# TOK: Presentation at the Mining Forum Americas Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147008 Publisher: asx Original announcement: 2026-09-30T22:54:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T23:12:28.621Z Atlas analysis updated: 2026-09-30T23:12:28.621Z - Company: Tolu Minerals Limited - Ticker: TOK - Exchange: ASX - Region: Papua New Guinea - Primary commodity: Gold - Secondary commodities: Silver, Copper - Document categories: Drill results, Resource update, Production, Metallurgy - Extracted: 2026-09-30 23:12:29 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Tolu Minerals announced significant updates to its Mineral Resource Estimates, including a maiden 293 koz Inferred gold resource at Mt Penck and an updated 909 koz gold estimate for Tolukuma. These resource increases are complemented by new high-grade drill results from an aggressive 75,000m+ drilling campaign. The company is on track to restart gold production at its Tolukuma mine in Q1 2027, utilizing existing infrastructure and a newly completed access road that has substantially reduced logistics costs. Reasoning: Tolu Minerals has announced substantial increases in its gold resource base through maiden and updated estimates, supported by high-grade drill results that extend known mineralization. The company has a clear and funded plan to restart gold production at its Tolukuma mine in early 2027, leveraging existing infrastructure and improved logistics, indicating strong progress towards becoming a regional gold producer. - Positive factor: Significant increase in gold resource ounces with maiden and updated estimates - Positive factor: High-grade drill intercepts confirm and extend mineralization near existing infrastructure - Positive factor: Clear pathway to production restart at Tolukuma with Q1 2027 target - Positive factor: Leveraging existing brownfield infrastructure and reduced logistics costs - Positive factor: Aggressive drilling campaign underway to further grow resources - Negative factor: Updated Tolukuma resource not broken down by JORC category in the document - Negative factor: Some high-grade drill intercepts lack specific hole IDs for full extraction - Negative factor: Saki resource is historical and not a new estimate Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 7 ## Classification and evidence **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### TU020 [Link to this fact](https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1#fact-drill-facts-2) Tolukuma · gold Needs review: ungrounded #### Identity - Hole ID: TU020 - Project: Tolukuma - Commodity: gold - Region: png - Reported Region: png - Ticker: TOK #### Geometry - Grade: 70.8 - Grade Unit: g/t - Intercept: 3.2 m - From: 262.9 m - To: 266.1 m - Intercept Depth: 262.9 m #### Classification - Program: exploration - Sample Type: drill - Group ID: TU020:262.9-266.1 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept represents an exceptional high-grade gold discovery in a new structure near existing mine workings, significantly enhancing the project's potential for rapid resource growth and future production. - Positive factor: Exceptional gold grade \(70.8 g/t Au\) well above bonanza thresholds for underground mining - Positive factor: Intercept from a newly recognized structure, indicating potential for new high-grade zones - Positive factor: Located beside existing workings, suggesting rapid conversion to mine inventory - Negative factor: Intercept length is relatively narrow \(3.2m\) - Negative factor: True width not disclosed Evidence · text > 3.2 m @ 70.8 g/t Au From 262.9 m — the highest-grade intercept of the campaign, in a newly recognised structure beside existing workings. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The gold grade of 70.8 g/t is well above the exceptional threshold for underground gold deposits \(15 g/t\). Evidence · text > 70.8 g/t Au **Step-Out Extension** — Rejected; excluded from scoring Polarity: positive Definition: Mineralization extended beyond the previously known limit. Reason: The intercept is described as being in a 'newly recognised structure', indicating an extension of known mineralization. Evidence · text > newly recognised structure **QA/QC Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Reason: The document states that exploration results are 'prepared in accordance with the JORC Code \(2012 Edition\)', implying QA/QC disclosure. Evidence · text > prepared in accordance with the JORC Code \(2012 Edition\) **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The document states 'downhole widths' for the intercepts, with no true width disclosed. Evidence · text > downhole widths ### TUD-26-013 [Link to this fact](https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1#fact-drill-facts-3) Tolukuma · gold Needs review: ungrounded #### Identity - Hole ID: TUD-26-013 - Project: Tolukuma - Commodity: gold - Region: png - Reported Region: png - Ticker: TOK #### Geometry - Grade: 42.3 - Grade Unit: g/t - Intercept: 3.9 m - From: 84.1 m - To: 88 m - Intercept Depth: 84.1 m #### Classification - Program: exploration - Sample Type: drill - Group ID: TUD-26-013:84.1-88 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade intercept from a new splay structure at shallow depth confirms the strong gold endowment of the Zine South area, contributing positively to the project's resource potential. - Positive factor: Very high gold grade \(42.3 g/t Au\) for underground mining - Positive factor: New splay structures confirm system's grade endowment - Positive factor: Relatively shallow intercept depth \(84.1m\) - Negative factor: Intercept length is relatively narrow \(3.9m\) - Negative factor: True width not disclosed Evidence · text > 3.9 m @ 42.3 g/t Au From 84.1 m. New splay structures at Zine South confirm the system's grade endowment south of the mine. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The gold grade of 42.3 g/t is well above the exceptional threshold for underground gold deposits \(15 g/t\). Evidence · text > 42.3 g/t Au **Step-Out Extension** — Rejected; excluded from scoring Polarity: positive Definition: Mineralization extended beyond the previously known limit. Reason: The intercept is from 'New splay structures', indicating an extension of mineralization. Evidence · text > New splay structures **QA/QC Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Reason: The document states that exploration results are 'prepared in accordance with the JORC Code \(2012 Edition\)', implying QA/QC disclosure. Evidence · text > prepared in accordance with the JORC Code \(2012 Edition\) **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The document states 'downhole widths' for the intercepts, with no true width disclosed. Evidence · text > downhole widths ### TMLSDDD0002 [Link to this fact](https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1#fact-drill-facts-4) Tolukuma · gold Needs review: ungrounded #### Identity - Hole ID: TMLSDDD0002 - Project: Tolukuma - Commodity: gold - Region: png - Reported Region: png - Ticker: TOK #### Geometry - Grade: 40.9 - Grade Unit: g/t - Intercept: 4.7 m - From: 66 m - To: 70.7 m - Intercept Depth: 66 m #### Classification - Program: exploration - Sample Type: drill - Group ID: TMLSDDD0002:66-70.7 - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade hanging-wall discovery at Fundoot, with substantial strike potential and shallow depth, represents a significant positive for the project's resource expansion and future mine planning. - Positive factor: Very high gold grade \(40.9 g/t Au\) for underground mining - Positive factor: Hanging-wall discovery with significant strike potential \(250m+\) - Positive factor: Relatively shallow intercept depth \(66m\) - Negative factor: True width not disclosed Evidence · text > 4.7 m @ 40.9 g/t Au From 66 m, incl. 1.3 m @ 82.8 g/t Au. A hanging-wall discovery with >250 m of strike potential. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "A hanging-wall discovery with >250 m of strike potential." #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The gold grade of 40.9 g/t is well above the exceptional threshold for underground gold deposits \(15 g/t\). Evidence · text > 40.9 g/t Au **Step-Out Extension** — Rejected; excluded from scoring Polarity: positive Definition: Mineralization extended beyond the previously known limit. Reason: The intercept is described as a 'hanging-wall discovery with >250 m of strike potential', indicating an extension of mineralization. Evidence · text > hanging-wall discovery with >250 m of strike potential **QA/QC Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Reason: The document states that exploration results are 'prepared in accordance with the JORC Code \(2012 Edition\)', implying QA/QC disclosure. Evidence · text > prepared in accordance with the JORC Code \(2012 Edition\) **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The document states 'downhole widths' for the intercepts, with no true width disclosed. Evidence · text > downhole widths ### TMLSDDD0002 [Link to this fact](https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1#fact-drill-facts-5) Tolukuma · gold Needs review: ungrounded #### Identity - Hole ID: TMLSDDD0002 - Project: Tolukuma - Commodity: gold - Region: png - Reported Region: png - Ticker: TOK #### Geometry - Grade: 82.8 - Grade Unit: g/t - Intercept: 1.3 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: underground #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: ungrounded - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval highlights an extremely high-grade zone within the broader Fundoot discovery, reinforcing the bonanza potential of the new mineralization. - Positive factor: Exceptional gold grade \(82.8 g/t Au\) within a high-grade discovery - Positive factor: Confirms very high-grade zones within the broader intercept - Negative factor: Very narrow intercept length \(1.3m\) - Negative factor: True width not disclosed Evidence · text > incl. 1.3 m @ 82.8 g/t Au. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The gold grade of 82.8 g/t is well above the exceptional threshold for underground gold deposits \(15 g/t\). Evidence · text > 82.8 g/t Au **QA/QC Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Reason: The document states that exploration results are 'prepared in accordance with the JORC Code \(2012 Edition\)', implying QA/QC disclosure. Evidence · text > prepared in accordance with the JORC Code \(2012 Edition\) **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The document states 'downhole widths' for the intercepts, with no true width disclosed. Evidence · text > downhole widths ## Resource Estimates (2) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1#fact-resource-facts-0) Mt Penck · gold #### Identity - Project: Mt Penck - Commodity: gold - Region: png - Reported Region: Papua New Guinea - Ticker: TOK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Steve Rose - Resource group id: resource:59e024c0f052ae8f3af7 #### Resource Data - Category: inferred - Tonnes: 7300000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 293 - Contained Unit: koz #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource at Mt Penck provides a significant new gold inventory for the company, with its shallow nature suggesting potential for open-pit development, although its Inferred classification indicates early-stage confidence. - Positive factor: Maiden resource estimate establishes a new gold inventory for the project - Positive factor: Resource is shallow \(<180m depth\) suggesting open-pit potential - Positive factor: Competent Person named, indicating adherence to JORC standards - Negative factor: Resource is entirely in the Inferred category, indicating lower geological confidence Evidence · text > Maiden 293 koz Mineral Resource at Mt Penck. 7.3 Mt at 1.2 g/t Au #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1#fact-resource-facts-1) Saki · gold Historical result Needs review: historical\_restatement #### Identity - Project: Saki - Commodity: gold - Region: png - Reported Region: Papua New Guinea - Ticker: TOK #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Resource group id: resource:5d0cb09f53272a305c79 #### Resource Data - Category: inferred - Tonnes: 2000000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 128 - Contained Unit: koz #### Prior Estimate - Resource Date: 2022 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Saki Inferred resource contributes to the company's total gold inventory, but its historical nature and Inferred classification mean it represents lower novelty and confidence compared to new estimates. - Positive factor: Adds to the company's overall resource base - Positive factor: Validated by AMC, providing external verification - Negative factor: Resource is historical \(2022\) and not a new estimate from this release - Negative factor: Entirely in the Inferred category, indicating lower confidence Evidence · text > 128 koz Au SAKI — INFERRED 2.0 Mt at 2.0 g/t Au #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 4.7 years before this release ## Metallurgical Results (1) ### unspecified [Link to this fact](https://atlas-staging.minestarters.com/news/tok-presentation-at-the-mining-forum-americas--e2450718-0a32-43f5-aa5d-c583053663a1#fact-metallurgical-facts-6) Tolukuma · gold Historical result Needs review: historical\_restatement #### Identity - Project: Tolukuma - Commodity: gold - Region: png - Reported Region: Papua New Guinea - Ticker: TOK #### Test Work - Program Status: unspecified - Test Type: unspecified - Processing Route: CIL #### Recovery - Recovery: 92 % - Recovery Basis: unspecified #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2015-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The historical 92% gold recovery at Tolukuma provides strong positive evidence for the project's metallurgical viability and supports the planned production restart, although it is not a new test result. - Positive factor: High historical gold recovery \(92%\) indicates proven metallurgy for the CIL plant - Positive factor: Supports the viability of the planned production restart - Negative factor: Recovery figure is historical and not from new testwork - Negative factor: No specific test program details \(e.g., test type, sample description\) are provided Evidence · text > recoveries of 92% ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.