Tolu Minerals

Tolu Minerals (Tolu) aspires to become a leading gold, copper and silver producer in PNG whilst adopting leading environmental standards and enhancing the lives of employees, local communities and PNG nationals. Tolu has successfully completed the 100% acquisition and registration of the Tolukuma Gold Mine in PNG (Tolukuma) along with its associated assets and mine infrastructure and five exploration permits surrounding Tolukuma. Tolu has also secured binding rights to acquire additional acreage (and application rights) with immediate gold resource additions through its acquisition of Frontier Copper PNG Ltd, a wholly owned subsidiary of ASX-listed Lanthanein Resources Limited. Tolu Minerals Limited has the exploration license (EL 2723), known as Etasi Prospect in the Tolukuma area as well. Tolu has a clear strategy to restart Tolukuma before the end of 2023 and subsequently to leverage the wider Tolukuma area resource and infrastructure into a large, world-class gold mining project. Tolu has also secured 100% exploration rights over the Mt. Penck (EL 2662) on the Island of New Britain PNG (Mt Penck). Tolu is seeking to identify minable volumes of copper and gold at Mt Penck. Tolu plans to undertake further exploration work to develop a potential developable resource at Mt Penck. Significant previous exploration and appraisal programmes at Mt Penck have identified significant potential gold and copper resources at this location. Tolu has assembled a strong team with both international and PNG experience with a track record of exploration, project development and operations, with a particular focus on restart projects and capital raising in the mining and other sectors and is well qualified to develop and maximise the potential of Tolukuma and Mt Penck.