Name of the Project
Kobada gold project.

Location
Southern Mali.

Project Owner/s
Africa-focused gold developer Toubani Resources.

Project Description
A definitive feasibility study (DFS) completed in October 2024 has confirmed Kobada as a significant gold development asset underpinned by its large-scale, free-dig and open-pittable oxide resource.

The ore reserve estimate for the project stands at 53.8-million tonnes at 0.90 g/t for 1.56-million ounces of gold.

The DFS proposes average production of 162 000 oz/y over the current 9.2-year life-of-mine for total gold production of 1.49-million ounces of gold.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 8% discount rate, of $870-million and an internal rate of return of 72%, with a payback of 1.25 years.

Capital Expenditure
The October 2024 DFS estimates total initial development capital of $216-million.

Planned Start/End Date
None stated.

Latest Developments
Toubani Resources has appointed Endeavour Financial as its financial adviser to develop the project. This strategic appointment follows strong interest from potential financiers, including African banks and credit funds, after the release of the Kobada definitive feasibility study in November.

Toubani is advancing its financing efforts alongside its "enhance, grow, and derisk" strategy to further surface the value identified in the DFS to make the project shovel-ready by 2025.

The company has stated that, despite some reports of disruptions affecting other resource companies operating in Mali, its operations remain unaffected and continue as planned. 

Toubani has also indicated that it has no tax liabilities or disputes with the government of Mali and is continuing discussions with government to finalise investment agreements, which will set the stage for a long-term, mutually beneficial partnership.

Key Contracts, Suppliers and Consultants
Minxcon Group South Africa (mineral resource estimate); DRA Americas (mining and mineral reserves); Maelgwyn Mineral Services (metallurgical testwork); ABS-Africa (environmental and social studies); Epoch Resources (tailings storage facility); SENET (processing plant and infrastructure, including economic valuation and report compilation); Knight Piésold (DFS – tailings dam design and costing); Global Commodity Solutions (DFS – geology and exploration); Entech (DFS – mineral resources); Oreology (DFS – pit optimisations, mine design and mine scheduling); Minero Consulting (DFS – mining operating and capital cost estimation, and ore reserves); Lycopodium (DFS – metallurgical testwork review, process plant design, process plant operating and capital cost estimation); ABS Africa (DFS – environmental and social impact); Anandarasa Advisory (DFS – financial modelling); and Cantilever Future Solutions (DFS – study management and environmental, social and governance oversight); and Endeavour Financial (financial adviser).

Contact Details for Project Information
Toubani Resources, email info@africangoldgroup.com.