• Toubani Resources Limited is advancing the Kobada Gold Project in southern Mali.
• The project has an updated Mineral Resource Estimate of 2.4 million ounces of gold.
• This includes 1.5 million ounces of shallow, free-dig oxide resources.
• The company commenced an update to the 2021 Definitive Feasibility Study (DFS) with Lycopodium, targeting completion in Q3 2024.
• A regional drilling program extended drill-defined mineralisation by almost 5km, now totaling 11km.
• New regional discoveries include Kobada West, located 1km from the main Kobada open pit, and confirmation of the Kobada East discovery.
• Phil Russo was appointed as Chief Executive Officer and Executive Director in January 2023.
• The technical team was strengthened with the appointments of Bill Oliver and Kerry Griffin.
• The company completed redomiciling to Australia in January 2024, converting CDIs to ordinary shares.
• The company completed a fully subscribed placement in August 2023, raising A$3.8 million before expenses.
• The company voluntarily delisted from the TSX Venture Exchange in May 2023.
• The loss for the consolidated entity after providing for income tax amounted to $6,625,026.
• Exploration evaluation expenditure totalled $3,775,151.

Score: 6

Explanation: The document presents a mixed sentiment. While there are positive developments in resource estimation and project advancement, the reported loss and need for future financing introduce uncertainty. The focus on oxide resources and DFS update are positive signals, but the overall financial performance tempers the optimism.

• The Mineral Resource Estimate for the Kobada Gold Project has been updated to 2.4Moz, including 1.5Moz of shallow, free dig oxide resources.
• Lycopodium has been appointed to update the 2021 Definitive Feasibility Study, with completion targeted for Q3 2024.
• Regional drilling extended drill-defined mineralisation by almost 5km to a total of 11km.
• New regional discoveries include Kobada West, located 1km from the main Kobada open pit.
• The company completed redomiciling to Australia in January 2024.
• A fully subscribed placement in August 2023 raised A$3.8 million before expenses.
• The loss for the consolidated entity after providing for income tax amounted to $6,625,026.
• Exploration evaluation expenditure totalled $3,775,151.

• Updated Mineral Resource Estimate shows a significant resource of 2.4Moz, with 1.5Moz of shallow oxide resources.
• The DFS update, led by Lycopodium, aims to reposition Kobada as a project of scale with higher production rates and lower unit costs.
• Regional drilling program demonstrates significant exploration upside with almost 5km strike extension.
• Redomiciling to Australia and focusing on a single listing on the ASX is expected to increase the company's market profile.
• Strengthened management and technical teams with experienced personnel.
• The company believes that by focusing on the predominantly oxide ores initially the project can be developed at a relatively lean capital cost.

• The consolidated entity reported a loss of $6,625,026 for the year ended 31 December 2023.
• Exploration and evaluation costs increased to $3,775,151.
• The company has finite financial resources and no current cash flow from producing assets and therefore requires additional financing in order to carry out its exploration and development activities.

• Exploration and development of mineral deposits involve significant risks.
• The company requires additional financing to carry out its exploration and development activities.
• Failure to obtain appropriate financing on a timely basis could impair the company's ability to complete drilling programs or forfeit interests in certain properties.
• Mining and exploration tenements are subject to periodic renewal and compliance with mining legislation.
• The company is subject to political, social, economic, and other uncertainties in Mali.
• Environmental regulations are continually changing and generally becoming more restrictive.

The company will continue gold exploration and development of its project located in Mali, West Africa, with a focus on converting inferred resources to indicated resources and evaluating the potential of new prospects to provide mill feed.

• Following our listing on the ASX in December 2022, we made significant strides during 2023 in advancing Kobada towards its rightful place as a regional project of significance.
• The abundance of shallow, free dig oxide ore at Kobada has driven our strategy to update our mineral resources with the 2023 resources positively confirming the large inventory of oxide ore with 1.5Moz of oxide resources confirmed.
• At a time of all-time highs in gold prices, the inherent value in the Kobada project continues to rise and our technical derisking serves to bring Kobada to the forefront of West African development projects at a time where fewer are advancing through the pipeline.

The announcement aligns with the industry trend of focusing on near-surface, oxide gold projects in West Africa due to their lower capital intensity and faster development timelines. The updated resource estimate and DFS update position Toubani to potentially capitalize on the current high gold price environment.

• The Kobada Gold Project's resource grade of 0.86 g/t is comparable to other West African oxide gold projects in the development stage.
• Companies like Allied Gold and Fortuna Silver Mines are also advancing similar projects in the region.
• The DFS update targeting higher processing rates aligns with industry best practices to optimize project economics.

• Shareholders: Potential for increased value through project advancement and resource expansion, but also risk of dilution from future capital raises.
• Employees: Job opportunities in exploration and development, but also risk of project delays or termination.
• Customers: No immediate impact as the project is still in the development phase.
• Suppliers: Potential for future contracts and revenue, but also risk of project delays or termination.
• Creditors: Risk associated with the company's ability to repay debts if the project does not advance as planned.

• Completion of the Definitive Feasibility Study Update in Q3 2024.
• Resource conversion drilling program to convert inferred resources to indicated resources.
• Geological modelling for Gosso, Kobada West, and Kobada East to evaluate their potential as mill feed.
• Analysis of drill data to identify targets within fresh rock for future drilling.

• January 2023: Phil Russo appointed as Chief Executive Officer and Executive Director
• 11 May 2023: Last day for trading of common shares on the TSX Venture Exchange
• 15 May 2023: Scott Perry and Mark Strizek appointed to the Board as Non-Executive Directors; Jan-Erik Back and Doug Jendry retired from the Board
• August 2023: Toubani completed a fully subscribed placement raising A$3.8 million
• 1 September 2023: Company's Annual General Meeting held; shareholders approved Australian Continuance
• 8 January 2024: Toubani registered as an Australian company
• 13 February 2024: Mark Strizek resigned as a Non-Executive Director
• Q3 2024: Targeted completion of the Definitive Feasibility Study Update