Toubani Resources says construction of its Kobada Gold Project in Mali remains on schedule for first gold in Q3 2027, with CIL tank erection now underway and more than 70% of project costs committed. About US$50 million of the company’s US$160 million stream facility has been drawn as construction moves into a more intensive phase.
- CIL tank erection has commenced at Kobada
- More than 70% of project costs are committed
- Process plant engineering is over 95% complete and long-lead equipment has shipped
- About US$50 million of the US$160 million stream facility has been drawn
- Updated mineral resource estimate remains on track for October 2026
Kobada construction passes CIL tank milestone
Toubani Resources Limited (ASX:TRE) says its Kobada Gold Project in Mali has reached a significant construction milestone, with the carbon-in-leach (CIL) tank erection now underway. The company continues to target first gold in the third quarter of 2027, while more than 900 personnel are now working on site and over 70% of project costs have been committed.
The progress marks a shift from mobilisation and earthworks towards the installation of the processing infrastructure that will determine whether the development can maintain its stated schedule. Toubani previously described the project as entering construction with key infrastructure advancing in Kobada construction phase, when CIL tank ring beams and other site works were nearing completion.
Process plant equipment moves through shipping chain
Process plant engineering is more than 95% complete, with the final vendor data being incorporated into the design. Structural steel fabrication has reached 80%, representing 900 tonnes, and the first containers have arrived at the port of Abidjan. The first process plant platework is ready for delivery to port, while electrical cables and other electrical bulks are due to reach Dakar shortly.
All long-lead mechanical items have shipped, including the ball mill. The Bergen power plant units have also arrived in Bamako ahead of schedule, although Toubani says they will be transported to site when required. Bulk earthworks at the process plant are complete, preparation and formwork for mill and crusher foundations are underway, and concrete pours are planned for October.
Mining mobilisation and operational readiness advance
Corica Mining Services S.A. has been awarded the mining contract and is already on site, having undertaken bulk earthworks and tailings storage facility construction. Equipment from its current and future fleet has been designated for mining, which Toubani expects to begin in early 2027.
The company has appointed a General Manager for the Kobada Gold Mine and is recruiting further operational personnel. It is also working on mining equipment mobilisation schedules, consumables planning and other pre-production activities across its teams in Kobada, Bamako and Perth. The airstrip is nearing completion and is being prepared for flights, while tailings storage facility earthworks continue.
Funding drawdown and resource update remain key tests
Toubani says approximately US$50 million of its US$160 million stream facility has been drawn and received, with the funding being deployed in line with the construction schedule. The company is also progressing an additional working capital facility and expects to finalise it shortly, although no terms were provided in the announcement.
An updated Mineral Resource Estimate is on track for later in October. It will incorporate the recent Foroko drilling, which previously produced high-grade intersections and was intended to feed into the resource update through the Foroko drilling programme. Toubani says the revised estimate will inform the final pit design and the detailed mining schedule for the first three years, making it a potentially important input into the next stage of project planning.
The next construction gates arrive in 2026
The immediate schedule calls for mill and crusher foundation concrete pours in October, alongside the start of process plant structural steel erection. Delivery of platework and electrical bulks to site is planned for the first quarter of 2027, followed by mechanical and electrical installation. Power plant installation and commissioning are targeted for the second quarter, with process plant commissioning and first gold both scheduled for the third quarter.
The announcement offers no updated capital cost, operating cost or production estimate. That leaves execution, the additional working capital facility and the October resource update as the next substantive points at which the market can test whether the construction narrative is translating into a fully funded and operational mine.
Bottom Line?
Construction has entered a more tangible installation phase, but the Q3 2027 first-gold target still depends on funding completion, commissioning and disciplined delivery across several tightly sequenced milestones.
Questions in the middle?
- Will Toubani finalise the additional working capital facility on terms sufficient to support the remaining construction program?
- How will the October Mineral Resource Estimate change the final pit design and first three years of mining?
- Can process plant installation, power commissioning and operational readiness remain aligned through to first gold in Q3 2027?