Tolu Minerals Limited has reported strong progress at its Tolukuma Gold Mine (TGM) and outlined plans for growth in the coming year.
The company has launched its “Destination 2026” strategy, presenting its development plans to investors at major industry events in the United States, including the 2025 Precious Metals Summit in Beaver Creek and the Mining Forum Americas in Denver. The roadshow drew strong interest in Tolu’s recent changes and future ambitions.
Quarterly Highlights
Among the key updates for the September quarter:
- Dr Chris Muller has been appointed Chief Executive Officer and Managing Director, effective 10 November 2025.
- The company raised AUD $60.5 million through the issue of approximately 50.4 million shares at $1.20 each.
- Work on the existing SAG mill and plant continues, with expectations to restart production at around 500 tonnes per day in the second half of 2026.
- Contractors have been engaged to assist with mill upgrades, and preparations are underway for the arrival of new drilling rigs and training of crews for a 30,000-metre drilling programme next year.
- Studies on a long-term tailings dam solution are in progress.
- Underground mining resources are being further explored and developed for future production.
- Plans are underway to upgrade the on-site assay laboratory to improve efficiency, reduce costs, and speed up testing.
Tolu has also advanced its exploration programme following results from the Airborne Magneto Telluric (Airborne MT) survey, which identified multiple vein targets similar to the Tolukuma corridor. The same analysis highlighted eight potential porphyry targets at the Mt. Penck project on New Britain Island, as well as promising targets at the newly awarded Ipi River project, northwest of Tolukuma.
A surface geochemical programme began in July, involving ridge and spur sampling, base-of-slope testing, and rock chip and stream float sampling near the mine. The company has approved the purchase of new drills and will manage the drilling programme in-house.
Looking Ahead
Dr Chris Muller, recognised for his discoveries at Wafi-Golpu and K92, expressed optimism about the company’s future. “I am honoured to lead the Tolu team at the Tolukuma Gold Mine, historically one of the highest tenor gold-producing assets in Papua New Guinea,” he said. “Tolukuma represents a truly exceptional opportunity—not only to reaffirm PNG’s standing in the global mining landscape but also to write a compelling new chapter in the country’s mineral resource story.”
He added that strategic realignment of operations is well underway, with key initiatives including the mill recommencement, underground production resumption, and development of new resource areas. Tolu Minerals has committed to providing timely updates as these projects progress.
