Tolu Minerals Limited

Tolu Minerals Limited (ASX:TOK)

Offer Price

A$0.500

per share

Offer Size

A$15,000,000

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Tolu Minerals Limited

IPO

Tolu Minerals Limited (ASX:TOK)

TOK

Lead Manager

Offer Price

A$0.500

per share

Offer Size

A$15,000,000

IPO

Tolu Minerals Limited

Offer Details

Tolu Minerals Limited (“Tolu”, “TOK” or “the Company”)

Initial Public Offering (the “IPO” or the “Offer”) of Tolu. Tolu is offering a minimum of 30 million shares at an Offer Price of $0.50 per Share to raise $15 million (minimum subscription) and up to a maximum of 40 million shares at an offer price of $0.50 per share to raise $20 million (“collectively, the “Offer”).

Joint Lead Managers Blue Ocean Equities Pty Ltd & Martin Place Securities Pty Ltd (“Joint Lead Managers” or the “JLM”)

Foreign Brokers Amvest Capital Inc. (acting through Delphis MMJ LP) & Stifel Nicolaus Canada Inc.

Investment Highlights

  • The Company acquired 100% of the Tolukuma Gold Project in Papua New Guinea (PNG), including five exploration permits surrounding the Tolukuma mine providing a dominant landholding of 1,500 km2 across the highly productive Tolukuma gold structure. The Company has also secured the Mt.Penck copper/gold exploration license on New Britain Island in PNG.
  • The Company’s short-term objective is to explore for and define a significant Mineral Resource, initially through upgrading and expanding the existing Mineral Resource Estimate of the Tolukuma Gold Mine and in parallel defining a significant Mineral Resource Estimate (MRE) on the Company’s exploration projects at the Tolukuma Project and at Mt Penck.
  • It is the intention of the Company in the medium term to return the Tolukuma Gold mine to economically viable production on the back of an enhanced MRE. The Company sees the potential for significantly larger operations in the medium to long term supported by the broader mineralised structure.
  • The Company recently secured an extension of the Tolukuma mining lease (ML104) for a further 10 years to August 2032.

Tolukuma Gold Mine

The Tolukuma Gold Mine project (TGM) is located in the Goilala District of Central Province of Papua New Guinea, about 100 km north of the capital city Port Moresby.

The Project consists of a mining lease, six current exploration licences and an exploration licence application all in the immediate area surrounding Tolukuma for a total land holding across the Tolukuma epithermal structure of approximately 1,800km2.

Tolukuma was discovered in 1986 by Newmont and the mine was developed as an operating mine in 1995 to exploit the high-grade epithermal gold/silver zones within a large structural zone. The mine operated until 2015 producing approximately 1 million ounces of gold at an average recovered grade of 14g/t gold, peaking at 21.3 g/t and averaging about 50 g/t silver in the form of a gold/silver doré.

Production ceased because of high operating costs in the latter years of operation largely due to the operators failing to complete a 70km road to connect the mine to the main North South highway, increasing reliance on diesel generated power because of poor maintenance of the 3MW hydroelectric facility and high pumping costs due to the failure to complete a bottom access to the mine.

The operator was put into liquidation in 2018 despite having a large historical resource and huge exploration potential on the mining lease and the broader Tolukuma structure.

Tolu Minerals completed the 100% unencumbered acquisition of Tolukuma and the associated land holdings and secured the transfer of all the existing operating and environmental permits in September 2022.

Board and Management

John Anderson

John Anderson

Chair

John has over 30 years of experience in the Australian and Asia-Pacific resources sector, including 12 years as a senior executive in Santos Ltd with responsibility for operations in PNG. He is also a Non-Executive Director of Platina Resources Ltd (ASX:PGM). John holds a Bachelor of Economics, Bachelor of Laws, Graduate Diploma in Commercial Law and is a Graduate of the Australian Institute of Company Directors.

John (Iain) Macpherson

John (Iain) Macpherson

Managing Director and Chief Executive Officer

Iain is a seasoned mining executive with well over 30 years of experience in senior management and executive roles in junior and major mining sectors. He has a track record of operating, developing and financing mining projects including having led a number of significant stock market listings, specifically on the London and North American markets. Iain holds a Bachelor of Science in Mining Engineering from the Royal School of Mines, Imperial College, London University.

Howard Lole

Howard Lole

Executive Director External Affairs (PNG)

Howard is a PNG National with over 25 years of experience in the public and private sectors, including the financial, industrial and mining sectors. Former Chief Inspector of Mines responsible for development of several major mining projects, Former Community Affairs Manager for K92 Mining Ltd, Simberi Gold Project and Lead Consultant for the Mt Kare Gold Exploration Project, among others. Howard holds a Bachelor of Engineering in Mining Engineering from the PNG University of Technology and a Master of Engineering Science with specialisation in the Mining Industry Management from the University of New South Wales. Howard also holds certificates of attendance at various company director courses offered by the PNG Institute of Company Directors and the PNG Institute of Banking and Business Management.

Larry Andagali

Larry Andagali

Non-Executive Director

Larry is a well-known and successful PNG Businessman with over 30 years of public and private experience. He is the former chair of PNG Power Ltd and deputy chair of Kumul Petroleum Holdings Ltd. He has held various managerial and advisory roles for BP and ExxonMobil. Larry holds a Diploma in Secondary Teaching and an Advance Diploma in Teaching Science from the University of Goroka in PNG.

Brian Moller

Brian Moller

Non-Executive Director

Brian is a lawyer with over 30 years of experience in capital markets, mergers and acquisitions. He is a Partner of HopgoodGanim Lawyers, leading the Corporate Advisory and Governance practice. He is also a director of various ASX mining sector companies. Brian holds a Bachelor of Laws (Hons) from the University of Queensland. He is also the chairman of ASX listed Mineral Commodities Ltd, Platina Resources Ltd, Clara Resources Ltd, Tempest Minerals Ltd and NewPeak Metals Ltd and a non-executive director of ASX listed DGR Global Ltd.

Offer Documents

For legal reasons, the information and electronic version of the Prospectus accessible through this website is available to persons accessing this website from within AUSTRALIA OR NEW ZEALAND ONLY.

If you are accessing this website from anywhere outside Australia or New Zealand, please DO NOT download the electronic version of the Prospectus accessible through this website.

This Prospectus does not constitute an offer of securities in any jurisdiction where, or to any person to whom, it would not be lawful to issue the Prospectus or make the offer. It is the responsibility of any Applicant outside of Australia or New Zealand to ensure compliance with all laws of any country relevant to their Applications, and any such Applicant should consult their professional advisers as to whether any government or other consents are required, or whether any formalities need to be observed to enable them to apply for and be allotted any securities.

The Prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The securities have not been, and will not be, registered under the US Securities Act 1999, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. If you are an Institutional Investor residing in the United States, please contact the US brokers to the offer (Amvest Capital Inc. (acting through Delphos MMJ LP)) for information on how to make an application under the Institutional Offer.

The Prospectus accessible on this website is available to person accessing the site form within Australia or New Zealand only. If you are accessing this site from anywhere outside Australia or New Zealand, do not download or view the Prospectus. By accessing the Prospectus, you acknowledge and confirm that you are an Australian or New Zealand resident and are accessing the site from within Australia or New Zealand.

Tolu Minerals Limited

IPO

Tolu Minerals Limited (ASX:TOK)

TOK

Offer Price

A$0.500

per share

Offer Size

A$15,000,000

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