AU$15 million Exploration over 10km Strike Length Tolukuma Gold Mineralised Corridor

Tolu Minerals Limited (“Tolu”) is pleased to announce the commencement of its first major exploration program that includes

• An expansive surface geological mapping, trench sampling and multi-element surface geochemical survey covering existing gold prospects (Figure 2) and targets from the recently completed Airborne Magneto Telluric (“Airborne MT” or “MT”) geophysical survey; and
• A targeted 30,000m of diamond drilling both on surface and underground.

The objective of the program is:

• To grow the existing MRE (Table 1) focussing on targets on the mining lease, ML104 and targets immediately adjacent to ML104 that can provide ore to the existing infrastructure;
• To test selected regional targets to demonstrate the regional scale potential within the broader Tolukuma structure; and
• To test the potential of Tolu’s “remote projects” namely Mt Penck on New Britain island and Ipi River Northwest of Tolukuma.

HIGHLIGHTS:

• Seven diamond drill rigs to be deployed at surface and underground targeting significant expansion of the Mineral Resource Estimate
• Focusing on new discoveries provided by the recent Airborne MT survey and geochemical data
• Surface exploration and drilling expansion along the 10km strike length of the Tolukuma gold mineralised corridor
• Pursuing the discovery of additional resources from historical epithermal gold prospects including at Mt. Sen, Kimono, 120 vein, Kunda North, Miliahamba, Taula and Duma-Dilava
• All areas have strong indications of potential significant mineralisation of Au, Ag and Cu gained from the in depth Airborne MT, field studies and geophysics gained from historical data, last 18 month’s programs and detailed analysis
• AU$15 million intensive exploration program in high ranked targets near mine

Iain Macpherson, MD & CEO of Tolu Minerals Ltd. (“Tolu”) said:

“I’m pleased to report that Tolu has commenced the next major exploration phase that is focussed on expanding the existing Mineral Resource Estimate (“MRE”), with a view to not only growing the production rate and extending the Life of Mine, but also targeting more projects within the Company’s portfolio.

Having recently successfully completed a further round of accelerator capital, Tolu is well positioned to systematically follow up on targets generated by the recent Airborne MT coupled with historical data. The Company have intensified the existing geochemical exploration program that, by complementing the Airborne MT, is providing a number of drill ready targets that are being ranked for diamond drilling.

Having placed an order for an additional 5 diamond drill rigs (3 surface and 2 underground rigs) to complement the Company’s existing surface and underground diamond drill rigs and to deploy the new rigs in Q3 and Q4 this year, targeting in excess of 30,000m of drilling during 2025 and 2026.

This substantial program is designed to expedite the generation of a very large MRE for continued and scaled up gold production and also to demonstrate the potential for regional development on both epithermal and porphyry targets.

A surface geological mapping, trenching and multi-element geochemical sampling program is currently underway to test for gold mineralisation continuity along the 10km strike extent of the Tolukuma gold mineralised corridor along ML104 between Mt. Sen to the North and Duma-Dilava to the South and will be expanded East and West to investigate parallel structures such as Kimono to the East and Karame and Idave to the West

The significant targets to the East and West are believed to be replications and extensions of the Tolukuma structure

The immediate short-term priority is to expand on the current MRE for ongoing gold production. Tolu’s own diamond drilling rig and drilling team are continuing to test for near surface mineralisation at the Zine and 120 veins and significant results are planned to be fire assayed and released as soon as practicable”.

“This is an exceptionally exciting time for Tolu Minerals,” says Chris Muller, Executive Group Geologist. “Tolukuma stands out as one of the most remarkable projects in the country, boasting among the highest gold grades nationwide. The imminent procurement and commissioning of five brand-new drill rigs, set to enhance our existing fleet, will be instrumental in significantly expanding our resource base over the next 12 months. These rigs will not only drive growth of the known resource, but also unlock the potential of numerous untested vein targets. In parallel, we are launching an extensive geological mapping and geochemical sampling campaign across the 20km² vein field marked by widespread gold occurrences. This integrated exploration strategy positions us for transformational discovery and growth.”

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