Toubani Resources Limited Registered Shs · ASX:TRE
Toubani Resources Limited Registered Shs — Toubani Resources — Investor Presentation (August 2025)
38 slides from Toubani Resources Limited Registered Shs's investor presentation, Aug 6, 2025
Slide 1: Corporate Presentation: Developing West Africa's Premier Oxide Gold Project
For personal use only Corporate Presentation Developing West Africa’s Premier Oxide Gold Project Aug 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: The Toubani Story
The Toubani Story Positioning for growth – developing a 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 technical simpli
Slide 4: 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 5: Corporate Overview
Corporate Overview Capital Structure Shareholder Structure For personal use only Basic Shares Fully Institutional/Strategic Management & Share Price Outstanding Diluted As of 5 August 2025 Investors Directors 351M 530M A$0.33 >60.0% 3.1% Substantial Holders Cash Position Options/Perf Rights Market C
Slide 6: Experience in Funding & Developing Mines
Experience in Funding & Developing Mines Board of Directors For personal use only Phil Russo Scott Perry Matt Wilcox Danny Callow Mike Nelson Gaurav Gupta Managing Director Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director (A2MP Board
Slide 7: Transformational Partnership with A2MP
Transformational Partnership with A2MP Benefits for Toubani shareholders For personal use only • Announced a A$15.2m equity investment in April 2025, Strategic representing a 18.0% pro-forma shareholding in Toubani Equity funding derisked Investment shares on issue • Approved by shareholders on the
Slide 8: 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 9: 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 10: 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$1,175/oz driven by low strip ratios, • 90% of 2.2Moz MRE in Indicated classification soft ore and simple processing LOW CAPITAL INTENSITY RESERVE
Slide 11: Kobada in the +150,000ozpa Development Assets Tier
Kobada in the +150,000ozpa Development Assets Tier DFS delivered a step change in project profile and increased regional significance Koz Gold Production vs AISC, Kobada vs Selected US$/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 12: 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 13: 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 14: 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$1,650/oz gold price and prevailing costs used in Ore Reserve estimation, For personal use only reflecting the robustness of the Kobada deposit • Ore Reserve of 1.56Moz represe
Slide 15: Mining Phases Staged to Optimise Cash Flow and Reduce Risk
Mining Phases Staged to Optimise Cash Flow and Reduce Risk Phasing of pits focused on increasing early access to ore at low strip ratios Kobada Open Pit Strip Ratio (W:O) vs Selected African Development Peer Projects For personal use only 0 1 2 3 4 5 6 Koné 1.2 Kiaka 1.8 Bankan 1.9 Kobada 3.0 Dugbe
Slide 16: Oxide Gold Production For Longer
Oxide Gold Production For Longer 162,000oz average annual production over an initial 9-year life of mine – a top 5 gold mine in Mali once built Mt Tonnes Processed Profile g/t For personal use only 1.06 1.05 1.20 1.01 1.00 0.92 • Processing rate of 6.0 Mtpa for oxide 0.86 0.86 1.00 6.0 0.76 0.79 onl
Slide 17: Kobada is a Compelling Low-Cost Asset
Kobada is a Compelling Low-Cost Asset Competitive costs are driven by Kobada’s unique soft rock characteristic US$/ 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 18: 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 19: 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 800 712 700 600 523 500 463 447 435 446 400 365 373 300 216 200 Lowest capital cos
Slide 20: 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 20
Slide 21: 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 in • Toubani and Gov
Slide 22: 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 23: 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 24: 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 24
Slide 25: 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 26: 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 Investment Agreements Key Permitting Activities Resource Growth Drill Testing Pre-Engineering Activities Financing
Slide 27: 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 For personal use only 300 6.0 240 EV/ Resource Total Resource (Moz) 250 5.0 EV/ Resource (US$/oz)
Slide 28: For personal use only
For personal use only ASX:TRE info@toubaniresources.com www.toubaniresources.com 28
Slide 29: Additional information
ASX: TRE For personal use only Additional information www.toubaniresources.com 29
Slide 30: 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 31: 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 Stage FS July'24 FS July'24 DFS Jun'25 DFS Jun'23 FS Dec'22 DFS Apr'25 FS Jun'22 DFS Oct’24 Jan'24 For personal use only Mine method OP/UG OP OP OP/UG
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: 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 34: 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 35: 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 36: 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 25 June 2025 – DFS
Slide 37: 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 Turaco Asara* Newcore Cora Aurum Toubani Roscan Desert Total Resource Moz 5.3 5.4 2.9 3.5 0.9 1.7 1.0 2.5 2.2 1.2 1.1 Total Resource Grade g/t 0.6 1.7 1.0 1.2 1.0 0.6 1.0 1
Slide 38: For personal use only
For personal use only ASX:TRE info@toubaniresources.com www.toubaniresources.com 38
Toubani Resources — Investor Presentation (August 2025) on 6ix