Tolu Minerals (ASX:TOK) Contract Award Announcement

Tolu Minerals Limited (ASX:TOK) has awarded the contract to build the access road from Bakoiudu to the Tolukuma Gold Mine (TGM) to Tunnel Engineering (PNG) Ltd. The road construction is set to commence in the first week of December 2023, marking a significant shift from helicopter transport to road transport for freight and personnel movement, driving substantial operating cost reductions.

Executive Commentary on Tolukuma Road Contract

I'm pleased to confirm that critical work has commenced on Tolukuma. Construction of the road to access the Tolukuma mine site and region will radically transform how exploration, future mine development and operations will be undertaken at Tolukuma and the Tolukuma region. The construction of the road will underpin a major cost reduction and enhance the efficiency of logistics. This road will also be transformational for the villages and communities on and close to the route, opening up access to markets that have hitherto been very difficult to access. The appointment of Tunnel Engineering (PNG) Ltd is a significant step towards technically and commercially de-risking this critical project. We are very excited to commence activity on this road and have set it as a priority project for our operations.

Summary of Tolukuma Road Contract Announcement

Tolu Minerals Limited (ASX:TOK) has awarded the contract to build the access road from Bakoiudu to the Tolukuma Gold Mine (TGM) to Tunnel Engineering (PNG) Ltd. The road construction, set to commence in December 2023, will replace helicopter transport with road transport, driving significant operating cost reductions. The road construction is expected to transform exploration, future mine development, and operations at Tolukuma and the surrounding region. Additionally, it will open up access to markets for villages and communities along the route. The company's commitment to completing the construction of the pilot access service road ahead of the Government upgrading to the feasibility study specification demonstrates its dedication to the project's success and the region's development.