Toubani Resources Limited
Toubani Resources Limited is constructing the 100%-owned Kobada Gold Project in southern Mali, an oxide-dominant, open-pittable deposit over a 4.5km strike length. The Board approved a Final Investment Decision on 9 Mar 2026 following the environmental permit grant (23 Feb 2026) and a Definitive Feasibility Study (Oct 2024); Toubani also holds a State of Mali development agreement. Construction is on schedule according to the company's 6 Oct 2026 update: the water storage dam, turkey's nest and process-plant bulk earthworks are complete, CIL tank erection has begun, the airstrip is nearing completion and more than 70% of project costs are committed, with first gold production targeted for the Sep quarter of 2027. Funding includes a US$208 million package and, post-quarter, binding documentation for a US$160 million gold stream with Eagle Eye Asset (first US$25.0M tranche drawn 24 Aug 2026; about US$50 million drawn by 6 Oct 2026), alongside a fully underwritten A$70 million strategic equity raise. Also in progress, and not part of the binding US$208M package: a term sheet for a further US$40M senior secured facility led by AFG Bank; on 6 Oct 2026 the company said it expected to finalise an additional facility shortly. Phil Russo is CEO; Robert Ierace is CFO.
Notable vs. Peers
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.8/10.
- Financials score of 10/10 is stronger than the peer average of 6.5/10.
- All-in sustaining cost of $1,004/oz is 45% lower than the peer producer average of $1,816/oz.
Lifecycle Milestones
Construction Milestones
2 of 5 reachedMilestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)4/10
Mali carries real security/political risk -- a military-led transitional government since 2020-21, ongoing jihadist insurgent activity in parts of the country, and recent friction between the state and other foreign gold miners over the mining code and taxation. Gold mining continues to operate and attract major-project investment (Kobada's US$208M funding package, a State of Mali development agreement), but this is a higher-risk West African Sahel jurisdiction, not a resolved one.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Kobada Gold Project.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Syama (Resolute Mining Limited), 271 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Eagle Eye Asset Holdings Pte. Ltd. (31.82%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Syama (Resolute Mining Limited), 271 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:7/10
Stage: Construction
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:4/10
Mali: jurisdiction score 4/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
EV/NPV of 0.25x sits in the 0th percentile among 12 construction-stage gold peers ranked on EV/NPV -- and its jurisdiction score of 4/10 is low enough to plausibly explain much of that discount: a known, identifiable risk the market may be pricing correctly today. This is the headline Risk/Reward Asymmetry pattern this screen looks for -- a specific risk (e.g. a permitting dispute or comparable jurisdiction issue) that, if it resolves favorably, could re-rate the stock sharply. A mechanical screen only: this does not by itself confirm there IS a resolvable catalyst, or that it resolves favorably -- see this company's own profile page for any completed, cited research into why it trades at a discount, where that research exists.
A relative screen, not a probability and not a reason to buy. This flags companies trading unusually cheap on EV/NPV (market cap plus debt minus cash, per dollar of attributable study NPV) vs. peers of the same lifecycle stage and commodity, for a real, identifiable reason (a jurisdiction risk, a specific dispute, an incident, a financing gap) that may or may not ever resolve favorably. "Unexplained" candidates carry no identified driver at all -- a more speculative bucket than a named catalyst. The year chip is the study behind the NPV; amber means it is more than 5 years old (still the study on file, so it stays in this screen).
Your Rankings
Management Team
Chief Executive Officer and Executive Director of Toubani Resources Limited, joined 9 Jan 2023, leading the company through Final Investment Decision (9 Mar 2026) and into construction of the Kobada Gold Project.
Chief Financial Officer of Toubani Resources Limited. Chief Financial Officer of Aura Energy Limited. Over 20 years of experience in finance, commercial management and business improvement within the mining industry, with a strong focus on West Africa and francophone jurisdictions, and involvement in the development of three recent greenfield projects. Most recently Finance Director, Australia for Agnico Eagle Mines; previously CFO at Chesser Resources and Group General Manager Commercial at Perseus Mining, where he played a key role in funding the Sissingue and Yaoure gold mines in Cote d'Ivoire.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Eagle Eye Asset Holdings, a Singapore-based strategic investor, holds around 32% of Toubani Resources and is separately funding the Kobada Gold Project through a large gold-stream agreement. Helikon Investments and specialist funds Paradice and Nero Resource Fund are also substantial holders. A director bought shares on the open market in August 2026.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Toubani Resources is building its Kobada gold project in southern Mali, about 125 km south-southwest of Bamako, an oxide-dominant open-pit deposit along a 4.5 km strike; Toubani holds 100% today, and the state may take up to 35% under the 2023 mining code. Kobada holds 1,990,000 oz of gold in indicated resources, with no measured category, plus 210,000 oz inferred. The October 2024 definitive feasibility study shows an after-tax NPV8% of US$635M and a 58% IRR at US$2,200/oz gold, with initial capital of US$215.9M, a 9-year mine life averaging about 162,000 oz a year and an all-in sustaining cost of US$1,004/oz. The board approved a final investment decision on 9 March 2026, after the environmental permit was granted on 23 February 2026, and the binding US$208M funding package includes a US$160M gold stream with Eagle Eye Asset, whose first US$25.0M tranche was drawn on 24 August 2026. First gold is targeted for the September quarter of 2027.