TRE
Toubani Resources Limited
ASX
Toubani Intercepts 57m at 2.48g/t in Oxides at Kobada
Sentiment:
Exploration Update
21 May 2024 7:10 PM
Toubani Resources announces significant high-grade gold intercepts at its Kobada Gold Project in Mali, reinforcing the potential for a resource update and DFS milestones.
Better than expected
The drilling results are better than expected due to the high-grade and wide intersections across multiple areas of the deposit.
Summary
- Toubani Resources has reported new assay results from its resource definition drill program at the Kobada Gold Project in southern Mali.
- The drilling program, conducted between February and May 2024, aimed to test near-surface, open-pittable oxide mineralization.
- The Kobada project hosts 2.4 Moz in Mineral Resources over a 4.5km strike length.
- Significant intercepts include 57m at 2.48g/t gold from 85m, 24m at 5.75g/t gold from 131m, and 51m at 2.72g/t gold from 123m.
- The company completed 120 holes for 11,785 metres.
- An updated Mineral Resource Estimate for the Kobada Deposit is planned for Q2 2024, which will inform an updated DFS.
Sentiment
Score: 8
Explanation: The announcement is positive due to the high-grade gold intercepts, the progress towards a resource update and DFS, and management's optimistic outlook. However, the inherent risks of operating in West Africa and the forward-looking nature of the statements temper the overall sentiment.
Highlights
- Toubani Resources intercepted 57m at 2.48g/t gold from 85m at the Kobada Gold Project.
- Drilling results include 24m at 5.75g/t gold from 131m, including 2m at 57.4g/t gold.
- Another significant intercept was 51m at 2.72g/t gold from 123m.
- The Kobada project hosts 2.4 Moz in Mineral Resources.
- The drilling program consisted of 120 holes for 11,785 metres.
- An updated Mineral Resource Estimate is planned for Q2 2024.
Positives
- The drilling program has yielded wide, high-grade oxide results.
- Significant gold intersections were found across the northern, central, and southern areas of the Kobada Deposit.
- The results will contribute to Ore Reserve studies as part of the DFS Update.
- The company is advancing and de-risking Kobada towards shovel-ready status.
- The company completed 120 holes for 11,785 metres safely and efficiently.
Risks
- The announcement contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors.
- These risks could cause actual results to differ materially from those expressed or implied in the statements.
- The company acknowledges risks related to operating in West Africa, including security, political, and economic risks.
Future Outlook
The company is focused on the upcoming resource update and DFS milestones, aiming to advance and de-risk Kobada towards shovel-ready status.
Management Comments
- Toubani's CEO, Phil Russo, stated that the company is delighted to see sustained momentum in drilling results.
- Phil Russo mentioned that the company's attention is now firmly on the upcoming resource update and DFS milestones.
- Phil Russo stated that the strategy to advance and de-risk Kobada towards shovel-ready status is moving forward with increasing confidence.
Industry Context
The announcement highlights the positive outlook for gold and the favorable landscape for advanced gold development assets in West Africa, suggesting Toubani is positioning itself to capitalize on these trends.
Comparison to Industry Standards
- Without specific details on operating costs, recovery rates, and other project-specific factors, it's challenging to directly compare Kobada to other gold projects.
- However, the reported grades (e.g., 2.48g/t over 57m) are competitive with other open-pit gold projects in West Africa.
- Companies like Allied Gold and Fortuna Silver Mines operate in similar jurisdictions and provide benchmarks for project development and operational performance.
Stakeholder Impact
- Shareholders will likely react positively to the high-grade drilling results.
- Employees may feel more secure about the project's future.
- The local community could benefit from the project's development through job creation and economic activity.
- Creditors may view the company as a more attractive investment.
Next Steps
- The company will report final assay batches from SGS Laboratories.
- The company will verify the data with its independent geological database manager.
- The company will commence an update to the Mineral Resource Estimate for the Kobada Deposit planned for 2Q 2024.
- The company will conduct updated pit optimisation studies and mine design/schedules to inform the DFS Update.
Key Dates
- 18 August 2023: Date of previous ASX announcement regarding Mineral Resources for the Kobada Gold Project.
- February May 2024: Period of the resource definition drilling program.
- 2Q 2024: Planned date for the update to the Mineral Resource Estimate for the Kobada Deposit.
Keywords
Kobada Gold Project, Toubani Resources, Gold, Drilling Results, Mineral Resource Estimate, DFS Update, Mali, Exploration
TRE
Toubani Resources Limited
ASX
Sector: Materials
Filings with Classifications
Capital raise
30 April 2025 2:40 AM
Quarterly Activities Report
- Toubani announced it had received rm commitments to raise A$29 million in a two-tranche placement.
- The placement includes a ~A$15.2m transformational investment by A2MP Investments DMCC (A2MP) a wholly owned subsidiary of Eagle Eye Asset Holdings Pte Ltd. (EEA), (a single-family oce based in Singapore) and supported by the African Export-Import Bank (Afreximbank), one of Africas most prominent multilateral nancial institutions ('Strategic Investment').
- A2MP and Toubani have also executed a non-binding, non-exclusive debt commitment letter for A2MP to provide Toubani with a minimum US$160m debt facility as part of its ongoing debt nancing process.
Capital raise
30 April 2025 2:28 AM
Notice of Annual General Meeting
- The company is seeking approval for a 10% Placement Facility, which would allow them to issue up to 10% of their issued capital in Equity Securities.
- The funds raised from this facility could be used for continued exploration and development activities and/or for general working capital.
Capital raise
29 April 2025 7:33 PM
Capital Raising Announcement
- Toubani Resources is undertaking a two-tranche placement to raise A$29 million.
- The company directors intend to subscribe for an additional A$290,000 subject to shareholder approval.
- A2MP may participate in future capital raisings, subject to negotiation and shareholder approval.
Capital raise
27 April 2025 7:50 PM
Trading Halt Request
- The company intends to make an announcement regarding a proposed strategic partnership and accompanying capital raising.
Capital raise
26 March 2025 1:53 AM
Annual Report
- The company requires additional financing to carry out its exploration and development activities.
- The company is actively strengthening an already impressive asset, reducing uncertainties, and bolstering its readiness for the next steps.
Better than expected
27 January 2025 5:51 PM
Investor Presentation
- The project's low AISC of US$1,004/oz is better than many of its peers.
- The project's rapid payback period of 1.5 years is better than many other gold development projects.
- The project's low initial capital expenditure of US$216 million is better than many other gold development projects of similar scale.
Capital raise
27 January 2025 5:51 PM
Investor Presentation
- The company has appointed Endeavour Financial to lead project financing workstream.
- The company is in discussions with the Mali Government to secure the long-term future of the Kobada Gold Project.
Better than expected
27 January 2025 5:41 PM
Quarterly Activities Report
- The Definitive Feasibility Study results exceeded expectations with a high NPV, IRR, and low payback period.
- The project's low capital intensity and competitive operating costs position it favorably compared to industry standards.
Capital raise
30 October 2024 6:05 PM
Feasibility Study
- The company will need to raise capital to fund the project's development, construction, commissioning, and operation.
Better than expected
30 October 2024 6:05 PM
Feasibility Study
- The project's financial metrics, including NPV, IRR, and payback period, significantly exceeded expectations.
Better than expected
30 October 2024 6:00 PM
Feasibility Study
- The results of the Definitive Feasibility Study were better than expected due to significantly higher than anticipated post-tax NPV and IRR, driven by a combination of higher gold prices and lower than anticipated operating costs.
Delay expected
20 September 2024 4:31 AM
Option Terms and Conditions
- Share issuance may be delayed up to five business days pending receipt of exercise notice, payment, and compliance with the Corporations Act.
Capital raise
8 September 2024 7:18 PM
Investor Presentation
- Tranche 1 & 2 of a placement announced on 21 August 2024, with Tranche 2 subject to shareholder approval in October 2024.
Capital raise
29 July 2024 7:03 PM
Quarterly Activities Report
- The company has less than 2 quarters of cash available for future operating activities.
- The company will need to raise further cash to fund its operations.
Better than expected
29 July 2024 7:03 PM
Quarterly Activities Report
- The company increased the Kobada Mineral Resource Estimate to 2.0Moz in the Indicated category, a 30% increase from the 2023 MRE.
Delay expected
8 July 2024 7:04 PM
Missing type for ID: 4236
- ASX:TRE announces a delay.
Better than expected
1 July 2024 7:09 PM
Mineral Resource Estimate Update
- The 2024 MRE exceeded the Company's expectations in ounces converted and increases in grade.
Capital raise
31 May 2024 2:53 AM
AGM Results
- The company has approval for a 10% placement facility, which allows them to raise capital by issuing new shares.
Better than expected
21 May 2024 7:10 PM
Exploration Update
- The drilling results are better than expected due to the high-grade and wide intersections across multiple areas of the deposit.
Better than expected
29 April 2024 9:32 PM
Quarterly Activities Report
- The initial drill results show numerous near-surface, high-grade oxide intersections, which are better than expected.
Worse than expected
29 April 2024 8:18 PM
Annual Results
- The company reported a loss of $6,625,026, which is worse than the previous year's loss of $5,136,694.
Capital raise
29 April 2024 6:10 PM
Notice of Annual General Meeting
- The company is seeking approval for a 10% Placement Facility, which would allow it to issue equity securities up to 10% of its issued share capital over a 12-month period.
- The funds raised from the potential issue of Equity Securities under the 10% Placement Facility would be used towards continued exploration and development activities and for general working capital.
Capital raise
23 April 2024 7:20 PM
Trading Halt Request
- The company intends to make an announcement regarding a proposed capital raising.
Better than expected
21 April 2024 6:55 PM
Exploration Update
- The document contains better than expected results due to the high-grade gold intercepts reported from the Kobada Gold Project.
Better than expected
10 April 2024 6:22 PM
Exploration Update
- The drilling results are better than expected due to the high-grade and near-surface oxide mineralization encountered.
Worse than expected
25 March 2024 6:05 PM
Annual Results
- The company's net loss increased from the previous year, indicating a worsening financial performance.
Capital raise
25 March 2024 6:05 PM
Annual Results
- 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.
- There can be no assurance that any such funding will be available to the Company on favourable terms or at all.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.