Toubani Resources has moved the Kobada Gold Project firmly into its construction phase, with key infrastructure nearing completion and financing arrangements ready for drawdown.
- Process plant construction underway with CIL tank ring beams set
- Key infrastructure like water storage dam and airstrip progressing
- Mineral Resource update targeted by end of Q3 2026
- Gold stream financing completed, first drawdown expected August
- Additional working capital facility nearing finalisation
Construction Accelerates at Kobada Gold Project
Toubani Resources (ASX:TRE) is pushing ahead with the Kobada Gold Project, marking a shift from planning to active construction. The process plant site is a hive of activity, with earthworks complete for the CIL tanks and formwork for ring beams already in place. Clearing at the crusher, ROM pad, and tailings storage facility (TSF) is well underway, with TSF embankment construction commenced. Meanwhile, the airstrip is 65% finished and fully fenced, and the permanent accommodation camp is rising with foundations and walls progressing rapidly.
Infrastructure Milestones and Equipment Fabrication
Critical infrastructure is either completed or nearing completion, including the water storage dam ready to capture rainfall and the turkey's nest with standpipe construction in progress. Over 500 tons of structural steel for the process plant have been fabricated, and the ball mill fabrication is complete with shipping imminent. Generator sets for the power plant have passed final inspection and are set for shipment within the month. Plate work for the CIL tanks has arrived in Bamako and is undergoing rolling, beveling, and painting ahead of site delivery.
Operational Planning and Resource Update Underway
Beyond physical construction, Toubani is advancing operational readiness and pre-production planning. An updated Mineral Resource Estimate (MRE) for Kobada is targeted for completion by the end of Q3 2026. This update will underpin final pit design and mining schedules, enabling detailed pre-production activities such as grade control drilling and site clearing. Mining contractor Corica Mining Services S.A. is mobilising equipment for these tasks, with operational coordination ongoing between teams in Kobada, Bamako, and Perth.
Financing Secured and Drawdown Imminent
The company has completed key financing steps, including a gold stream agreement and strategic equity financing. Toubani is preparing for the first drawdown under the streaming facility by the end of August 2026, with monthly drawdowns scheduled in line with the construction timeline. Additionally, Toubani is progressing an extra financing facility involving AFG Bank and other financiers to bolster working capital, with final documentation and approvals expected in Q3 2026.
Targeting First Gold in Q3 2027
With construction and financing advancing on schedule, Toubani remains on track to deliver first gold production in the third quarter of calendar year 2027. The combination of secured funding and active project execution materially reduces development risks and positions Kobada as a potential new gold mine in West Africa.
Bottom Line?
Kobada’s construction momentum and secured financing set a clear path toward production, but upcoming resource updates and financing finalisations will be critical milestones to watch.
Questions in the middle?
- How will the updated Mineral Resource Estimate impact the project’s mine plan and economics?
- What are the terms and conditions attached to the additional working capital facility with AFG Bank?
- How will operational readiness planning address potential risks in transitioning from construction to production?