The Kobada gold project in Mali is one of the largest gold oxide projects in Africa. Could you introduce our readers to the project and walk us through the latest developments at Toubani?

We believe Kobada is the largest oxide gold project in Africa that is not owned by a larger mining company. Seventy-five percent of our deposit is free‑milling, free‑dig oxide material, with minimal blasting required, factors that underpin the project’s attractive economics and viability in Mali.

When I joined in 2023, the company was in transition. Starting with a solid resource base, we stripped the business back to basics, and rebuilt from there. This meant listing on the ASX, bringing in a new team, upgrading our technical work, and overhauling the shareholder base. 

We carried out an extensive infill drilling program to increase resource confidence, resulting in an updated MRE showing 90% of the deposit is now in the Indicated category and supporting a 1.56 million oz reserve. This reserve strength allowed us to deliver the new DFS released late last year, which showcased robust figures including a post‑tax IRR of 50% at US$2,200/oz.

Could you elaborate on the DFS and the new mine schedule?

We have now doubled throughput to 6 million t/y, producing 160,000 oz/y for 9.5 years, with the first seven years fed exclusively from the high‑margin oxide resource. The large component of free‑dig ore and an initial strip ratio of just 1.8:1 drive competitive costs.

Importantly, while annual production increases by 60%, CapEx does not double. For just over US$200 million in pre‑production capital, the DFS delivers a post‑tax IRR of 50%, a post‑tax NPV of US$500 million, and a 1.75‑year payback at US$2,200/oz gold. We also see a pathway to 200,000 oz/y with further optimization.

What are the next steps in Kobada’s development?

If 2023 was about understanding Kobada, and 2024 about proving its high‑tonnage, high‑quality oxide potential, then 2025 is about readying it for development. We are stepping up government engagement, advancing permitting, continuing engineering, and drilling, all towards an FID by year‑end.

On financing, we raised A$29 million and brought in A2MP, a joint initiative between Eagle Eye Asset Holdings and Afreximbank. A2MP brings stakeholder engagement expertise, technical delivery experience, and a broad African network, including in Mali. Kobada’s US$220 million pre‑production capital requirement is well below the US$400–500 million often seen in comparable projects, making it highly executable. We recently announced a non‑binding, non‑exclusive Debt Commitment Letter for a minimum of US$160 million in debt financing from A2MP, which positions us strongly for construction.

Upon FID, we anticipate a 19‑month build, targeting first gold in late 2027. We expect significant news flow in the second half of this year — drill results, permitting milestones, financing updates — and believe the share price will respond as the project de‑risks.

How is Toubani mitigating sovereign risk in Mali?

Every mining company faces risk; ours is primarily jurisdictional. The best mitigation is full compliance with the new mining code. Our DFS was developed in full alignment with the new regulations, providing a strong de-risking advantage. The predominant issue other companies have had with the government relates to historical tax liabilities. Since we are not yet in production, we are starting from a clean slate without any backlog issues. We are committed to engaging with the government in a transparent, constructive manner. 

Investor sentiment can be influenced by negative headlines out of Mali; it takes time and hard work to educate the market that each company runs its own race with the government on a case-by-case basis. We proactively engage with Mali, recognizing that the country is itself a mining powerhouse.

Interestingly, one of our largest shareholders sees the recent code change as a positive, offering stability compared to jurisdictions that haven’t yet modernised their mining laws (and who may eventually). This perspective underscores that Mali’s regulatory reset is something we can work with. 

Do you have a final message for investors today?

The risk‑reward equation is in investors’ favour. Toubani has a US$100 million market cap, an exceptional shareholder register, significant institutions, and is one of the largest oxide gold projects in Africa. With strong partners, a manageable CapEx, a clean jurisdictional slate, and a steady stream of upcoming catalysts, we believe the value gap will close. On balance, we are in a strong position to unlock the enormous potential of Kobada, a project poised to become Mali’s fifth‑largest gold mine.