• Toubani Resources Limited had a foundational year in 2024, marked by significant technical, financial, and strategic advancements for the Kobada Gold Project.
• The DFS confirmed Kobada as a technically robust and economically compelling development asset with a low upfront capital estimate of US$216 million.
• The DFS projects average annual gold production of 162,000 ounces over an initial mine life of nine years at an all-in sustaining cost (AISC) of just US$1,004 per ounce.
• The Ore Reserve Estimate (ORE) for the Kobada Gold Project stands at 53.8 million tonnes at 0.90g/t for 1.56 million ounces of gold.
• The Mineral Resource Estimate (MRE) for the Kobada Gold Project stands at 78 million tonnes at 0.88g/t for 2.2 million ounces of gold.
• In 2024, Toubani Resources undertook significant capital-raising efforts, securing A$10 million through a two-tranche placement at A$0.17 per share.
• The company enhanced its leadership by appointing Matt Wilcox and Mike Nelson as non-executive directors.
• The net loss for the consolidated entity after providing for income tax amounted to $8,213,331.
• The company is focused on de-risking and enhancing the project to prepare it for construction in 2025.

Score: 7

Explanation: The sentiment is positive due to the positive DFS results, increased resource estimates, and successful capital raising. However, the net loss and the need for additional financing temper the overall sentiment.

• The DFS confirmed Kobada as a technically robust and economically compelling development asset with a low upfront capital estimate of US$216 million.
• The DFS projects average annual gold production of 162,000 ounces over an initial mine life of nine years at an all-in sustaining cost (AISC) of just US$1,004 per ounce.
• The Ore Reserve Estimate (ORE) for the Kobada Gold Project stands at 53.8 million tonnes at 0.90g/t for 1.56 million ounces of gold.
• The Mineral Resource Estimate (MRE) for the Kobada Gold Project stands at 78 million tonnes at 0.88g/t for 2.2 million ounces of gold.
• In 2024, Toubani Resources undertook significant capital-raising efforts, securing A$10 million through a two-tranche placement at A$0.17 per share.
• Matt Wilcox and Mike Nelson joined the Board of Directors, bringing extensive mining and project leadership experience.
• Indicated resources increased by 30% to 2 Moz of contained gold (71 million tonnes at 0.87 g/t gold).
• The company is registered as an Australian company effective from 8 January 2024.

• The DFS confirms Kobada as a technically robust and economically compelling development asset.
• The project has a low upfront capital estimate of US$216 million.
• The project is expected to have average annual gold production of 162,000 ounces over an initial mine life of nine years.
• The project has a low all-in sustaining cost (AISC) of just US$1,004 per ounce.
• The company successfully updated its Mineral Resource Estimate (MRE) for the Kobada Gold Project.
• The company secured A$10 million through a two-tranche placement.
• The company enhanced its leadership with the addition of two senior mining executives to its Board.
• The company is focused on de-risking and enhancing the project to prepare it for construction in 2025.
• The company lifted its indicated resources by 30%, reaching a total of 2 Moz of contained gold (71 million tonnes at 0.87 g/t gold).

• The consolidated entity reported a net loss of $8,213,331 for the year ended 31 December 2024.
• The consolidated entity had net cash flows used in operating activities of $6,832,094.
• 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.
• The company had non-capital losses in Canada of approximately $49,108,000 that are no longer available to the Company.

• 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.
• The company is subject to political, social, economic and other uncertainties in Mali.
• The company's activities are subject to laws and regulations governing the protection of the environment.

The company's focus in 2025 is firmly on de-risking and enhancing the project to prepare it for construction, optimizing the development strategy, and securing the right funding partners to bring the vision to fruition.

• 'Looking back, 2024 was a foundational year for Toubani Resources, one that saw us lay the technical, financial, and strategic foundation to move from vision to reality,' said Managing Director Phil Russo.
• The DFS reaffirmed our vision of delivering a low-risk, bulk-tonnage, oxide-dominant open-pit gold minea project defined by its scale, operational simplicity, and compelling economic merits.
• Looking forward to 2025, we're entering a phase of renewed stability and growing investor confidence in Mali, which strengthens our outlook as we deepen ties with key stakeholders at Kobada.
• We believe we are on the path to transition from potential to execution, positioning Kobada as a significant gold operation in Mali and West Africa.

The announcement reflects a broader trend in the mining industry of focusing on projects with low capital intensity and robust economics, particularly in West Africa, where gold mining is a significant economic driver. The company's emphasis on de-risking and securing funding aligns with investor priorities in the current market environment.

• The Kobada Gold Project's projected AISC of US$1,004 per ounce is competitive compared to other gold projects in West Africa.
• For example, Allied Gold's Bonikro Gold Mine in Côte d'Ivoire has an AISC in a similar range.
• The upfront capital estimate of US$216 million is relatively low compared to other gold projects of similar scale, such as West African Resources' Sanbrado Gold Mine, which had a higher initial capital expenditure.
• The average annual gold production of 162,000 ounces is comparable to other mid-tier gold producers in the region, such as Perseus Mining.

• Shareholders will benefit from the increased project value and potential for future returns.
• Employees will have opportunities for employment and career development.
• Customers (gold purchasers) will have access to a new source of gold supply.
• Suppliers will benefit from increased demand for goods and services.
• Creditors may be impacted by the company's need for additional financing.

• Undertake confirmatory metallurgical testwork to validate and streamline the processing.
• Refine capital and operating costs, targeting increased efficiency and profitability.
• Delineate further high margin oxide mineralisation to supplement base load throughput.
• Test several depth extension targets below the Kobada Main deposit.
• Finalising investment agreements with the Malian government.
• Additional geotechnical drilling and pit optimisation studies will further refine mine planning, reducing operational uncertainties.

• September 1, 2023: Shareholders approved the Australian Continuance at the Company's Annual General Meeting.
• January 8, 2024: Toubani was registered as an Australian company (Australian Continuance).
• July 2, 2024: Announcement of the successful update of its Mineral Resource Estimate (MRE) for the Kobada Gold Project.
• August 2024: The Company secured binding commitments for a two-tranche placement totalling A$10 million.
• October 31, 2024: Release of the Definitive Feasibility Study (DFS) for the Kobada Gold Project.
• March 25, 2025: Date of the directors' report.