Tolu Minerals at Mining Forum Americas 2026: restart, drilling and growth

On September 30th, 2026, Tolu Minerals (TOK) addressed Mining Forum Americas 2026 to outline its plans for the Tolukuma gold mine in Papua New Guinea. Management highlighted three key aspects: a restart, extensive drilling campaign, and potential district-scale exploration. The mine is fully permitted, funded, and set to resume gold production in early 2027, with cash reserves of approximately AUD 70 million and no need for external capital.

Tolu Minerals has initiated a 75,000-meter drilling program, which is about one-third complete, expanding known vein systems from 15 to 44. The company aims for full-rate production by 2028, with ramp-up expected through 2027. Beyond Tolukuma, the firm is advancing exploration at Ipi River and Mount Penck, targeting full production by 2028.

Management emphasized the importance of existing infrastructure, including a hydroelectric power plant, roads, a camp, workshops, and processing equipment, valued at hundreds of millions of Australian dollars. The mine previously produced 1 million ounces of gold before Tolu Minerals took control and currently holds a resource base of about 503,000 ounces, with exploration work suggesting potential growth.