Tolu Minerals Limited has increased the Mineral Resource Estimate for its Tolukuma project in Papua New Guinea by 81% to 909,000 ounces of gold, lifting total reported gold resources past the one-million-ounce mark to 1.04 million ounces.

Prepared independently by H&S Consultants with a data cut-off of 30 June 2026, the updated estimate totals 4.31 million tonnes at 6.57 grams per tonne gold and 28.2 grams per tonne silver for 3.9 million ounces of silver.

Compared with the 2023 estimate at the same 3 grams per tonne cut-off, contained gold is up 81%, total tonnes have risen 169%, and contained silver has grown 104%. The average gold grade decreased from 9.6 grams per tonne to 6.57 grams per tonne due to including a larger volume of mineralised material within a broader structural corridor.

The update includes a maiden Indicated Resource of 199,000 ounces of gold contained in 0.85 million tonnes at 7.33 grams per tonne, establishing a foundation for mine planning as Tolu prepares to return the mine to production in early 2027.

The upgrade follows four months of full run-rate drilling between February and June 2026, during which the company completed 143 holes for 22,975 metres. Drilling has now scaled up to support an expanded 75,000-metre near-mine campaign.

Results underpinned a complete rebuild of the geological model, which now recognises 44 mineralised veins and splays compared with 15 previously. Only ten of these lodes are currently included in the Mineral Resource Estimate, leaving substantial historical vein intersections yet to contribute.

“This is a step change for Tolu. In only four months of full run-rate drilling we have grown the Tolukuma resource by 81% to 909,000 ounces of gold at 6.6 grams per tonne, and for the first time the market can see the full shape of the opportunity: a rebuilt geological model that is proving predictive, and a mining lease where only 1.2 kilometres of an 8 kilometre system has ever been mined.”

— Dr Chris Muller, Managing Director and CEO of Tolu Minerals

The upgrade and ongoing campaign are backed by the company's fully funded status for the production restart, supported by a A$30 million debt facility secured in September 2026 and approximately A$50 million in cash reserves as of 30 June 2026. Tolu plans to report further exploration results in October 2026 ahead of the next resource update scheduled for 2027.

Read the full announcement: Tolukuma Mineral Resource Grows 81% to 909 koz Gold