• Toubani Resources is advancing the Kobada Gold Project in southern Mali.
• A key agreement was reached with the State of Mali regarding the 2023 mining code, positioning the project for continued advancement.
• Toubani and the State of Mali will share an equity interest in the Kobada Gold Project.
• Selected project financing parties have entered a data room and commenced due diligence.
• Environmental and social impact assessment work is ongoing, with a site visit completed in early April.
• Planning for early engineering activities and drilling campaigns is complete, pending commencement.
• Subsequent to the quarter, Toubani announced a transformational partnership with A2MP Investments DMCC and a A$29 million placement.
• The agreement with the State of Mali secures the Kobada Gold Project's development pathway.
• Key fiscal terms include a 2.0% reduction in the applicable royalty rate and a corporate tax rate of 25% for the first five years, then 30% thereafter.
• Mining licenses under the 2023 mining code are valid for an initial 12 years with subsequent 10-year renewal periods.
• The Company anticipates the timely processing of the transfer of the mining license to Mines de Kobada SA.
• A Definitive Feasibility Study (DFS) was completed in October 2024, based on the 2012 mining code.
• The DFS update includes key outcomes such as a 9.2-year initial mine life, 53.8 Mt of open pit ore mined at 0.90 g/t gold, and 1.49 Moz of total gold production.
• At a US$2,200/oz gold price, the post-tax cash flow is estimated at US$893 million, while at US$3,000/oz, it's US$1,607 million.
• The A$29 million placement includes a ~A$15.2m investment by A2MP Investments DMCC, resulting in an 18% pro-forma shareholding in Toubani for A2MP.
• A2MP will provide Toubani with a minimum US$160m debt facility as part of its ongoing debt financing process.
• The validation of the Terms of Reference (ToR) for the ESIA Update remains a cornerstone of Kobada's permitting process, with approval anticipated from the Mali Environment Ministry by the end of April.
• Environmental approval is slated for Q3 2025.
• Toubani had an expenditure of approximately A$898,000 on exploration and evaluation activities during the quarter.
• Payments to Directors of the Company for the quarter ended 31 December 2024 of A$178,000 were for gross wages, fees and superannuation.

Score: 8

Explanation: The document presents a positive outlook for Toubani Resources, highlighting key agreements, financial support, and project advancements. The transformational partnership and placement are significant positives, although regulatory and political risks remain.

• Toubani Resources is advancing the Kobada Gold Project in southern Mali.
• Agreement with the State of Mali on the 2023 mining code positions the project for continued advancement towards a Final Investment Decision (FID) later this year.
• Toubani and the State of Mali will share an equity interest in the Kobada Gold Project.
• Selected project financing parties have entered a data room and commenced due diligence.
• Subsequent to the quarter, Toubani announced a transformational partnership with A2MP Investments DMCC and a A$29 million placement.
• A2MP to have an 18% pro-forma shareholding in Toubani upon completion of the two-tranche placement.
• A2MP will provide Toubani with a minimum US$160m debt facility as part of its ongoing debt financing process.
• Environmental approval is slated for Q3 2025.

• Agreement with the State of Mali provides a clear framework for success under the 2023 mining code.
• The equity structure ensures all parties have a vested interest in Kobada's long-term success.
• The Company anticipates the timely processing of the transfer of the mining license to Mines de Kobada SA.
• The A$29 million placement strengthens the company's financial position.
• A2MP's investment and debt commitment provide significant financial support for the project.
• ESIA is aligned with international standards, positioning Kobada as an attractive investment proposition.

• The project is subject to regulatory approvals and permitting processes.
• Fluctuations in gold prices could impact the project's economics.
• Mining projects in Mali are subject to political and social risks.
• Delays in project financing could impact the timeline for development.

The company is targeting a final investment decision for the Kobada Gold Project in late CY2025 and is advancing key derisking activities, including ESIA and permitting workstreams, as well as project financing activities.

• Managing Director, Phil Russo commented: The quarter marked a pivotal milestone for the Company with the agreement with the State of Mali for the Kobada Gold Project to transition to the new mining code.
• We subsequently demonstrated the robustness of Kobada with updated as a rare, large gold development project is set to be unlocked.

The agreement with the State of Mali aligns with the trend of resource nationalism in West Africa, where governments are seeking greater participation in mining projects. Securing project financing and advancing the ESIA are critical steps for de-risking the project and attracting investment.

• The Kobada Gold Project's DFS outcomes, such as AISC of US$1,175/oz US$1,317/oz, are competitive compared to other West African gold projects.
• The equity structure agreed with the State of Mali, while reflecting the 2023 mining code, is a key consideration for investors, as other producing mines in Mali have seen different equity split structures to date.
• Endeavour Financial is supporting the Company to evaluate proposals to determine the optimal funding pathway, ahead of advancing a short list of parties through independent technical due diligence and the drafting of formal documentation.

• Shareholders will benefit from the increased financial stability and project derisking.
• Employees will have increased job security as the project progresses.
• Customers (gold purchasers) will have a new source of supply.
• Suppliers will have new business opportunities.
• Creditors will have increased confidence in the company's ability to repay debts.

• Final execution of implementation documentation for the Kobada Gold Project.
• Advancing project financing activities.
• Continuing ESIA and permitting workstreams.
• Commencement of early engineering activities and drilling campaigns.
• Securing environmental approval in Q3 2025.
• Targeting a final investment decision in late CY2025.

• 2 July 2024: Toubani substantially increases oxides and grade at Kobada
• 31 October 2024: Denitive Feasibility Study ('DFS') for the Kobada Gold Project was completed
• 31 December 2024: Payments to Directors of the Company for the quarter ended
• March 2025: Environmental and social eldwork surveys concluded at the beginning of March. The terrestrial ecology survey was also completed in March.
• 31 March 2025: End of the quarter. Toubani Secures Long Term Future of the Kobada Gold Project
• April 2025: The National Directorate of Sanitation, Pollution and Nuisance Control (DNACPN) conducted a 4-day site visit in early April. Validation of the Terms of Reference (ToR) for the ESIA Update remains a cornerstone of Kobadas permitting process, with approval anticipated from the Mali Environment Ministry by the end of April.
• 30 April 2025: ASX Announcement date. The oer price of A$0.24 per New Share which is equal to a 9.4% discount to the last closing price of Toubani and 7.8% premium to the 30-day VWAP of Toubani
• Q3 2025: Environmental approval is slated for
• Late CY2025: Final investment decision targeted for
• 6 April 2027: Faraba Research / Exploration Permit (Faraba Permit) Expiry Date
• 16 August 2027: Kobada Est Research / Exploration Permit (Kobada Est Permit) Expiry Date
• 31 July 2045: Kobada Operating Permit (Kobada Permit) Expiry Date