• Toubani Resources Limited reported a net loss of $6,625,026 for the year ended 31 December 2023, compared to a loss of $5,136,694 in the previous year.
• Exploration evaluation expenditure totaled $3,775,151 for the year, up from $1,994,675 in the prior year.
• The company is focused on advancing the Kobada Gold Project in southern Mali, which hosts 2.4 Moz in mineral resources.
• A Phase 1 drilling program was completed, consisting of 105 holes and 14,122 meters drilled.
• Drilling extended the strike of gold mineralisation to 11km, up from 5km.
• A significant discovery was made at Kobada West, with near-surface oxide gold mineralisation delineated in maiden drilling.
• Lycopodium was appointed as lead engineer for the Kobada DFS update.
• The company voluntarily delisted its common shares from the TSX Venture Exchange on 11 May 2023.
• Toubani Resources was registered as an Australian company effective from 8 January 2024, and its name changed to Toubani Resources Limited.
• Mr Mark Strizek resigned as a Non-Executive Director on 13 February 2024.

Score: 5

Explanation: The sentiment is neutral. While the company is making progress on its Kobada Gold Project, it is also experiencing increased losses and requires additional financing. The project's potential is balanced by the risks and challenges associated with operating in West Africa.

• The company's net loss increased to $6,625,026 for the year ended 31 December 2023.
• Exploration evaluation expenditure increased to $3,775,151.
• The Kobada Gold Project hosts 2.4 Moz in mineral resources.
• Drilling extended the strike of gold mineralisation to 11km.
• A significant discovery was made at Kobada West.
• Lycopodium was appointed as lead engineer for the Kobada DFS update.
• The company voluntarily delisted from the TSX Venture Exchange on 11 May 2023.
• Toubani Resources was registered as an Australian company effective from 8 January 2024.
• Mr Phil Russo was appointed Executive Director and Chief Executive Officer on 9 January 2023.
• Mr Danny Callow resigned as President and CEO effective 9 January 2023, transitioning to Executive Chairman until 30 June 2023, and then Non-executive Chairman from 1 July 2023.
• Mr Scott Perry was appointed non-executive director on 15 May 2023.
• Mr Mark Strizek was appointed non-executive director on 15 May 2023, and resigned 13 February 2024.

• The Kobada Gold Project is advancing with promising exploration results, including strike extensions and new discoveries.
• Lycopodium's appointment as lead engineer for the DFS update suggests progress towards project development.
• The company has been successful in raising further capital when required.
• Drilling successfully extended the strike of gold mineralisation to 11km, up from 5km, with shallow, open pittable gold mineralisation intersected at all targets tested in the first phase of drilling for 2023.
• Significant strike extension to drill-defined mineralisation at Kobada North, Kobada South and Gosso.
• Confirmation of a new discovery at Kobada East, confirming maiden auger intercepts from 2022.
• Review of fresh rock potential below current oxide resource at the Kobada Main deposit supports potential for significant MRE to underpin DFS Update activities optimising the oxide project phase (with 1.5Moz of shallow, free dig oxide resources) as part of a bulk tonnage, low cost oxide dominant project.

• The company experienced a net loss of $6,625,026 for the year ended 31 December 2023, an increase from the previous year.
• Exploration evaluation expenditure increased significantly.
• 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 voluntarily delisted its common shares from the TSX Venture Exchange on 11 May 2023.

• 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 could impair the company's ability to complete drilling programs or forfeit interests in certain properties.
• The rights to mineral tenements carry obligations, and failure to meet these requirements could prejudice the right to maintain title.
• Mining and exploration tenements are subject to periodic renewal.
• The company is subject to political, social, economic, and other uncertainties in Mali.
• The company's activities are subject to laws and regulations governing environmental protection.

The Group will continue gold exploration and development of its project located in Mali, West Africa; however, specific details on likely developments and expected results were not included due to potential prejudice to the consolidated entity.

The announcement reflects the challenges and opportunities faced by junior mining companies in the gold exploration and development sector, particularly those operating in West Africa. The company's focus on advancing the Kobada Gold Project aligns with the broader industry trend of seeking to develop viable gold projects in the region. The increased loss and exploration expenditure are typical for companies in this stage, as they invest in exploration and project development activities. The delisting from the TSX Venture Exchange and re-domiciliation to Australia suggest a strategic shift to better align with its investor base and operational focus.

• Comparing Toubani Resources to similar gold exploration companies operating in West Africa, such as Tietto Minerals (before its acquisition) and Cardinal Resources (before its acquisition by Shandong Gold), reveals some common patterns.
• These companies also faced challenges in securing financing, navigating political and social risks, and advancing their projects through feasibility studies and permitting.
• Tietto Minerals successfully transitioned from explorer to producer with its gold project in Côte d'Ivoire, demonstrating the potential for companies in the region to achieve significant milestones.
• Cardinal Resources, on the other hand, was acquired by a larger company before reaching production, highlighting the importance of strategic partnerships and access to capital.
• Toubani's Kobada Gold Project, with its 2.4 Moz resource, is comparable in size to some of the projects developed by these companies.
• However, the company's ability to secure financing, navigate the regulatory environment, and advance the project through feasibility studies will be critical to its success.

• Shareholders: The increased loss may negatively impact shareholder value in the short term, but successful project development could lead to long-term gains.
• Employees: Continued exploration and development activities provide employment opportunities, but financial constraints could lead to job insecurity.
• Customers: As an exploration company, Toubani Resources does not currently have customers.
• Suppliers: The company's exploration and development activities generate business for suppliers of equipment, services, and materials.
• Creditors: The company's ability to repay its debts depends on its ability to secure financing and successfully develop its projects.

• Continue gold exploration and development of the Kobada Gold Project in Mali, West Africa.
• Advance the Kobada DFS update with Lycopodium as lead engineer.
• Secure additional financing to support exploration and development activities.

• 2 October 2002: Toubani Resources Inc. incorporated in Ontario, Canada
• 11 May 2023: Last day of trading on the TSX Venture Exchange
• 9 January 2023: Mr Phil Russo appointed Executive Director and Chief Executive Officer
• 9 January 2023: Mr Danny Callow resigned as President and CEO, transitioning to Executive Chairman
• 30 June 2023: Mr Danny Callow transitioned to Non-executive Chairman
• 1 July 2023: Mr Danny Callow transitioned to Non-executive Chairman
• 15 May 2023: Mr Scott Perry appointed non-executive director
• 15 May 2023: Mr Mark Strizek appointed non-executive director
• 1 September 2023: Annual General Meeting (AGM)
• 8 January 2024: Toubani Resources registered as an Australian company
• 13 February 2024: Mr Mark Strizek resigned as a Non-Executive Director
• 25 March 2024: Date of Directors' Report