The Tolu Minerals Ltd (ASX: TOK) share price is in focus today following its June 2026 quarterly update, highlighted by a strong A$50 million cash position and record drilling at Tolukuma Gold Mine leading to two new high-grade gold discoveries.
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What did Tolu Minerals report?
- Cash balance at 30 June 2026: A$50.0 million
- Exploration and evaluation expenditure during the quarter: A$9.7 million
- June quarter delivered 68 holes for 11,686 metres drilled (143 holes for 22,975 metres year to date)
- Two new high-grade gold discoveries announced: Fundoot Splay and Gulbadi Splay zones
- Updated Mineral Resource Estimate on track for release in late August 2026
- First gold production at Tolukuma targeted for Q1 2027
What else do investors need to know?
Tolu has made strong operational progress, achieving the most intensive drilling campaign in the company's history and confirming the potential of previously under-explored areas at Tolukuma. The company's revised geological model now recognises 44 mineralised veins and splays across an 8-kilometre system, with only about 1.2 kilometres mined to date.
On 6 July 2026, Tolu reported a fatal incident involving an employee at EL2531. The company has expressed its condolences and is supporting the affected family, reinforcing its ongoing commitment to safety as its top priority.
What did Tolu Minerals management say?
Managing Director and CEO Dr Chris Muller said:
The June quarter marked a step-change for Tolu. The most intensive drilling program in Tolukuma's history is consistently proving our revised geological model, two new high-grade structures have been discovered within the immediate mine environment, and the updated Mineral Resource Estimate in late August will give shareholders a far more robust understanding of the scale and potential of Tolukuma as we advance confidently toward first production by Q1 2027.
What's next for Tolu Minerals?
Looking ahead, Tolu is focused on delivering the updated Mineral Resource Estimate in late August. This will underpin the revised mine plan and projected mine growth into several key zones at Tolukuma. Underground development has recommenced on the 1560 Level and the company remains confident of achieving its first gold pour by early 2027, with plant refurbishment and infrastructure upgrades ongoing.
Exploration continues, with further assay results pending and the near-mine drilling campaign set to reach over 75,000 metres. Investors can expect robust news flow as the company advances toward production.
Tolu Minerals share price snapshot
Over the past 12 months, Tolu Minerals shares have risen 34%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
