• Toubani secures $80 million Coris Bank financing for Mali gold project

• Deal complements Eagle Eye streaming and ongoing equity raise

• Funding targets Kobada construction start in early 2026

Australian miner Toubani Resources said on Wednesday it has secured an $80 million financing agreement with Coris Bank, controlled by Burkinabe businessman Idrissa Nassa. The funds are aimed at strengthening the financing structure for the Kobada gold project under development in Mali.

In October 2025, Toubani outlined an initial funding plan based mainly on an investment from Singaporean fund Eagle Eye Asset Holdings (EEA), supplemented by an equity raising on the markets. That plan has since been adjusted, with Coris Bank now expected to join the financing package.

Under the revised structure, Coris plans to provide a $73.3 million debt facility, along with an additional loan of $10.2 million. Eagle Eye Asset Holdings will commit $80 million through a streaming agreement that gives it the right to purchase a portion of future production from Kobada. The package also includes a share placement of 125 million Australian dollars (around $87 million), which is currently under way at Toubani.

“The commitment from Eagle Eye Assets and now Coris Bank, underscores the strong third-party support for financing Toubani’s Kobada Gold Project as we advance toward becoming the next gold producer in West Africa,” said Phil Russo, the company’s chief executive.

A feasibility study published in 2024 estimates that Kobada could produce an average of 162,000 ounces of gold per year over 9.2 years, with an initial investment requirement of $216 million. Toubani is working to secure the necessary funding with the aim of starting early construction work in the first quarter of 2026.

Coris Bank’s involvement comes as the group continues to expand its presence in the West African mining sector.

Active in the region for several years, Idrissa Nassa’s group increased its exposure in 2024 through the acquisition of Hummingbird Resources via Nioko Resources. Its participation in the Kobada financing also comes amid a strong gold market, with prices currently trading near the historic level of $5,200 per ounce.

Several conditions must still be met before the financing is finalized, including approval from the Malian government for arrangements involving Coris. At the same time, Toubani has been negotiating with authorities in Bamako for several months to obtain the exploitation permit for Kobada, which is required before construction can begin. Financial close and the availability of funds are expected by mid-2026.

Aurel Sèdjro Houenou