Toubani Resources Limited Registered Shs · ASX:TRE
Toubani Resources Limited Registered Shs — Toubani Resources — Investor Presentation (July 2026)
53 slides from Toubani Resources Limited Registered Shs's investor presentation, Jul 13, 2026
Slide 1: Funding Secured to Advance the Kobada Gold Mine into Production
For personal use only Funding Secured to Advance the Kobada Gold Mine into Production Becoming a high-margin gold producer with financing committed and first gold on track July 2026 | ASX:TRE Not for release to US wire services or distribution in the United States www.toubaniresources.com 1
Slide 2: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by Toubani Resources Limited (ASX:TRE) (the Company or Toubani). similarly titled measures used by other companies. You should therefore not place undue reliance on these measures. Toubani will be conducting a one (1) for 3.27 existing sh
Slide 3: Disclaimer (Continued)
Disclaimer (Continued) Forward-looking Statements Mineral Resource and Ore Reserve estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, This Presentation m
Slide 4: Disclaimer (Continued)
Disclaimer (Continued) No Liability possible investment in Toubani). Neither Canaccord Genuity (Australia) Limited ACN 075 071 466 (as Lead Manager to the Equity Raising and Underwriter Competent Person Statement to the Equity Raising) nor their related bodies corporate and affiliates, and each of i
Slide 5: Funding Secured, On Course to Become a Gold Producer
Funding Secured, On Course to Become a Gold Producer With funding committed to complete Kobada and construction in progress, Toubani is on track to become a near-term, high- margin West African gold producer For personal use only Binding Gold Stream Strategic Equity Financing Project Capital on Trac
Slide 6: Key Highlights of Binding Funding Package
Key Highlights of Binding Funding Package Toubani’s binding financing package provides funding certainty and flexibility today, enabling the Kobada delivery schedule to be maintained ✓ Binding, long-form documentation now executed for US$160m Gold Stream and US$48m (A$70m) Strategic Equity Financing
Slide 7: Summary of Project Financing
Summary of Project Financing Approximate A$302m binding funding package consisting of US$160m / A$232m EEA Gold Stream1 and A$70m Strategic Equity Financing, as well as a Senior Secured Facility up to US$40m, will underpin Toubani’s transition into production and provide balance sheet strength and f
Slide 8: EEA Gold Stream
EEA Gold Stream US$160m EEA Gold Stream provides low-risk and timely funding, and demonstrates strong support from a cornerstone shareholder to expedite development of Kobada – conditions to drawdown now largely complete with initial drawdown expected in 3Q 2026 Stream Amount • US$160 million • Eagl
Slide 9: Strategic Equity Financing Overview
Strategic Equity Financing Overview • Fully underwritten ~US$48 million (A$70 million1) Equity Raising (the “Offer”, “Equity Raise” or “Equity Raising”) via a 1-for-3.27 accelerated non- renounceable entitlement offer (“Entitlement Offer”), comprising the issue of up to approximately 234 million new
Slide 10: Sources & Uses of Funding Package
Sources & Uses of Funding Package Funding secured to maintain current construction schedule and provides balance sheet strength and flexibility Sources of Funds A$m US$m2 Remaining Development Capex (US$188m) For personal use only Existing Cash (unaudited as at 30th June 74 51 No material change in
Slide 11: Pro-Forma Capital Structure
Pro-Forma Capital Structure Pro-forma market capitalisation of A$322m1 on a funded basis offers a compelling re-rating opportunity for investors as Toubani transitions from developer to producer For personal use only Current & Pro-Forma Capital Structure1 Refer to ASX Announcement titled “Toubani to
Slide 12: Indicative Equity Raising Timetable
Indicative Equity Raising Timetable Event Date Announcement of the Equity Raising and execution of definitive documentation for the EEA Gold Stream and Institutional Monday, 13 July 2026 Entitlement Offer opens For personal use only Announce completion of Institutional Entitlement Offer Wednesday, 1
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 Binding Funding S
Slide 14: Kobada Gold Project
ASX: TRE For personal use only Kobada Gold Project www.toubaniresources.com 14
Slide 15: Investment Highlights
Investment Highlights SIMPLE SCALE For personal use only • Single, large and free-milling open pit deposit • Kobada is a +160,000ozpa mine with a large 1.56Moz underpins Kobada’s technical simplicity, and Ore Reserve, dominated by oxide material economic strength FUNDING IN PLACE GROWTH • Certain an
Slide 16: Major Activity Across All Areas
Major Activity Across All Areas Site construction activities accelerating as Project advances towards first gold For personal use only Operations Camp Water Storage Dam – Night Works Water Storage Dam Embankment Process Plant Site Preparation Airstrip Construction Turkey’s Nest Construction www.toub
Slide 17: Major Activity Across All Areas
Major Activity Across All Areas Long lead items placed well in advance, derisking overall Project schedule For personal use only 70T Crane Arrived on site CIL Plates – Cut to Size Ball Mill Shell Set to be Shipped Mineral Sizer Preparing for Shipping Mill Trommel Structural Steel Set to be Shipped B
Slide 18: 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 19: 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 DFS 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
Slide 20: 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 approaches producer status EV/Resource trading comparables (US$/oz) and total resource (Moz)1,2,3,4 For personal use only advanced construction stage 8.5 700 EV/ Resource Total Resource (Moz) 689
Slide 21: 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 22: 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 23: Executing Kobada as Construction Gains Momentum
Executing Kobada as Construction Gains Momentum For personal use only Project Long Project cost Mining contractor Construction Environmental RAP Mali protocol Binding funding development lead items >60% committed appointed well advanced permit approved agreed secured team placed Site surveying work
Slide 24: 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 25: 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 26: 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$1,650/oz gold price and prevailing costs used in Ore Reserve estimation, For personal use only reflecting the robustness of the Kobada deposit • Ore Reserve of 1.56Moz represe
Slide 27: Mining Phases Staged to Optimise Cash Flow
Mining Phases Staged to Optimise Cash Flow Phasing of pits focused on increasing early access to ore at low strip ratios Kobada Open Pit Strip Ratio (W:O) vs Selected African Development Peer Projects For personal use only 0 1 2 3 4 5 6 Koné 1.2 Kiaka 1.8 Bankan 1.9 Kobada 3.0 Dugbe 4.2 Twin Hills 4
Slide 28: Project-Defining Oxide Gold Production Anchors Kobada
Project-Defining Oxide Gold Production Anchors Kobada 162,000oz average annual production over an initial 9-year life of mine Mt Tonnes Processed Profile g/t For personal use only 1.06 1.05 1.20 1.01 1.00 0.92 • Processing rate of 6.0 Mtpa for oxide 0.86 0.86 1.00 6.0 0.76 0.79 only years 0.72 0.80
Slide 29: Kobada is a Compelling Low-Cost Asset
Kobada is a Compelling Low-Cost Asset Competitive costs are driven by Kobada’s unique soft rock characteristic US$/ 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 30: 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 31: 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 32: 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 33: 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 34: Additional Information
ASX: TRE For personal use only Additional Information www.toubaniresources.com 34
Slide 35: 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 Free-dig oxide material, no drill and For personal use only Mining Metrics Total Material Movement (TMM) Mt 216.2 blast,
Slide 36: 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 36
Slide 37: 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 38: 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 39: 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 40: Reference Data
Reference Data Company Item Document AIM Announcement 15 January 2025: +1 Million Ounce Mineral Resource Estimate Delineated at Sanankoro Gold Project Cora Resource, Reserve For personal use only Montage Resource TSX Announcement June 15 2026: Updated Mineral Resource Estimate (MRE3) and Operational
Slide 41: Peer Group – EV to Resource Multiple Analysis
Peer Group – EV to Resource Multiple Analysis Breakdown of Resources & Reserves1,2 For personal use only Montage WIA Asara Toubani Turaco Cora Newcore Aurum Total Resource Moz 8.3 2.9 0.9 2.2 4.7 1.0 2.1 4.4 Total Resource Grade g/t 0.8 1.0 1.0 0.9 1.3 1.0 0.6 1.0 Measured Resource Moz 0.2 - - - - -
Slide 42: Summary of Underwriting Agreement
Summary of Underwriting Agreement Toubani has entered into an underwriting agreement with Canaccord (Underwriting Agreement), pursuant to which personnel, prior to execution of the Underwriting Agreement or occurring with the written consent of Canaccord will fully underwrite the Entitlement Offer o
Slide 43: Summary of Underwriting Agreement (continued)
Summary of Underwriting Agreement (continued) • (Gold price fall) if: or any of its officers, employees or agents in relation to the Offer or any Information Document, • on and from the date of the Underwriting Agreement up to and including the Institutional Settlement Date, has fallen at any time t
Slide 44: Summary of Underwriting Agreement (continued)
Summary of Underwriting Agreement (continued) The Underwriter may at any time prior to 8.00am (Sydney time) on the Retail Allotment Date, by notice given to the member. Company and without any cost or liability, immediately terminate if any one or more of the following events occurs or has occurred
Slide 45: Summary of Underwriting Agreement (continued)
Summary of Underwriting Agreement (continued) • (Disruption in financial markets) Any of the following occurs: • as announced by the Company prior to the date of the Underwriting Agreement or described in the Offer Booklet. • a general moratorium on commercial banking activities in any one or more o
Slide 46: Risk Factors
Risk Factors Some of the key risks associated with an investment in the Company are summarised below. These risks and other general risks The Company's existing assets are located in Mali which is considered to be a developing country and is subject to emerging applicable to all investments in liste
Slide 47: Risk Factors (continued)
Risk Factors (continued) Mali Government interest in the Kobada Project up. Accordingly, the Company cannot provide assurance that its activities will result in profitable mining operations at its projects. If there are significant delays in when these projects are completed and are producing on a c
Slide 48: Risk Factors (continued)
Risk Factors (continued) No assurance of title to exploration licences or surface rights there are no legal proceedings affecting the Company and the Directors are not aware of any legal proceedings pending or threatened against or affecting the Company. To carry out its activities, the Company must
Slide 49: Risk Factors (continued)
Risk Factors (continued) Acquisitions and integration • operating results that vary from expectations of securities analysts and investors; From time to time, the Company examines opportunities to acquire additional mining assets and businesses. Any • changes in expectations as to the Company's futu
Slide 50: Risk Factors (continued)
Risk Factors (continued) Dividends penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only its employees, but also by its Any future determ
Slide 51: International Offering Restrictions
International Offering Restrictions This Presentation does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any European Union (excluding Austria) jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the
Slide 52: International Offering Restrictions (continued)
International Offering Restrictions (continued) Mauritius This Presentation has been given to you on the basis that you are an “institutional investor” or an “accredited investor” (as such terms are defined in the SFA). If you are not such an investor, please return this Presentation In accordance w
Slide 53: International Offering Restrictions (continued)
International Offering Restrictions (continued) United Kingdom United States This Presentation has not been delivered for approval to the Financial Conduct Authority in the United Kingdom This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the
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