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Tolu Minerals Limited (ASX:TOK)

ALERT: Price-sensitive ASX Announcement for TOK
Current share price for TOK : $1.300 0.13 (11.11%)+
Announcement
Release
31 Jul 2026 9:37AM
Price at Release
$1.170
Full Release
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Summary
Tolu Minerals Limited, listed on ASX as TOK, reported significant developments for the quarter ending June 2026. The company maintains a strong cash position of approximately A$50 million, supporting its growth strategy. Notable progress was made at the Tolukuma Gold Mine with a record drilling program, resulting in two new high-grade discoveries and an anticipated updated Mineral Resource Estimate scheduled for release in late August 2026. The company is on track for first gold production by Q1 2027. However, a fatal incident was reported during the quarter, underscoring the company's ongoing commitment to safety. Financially, the company saw substantial cash inflows from financing activities, offset by outflows in operating and investing activities.
Key Points
  • Tolu Minerals Limited reported a strong cash position of A$50 million.
  • Record drilling progress at Tolukuma Gold Mine with 68 holes drilled for 11,686 meters in the June quarter.
  • Two new high-grade discoveries, Fundoot Splay and Gulbadi Splay, were made.
  • Updated Mineral Resource Estimate (MRE) expected in late August 2026.
  • The company plans to restart gold production by Q1 2027.
  • A fatal incident occurred in the field on EL2531, resulting in an employee's death.
  • Cash flows from operating activities resulted in a net outflow of A$2,266,000 for the quarter.
  • Investing activities saw significant cash outflows primarily for exploration and evaluation expenses.
  • Financing activities resulted in a net cash inflow of A$26,373,000, mainly from convertible debt securities.
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.