Tolu Minerals Limited · ASX:TOK
Tolu Minerals — Mining Forum Americas 2026
27 slides from Tolu Minerals's conference presentation, Oct 1, 2026
Slide 1: Presentation at the Mining Forum Americas
Tolu Minerals Limited PNG CR Company Camp, Baruni Road, National Capital District, Papua New Guinea Company Registration No.: 1-125888 Unit 3, 180 Main Street, Kangaroo Point, QLD 4169, Australia www.toluminerals.com ARBN: 657 300 359 ASX: TOK ASX Announcement 1 October 2026 Presentation at the Mini
Slide 2: Restarting one of PNG's highest-grade gold mines
HIGH-GRADE GOLD · PAPUA NEW GUINEA Restarting one of PNG's highest-grade gold mines. Tolu Minerals runs the fully permitted Tolukuma gold-silver mine and a dominant exploration footprint in one of the world's last under- developed gold provinces. DENVER GOLD GROUP – MINING FORUM AMERICAS Chris Mulle
Slide 3: Important notices and disclaimers
Important notices and disclaimers Summary information Exploration targets This presentation has been prepared by Tolu Minerals Limited (ARBN 657 300 359) (Tolu Minerals or the Exploration targets referenced in this presentation are conceptual in nature. There has been insufficient Company) for a non
Slide 4: Tolu Minerals at a glance
COMPANY OVERVIEW RECENT ACHIEVEMENTS UPCOMING MILESTONES Tolu Minerals at a glance Sep 2025 Access road complete; Oct 2026 Further High Grade Drill results from the 75,000 m+ campaign logistics costs cut by >75%. Tolu Minerals (ASX: TOK) owns 100% of the fully permitted Tolukuma gold-silver mine, 10
Slide 5: A world-class gold province, still under-explored
THE JURISDICTION BELT ENDOWMENT A world-class gold province, still under-explored Wafi-Golpu 26 Moz Lihir 20.7 Moz Frieda River 21 Moz Porgera 20 Moz Ok Tedi 15 Moz Misima 6.5 Moz Kainantu 5.2 Moz Tolukuma re-enters this list as a producer in 2027. Industry-reported contained gold. Map: Tolu Mineral
Slide 6: Presentation Overview
TOLU MINERALS Presentation Overview Slides 6–16 High-grade ounces, district-scale upside 01 The 8 km Tolukuma system, drilling, the Mineral Resource, 2026 discoveries and the regional growth fronts. Slides 17–22 Production to commence in 2027 02 Restart timeline, underground mining, the twin-drive p
Slide 7: Tolukuma Gold Mine — permitted, high-grade, proven
THE ENGINE OF THE BUSINESS Tolukuma Gold Mine — permitted, high-grade, proven A historically high-grade underground operation on Mining Lease ML104 in the Goilala District, around 100 km north of Port Moresby. Tolukuma produced circa 1 Moz of gold and 1.9 Moz of silver between 1995 and 2015 — at gra
Slide 8: Only 1.2 km mined of an 8 km system
THE TOLUKUMA SYSTEM Only 1.2 km mined of an 8 km system The Tolukuma vein system extends across more than 8 km of strike, of which only ~1.2 km has been mined. The revised model recognises more than 44 mineralised veins and splays. The expansion zones need only short development drives from existing
Slide 9: Only 1.2 km mined of an 8 km system
THE TOLUKUMA SYSTEM Only 1.2 km mined of an 8 km system The as-built development shows how the system grows: new veins are reached by short drives from workings already in place. The closest is the Fundoot Splay — sitting directly adjacent to the established Fundoot drives, with 250 m+ of strike and
Slide 10: The most aggressive drilling in Tolukuma's history
DRILLING The most aggressive drilling in Tolukuma's history TARGET AREAS · EXAMPLE INTERCEPTS 1 Sisimonda 0.5 m @ 4.4 g/t Au 2 2 Taula 4.8 m @ 22.2 g/t Au 1 3 3 Milihamba (Kunda Vein) 1.8 m @ 6.7 g/t Au 4 Illive 2.4 m @ 2.7 g/t Au 4 5 6 5 Gulbadi Red 3.2 m @ 70.8 g/t Au 7 8 9 10 11 14 6 Fundoot & ne
Slide 11: Extensive Tolukuma Vein Field & Textbook Dilatational Jog Setting
2026 DISCOVERIES Extensive Tolukuma Vein Field & Textbook Dilatational Jog Setting Dilational jog setting — plan view of the Tolukuma vein system with TO L U M I N E R AL S · AS X : TO K underground infrastructure in black. Looking down; scale bar 1,000 m. 10
Slide 12: New high-grade structures, inside the mine footprint
2026 DISCOVERIES New high-grade structures, inside the mine footprint G ULBA D I RED — T U0 2 0 Z I N E SO UT H — T UD - 2 6 - 0 1 3 FUN D O O T — T MLS D D 0 00 2 3.2 m @ 70.8 g/t Au 3.9 m @ 42.3 g/t Au 4.7 m @ 40.9 g/t Au From 262.9 m — the highest-grade From 84.1 m. New splay structures at From 6
Slide 13: Mineral Resource
MINERAL RESOURCE TO L U M I N E R AL S · AS X : TO K 12
Slide 14: Substantial Upside beyond the Mining Lease
Substantial Upside beyond the Mining Lease Tolukuma and its surrounding licences, Mt Penck and Ipi River — a ~1.3 Moz resource base* and the pipeline of targets behind it.
Slide 15: Three regional growth fronts beyond ML104
EXPLORATION UPSIDE · BEYOND ML104 Three regional growth fronts beyond ML104 Exploration upside across the Tolukuma EL District, Mt Penck on New Britain Island, and district- scale porphyry targets. 03 0011 TOLUKUMA EL DISTRICT 2,200 km² of granted ground around the mine on known vein corridors — six
Slide 16: Three regional growth fronts beyond ML104
EXPLORATION UPSIDE · BEYOND ML104 Three regional growth fronts beyond ML104 01 T O L U K U M A E L D I S T R I C T 02 I P I R I V E R · 5 5 K M N W 03 M T P E N C K · N E W B R I T A I N 2,200 km² of granted ground Two large, untested Shallow ounces on top around the mine porphyry targets of a porph
Slide 17: Production to commence in 2027
Production to commence in 2027 Production targeted early 2027, followed by a staged ramp-up to full-rate production in H1 2028. 17
Slide 18: Significant underground mining is already underway
MINING Significant underground mining is already underway Tolukuma is not waiting for the plant. Three underground development drives are advancing at once, one of them in ore, building the stockpile that will feed the refurbished plant from first gold. Initial face sampling on the 1560 Level has co
Slide 19: Plant refurbishment — the critical path to production
PATH TO CASH FLOW Plant refurbishment — the critical path to production The restart runs through one asset: the existing 220 ktpa CIL plant. Refurbishment is underway for a staged ramp-up to nameplate capacity — restoring a proven circuit, not building a new one. REFURBISHMENT WORKSTREAMS SAG mill i
Slide 20: Twin drives commencing from the 1170 mRL portal
UPCOMING PROJECTS Twin drives commencing from the 1170 mRL portal ENTRANCE ENTRANCE Tolukuma incline & gravity dewatering (long section) — commencement Q1 2027. Graphic: Dec 2025 “Tolukuma Operations & Development Update”. Lower portal area — June 2026 ONE PROJECT, FIVE FUNCTIONS This single develop
Slide 21: The heavy capital is already in the ground
THE BROWNFIELD ADVANTAGE The heavy capital is already in the ground Tolukuma is a restart, not a build. As a brownfield operation, much of the heavy capital already exists — and new high-grade discoveries within the immediate mine envelope shorten the path from drill bit to cash flow. MINING CAMP HY
Slide 22: A working mine, coming back to life
ON THE GROUND A working mine, coming back to life UNDERGROUND DRILLING UNDERGROUND HAULAGE PROCESSING PLANT Rigs turning underground alongside the Loaders and articulated trucks working the The 220 ktpa CIL plant part-way through surface fleet — part of the 75,000 m+ 1560 Level main access decline.
Slide 23: Financing & catalysts
Financing & catalysts A funded balance sheet, a tight capital structure, and twelve months of news flow — the reasons to stay engaged after this meeting. CASH POSITION Together with the Company’s existing cash of approximately A$50 million at 30 June 2026, and recently announced financing, Tolu is f
Slide 24: Capital structure
FINANCING Capital structure A$1.43 281.0M WHERE WE ARE TODAY SHARE PRICE SHARES ON ISSUE Updated MRE in market ASX close, 22 September 2026 279.99M quoted · 1.0M in escrow — 909 koz at Tolukuma; ~1.3 Moz global* Access road functional — Logistics costs cut by more than 75% ~A$402m ~A$65m MARKET CAPI
Slide 25: Twelve months of catalysts
NEWS FLOW Twelve months of catalysts NOW Q1 2027 Q1 2027 H1 2028 Drill results Plant & mine plan Gold Production Full-rate production Seven rigs turning; assays flowing 220 ktpa plant refurbishment Production restart at Tolukuma Ramp to planned peak output across Gulbadi Red, Zine, Fundoot completes
Slide 26: A team with track record in PNG
LEADERSHIP A team with track record in PNG Warren Craig Vernon Uyen Dawson Wills CHIEF OPERATING OFFICER CHIEF FINANCIAL OFFICER CO-FOUNDER, CHIEF STRATEGIC ADVISOR Mining Engineer with more Chartered Accountant; Seasoned corporate than 30 years' experience long-serving ASX-listed director across fi
Slide 27: Gold Production in 2027, Growing Resource, Regional Expansion
ASX: TOK Gold Production in 2027 Growing Resource on 8km of strike Regional Expansion opportunities Dr Chris Muller — CEO & MD chris.muller@toluminerals.com · +61 400 479 848 Funded through the restart — full-rate production targeted H1 2028. Vernon Wills — Co-Founder, Chief Strategic Advisor vern.w