Argonaut recently completed a 3-day site visit to Tolu Mineral’s Tolukuma Gold Project located in PNG. Tolu Minerals (ASX:TOK) have been working on restarting the operation since their acquisition of the project and IPO in late 2023. TOK’s restart activities are well advanced with a management team in place and onsite with plans to start small scale production later this year. Overall, we are attracted to the story as it provides exposure to a potential multimillion ounce system without the need to fund a new Greenfields build in PNG. We initiate coverage with a Speculative Buy Rating and a $1.60 Price Target.
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