Name of the Project
Kobada gold project.

Location
Southern Mali.

Project Owner/s
Africa-focused gold developer Toubani Resources and 35% shareholder Eagle Eye Assets (EEA).

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 is 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 an 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
First gold production is targeted for the third quarter of 2027. 

Latest Developments
Toubani Resources’ board has approved a positive final investment decision.

Following the approval, construction activities have now formally started, with the development team in place and contractors already mobilised to site.

With key project milestones achieved, including the finalisation of an investment protocol with the Malian State; the receipt of environmental, resettlement and infrastructure permit approvals; and documentation nearing completion for the overall funding package for the project, Toubani has said it has established clear momentum for successful project development.

To date, more than 36% of the project capital cost has been committed.

Key Contracts, Suppliers and Consultants
Ausenco (engineering, procurement, and construction management contractor); 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.