Tolu's Reported Gold Resources More Than Double to 1.33Moz

Key points

• Reported gold resources more than doubled to 1.33Moz
• New Mt Penck resource adds 293,000oz of gold
• Mt Penck has deep-water port access and untested copper-gold porphyry
• Tolukuma remains the immediate priority for production
• Detailed drilling update expected in October 2026

Full summary

Tolu Minerals Limited (ASX: TOK) announced a substantial increase in its reported gold resources, more than doubling to 1.33 million ounces (Moz) as of September 2026. This significant uplift is due to the addition of the maiden Mineral Resource Estimate (MRE) for the Mt Penck Gold-Copper Project, which stands at 293,000 ounces of gold. The company's portfolio now includes three deposits: Tolukuma (909,000 oz), Saki (128,000 oz), and Mt Penck (293,000 oz). Tolukuma remains the immediate focus for the company, with a 75,000-meter near-mine drilling campaign underway, aiming for a return to gold production in early 2027. Mt Penck, located on the coast of New Britain, offers unique advantages such as direct water access and proximity to a deep-water port, setting it apart from other projects in Papua New Guinea. The project is poised for exploration to define a shallow open-pit gold resource and test a large, untested copper-gold porphyry system beneath the gold cap.

Outlook

Tolu Minerals is optimistic about the potential of Mt Penck, viewing it as a stand-alone project with significant growth opportunities. The company is exploring options to fund the Mt Penck program independently to maximize shareholder value.