Kobada Gold Project
Mali, West Africa
Kobada Ticks All of the Boxes

Initial Development Capex of US$216m

Average Gold Production of 162koz

Low AISC of US$1,004/oz

Average Annual Operating Cash Flow of US$158m

Pre-tax & Post-tax NPV of US$870m & US$635m

Pre-tax & Post-tax IRR of 72% and 58%

Post-tax Payback of 1.5 years

Kobada DFS
2.2Moz in Mineral Resource
The Kobada Main Deposit is a large, shallow and well-drilled open pittable Mineral Resource. Toubani Resources is primarily focused on this deposit at present while simultaneously exploring and testing the adjacent strikes.



A large, continuous 4.5km long open pit hosting global Mineral Resources of 2.2Moz

Kobada remains open along strike in both directions and at depth

Oxide depth averages 65m and can extend beyond 120m in some areas of the pit, well beyond other oxide deposits in West Africa

Low stripping ratio with mineralisation from surface
Kobada Main Deposit is part of a much larger system being explored by Toubani, and includes Kobada East, Kobada North 1 and 2, and Kobada West. Toubani’s 2023 drill program has successfully extended strike extent from 5km to 11km at Kobada and defined new areas of gold mineralisation outside the current mineral resource estimate, with more than 40km of strike are yet to be drill tested.
Kobada Main Deposit
Significant Intercepts Run the Entire Strike Length

Initial discovery drilling intersected shallow, high-grade oxide mineralisation

Excellent drill results in each phase of drilling along entire strike length of Kobada Main Deposit

Over 160,000m have since been drilled to an average depth of ~110m

A combination of RC and DD drilling
Kobada is a Simple, Conventional Oxide Process Flow Sheet
Free-milling with high recoveries of 96% in oxide material

Overview of Kobada Gold Project DFS Outcomes
Technically simple project translates to compelling economic outcomes

Free-dig oxide material, no drill and blast, low strip ratio

Near surface, bulk open pit mining operation at high production rates

Sector leading capex intensity drives rapid payback, with strong returns on invested capital

Soft rock and simple oxide flowsheet underpins low-cost profile

Compelling economic returns with significant leverage to rising gold prices
Unit | Base Case | ||
---|---|---|---|
Project Life | Years | 9.2 | |
Mining Metrics | |||
Total Material Movement (TMM) | Mt | 216.2 | |
Annual TMM (Average) | Mt | 22.8 | |
Strip Ratio – Stage 1 | Waste:Ore | 1.8 | |
Strip Ratio – Total | Waste:Ore | 3 | |
Processing Metrics | |||
Processing Rate – Oxide | Mtpa | 6 | |
Processing Rate – Oxide / Fresh Blend | Mtpa | 5.5 | |
Ore Tonnes Processed | Mt | 53.8 | |
Head Grade (LOM) | g/t Au | 0.9 | |
Recovery (LOM) | % | 96.00% | |
Total Gold Production | ‘000 oz | 1,494 | |
Average Annual Gold Production | ‘000 oz | 162 | |
Capital Expenditure | |||
Total Initial Development Capital | US$m | 216 | |
Fresh Rock Growth Capex (Year 6 & 7) | US$m | 70 | |
LOM Sustaining Capital (including rehabilitation and closure) | US$m | 51 | |
Site Based Costs | |||
Mining – LOM Avg | US$/t mined | 3.15 | |
Mining – 1st Seven Years (Oxide) | US$/t mined | 2.93 | |
Processing – LOM Avg Oxide | US$/ t feed | 7.67 | |
Processing – LOM Avg Fresh | US$/ t feed | 11.28 | |
Site G&A | US$/ t feed | 1.84 | |
Valuation | |||
Gold Price | US$/oz | 2,200 | 2,600 |
All-in-Sustaining Cost | US$/oz | 1,004 | 1,031 |
Post-tax NPV8% | US$m | 635 | 897 |
Post-tax IRR | % | 57.50% | 73.40% |
Post-tax Payback (from first gold production) | Years | 1.5 | 1.25 |
Average Annual Operating CF | US$m pa | 158 | 203 |
Enhance – Grow – Derisk
With the completion of the Definitive Feasibility Study in October 2024, the Kobada Gold Project is now firmly on the development path. The Company is pursuing an " Enhance - Grow - Derisk " strategy to surface further value in Kobada as it moves towards shovel-ready status.
Enhance Kobada
- Additional drill data from deeper drilling may increase fresh rock resources and result in an expansion of later pit stages
- Geotechnical studies to inform/refine pit wall design to further minimise strip ratio and reduce mining costs
- Optimise scheduling to meet processing schedule refinements (i.e. higher throughput, oxide/fresh blend)
- Confirmatory testwork to further validate rheology and hardness assumptions with potential for a less capital-intensive leaching circuit (i.e. smaller tanks)
- Identify areas of non-process related infrastructure where Toubani could self perform to reduce costs and improve timelines
- Current 19 months schedule to first gold pour is in line, or more conservative, versus recent successful mine builds in West Africa
Grow Kobada
Derisk Kobada
Key workstreams progressing or well advanced
- Kobada’s current Mining Convention is governed by the 2012 Mining Code
- Finalisation of a MoU between the Government of Mali and Toubani advancing, setting the investment framework and securing the long-term future of the Kobada Gold Project
- Kobada has an Environmental and Social Impact Assessment (ESIA) permit approved in 2021 (for oxide phase)
- ESIA update and Resettlement Action Plan (RAP) underway based on the 2024 DFS
- Highly experienced African debt advisor, Endeavour Financial appointed to lead project financing workstream
New Discoveries in Established Gold District
Walk-up targets successfully extended near-surface oxide mineralisation
Kobada is a large gold system in a prolific gold district with numerous near-surface targets and over 153,000m of drilling thus far that has been primarily focused on the Kobada Main shear deposit.
The 2023 drill program has successfully extended strike extent from 5km to 11km at Kobada and defined new areas of gold mineralisation outside the current mineral resource estimate. There still remains over 44km of strike remaining to be drill tested.
All targets tested (see below) intersected new areas of oxide mineralisation and extended overall strike extent at Kobada for follow up in subsequent programs. The target results received to date are the same tenor of gold mineralisation seen across the project.
Kobada West - Target 5
Previously untested target unlocks newly identified structure
Toubani’s first ever drill holes at Kobada West delineated continuous, near-surface oxide gold mineralisation with consistent grades and thicknesses section-to-section. Kobada West is interpreted to lie on a parallel structure less than 1km west of the Kobada Main deposit
The 2023 drilling program has identified shallow, oxide mineralisation on every section over the current strike length of 600m, and remains open along strike and at depth.
Significant intersections include:
- 9m at 1.72g/t incl. 2m at 6.26g/t
- 1m at 11.3g/t and 5m at 1.26g/t
- 5m at 1.24g/t and 3m at 0.93g/t
- 11m at 0.55g/t, 2m at 2.66g/t and 3m at 1.12g/t
Kobada North 1 and 2 - Targets 3 and 4
Significant Intercepts Run the Entire Strike Length
Kobada North 1 and 2 targets lie directly on the Kobada Shear and cover 2.3km of strike north from the Kobada Main deposit. There has been limited drill testing at Kobada North 1 and no previous drill testing at Kobada North 2. Both targets show extensive artisanal workings, and initial results released in March and April 2023 extended strike at Kobada North by over 2km
Key intercepts include:
- 9m at 1.32 g/t and 14m at 1.02 g/t (KN1)
- 1m at 7.86 g/t (KN1)
- 1m at 8.51 g/t (KN2)
- 1m at 0.64 g/t (KN2)
Gosso - Target 1
Underexplored and highly prospective
The Gosso Target runs parallel shear to the Kobada Shear Zone and shares similar characteristics. Gosso was first drilled with RC in 2011, but there was no follow up until 2020.
Intersections included:
- 36m at 1.64 g/t from 72m (KBRC11_140)
- 3.1m at 4.25 g/t from 34.6m (G20_PH3A_20)
- 3m at 2.59 g/t from 30m (KBRC11_144)
- 5m at 1.90 g/t from 133m (KBRC11_142)
- 12.5m at 1.15g/t from 39.0m (G20_PH3C_16)
April 2023 drilling extended strike 500m with intersections including:
- 1m at 5.78g/t from 134m
- 9m at 0.42g/t from 8m
- 2m at 1.44g/t from 49m and 1m at 3.16g/t from 80m
- 3m at 1.34g/t from 32m and 2m at 0.98g/t from 25m
- 1m at 1.81g/t from 110m
- 7m at 0.67g/t from 15m, including:
- 3m at 1.17g/t from 19m, and 2m at 1.15g/t from 45m
Kobada East - Target 2
Significant auger anomaly now confirmed by maiden RC drilling
The Kobada East discovery was made in 2022 by auger sampling and has been confirmed by the maiden RC drilling program that identified shallow, oxide mineralisation below the auger anomaly over a strike length of 400m. The Kobada East Shear extends for over 18km on Toubani’s tenure.
Significant intersections include:
- 6m at 0.85g/t incl. 2m at 1.70g/t (KE22_P013)
- 1m at 3.58g/t (KE22_P007)
- 1m at 3.35g/t (KE22_P008)
The results at Kobada East are typical of the mineralisation style seen across Kobada with the intersections mirroring those observed at the Kobada Main deposit, with mineralisation open along strike to the north and south, as well as at depth.
Best results from 2022 auger program:
- 20.69 g/t over 8m from 2m (E-423)
- Including 78.9 g/t over 2m
- Including 3.14 g/t over 2m
- 1.81 g/t over 8m from 10m (E-412)
- Including 3.94 g/t over 2m
- 2.42 g/t over 2m from surface (E-417)
Mature, Long Established Mining Industry in Mali

Numerous operating mines and capital reinvestments underway
- Stable and mining friendly jurisdiction with transparent system of mineral and surface title
- Political / social support of mining and stated ambitions to develop resources
- Mining industry is one of the largest contributors to the country’s GDP with a long and successful history of gold production
- Highly developed and active mining culture with major international companies operating in the country for decades (Barrick, Allied Gold, B2Gold, Resolute etc.)
- Birimian rocks are major sources of gold extending through Ghana, Côte d`Ivoire, Guinea, Mali and Burkina Faso
- Mali is the 3rd largest gold producer in Africa – continues to increase output
- Kobada is located in the Sikasso administrative region in southern Mali, near the border with Guinea, 126km from Bamako
- Southern Mali is considered to be a stable environment with the mining industry concentrated in the region
- Significant capital reinvestment being made – Leo Lithium, Barrick, Resolute, B2Gold and Allied Gold all undertaking or planning further development and expansion in country