Toubani Resources Limited Registered Shs · ASX:TRE
Toubani Resources Limited Registered Shs — Toubani Resources — Investor Presentation (March 2026)
35 slides from Toubani Resources Limited Registered Shs's investor presentation, Mar 9, 2026
Slide 1: Corporate Presentation: Becoming a Gold Producer with the Delivery of the Kobada Gold Mine
For personal use only Corporate Presentation Becoming a Gold Producer with the Delivery of the Kobada Gold Mine March 2026 | 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: Derisked Path to Gold Production Presents a Compelling Story
Derisked Path to Gold Production Presents a Compelling Story With construction commencing, Toubani is on course to become the next near-term, high-margin West African gold producer SIMPLE SCALE For personal use only • Single, large and free-milling open pit deposit • Kobada is a +160,000ozpa mine wi
Slide 4: Corporate Overview
Corporate Overview Capital Structure Shareholder Structure For personal use only Basic Shares Fully Institutional/Strategic Management & Share Price Outstanding Diluted As of 3 March 2026 Investors Directors 754M 864M A$0.49 >70.0% 2.7% Substantial Holders Cash Position1 As of 26 February 2026 Optio
Slide 5: Experience in Funding & Developing Mines
Experience in Funding & Developing Mines Board of Directors For personal use only Scott Perry Matt Wilcox Danny Callow Mike Nelson Gaurav Gupta Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director (EEA Board Nominee) • Over 25 years of in
Slide 6: Fundamentals Driving the Creation of a New Mine
Fundamentals Driving the Creation of a New Mine Realising the significant potential for Kobada to deliver outsized returns for our stakeholders Initial Development Avg Gold Low Average Annual Post-tax For personal use only Capex of Production AISC of Operating Cash Flow Post-tax NPV8 of Post-tax IRR
Slide 7: Toubani is Poised to Re-Rate Given Development Certainty
Toubani is Poised to Re-Rate Given Development Certainty Stark reward on offer for investors as Toubani pursues producer status EV/Resource trading comparables (US$/oz) and total resource (Moz)1,2,3,4 For personal use only advanced construction stage 900 7.0 827 EV/ Resource Total Resource (Moz) 800
Slide 8: 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 9: 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 For personal use only • Formalised terms of a binding agreement with the State of Mali for the development, operation and governance of the Kobada Gold Project • Ag
Slide 10: Executing Kobada as Construction Commences
Executing Kobada as Construction Commences For personal use only Environmental RAP Mali Protocol A$370m Stream Debt Project Long Project cost permit approved agreed in available financing financing development lead items 36% committed funding team placed Site surveying work underway www.toubaniresou
Slide 11: Constructing a Low-Risk Oxide Gold Project
Constructing a Low-Risk Oxide Gold Project Toubani replicating a proven development formula for building mines in West Africa • Process plant uses a conventional CIL process flowsheet For personal use only similar to that used across the region, and across the industry • Focus on oxide ore simplifie
Slide 12: Activity Across All Areas
Activity Across All Areas Running start on construction activities with development momentum building For personal use only Surveying work commenced Bridge construction Ball mill supply advanced Crane delivery to Kobada Equipment arrival on site for commencement of civil works www.toubaniresources.c
Slide 13: Defined Path to Production
Defined Path to Production Toubani is accelerating towards first gold production in 2027 2026 2027 For personal use only 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 Draw Do
Slide 14: Robust Funding Position For Kobada
Robust Funding Position For Kobada Total liquidity position of A$370 million today underpins development decision EEA Stream For personal use only Available Liquidity A$m US$m2 • US$80.0m in binding stream financing • 5.55% stream over the life of Kobada Existing Cash1 139.0 98.8 Stream + Mezzanine
Slide 15: Overview of Kobada Gold Project
Overview of Kobada Gold Project 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 216.2 blast, low
Slide 16: 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 17: 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$1,650/oz gold price and prevailing costs used in Ore Reserve estimation, For personal use only reflecting the robustness of the Kobada deposit • Ore Reserve of 1.56Moz represe
Slide 18: Mining Phases Staged to Optimise Cash Flow
Mining Phases Staged to Optimise Cash Flow Phasing of pits focused on increasing early access to ore at low strip ratios Kobada Open Pit Strip Ratio (W:O) vs Selected African Development Peer Projects For personal use only 0 1 2 3 4 5 6 Koné 1.2 Kiaka 1.8 Bankan 1.9 Kobada 3.0 Dugbe 4.2 Twin Hills 4
Slide 19: Project-Defining Oxide Gold Production Anchors Kobada
Project-Defining Oxide Gold Production Anchors Kobada 162,000oz average annual production over an initial 9-year life of mine Mt Tonnes Processed Profile g/t For personal use only 1.06 1.05 1.20 1.01 1.00 0.92 • Processing rate of 6.0 Mtpa for oxide 0.86 0.86 1.00 6.0 0.76 0.79 only years 0.72 0.80
Slide 20: Kobada is a Compelling Low-Cost Asset
Kobada is a Compelling Low-Cost Asset Competitive costs are driven by Kobada’s unique soft rock characteristic US$/ 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 21: 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 For personal use only • RC drilling targets expansion of resource base • Aircore drilling and other exploration activities to test regi
Slide 22: Identifying Additional Oxides Next to the Plant
Identifying Additional Oxides Next to the Plant Drilling delineates near-surface, high margin oxide mineralisation for input into MRE update New, open-pittable mineralisation within 1km of the plant For personal use only • High grade near surface intersections at Kobada South include1: • 19m at 1.02
Slide 23: Fresh Rock Potential an Additional Growth Lever
Fresh Rock Potential an Additional Growth Lever Initial drilling has confirmed the presence and potential of fresh-rock mineralisation High grade mineralisation confirmed below Kobada For personal use only • First phase of diamond core drilling at Kobada has returned encouraging results1: • 50.8m at
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 For personal use only Kobada Gold Project will see significant investment in Mali, providing up to 800 jobs during construction and over 800 across the oper
Slide 25: For personal use only
For personal use only ASX:TRE info@toubaniresources.com www.toubaniresources.com 25
Slide 26: Additional information
ASX: TRE For personal use only Additional information www.toubaniresources.com 26
Slide 27: Kobada is a Long, Shallow Deposit
Kobada is a Long, Shallow Deposit Fresh rock opportunity below the current MRE For personal use only Note: Refer to the Company’s announcements dated 25 March, 11 April, 22 April, 22 May 2024. www.toubaniresources.com 27
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 For personal use only d`Ivoire, Guinea, Mali and Burkina Faso • The Kobada Gold Proj
Slide 29: 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 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: African Gold Development Assets
African Gold Development Assets Kobada ascends to the big leagues Project Doropo Kiaka Bankan Koné Twin Hills Kurmuk Nyanzaga Kokoseb Dugbe Kobada Updated FS Scoping Stage DFS Dec’25 FS July'24 DFS Jun'25 DFS Jun'23 FS Dec'22 DFS Apr'25 FS Jun'22 DFS Oct’24 Jan'24 Sep’25 For personal use only Mine m
Slide 32: Reference Data
Reference Data Company Project Document ASX Announcement 15 December 2025 - Updated Doropo DFS Confirms Strong Resolute Doropo For personal use only Project Economics West African ASX Announcement 2 July 2024 - Kiaka Feasibility Study Kiaka Resources Updated Delivers 4.8Moz Gold Ore Reserve 20 Year
Slide 33: Reference Data – EV to Resource Multiple Analysis
Reference Data – EV to Resource Multiple Analysis Company Item Document Predictive Resource, Reserve ASX Announcement 25 June 2025 – DFS Confirms Outstanding Project Economics For personal use only Cora Resource, Reserve AIM Announcement 15 January 2025 - +1 million Ounce Mineral Resource Estimate D
Slide 34: Peer Group – EV to Resource Multiple Analysis
Peer Group – EV to Resource Multiple Analysis Breakdown of Resources & Reserves1,2 For personal use only Montage Predictive WIA Asara Turaco Newcore Toubani Cora Aurum Total Resource Moz 6.2 5.5 2.9 0.9 4.1 1.7 2.2 1.0 3.9 Total Resource Grade g/t 0.6 1.7 1.0 1.0 1.2 0.6 0.9 1.0 1.0 Measured Resourc
Slide 35: For personal use only
For personal use only ASX:TRE info@toubaniresources.com www.toubaniresources.com 35
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