Toubani Resources is advancing toward construction at the Kobada gold project in southern Mali, after achieving several key milestones with the project.
The company said construction is on track to commence during the first quarter of 2026, as key permitting, financing, engineering and regulatory milestones are all nearing completion ahead of construction.
Malian authorities have approved the company’s environmental and social impact assessment, the resettlement action plan, and water extraction permits, paving the way for the issuance of the final environmental permit.
The lead engineering contractor, Ausenco, has advanced detailed engineering and procurement activities ahead of the commencement of civil works.
Ausenco has started project works, with its process plant design review expected to be completed at the end of January.
Long lead items such as the ball mill, mineral sizer and structural steel have been ordered and are on track for delivery to Kobada.
Toubani Managing Director Phil Russo said: “Toubani has been progressing Kobada diligently across multiple workstreams with key milestones across permitting, financing, and engineering all being achieved ahead of a formal investment decision.
“We are on course to deliver a significant gold mine for all our stakeholders and create the next great gold mine for Mali, with activities set to ramp up significantly for the remainder of the year.”
Financing for the project is also advancing, with a key financing milestone of AU$395 million granted in October 2025.
In December 2025, shareholders approved tranches one and two of financing, raising AU$80 million, with a further AU$45 million to be raised in tranche three through the issue of approximately 112 million shares to existing shareholder Eagle Eye Asset Holdings.
Toubani has also continued to progress a senior debt process and is in advanced discussions with potential providers, to secure debt as part of the overall funding structure for Kobada.
