Toubani Launches 5,000m Diamond Drilling and Secures $29M Strategic Placement

Project Momentum Builds at Kobada

Toubani Resources Limited (ASX – TRE) has reported a productive June quarter as it advances the Kobada Gold Project in southern Mali. The company has initiated early works engineering, including detailed project execution scheduling and design criteria completion, setting the stage for construction activities later this year. These preparatory steps underscore Toubani's commitment to progressing Kobada towards a final investment decision by the end of 2025.

Drilling Programs Target Resource Growth

Toubani commenced a 5,000-metre diamond drilling campaign focused on testing the down-dip and down-plunge extensions beneath the current 2.2 million ounce Mineral Resource Estimate. This marks a strategic shift from previous shallow drilling to exploring deeper, high-grade mineralisation zones, with past results indicating promising potential. Complementing this, a 20,000-metre reverse circulation (RC) drilling program is scheduled to begin shortly, targeting near-surface oxide mineralisation adjacent to the existing resource. Together, these programs aim to expand the resource base and extend the mine life, while also providing critical geotechnical data to refine mine design and safety parameters.

Environmental and Community Engagement Progress

The company has completed all specialist studies for the Environmental and Social Impact Assessment (ESIA) and plans to submit the comprehensive report to Malian authorities in the September quarter. Concurrently, the Resettlement Action Plan (RAP) survey is underway, with a large team conducting on-site assessments to minimize community impact. Toubani’s approach aligns with international standards, reflecting a strong commitment to sustainable development. Community relations remain a priority, highlighted by recent support initiatives such as the installation of a water tank in the Faraba village, fostering goodwill and long-term social benefits.

Strategic Capital Raise and Leadership Enhancements

Financially, Toubani secured binding commitments for a two-tranche placement raising A$29 million, including a transformational A$15.2 million investment from A2MP Investments DMCC, supported by the African Export-Import Bank. This strategic partnership, pending shareholder approval, is poised to strengthen Toubani’s capital structure and facilitate project financing. A2MP’s nominee, Gaurav Gupta, is set to join the board, bringing valuable expertise to the company’s financing and stakeholder engagement efforts. Additionally, Toubani bolstered its executive team with appointments of seasoned professionals in finance, sustainability, and project development, signaling readiness to navigate the complexities of project advancement.

Looking Ahead

With infrastructure upgrades underway, including camp refurbishments and enhanced power capacity, the company is positioning itself for increased operational activity. Upcoming milestones include the release of drilling assay results, ESIA and RAP approvals, and progress on project financing arrangements. These developments will be critical in de-risking the project and unlocking value for shareholders as Toubani moves closer to a final investment decision.