Toubani Resources Limited Registered Shs · ASX:TRE
Toubani Resources Limited Registered Shs — Toubani Resources — Investor Presentation (October 2025)
42 slides from Toubani Resources Limited Registered Shs's investor presentation, Oct 10, 2025
Slide 1: Company-Defining A$395m Funding Package to Create the Next West African Gold Producer
For personal use only Company-Defining A$395m Funding Package to Create the Next West African Gold Producer 10 October 2025 | ASX:TRE Not for release to U S wire services or distribution in the United States www.toubaniresources.com 1
Slide 2: Disclaimer
Disclaimer The following notices and disclaimers apply to this presentation and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation is dated 10 October 2025 and has been prep
Slide 3: Disclaimer
Disclaimer Investors should note that there is no certainty that the Project will be feasible and there can be no assurance of whether it will be developed, constructed and commence operations, whether the DFS results will be accurate or whether TRE will be able to raise funding when it is required
Slide 4: Disclaimer
Disclaimer Not an offer This presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This presentation is for information purposes only and is not
Slide 5: Funding Package Overview
ASX: TRE For personal use only Funding Package Overview www.toubaniresources.com 5
Slide 6: The Toubani Story
The Toubani Story Toubani is now funded and seeking to become the next high-margin West African gold producer through the Kobada Gold Project SIMPLE SCALE For personal use only • Single, large and free-milling open pit deposit • Kobada is a +150,000ozpa mine with a large 1.56Moz underpins Kobada’s t
Slide 7: Funding Package Highlights
Funding Package Highlights Approximate A$395m funding package consisting of US$160m / A$242m EEA Gold Stream1, A$125m Placement and proceeds of A$26m from EEA Options Exercise to fund Toubani into production at Kobada • Toubani has executed a binding term sheet with Eagle Eye Asset Holdings Pte (EEA
Slide 8: Eagle Eye Asset Gold Stream
Eagle Eye Asset Gold Stream US$160m EEA Gold Stream demonstrates strong support of cornerstone shareholder to accelerate development of Kobada and enhances prospects for senior debt funding process which remains on-foot (with senior debt proceeds able to be used to replace the Gold Stream in part or
Slide 9: Equity Funding Overview
Equity Funding Overview Approximate A$151m in new equity consisting of A$125m Placement and proceeds of A$26m from EEA Options Exercise • A$125 million placement to sophisticated and professional investors (“Placement”) • Approximately A$35 million to be issued under the Company’s ASX Listing Rule 7
Slide 10: Sources & Uses
Sources & Uses Approximate A$395m funding package and A$26m in existing cash1 sees Toubani fully funded into production and able to accelerate development by committing to long lead items Development Capex (US$216m) • US$60m treatment plant, includes earthworks, primary crushing, For personal use on
Slide 11: Pro-Forma Capital Structure
Pro-Forma Capital Structure Pro-forma market capitalisation of A$297m1 and fully funded solution presents a potential re-rating opportunity for investors as Toubani transitions from developer to producer Current & Pro-Forma Capital Structure Summary For personal use only Capital Structure Existing P
Slide 12: Indicative Timetable
Indicative Timetable Event Indicative Timing For personal use only Trading Halt 08-Oct-2025 Announcement of Placement and Gold Stream and receipt of EEA Options Exercise notice 10-Oct-2025 Settlement of Tranche 1 shares under the Placement 16-Oct-2025 Allotment and Trading of Tranche 1 shares 17-Oct
Slide 13: Key Workstreams & Indicative Timeline
Key Workstreams & Indicative Timeline Toubani is funded and on track to accelerate towards a final investment decision in 2025 2025 2026 2027 For personal use only Timeline Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Investment Agreements Key Permitting Activities Resource Growth Drill Testing Initial Engineering/Long
Slide 14: Kobada Gold Project Update
ASX: TRE For personal use only Kobada Gold Project Update www.toubaniresources.com 14
Slide 15: Corporate Overview (Pre-Funding Package)
Corporate Overview (Pre-Funding Package) Shareholder Structure Toubani Share Price (Last 12 Months) For personal use only Institutional/Strategic >60.0% 0.50 Investors 0.45 0.40 Management & Directors 3.1% 0.35 0.30 0.25 Substantial Holders 0.20 EEA 0.15 0.10 0.05 0.00 Oct-24 Jan-25 Apr-25 Jul-25 Oc
Slide 16: Experience in Funding & Developing Mines
Experience in Funding & Developing Mines Board of Directors For personal use only Scott Perry Matt Wilcox Danny Callow Mike Nelson Gaurav Gupta Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director (EEA Board Nominee) • Over 25 years of in
Slide 17: 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 Post-tax For personal use only Capex of Production AISC of Operating Cash Flow Post-tax NPV8 of Post-tax IRR of Payback of US$216m 162k
Slide 18: 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 19: Highlights of the Kobada Definitive Feasibility Study
Highlights of the Kobada Definitive Feasibility Study RESOURCE UPGRADE COMPETITIVE AISC For personal use only • Large oxide Mineral Resource • AISC of US$1,175/oz driven by low strip ratios, • 90% of 2.2Moz MRE in Indicated classification soft ore and simple processing LOW CAPITAL INTENSITY RESERVE
Slide 20: Kobada in the +150,000ozpa Development Assets Tier
Kobada in the +150,000ozpa Development Assets Tier DFS delivered a step change in project profile and increased regional significance Koz Gold Production vs AISC, Kobada vs Selected US$/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 21: 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 22: 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 23: 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$1,650/oz gold price and prevailing costs used in Ore Reserve estimation, For personal use only reflecting the robustness of the Kobada deposit • Ore Reserve of 1.56Moz represe
Slide 24: Mining Phases Staged to Optimise Cash Flow and Reduce Risk
Mining Phases Staged to Optimise Cash Flow and Reduce Risk Phasing of pits focused on increasing early access to ore at low strip ratios Kobada Open Pit Strip Ratio (W:O) vs Selected African Development Peer Projects For personal use only 0 1 2 3 4 5 6 Koné 1.2 Kiaka 1.8 Bankan 1.9 Kobada 3.0 Dugbe
Slide 25: Oxide Gold Production For Longer
Oxide Gold Production For Longer 162,000oz average annual production over an initial 9-year life of mine – a top 5 gold mine in Mali once built Mt Tonnes Processed Profile g/t For personal use only 1.06 1.05 1.20 1.01 1.00 0.92 • Processing rate of 6.0 Mtpa for oxide 0.86 0.86 1.00 6.0 0.76 0.79 onl
Slide 26: Kobada is a Compelling Low-Cost Asset
Kobada is a Compelling Low-Cost Asset Competitive costs are driven by Kobada’s unique soft rock characteristic US$/ 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 27: Oxide Flowsheet Drives Low Initial Development Capital
Oxide Flowsheet Drives Low Initial Development Capital 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
Slide 28: 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 29: Deliberate Strategy to Realise Kobada's Full Potential
Deliberate Strategy to Realise Kobada’s Full Potential For personal use only Toubani and Mali have agreed to apply As a development project, Toubani have no Mali’s 2023 mining code to the Kobada Gold legacy issues with the State of Mali Project Kobada’s compelling economics are in State of Mali inve
Slide 30: Additional information
ASX: TRE For personal use only Additional information www.toubaniresources.com 30
Slide 31: 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 32: 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 33: Appendix: Risk Factors
ASX: TRE For personal use only Appendix: Risk Factors www.toubaniresources.com 33
Slide 34: Key Risks
Key Risks Some of the key risks associated with an investment in the Company are summarised below. These risks and other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of the Shares in the future. Accordingly, an investment in the
Slide 35: Key Risks
Key Risks Mali Government interest in the Kobada Project Pursuant to Malian law, the Mali Government is entitled to a free carried 10% equity interest in the operating entity and the holder of the permits for the Project, together with an option to acquire an additional 10% equity interest for fair
Slide 36: Key Risks
Key Risks No assurance of title to exploration licences or surface rights To carry out its activities, the Company must obtain licences and or permits to explore for minerals in any given area. These licences are granted by government agencies and, once granted, are registered with such agencies. Th
Slide 37: Key Risks
Key Risks Management The success of the Company will largely depend upon the performance of its officers, consultants and employees. Locating and successfully developing mineral deposits depends on several factors, including the technical skill of the exploration personnel involved. The success of t
Slide 38: Key Risks
Key Risks Currency risks The Company is exposed to foreign exchange risk as the Company’s operating costs will be primarily in US dollars. The Company's reporting currency is also in US dollars. Hence, any fluctuation of the US dollar in relation to these currencies may affect the value of the Compa
Slide 39: Appendix: Offer Restrictions
ASX: TRE For personal use only Appendix: Offer Restrictions www.toubaniresources.com 39
Slide 40: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 41: International Offer Restrictions
International Offer Restrictions United Arab Emirates This document does not constitute a public offer of securities in the United Arab Emirates and the New Shares may not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares have been approve
Slide 42: For personal use only
For personal use only ASX:TRE info@toubaniresources.com www.toubaniresources.com 42
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