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Tolu Minerals Limited (ASX:TOK)

ALERT: Price-sensitive ASX Announcement for TOK
Current share price for TOK : $1.200 -0.25 (-17.24%)+
Announcement
Release
23 Apr 2026 9:08AM
Price at Release
$1.450
Full Release
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Summary
On April 23, 2026, Tolu Minerals Limited announced the issuance of Convertible Notes to Petrosea Services Solutions Pte Ltd for AUD $23,750,000, with the funds already deposited in Tolu's bank account. Petrosea is set to subscribe for new shares, subject to shareholder approval, which will convert post the AGM in May 2026. Additionally, Tolu has implemented a fuel security strategy to mitigate volatility in fuel markets and supply disruptions, securing 600,000 litres of diesel in Port Moresby and planning to increase reserves at the Tolukuma Gold Mine. Drilling results from the Zine vein are being processed with updates expected in the upcoming quarterly report.
Key Points
  • Tolu Minerals issued Convertible Notes to Petrosea for AUD $23,750,000.
  • Funds are deposited and conversion to shares depends on shareholder approval.
  • A proactive fuel security strategy has been implemented.
  • Tolu secured 600,000 litres of diesel in Port Moresby for operational continuity.
  • Additional 120,000 litres of diesel reserves are planned for Tolukuma Gold Mine.
  • Drilling results from Zine vein are being processed, updates expected in the next quarterly report.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.