Toubani Resources Limited Registered Shs · ASX:TRE
Toubani Resources Limited Registered Shs — Toubani Resources — Investor Presentation (May 2025)
40 slides from Toubani Resources Limited Registered Shs's investor presentation, May 14, 2025
Slide 1: Corporate Presentation
For personal use only Corporate Presentation Developing West Africa’s Premier Oxide Gold Project May 2025 | ASX:TRE www.toubaniresources.com 1
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by Toubani Resources Limited (“TRE” or the “Company”). This Presentation contains certain financial measures relating to the Company's definitive feasibility study dated 31 March 2025 (DFS) outcomes that are not recognised under International Financial
Slide 3: Kobada Ticks All of the Boxes
Kobada Ticks All of the Boxes Attractive platform to pursue company growth and outsized returns for our stakeholders Initial Development Avg Gold Low Average Annual Pre-tax & Post-tax Pre-tax & Post-tax Post-tax For personal use only Capex of Production AISC of Operating Cash Flow NPV8 of IRR of Pay
Slide 4: Transformational Partnership with A2MP
Transformational Partnership with A2MP • A$15.2m equity investment, representing a 18.0% pro- Benefits for Toubani shareholders forma shareholding in Toubani shares on issue (“Strategic For personal use only Investment”) • Strategic Investment is subject to Toubani shareholder Strategic approval und
Slide 5: Strong Partners to Unlock the Kobada Gold Project
Strong Partners to Unlock the Kobada Gold Project • A2MP is a pioneering strategic platform dedicated to unlocking the vast potential to transform and process Africa’s minerals and For personal use only metals • Its mission is not only to contribute to Africa’s industrialization and economic advance
Slide 6: Corporate Overview
Corporate Overview Capital Structure Shareholder Structure For personal use only Basic Shares Fully Share Price Institutional/Strategic Management & Outstanding Diluted As of 12 May 2025 Directors Investors 257M 317M A$0.28 >60.0%1 3.1%1 (350M1) (530M1) Substantial Holders Cash as at 7 May 25 Option
Slide 7: Experience in Funding & Developing Mines
Experience in Funding & Developing Mines Board of Directors Phil Russo | Managing Director Guarav Gupta| A2MP Board Nominee (subject to completion of Strategic Investment) • Over 20 years experience in corporate, project development and capital markets • Manages a Monetary Authority of a Singapore r
Slide 8: Kobada in the +150,000ozpa Development Assets Tier
Kobada in the +150,000ozpa Development Assets Tier DFS delivers a step change in project profile and increased regional significance Koz Gold Production vs AISC, Kobada vs Selected US$/oz West African Gold Development Peer Projects For personal use only 300 1,400 1,200 250 1,000 200 800 150 600 100
Slide 9: Compelling Valuation for an Advanced Stage Asset
Compelling Valuation for an Advanced Stage Asset Risk/reward profile heavily skewed in investors favour given derisking of Kobada EV/Resource trading comparables (US$/oz) and total resource (Moz)1,2,3,4, 5, 6 For personal use only 120 6.0 100 EV/Resource (US$/oz) Total Resource (Moz) 100 5.0 85 EV/
Slide 10: Proven, Long-Term Mining Industry in Mali
Proven, Long-Term Mining Industry in Mali Economy's primary drivers are firmly supported by a robust mining sector and its associated industries Mature, well-developed Mali is the 2nd largest For personal use only mining jurisdiction with a gold producer in Africa long history of successful and cont
Slide 11: Stabilising Regulatory Environment in Mali
Stabilising Regulatory Environment in Mali Recent agreements in Mali demonstrate the sector adapting to the new investment framework Allied Gold announces settlement of terms of a Definitive Protocol Agreement with the Government 3 Sep 2024 For personal use only of Mali Allied Gold announced it is i
Slide 12: Accelerating Key Value Drivers Towards a Final Investment Decision
Accelerating 5 Key Value Drivers Towards a Final Investment Decision Multiple workstreams in progress during 2025 to derisk and surface Kobada’s potential For personal use only Approvals Engineering Permitting Financing Growth www.toubaniresources.com 12
Slide 13: Next Steps – Derisk Kobada
Next Steps – Derisk Kobada Readying the Project for development with US$2.0bln1 in direct future economic benefits for Mali Key approvals, permitting and financing workstreams progressing For personal use only Mining Convention Kobada Gold Project will see significant investment • Toubani and Govern
Slide 14: Next Steps – Enhance Kobada
Next Steps – Enhance Kobada Opportunities to improve Kobada and optimise capex and opex with pre-engineering activities set to commence Mining • Additional drill data from deeper drilling may increase fresh rock resources and result in For personal use only an expansion of later pit stages • Geotech
Slide 15: Next Steps – Grow Kobada
Next Steps – Grow Kobada Testing the untapped potential below the current Mineral Resource with mobilization of diamond drill program For personal use only Targeting significant free milling, fresh rock optionality at depth • Historic drilling results in fresh rock at Kobada include1: • 9m at 21.0g/
Slide 16: Key Workstreams & Indicative Timeline
Key Workstreams & Indicative Timeline Toubani is targeting an accelerated pathway to FID and first production 2025 2026 2027 For personal use only Timeline Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Finalisation of Investment Agreements Environmental & Social Permitting Resource Growth Drill Testing Pre-Engineer
Slide 17: Kobada Definitive Feasibility Study Delivered on Commitments
Kobada Definitive Feasibility Study Delivered on Commitments RESOURCE UPGRADE COMPETITIVE AISC For personal use only • Large oxide Mineral Resource • AISC of US$1,175/oz driven by low strip ratios, • 90% of 2.2Moz MRE in Indicated classification soft ore and simple processing RESERVE GROWTH FRESH RO
Slide 18: Overview of Kobada Gold Project DFS Outcomes
Overview of Kobada Gold Project DFS Outcomes Technically simple project translates to compelling economic outcomes Kobada Gold Project - DFS Outcomes Unit Base Case Project Life Years 9.2 Free-dig oxide material, no drill and For personal use only Mining Metrics Total Material Movement (TMM) Mt 216.
Slide 19: 90% of 2.2 Moz Resource in the Indicated Category
90% of 2.2 Moz Resource in the Indicated Category Shallow and well drilled oxide-dominant open pittable Mineral Resource • Kobada is a large, continuous deposit extending over 5km of strike For personal use only • Mineral Resource of 2.2Moz (Indicated and Inferred) defined within a 4.5km long open p
Slide 20: Significant Ore Reserve of 1.56Moz Underpins Long Mine Life
Significant Ore Reserve of 1.56Moz Underpins Long Mine Life Open pit extends for 4.4km with a maximum pit depth of 180m • US$1,650/oz gold price and prevailing costs used in Ore Reserve estimation, For personal use only reflecting the robustness of the Kobada deposit • Ore Reserve of 1.56Moz represe
Slide 21: Study Contributors – Leaders in Their Fields
Study Contributors – Leaders in Their Fields Best in class technical partners deliver robust Definitive Feasibility Study Study Manager For personal use only Ore Processing Mineral Tailings Storage Facility Plant Design Resource & Site Water Mgmt. Mining Study / Non-Process Metallurgical Ore Reserve
Slide 22: Mining Phases Staged to Optimise Cash Flow and Reduce Risk
Mining Phases Staged to Optimise Cash Flow and Reduce Risk Phasing of pits focused on increasing early access to ore at low strip ratios Kobada Open Pit Strip Ratio (W:O) vs Selected African Development Peer Projects For personal use only 0 1 2 3 4 5 6 Koné 1.2 Kiaka 1.8 Kobada 3.0 Dugbe 4.2 Bankan
Slide 23: Kobada DFS Mining Schedule
Kobada DFS Mining Schedule Non-selective, bulk mining strategy Total Material Movement Mt W:O For personal use only 35 15.0 30 • LOM strip ratio of 3.0:1 (waste:ore) 12.0 25 • Stage 1 strip ratio of 1.8:1 (waste:ore) 20 9.0 • Predominantly free-dig material (no drill & blast) 15 6.0 10 • Average ann
Slide 24: Oxide Gold Production For Longer
Oxide Gold Production For Longer 162,000oz average annual production over an initial 9-year life of mine – a top 5 gold mine in Mali once built Mt Tonnes Processed Profile g/t For personal use only 1.06 1.05 1.20 1.01 1.00 0.92 • Processing rate of 6.0 Mtpa for oxide 0.86 0.86 1.00 6.0 0.76 0.79 onl
Slide 25: Kobada is a Compelling Low-Cost Asset
Kobada is a Compelling Low-Cost Asset Competitive costs are driven by Kobada’s unique soft rock characteristic US$/ tonne All - in - Sustaining Costs US$m LOM US$/oz BWi (kWh / t) processed For personal use only Mining 683 458 12.7 0 5 10 15 20 25 30 Processing 453 303 8.4 Kobada Oxide 3.7 Site G&A
Slide 26: Kobada is a Simple, Conventional Oxide Process Flow Sheet
Kobada is a Simple, Conventional Oxide Process Flow Sheet Free-milling with high recoveries of 96% in oxide material KOBADA HAUL TO MINERAL GRAVITY INTENSIVE CYANIDE LEACH OPEN PIT PLANT SIZER BALL MILL CYCLONES CONCENTRATOR LEACH & ADSORPTION For personal use only ELUTION TAILINGS Soft, free-millin
Slide 27: Low Initial Development Capital Requirement
Low Initial Development Capital Requirement Robust capital estimate comparable with recent successful West African mine builds of similar scale Initial Development Capital US$m For personal use only Construction Distributables 32.8 Treatment Plant Costs 60.4 Reagents & Plant Services 19.4 Non-Proces
Slide 28: Industry Leading Capital Intensity
Industry Leading Capital Intensity Relatively low funding hurdle with strong returns on invested capital Kobada Capital Development Profile vs Selected West African Gold Development Peer Projects For personal use only 800 712 700 600 523 500 456 447 435 446 400 365 373 300 216 200 Lowest capital cos
Slide 29: Next Steps – Grow Kobada
Next Steps – Grow Kobada Pursuing additional oxides to increase production and optimise oxide/fresh blend For personal use only Dual growth strategy includes walk-up oxide targets and depth extensions • Enables high margin oxide ounces to supplement base load throughput for potential increases in go
Slide 30: Next Steps – Grow Kobada
Next Steps – Grow Kobada Untapped potential below the current Mineral Resource For personal use only Targeting significant free milling, fresh rock optionality at depth • Historic drilling results in fresh rock at Kobada include1: • 9m at 21.0g/t from 114m (KBRC12-066) • 3m at 33.9g/t from 135m (KBR
Slide 31: Growth – Fresh Rock Opportunity Below Current MRE
Growth – Fresh Rock Opportunity Below Current MRE Kobada deposit is open at depth For personal use only Drilling program targeting high priority depth extensions Note: Refer to the Company’s announcements dated 25 March, 11 April, 22 April, 22 May 2024. www.toubaniresources.com 31
Slide 32: Set to Rapidly Advance and Unlock Fundamental Value
Set to Rapidly Advance and Unlock Fundamental Value Building blocks in place to deliver the next West African gold producer Platform established towards a Final Investment Decision by the end of 2025 For personal use only 2024 2025 2026 Positioned for Enhance Grow Derisk Path to Success Production C
Slide 33: Additional information
ASX: TRE For personal use only Additional information www.toubaniresources.com 33
Slide 34: Kobada Resources & Reserves
Kobada Resources & Reserves Mineral Resource Estimate Ore Reserve Estimate Material Indicated Inferred Total Material Proved Probable Total For personal use only Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (g/t) (Moz) (
Slide 35: African Gold Development Assets
African Gold Development Assets Kobada ascends to the big leagues Project Doropo Kiaka Bankan Koné Twin Hills Kurmuk Nyanzaga Dugbe Kobada Updated FS - Updated DFS Stage FS July'24 FS July'24 PFS - Apr’24 DFS - Jun'23 FS Dec'22 FS Jun'22 DFS Oct’24/Apr’25 For personal use only Jan'24 Apr’25 Mine met
Slide 36: Competent Person Statement
Competent Person Statement The information in this announcement that relates to Exploration Results from the Kobada Gold Project is extracted from the Company’s ASX announcements dated 17 May 2023, 26 April 2023, 11 April 2023, 8 March 2023, 19 July 2023, 25 March 2024, 11 April 2024, 22 April 2024,
Slide 37: Reference Data
Reference Data Company Project Document NI 43-101 Technical Report Published 3 September Centamin Doropo For personal use only (Effective 18 July 2024) – Doropo Gold Project Feasibility Study West African ASX Announcement 2 July 2024 - Kiaka Feasibility Study Kiaka Resources Updated Delivers 4.8Moz
Slide 38: Reference Data – EV to Resource Multiple Analysis
Reference Data – EV to Resource Multiple Analysis Company Item Document Roscan Resource NI 43-101 Technical Report Published 30 June 2022 (Effective 31 March 2022) - Technical Report on the Kandiole Project, Mali For personal use only Predictive Resource, Reserve ASX Announcement 15 April 2024 - PFS
Slide 39: Peer Group – EV to Resource Multiple Analysis
Peer Group – EV to Resource Multiple Analysis Breakdown of Resources & Reserves1,2 For personal use only Turaco WIA Newcore Asara* Cora Roscan Aurum Desert Toubani Total Resource Moz 3.5 2.1 1.7 0.9 1.0 1.2 2.5 1.1 2.2 Total Resource Grade g/t 1.2 1.0 0.6 1.0 1.0 1.2 1.0 1.2 0.9 Measured Resource Mo
Slide 40: For personal use only
For personal use only ASX:TRE Phil Russo Peter Taylor Managing Director Investor & Media Relations phil.russo@toubaniresources.com peter@nwrcommunications.com.au www.toubaniresources.com 40