Toubani Resources boss Phil Russo has welcomed the securing of a $395 million funding package, as the Mali-focused eyes off a potential FID later this year.
Toubani Resources boss Phil Russo has welcomed the securing of a $395 million funding package, as the Mali-focused eyes off a potential FID later this year.
The company said the package, coupled by its existing cash reserves, would put it in a position to commit towards a FID at its Kobada gold project by the end of the year as planned.
Should the project be given the green light, Toubani is hoping to begin production by the third quarter of 2027.
The $395 million package is comprised of three elements – and major shareholder Eagle Eye Asset Holdings features prominently in all components.
EEA will commit $242 million to the package by way of an 11.1 per cent gold stream with Toubani, along with another $26 million courtesy of accelerated exercise of its existing options in the junior.
A $125 million multi-tranche capital raise will also be undertaken, issuing around 313 million shares at an offer price of 40 cents per share, with EEA committing an additional $45 million within it.
“We believe Kobada is a project of genuine regional significance — technically simple, oxide-dominant, and highly compelling,” Mr Russo said.
“The recognition from both long-term shareholders and several new high-calibre institutional investors reflects the clear re-rating potential we offer relative to our producing peers, and the defined pathway we have now set to realise that value.”
The market responded positively early on Friday to the announcement, with Toubani shares up 9 per cent to 46.5 cents.
