• Toubani Resources plans to update mineral resources at its Kobada gold project.

• The company aims to identify additional gold volumes beyond the 2024 estimate.

• Kobada currently hosts 2.2 million ounces of mineral resources.

Toubani Resources plans to update the mineral resource estimate for its Kobada gold project in Mali in the first half of 2026. The move, announced in a Jan. 29 statement, aims to identify additional gold volumes compared with the last estimate released in 2024, as the company advances plans to develop the project into a mine.

“Our dual-track exploration strategy at Kobada continues to deliver encouraging results at both surface and depth,” said Toubani Resources Managing Director Phil Russo. He said that after establishing a significant near-surface oxide gold resource in 2024, largely classified in the high-confidence indicated category, the company generated new drill intersections that will be incorporated into the next resource update. According to Russo, this should increase oxide gold resources while adding new deposits.

The updated estimate will be based on exploration work carried out at the site in recent months. At this stage, the Kobada project hosts total mineral resources of 2.2 million ounces. Toubani plans to develop an open-pit gold mine with an average annual production of about 162,000 ounces over a mine life of 9.2 years. The resource update could help optimize the production profile and provide greater flexibility for sustained operations over time.

In parallel, the company plans to launch a new exploration campaign aimed at strengthening the project’s medium-term mineral potential. The program is expected to include about 100,000 meters of drilling during the 2026 financial year, although the investment amount has not yet been disclosed. At the same time, Toubani continues efforts to raise the $216 million required to build the mine, including through a financing agreement announced this week with Coris Bank.

Aurel Sèdjro Houenou