Companies / TOK

TOLU MINERALS LIMITED.

ASX:TOKMaterials
281.0M shares on issueASX (delayed) · as of 28 July 2026$1.23price · delayed$340.0Mmarket cap · indicative
C
Dilution grade

Share count grew 264% in 24 months; runway 2–4 quarters; 5 cash raises in 24 months

Cash runway3.7 quarters of funding
Share-count growth (24m)263.9%
Raise cadence (24m)5 cash raises
Options & rights overhang4.1% of shares
In-the-money supply0.0% of shares
Pending proposed issuesnone

TOLU MINERALS LIMITED.'s ordinary share count grew 263.9% between June 2024 and June 2026, to 280M shares. The company raised capital five times in that period for total disclosed proceeds of A$198.7M, most recently via Convertible Notes that raised A$23.8M in April 2026. Options and rights on issue could convert into 11M new shares, equal to 4.1% of the current share count, with 0% in the money. At the March 2026 quarter the company reported A$46.3M in available cash, about 3.7 quarters of funding at its recent spending rate. No proposed securities issues (Appendix 3B) are pending.

AI-generated summary of this page's cited filings · updated 28 July 2026
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4.1%
Max option dilution
0.0%
ITM option dilution
3
Raises · last 12 months
3.7 qtrs
Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue
Weekly counts from ASX records. Dots mark cash capital raises. Latest count 281.0M per ASX (delayed) (28 July 2026).
190.9M223.9M257.0MDec 24Sept 25July 26Cash raise · 23 Apr 2026Cash raise · 6 Oct 2025Cash raise · 6 Oct 2025Cash raise · 24 Apr 2025

Cash runway

3.7 qtrs
Two to four quarters of funding at the recent spend rate.
$46.3M available cash at quarter ended 31 Mar 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds.
Paid plan
Cash runway history
Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 31 Mar 2026.
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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

DateFormSecurityTotal on issue afterSource
23 June 20262A · quoted issueTOK : ORDINARY FULLY PAID280.0MAppendix 2A
17 June 20262A · quoted issueTOK : ORDINARY FULLY PAID277.0MAppendix 2A
15 June 20262A · quoted issueTOK : ORDINARY FULLY PAID276.9MAppendix 2A
3 June 20262A · quoted issueTOK : ORDINARY FULLY PAID275.9MAppendix 2A
1 June 20262A · quoted issueTOK : ORDINARY FULLY PAID261.1MAppendix 2A
Paid plan
Full issuance history
Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).
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Capital raises

5 cash raises in the last 24 months · 3 in the last 12 months

$23.8M
Convertible Notes
23 Apr 2026 COMPLETE
Paid plan
Full raise history
Issue price, discount, brokers, purpose and tranche detail for every raise on record.
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Pending proposed issues

No proposed issues (Appendix 3B) currently pending.

Options & convertible securities

4.1%
Total overhang · of current shares
0.0%
In the money · at current price
11.5M
Potential new shares
—
Nearest expiry
Paid plan
Per-line options & expiry cliffs
Each option line — code, strike, expiry, quantity and ITM value — plus the expiry-cliff chart.
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Director dealings

DateDirectorTypeSharesOptionsValueSource
4 May 2026Howard LoleSell15.8M—$1.5M3Y notice
1 Apr 2026Larry AndagaliSell——$1.5M3Y notice
23 Oct 2025Howard LoleSell1.6M—$109k3Y notice
Paid plan
Full dealing history
Every change-of-director's-interest notice on record, with direction and consideration.
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Ownership

Free account
Top-20 holders & substantial holder notices
Top-20 register snapshot and substantial-holder movements, each linked to its source notice.
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Latest announcements

20 July 2026Tolu Announces Chair Transition
6 July 2026Timing of Drilling Results and New Mineral Resource Estimate
6 July 2026Tolu reports incident on EL 2531 resulting in a fatality
23 June 2026Section 708A Cleansing Notice
23 June 2026Application for quotation of securities - TOK
17 June 2026Section 708A Cleansing Notice
17 June 2026Application for quotation of securities - TOK
16 June 2026Addendum to Annual Report
15 June 2026Section 708A Cleansing Notice
15 June 2026Application for quotation of securities - TOK
3 June 2026Section 708A Cleansing Notice
3 June 2026Application for quotation of securities - TOK
1 June 2026Application for quotation of securities - TOK
29 May 2026Results of Meeting
28 May 2026$P2026 AGM Presentation
28 May 2026Ceasing to be a substantial holder
28 May 2026$PTolu Drilling Results
26 May 2026Becoming a substantial holder
8 May 2026Notice of Annual General Meeting/Proxy Form
6 May 2026Change of Director's Interest Notice

Headlines link to the source PDFs on the ASX announcements platform. Data as of 28 July 2026.