Toubani Resources Advances Kobada Gold Construction With AU$120.8 Million Cash on Hand

Highlights

• Cash and equivalents totalled AU$120.8 million at 30 September 2026, supported by a completed AU$70 million equity raising.

• The Kobada Gold Project construction team passed 1,000,000 lost-time-injury-free hours, with over 900 personnel on site.

• A Mineral Resource Estimate update using about 26,000 metres of new drilling is expected in the coming weeks.

Toubani Resources Limited (ASX: TRE) released its September quarterly activities report on 28 October 2026. It shows steady construction progress at the Kobada Gold Project in southern Mali, with first gold targeted for the third quarter of 2027.

Construction Momentum at Kobada

The project reached 1,000,000 hours without a lost-time injury in September, and all contractors are now mobilised. Process plant construction has begun, with carbon-in-leach tank erection well advanced and mill and crusher foundations being prepared. All long-lead mechanical items, including the ball mill and mineral sizer, have shipped.

More than 390 freight containers are shipped or in transit, with 200 already offloaded on site. Corica Mining Services S.A. holds the mining contract and is expected to start mining in early 2027. Project commitments now stand at about 80% of overall capital expenditure. Development spending for the quarter was AU$74.3 million.

Resource Growth and Drilling

Toubani has begun a Mineral Resource Estimate update, being carried out by independent consultants Entech Pty Ltd. Results from Foroko, located 3 kilometres from the plant, included 28 metres at 8.86 g/t gold from 188 metres, with an inner zone of 3 metres at 61.2 g/t gold. Foroko may be assessed as a satellite open pit. Drilling also continues at Gosso and Kobada South.

Funding and Corporate Activity

The company completed a fully underwritten entitlement offer raising about AU$70 million at AU$0.30 per share. It has also received drawdowns totalling US$75 million under its US$160 million gold stream with Eagle Eye Asset Holdings Pte Ltd.

Toubani also acquired a 19.9% interest in Avanti Gold Corporation, which owns 73.5% of the Misisi Gold Project in the Democratic Republic of Congo. New appointments include Mark Somlyay as Chief Financial Officer, Kerry Griffin as Operations Director and Riaan Lombard as General Manager of the Kobada Gold Project. A decree from the Council of Ministers establishing the State’s interest in Kobada was also issued during the quarter.

Share Price and Outlook

Toubani shares were quoted at AU$0.275, a gain of AU$0.025, or 10.000%, at the time of writing. Upcoming milestones include the resource update, further drilling results, construction updates, completion of a working capital facility and an Ore Reserve update.

Note: All data presented is based on information available at the time of writing.

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