Tolu Minerals Limited has accepted a K95 million, approximately A$30 million, debt facility from National Banking Corporation Limited to fund remaining capital works at the Tolukuma Gold Mine in Papua New Guinea.

Combined with approximately A$50 million in existing cash reserves as of 30 June 2026, the five-year facility carries an interest rate of 9.60% per annum and places Tolu fully funded to achieve its first gold production target in the first quarter of 2027. The loan is secured over company assets and remains subject to customary conditions precedent, including security registration, with drawdown scheduled for September 2026.

Proceeds will cover the completion of the Major Infrastructure Project access road and incline, dewatering exploration drives, building underground tailings facilities, and executing power and mill upgrades, including camp expansion and a hydro plant. Contracts covering the Major Infrastructure project and hydro works are set for release during the fourth quarter of 2026.

Underground development has already recommenced on the 1560 Level, where early face-sampling returned multiple intervals exceeding 30 grams per tonne gold. Processing plant refurbishment is also substantially advanced, supporting a staged restart plan that targets a processing rate of approximately 500 tonnes per day by the end of 2027. Tolu previously completed construction of a modular gravity recovery plant at the site in December 2024 and initiated hot commissioning in February 2025.

In addition to funding the restart, the company expects to release an updated Mineral Resource Estimate for the operation within the next 14 days. Independent consultants H&S Consultants have prepared the estimate, incorporating an updated three-dimensional geological model and historical and recent drilling data across the Southern Expansion, Northern Expansion, and Central Mine Zones.

“Securing this facility is a defining moment for Tolu. With the balance sheet now in place, with the existing cash balance plus the additional A$30m to complete the restart of Tolukuma, our focus is squarely on execution - finishing the capital works, delivering the updated Mineral Resource Estimate within the next 14 days and bringing the mine back into production in Q1 2027. We are grateful for the confidence NBC has shown in the Company and in the future of Tolukuma.”

— Dr Chris Muller, MD & CEO

Executive leadership changes accompany the transition toward production, following the August 2026 appointment of former K92 Mining executive Warren Uyen as Chief Operating Officer to oversee operations.

Read the full announcement: Tolu Fully Funded to Production