Toubani Secures A$395M Funding as Drilling Extends Kobada Mineralisation

Project Momentum Builds

Toubani Resources Limited (ASX – TRE) has reported a productive September quarter as it advances the Kobada Gold Project in southern Mali. The company marked several critical milestones, including the approval of its Environmental and Social Impact Assessment (ESIA) by the State of Mali and completion of the Resettlement Action Plan (RAP) surveys, positioning the project firmly on track for a Final Investment Decision (FID).

Drilling programs have delivered encouraging results, with diamond core and reverse circulation drilling intersecting mineralisation beyond the current Mineral Resource Estimate (MRE). Notably, broad zones of gold mineralisation were identified at depths between 120m and 250m, including high-grade intercepts such as 1m at 13.4g/t gold and near-surface oxide mineralisation with assays up to 21.7g/t gold. These findings suggest potential for resource expansion, which could enhance the project's value proposition.

Securing the Financial Foundation

Post-quarter, Toubani announced a transformative A$395 million funding package to underpin construction activities. This package includes a US$160 million gold streaming agreement with major shareholder Eagle Eye Asset Holdings (EEA), a A$125 million multi-tranche placement to institutional investors, and accelerated exercise of options held by EEA. The gold stream agreement allows Toubani to receive upfront capital in exchange for delivering a portion of future gold production at a discounted price, with provisions for buyback rights to manage long-term obligations.

The funding boost has elevated Toubani's pro-forma cash position to approximately A$177 million, providing a robust financial platform to advance engineering, procurement, and construction management (EPCM) contracts and other critical early works. The company is actively progressing tenders for EPCM engineering, mining contractors, and power plant construction, signaling readiness to transition from development to execution.

Leadership and Community Engagement

Strengthening its leadership team, Toubani appointed Roux Terblanche as Project Director, bringing over 25 years of project and construction management experience across Africa. Additionally, Gaurav Gupta joined as a Non-Executive Director, representing key investor interests and adding strategic oversight.

Community and government engagement remain a priority, with ongoing consultations supporting the RAP process and ensuring alignment with local stakeholders. High-level meetings with Malian government ministers have reinforced support for the project, facilitating regulatory approvals and fostering a collaborative development environment.

Looking Ahead

With a clear pathway to FID, Toubani anticipates continued news flow including further drilling results, appointment of EPCM contractors, receipt of environmental permits, and finalisation of project implementation documentation. The company’s methodical approach to de-risking and financing the Kobada Gold Project positions it as a potential new gold producer in West Africa, a region increasingly recognised for its resource potential.