fd-q3-26shares_fully_diluted (2026-10-30)

292475931 shares

2026-10-30
cash-q1-26-audcash (2026-03-31)

38945000 AUD

2026-03-31
cash-q3-25-audcash (2025-09-30)

10018000 AUD

2025-09-30
cash-q2-25-audcash (2025-06-30)

21563000 AUD

2025-06-30
rt-tgm-totalresource_tonnes (2026-06-30)

4.31 Mt

2026-06-30
rt-tgm-indresource_tonnes (2026-06-30)

0.85 Mt

2026-06-30
rt-tgm-infresource_tonnes (2026-06-30)

3.46 Mt

2026-06-30
rg-tgm-totalresource_grade (2026-06-30)

6.57 g/t Au

2026-06-30
rg-tgm-indresource_grade (2026-06-30)

7.33 g/t Au

2026-06-30
rg-tgm-infresource_grade (2026-06-30)

6.38 g/t Au

2026-06-30
rc-tgm-totalresource_contained (2026-06-30)

909200 oz

2026-06-30
rc-tgm-indresource_contained (2026-06-30)

199100 oz

2026-06-30
rc-tgm-infresource_contained (2026-06-30)

710100 oz

2026-06-30
rc-tgm-agresource_contained (2026-06-30)

3900000 oz

2026-06-30
rt-saki-totalresource_tonnes (2022-02-25)

2.0 Mt

2022-02-25
rt-saki-infresource_tonnes (2022-02-25)

2.0 Mt

2022-02-25
rg-saki-totalresource_grade (2022-02-25)

2.0 g/t Au

2022-02-25
rg-saki-infresource_grade (2022-02-25)

2.0 g/t Au

2022-02-25
rc-saki-totalresource_contained (2022-02-25)

128000 oz

2022-02-25
rc-saki-infresource_contained (2022-02-25)

128000 oz

2022-02-25
cutoff-sakicutoff_grade (2022-02-25)

1.0 g/t Au

2022-02-25
resdate-sakiresource_date (2022-02-25)

2022-02-25 date

2022-02-25
mip-saki-zeroresource_contained (2022-02-25)

0 oz

2022-02-25
rt-mtp-totalresource_tonnes (2026-09-20)

7.3 Mt

2026-09-20
rt-mtp-infresource_tonnes (2026-09-20)

7.3 Mt

2026-09-20
rg-mtp-totalresource_grade (2026-09-20)

1.2 g/t Au

2026-09-20
rg-mtp-infresource_grade (2026-09-20)

1.2 g/t Au

2026-09-20
rc-mtp-totalresource_contained (2026-09-20)

293000 oz

2026-09-20
rc-mtp-infresource_contained (2026-09-20)

293000 oz

2026-09-20
cutoff-mtpcutoff_grade (2026-09-20)

0.5 g/t Au

2026-09-20
resdate-mtpresource_date (2026-09-20)

2026-09-20 date

2026-09-20
mip-mtp-zeroresource_contained (2026-09-20)

0 oz

2026-09-20
lastprod-tgmlast_production_year (2015-12-31)

2015 year

2015-12-31
nameplate-tgmnameplate_capacity (2026-10-01)

220000 tpa

2026-10-01
restart-tgmrestart_target (2026-10-01)

2027-03-31 date

2026-10-01
plant-220ktpa-presentationCIL plant capacity (existing, being refurbished)

220000 tpa

2026-10-01
plant-250ktpa-argonautCIL plant capacity (sell-side estimate, Nov 2025)

250000 tpa

2025-11-04
ref-price-close-2026-11-03TOK close, 3 Nov 2026

1.09 AUD/share

2026-11-03
ref-price-volume-2026-11-03TOK volume, 3 Nov 2026

54943 shares

2026-11-03
gold-spot-usd-2026-11-03Gold spot, 3 Nov 2026

3940.3999 USD/oz

2026-11-03
gold-aud-per-usd-2026-11-03AUD per USD, 3 Nov 2026

1.4236 AUD/USD

2026-11-03
gold-spot-aud-2026-11-03Gold spot in AUD, 3 Nov 2026

5609.4 AUD/oz

2026-11-03
peer-dev-median-aud-ozMedian EV per attributable resource oz, 11 gold PFS/DFS developers

171.81 AUD/oz

2026-11-04
peer-expl-mean-aud-ozMean EV per attributable resource oz, resource-stage explorers (VAL, GBM)

44.505 AUD/oz

2026-11-04
Conflicts 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.