Toubani Resources Limited Registered Shs · ASX:TRE
Toubani Resources Limited Registered Shs — Toubani Resources — Investor Presentation (September 2026)
33 slides from Toubani Resources Limited Registered Shs's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation Executing our strategy to deliver first gold in 2027 September 2026 | ASX:TRE www.toubaniresources.com 1
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by Toubani Resources Lim ited (“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: Investment Highlights – Becoming a Gold Producer
Investment Highlights – Becoming a Gold Producer Compelling fundamentals underpin a strengthening investment proposition for investors PRODUCTION EXECUTION GROWTH VALUATION • First gold in 3Q 2027 • Project on track • MRE update in 3Q 2026 • Current market capitalization is <1x • Simple oxides drive
Slide 4: Executing Towards First Gold at Kobada
Executing Towards First Gold at Kobada Long Project cost Mining contractor Construction on Environmental RAP Mali protocol Funding Project team lead items >65% committed engaged track permit approved agreed secured appointed placed www.toubaniresources.com 4
Slide 5: 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 mining jurisdiction with a gold producer in Africa long history of successful and continues to gold producti
Slide 6: Constructive Engagement to Deliver Mali’s 5th Biggest Gold Mine
Constructive Engagement to Deliver Mali’s 5th Biggest Gold Mine Agreement with the State of Mali paves the way for Kobada’s development • Formalised terms of a binding agreement with the State of Mali for the development, operation and governance of the Kobada Gold Project • Agreement secures the lo
Slide 7: Corporate Overview
Corporate Overview Capital Structure Substantial Holders Basic Shares Outstanding #m 1,073.8 Options & Performance Rights #m 133.4 EEA Fully Diluted Shares Outstanding #m 1,207.2 Share Price – 01/09/2026 A$/sh 0.33 Basic Market Capitalisation A$m 354.4 Existing Cash 1 A$m 141.0 Listed Investments –
Slide 8: Toubani is Poised to Re-Rate as Production Approaches
Toubani is Poised to Re-Rate as Production Approaches Stark reward on offer for investors as Toubani advances through construction EV/Resource trading comparables (US$/oz) and total resource (Moz) 1,2,3,4 advanced construction stage EV/ Resource Total Resource (Moz) 8.5 900 857 7.5 800 6.5 EV/ Resou
Slide 9: Strong Oversight and Governance Capability
Strong Oversight and Governance Capability Board of Directors Scott Perry Matt Wilcox Danny Callow Mike Nelson Gaurav Gupta Non-Executive Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Chairman (EEA Board Nominee) • Over 25 years of • Over 25 years of exp
Slide 10: Deep Experience in Developing and Operating in Africa
Deep Experience in Developing and Operating in Africa Senior Management Phil Russo Mark Somlyay Roux Terblanche Kerry Griffin Mohamed Diarra Riaan Lombard Managing Director Chief Financial Officer Project Director – Operations Director Executive General General Manager – Kobada Gold Project Manager
Slide 11: Process Plant Construction Underway
Process Plant Construction Underway Site preparation completed with CIL tank construction commenced Turkeys Nest Turkey’s Nest MSA MSA Power Planned Plant Site Workshops Reagents CIL Tanks Reagent CIL Tanks Stores Electrowinning / Gold Room Ball Ball Mill Mill Ball Mill Shell Being Shipped Foundatio
Slide 12: Infrastructure Construction Progressing Rapidly
Infrastructure Construction Progressing Rapidly Key infrastructure sites well advanced and on track Airstrip Construction Progressing Water Storage Dam Completed Operations Camp www.toubaniresources.com 12
Slide 13: Defined Path to Production
Defined Path to Production Toubani is accelerating towards first gold production in 3Q 2027 2026 2027 Timeline Q1 Q2 Q3 Q4 Q1 Q2 Q3 Investment Agreements Key Permitting Activities Final Investment Decision Resource Growth Drill Testing Engineering/Long Lead Items Financing Secured & Drawn Down Proje
Slide 14: Funding in Place to Deliver Kobada
Funding in Place to Deliver Kobada Stream and existing cash, plus senior debt facility places Toubani in a robust financing position EEA Stream & Existing Cash Available Liquidity A$m US$m 2 • US$160 million stream financing executed • First draw down of US$25 million received with all CPs satisfied
Slide 15: Exceptional Results from Pre-Production Drilling
Exceptional Results from Pre-Production Drilling Infill drilling confirms near surface high grade mineralised lodes for input into Kobada MRE Update Recent drilling increasing confidence in resource and early mine plan • 72m at 2.27g/t gold from 8m incl. 4m at 12.5g/t (KBRC26-161B) • 53m at 3.67g/t
Slide 16: Identifying Additional Oxides Next to the Plant
Identifying Additional Oxides Next to the Plant Drilling testing near-surface, high margin oxide mineralisation for input into future mine plans New, open-pittable mineralisation within 1km of the plant • Mineralisation at Kobada South now defined over 1.6km of strike, parallel to the main Kobada mi
Slide 17: Unlocking Kobada’s Growth Potential
Unlocking Kobada’s Growth Potential 100,000m drilling program in parallel with the development of Kobada Continuous news flow from resource and exploration drilling • RC drilling targeting expansion of resource base well advanced • Aircore drilling and other exploration activities to test regional t
Slide 18: Kobada’s Technical Strength is in its Ore
Kobada’s Technical Strength is in its Ore Material characteristics position Kobada as a simple, low-cost operation BWi (kWh/t) 0 5 10 15 20 25 30 Kobada Oxide 3.7 Koné 10.7 Kurmuk 13.2 Twin Hills 13.3 Kobada Fresh 14.8 Doropo 18.5 Dugbe 22.0 Bankan 24.3 Note: BWi presented for Kurmuk represents the
Slide 19: Fundamentals Driving the Creation of a New Mine
Fundamentals Driving the Creation of a New Mine Low-cost operation underpins potential for Kobada to deliver outsized returns for our stakeholders DFS Development Avg Gold Low Average Annual Post-tax Capex of Production AISC of Operating Cash Flow Post-tax NPV8 of Post-tax IRR of Payback of US$216m
Slide 20: Kobada MRE Update Underway
Kobada MRE Update Underway Shallow and well drilled oxide-dominant open pittable Mineral Resource • Kobada is a large, continuous deposit extending over 5km of strike • 2024 Mineral Resource of 2.2Moz (Indicated and Inferred) defined within a 4.5km long open pit with close spaced surface drilling •
Slide 21: 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, reflecting the robustness of the Kobada deposit • Ore Reserve of 1.56Moz represents ~78% overall conve
Slide 22: Project-Defining Oxide Gold Production Anchors Kobada
Project-Defining Oxide Gold Production Anchors Kobada 162,000oz average annual production over an initial 9-year life of mine, reflects a 6.0mtpa design processing rate Mt Tonnes Processed Profile g/t 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
Slide 23: Mining Phases Staged to Optimise Cash Flow
Mining Phases Staged to Optimise Cash Flow 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 0 1 2 3 4 5 6 Koné 1.2 Kiaka 1.8 Bankan 1.9 Kobada 3.0 Dugbe 4.2 Twin Hills 4.6 Doropo 4.9 Kurmuk 5
Slide 24: Foundational Investment the Bedrock of Our Social Licence
Foundational Investment the Bedrock of Our Social Licence Development of Kobada to yield US$2.0bln1 in direct future economic benefits for Mali Kobada Gold Project will see significant investment in Mali, providing over 800 jobs during construction and while in operations, positively impacting local
Slide 25: ASX:TRE
ASX:TRE info@toubaniresources.com www.toubaniresources.com 25
Slide 26: Additional Information
ASX: TRE Additional Information www.toubaniresources.com 26
Slide 27: Overview of Kobada Gold Project
Overview of Kobada Gold Project Technically simple project translates to compelling DFS economic outcomes Kobada Gold Project - DFS Outcomes Unit Base Case Project Life Years 9.2 Mining Metrics Free-dig oxide material, no drill and Total Material Movement (TMM) Mt 216.2 blast, low strip ratio Annual
Slide 28: Kobada’s Dominant Land Position in a Proven Gold District
Kobada’s Dominant Land Position in a Proven Gold District • Mineralisation is hosted in the Birimian sequence of rocks, a Proterozoic aged geological terrane which forms greenstone belts extending across Ghana, Côte d`Ivoire, Guinea, Mali and Burkina Faso • The Kobada Gold Project is located at the
Slide 29: Kobada Resources & Reserves
Kobada Resources & Reserves Mineral Resource Estimate Ore Reserve Estimate Material Indicated Inferred Total Material Proved Probable Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (
Slide 30: 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 31: Peer Group – EV to Resource Multiple Analysis
Peer Group – EV to Resource Multiple Analysis Breakdown of Resources & Reserves1,2 Montage Turaco WIA Asara Toubani Cora Aurum Newcore Total Resource Moz 8.3 4.7 3.8 2.1 2.2 1.0 4.4 2.1 Total Resource Grade g/t 0.8 1.3 1.0 0.7 0.9 1.0 1.0 0.6 Measured Resource Moz 0.2 - - - - - - - Grade g/t 0.8 - -
Slide 32: Reference Data
Reference Data Company Item Document Asara Resource ASX Announcement 31 August 2026: Kada Interim Mineral Resource Grows 125% to 2.1m Ounces WIA Resource ASX Announcement 10 August 2026: Kokoseb Mineral Resource Estimate Increases 29% to 3.78Moz Au WIA Reserve ASX Announcement 10 August 2026: Robust
Slide 33: ASX:TRE
ASX:TRE info@toubaniresources.com www.toubaniresources.com 33
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