Tolu takes shares to US OTC Market

Papua New Guinea-based gold explorer and developer Tolu Minerals (ASX:TOK) has officially begun trading on the US OTC Market under the ticker code TOLUF. 

The company has listed its shares on the OTCQX Best Market — the top tier of the three marketplaces for over-the-counter trading — and says the new listing gives it access to a broad network of brokers, sophisticated investors, and retail investors in the States.

Tolu did not issue any new shares as part of its quotation on the OTCQX market. 

Managing Director and CEO Iain Macpherson says the US listing is part of the company’s strategy to introduce its assets to a broader international audience as it develops its flagship Tolukuma Gold Mine in Papua New Guinea.

 “Tolu’s focus is on exploration and development of our wholly owned, highly prospective portfolio of gold/copper/silver targets in Papua New Guinea, leveraging the refurbishment of the existing Tolukuma Gold Mine. 

We are now better placed to attract the interest of US investors seeking exposure to Tolu and the gold/copper/silver markets.”

Tolu says it’s now in the process of securing Depository Trust Company (DTC) eligibility for its OTC shares. Once secured, DTC will be able to manage the electronic clearing and settlement of the company’s shares, making way for cost-effective clearing and guaranteed settlement through a simplified trading process. 

The Tolukuma Gold Mine project lies within the Goilala District of Papua New Guinea, about 100km north of the capital city of Port Moresby. 

Tolu says the project comprises a mining lease, 6 exploration licences, and an exploration licence application for a total landholding of roughly 1,800km-square. 

The mine operated for 2 decades, from 1995 to 2015, until production ceased due to high operating costs. 

After the previous mine operator went into liquidation in 2018, Tolu seized the opportunity to snap up the Tolukuma mine and associated landholdings in September 2022. 

Alongside the Tolukuma Gold Mine Project, Tolu also owns the Tolukuma Structure and the Mt Penck Exploration Projects, also in Papua New Guinea.

Tolu Minerals had around $12.6 million cash and cash equivalents at hand at the end of December 2023, according to its latest quarterly report.

Write to Joshua Smith at Mining.com.au 

Images: Tolu Minerals 
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.