Tolu Minerals Limited and Controlled Entities Half-Year Ended 30 June 2024

Tolu Minerals Limited (ASX:TOK) reported a loss after tax of $3,292,702 for the half-year ended 30 June 2024. The company successfully completed the 100% acquisition of the Tolukuma Gold Mine in PNG and acquired 100% of the share capital of Frontier Copper (PNG) Ltd. Tolu also raised approximately AU$17.3 million in its Initial Public Offering (IPO) on the Australian Securities Exchange (ASX) in November 2023.

Executive Commentary

In October 2022, Tolu successfully completed the acquisition of the Tolukuma Gold Mine, securing a number of strategically important Exploration Licences (ELs) across the Tolukuma structural corridor. The company also acquired 100% of the share capital of Frontier Copper (PNG) Ltd. Tolu's operational strategy is based on four key work streams, including operational restart, development and drilling, exploration of regional tenements, and an early works program. The company's cash position at 30 June 2024 was $11,618,823 with net current assets of $9,424,647.

Summary

Tolu Minerals Limited (ASX:TOK) reported a half-year loss after tax of $3,292,702, compared to a $1,896,504 loss in the previous corresponding period. The company successfully completed the acquisition of the Tolukuma Gold Mine and Frontier Copper (PNG) Ltd. Tolu raised approximately AU$17.3 million in its IPO and completed a further placement raising $8.8 million. The company's operational strategy is focused on operational restart, development and drilling, exploration of regional tenements, and an early works program. Tolu Minerals had a cash position of $11,618,823 and net current assets of $9,424,647 at 30 June 2024.