What Toubani Resources does

Toubani Resources Limited (ASX: TRE) is a Perth-based, Australia-domiciled gold exploration and development company whose entire strategic focus is the Kobada Gold Project in southern Mali, 126 km south of Bamako. The company was founded in 2002 and currently operates with 101-250 employees across its West Perth corporate headquarters and a Bamako operational office. Toubani is pre-revenue and is currently in the construction phase of the Kobada project following a US$216 million Final Investment Decision approved in April 2026, with first gold production targeted for Q3 2027.

The Kobada project is an oxide-dominant, near-surface gold deposit with a global resource base of 2.2Moz and Probable+Proved ore reserves of 1.56Moz. Mining is via conventional open-pit methods exploiting free-dig oxide material that requires no drill-and-blast, processed through a 6 Mtpa oxide circuit (5.5 Mtpa for oxide/fresh blend) achieving 96% gold recovery. The DFS confirms an initial 9.2-year mine life producing 162,000 ounces per annum at an All-in-Sustaining Cost of US$1,175/oz, with US$134m average annual operating cash flow, a 50% post-tax IRR, US$500m post-tax NPV8%, and a 1.75-year post-tax payback at a US$2,200/oz base-case gold price. Toubani has secured fiscal terms with the Government of Mali under the 2023 mining code, including a 2.0% royalty reduction and a 12-year initial mining license with 10-year renewals.

The business model is commodity production: once operational, Toubani will sell gold at prevailing spot prices to refiners, traders, and central banks through standard commodity channels, with no long-term offtake contracts disclosed. The company funded development via an A$395 million financing package assembled in 2025, advised by Endeavour Financial, and supported by partners including Capital Ltd (exploration drilling). Revenue is therefore prospective, with the company deriving no current operating income, and the investment thesis rests on successful project execution and future gold price realization rather than recurring SaaS-style economics.

Name

Toubani Resources

Legal name

Toubani Resources Limited

Website

https://toubaniresources.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Toubani Resources Limited (ASX: TRE) is a Perth-based gold exploration and development company advancing the Kobada Gold Project in southern Mali, targeting 162,000 oz/yr production from a 2.2Moz oxide-dominant open-pit resource by Q3 2027. The company is pre-revenue and sells into global gold commodity markets.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold exploration
• Gold mining
• Mineral development
• Oxide gold processing
• Open-pit mining

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Others

Revenue model

1. Gold Production and Sales: Revenue generated from gold production at the Kobada Gold Project. The project has a Definitive Feasibility Study confirming production of 162,000oz per annum over a 9.2-year mine life at an AISC of US$1,175/oz. Gold is a commodity sold at market prices with no long-term offtake contracts explicitly mentioned in available sources.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Toubani Resources is an ASX-listed gold exploration and development company advancing the Kobada Gold Project in southern Mali. The project is an oxide-dominant, open-pit gold deposit with a 2.2Moz resource base, currently in construction phase targeting first gold production in Q3 2027. Production is projected at 162,000oz per annum over a 9.2-year initial mine life at an AISC of US$1,175/oz.

Product overview

Toubani Resources is a gold exploration and development company with a single core focus: the Kobada Gold Project. The company operates a project-centric model where the Kobada Gold Project is its primary and only significant product offering — an oxide-dominant gold mining project in Mali with 2.2Moz of resources, currently in construction phase targeting first gold production in Q3 2027. The company does not offer a portfolio of distinct products or modules; its entire product strategy revolves around developing, constructing, and operating the Kobada mine to production.

Differentiator

Problem solved

Functional benefit

Products and services

• Kobada Gold Project The Kobada Gold Project is an advanced-stage, near-surface, oxide-dominant gold project located in southern Mali, 126 km south of Bamako, with a global mineral resource base of 2.2Moz of gold. It features free-dig, open-pittable ore (no drilling and blasting required), a 4.5km continuous open-pit mineralisation, conventional oxide processing achieving 96% gold recovery, and a 9.2-year initial mine life targeting 162,000oz per annum at an AISC of US$1,175/oz. The project is Toubani Resources' sole core asset and primary revenue-generating product once production commences.

Quantifiable outcome

• 162,000oz average annual gold production
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Capital LtdminorImplementation/ SI/ Consulting Partner · 1 June 2025Capital Ltd has been awarded a three-year borehole drilling contract with Toubani Resources for exploration drilling at the Kobada Gold Project in Mali. Capital is a drilling services company providing exploration drilling services.
• State of Mali (Government)coreStrategic or Co-development Partner · 1 January 2024Agreement with the State of Mali on fiscal terms under the 2023 mining code. Toubani and the State of Mali equity interests are in line with the 2023 mining code. Toubani receives a 2.0% reduction in applicable royalty rate for the duration of its mining license. Corporate tax rate of 25% applicable for first five years of operation, 30% thereafter. Mining licenses valid for initial 12 years with subsequent 10-year renewal periods.

Scale indicators11 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Perseus Mining: West African gold producer and developer with operating mines in Côte d'Ivoire and Ghana. Perseus is a comparable single-region West African gold story and a former employer of Toubani's CEO, providing direct peer benchmarking on West African gold economics.
• Cora Gold: AIM-listed West African gold developer with the Sanankoro project in southern Mali, also backed by Eagle Eye Asset Holdings (the same family office backing Toubani's Kobada). Direct peer as a fellow Mali developer with shared strategic investor.
• Resolute Mining: ASX-listed gold producer with the Syama mine in Mali and Mako mine in Senegal. Direct peer given Mali operating exposure and ASX listing, comparable oxide/transition sulphide processing flowsheet.
• B2Gold: Mid-tier gold producer with major operations in Mali (Fekola mine, built by the same executive who now leads Toubani's West Africa team). Closest analogue for large-scale oxide gold mining in Mali and a key reference for AISC benchmarks.
• Allied Gold: West African-focused gold producer and developer with assets in Mali (Sadiola) and Côte d'Ivoire. Comparable single-jurisdiction West African gold producer profile.
• Tietto Minerals: ASX-listed West African gold developer (Abujar project, Côte d'Ivoire) acquired by Zhaojin Capital for A$750m. Direct peer as a former ASX-listed West African oxide gold developer built and exited by Toubani's Director Matthew Wilcox.

Broad incumbents

• Endeavour Mining: Senior West African gold producer operating multiple mines across Burkina Faso, Côte d'Ivoire, and Senegal. Provides the most relevant benchmark for construction-ready West African gold projects at scale.
• IAMGOLD: Senior gold producer with significant West African footprint including the Essakane mine in Burkina Faso. Comparable for large-scale oxide gold operations in francophone West Africa.
• Barrick Gold: World's largest gold miner with the Loulo-Gounkoto complex in Mali. Industry benchmark for tier-1 West African gold operations and the most significant incumbent competing for talent, capital, and offtake in Mali.

Emerging players

• Newcore Gold: Canadian-listed West African gold explorer-developer focused on the Enchi project in Ghana. Comparable oxide gold development-stage peer in West Africa.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/toubani_gold
• YouTubeyoutube.com/@toubaniresources-asxtre5578
• LinkedInlinkedin.com/company/toubani

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toubani Resources