Tolu Minerals secures $30M debt package
- Tolu Minerals accepted a 95 million Papua New Guinean kina debt facility to restart the Tolukuma Gold Mine.
- Capital works funding complements existing cash reserves to support planned Q1 2027 production.
- Updated mineral resource estimate scheduled for release within two weeks.
Tolu Minerals (ASX:TOK) accepted a 95 million kina debt facility from National Banking to fund capital works at the Tolukuma Gold Mine.
The debt facility, combined with existing cash reserves of approximately $50 million at June 30, provides the funding needed to reach target production in Q1 2027.
“With the balance sheet now in place, with the existing cash balance plus the additional A$30m to complete the restart of Tolukuma, our focus is squarely on execution – finishing the capital works, delivering the updated Mineral Resource Estimate within the next 14 days and bringing the mine back into production in Q1 2027,” said Tolu Minerals MD & CEO Dr Chris Muller.
Proceeds will fund infrastructure projects, including access roads, dewatering, tailings facilities, mill refurbishment, power upgrades, and camp expansion.
Following the announcement, the Tolu Minerals share price was up at $1.34.
Underground development resumed on the 1560 level, with staged restarts aiming for 500 tonnes per day by late 2027. The five-year loan facility carries an annual interest rate of 9.60%.
