Toubani Resources Limited announced that it will commence a targeted resource definition drill program at its Kobada Gold Project in southern Mali. The Kobada project hosts 2.4 Moz1 in Mineral Resources which occurs over a 4.5km strike length and is predominantly oxide and open pittable. The drill program will focus on high value near-surface, open pittable oxide mineralisation which is currently classified as Inferred and falls within or immediately adjacent to preliminary pit designs, with the goal to convert this material into the higher confidence Indicated category.

Background: In August 2023 the Mineral Resource Estimate (MRE) for the Kobada Gold Project was updated by Entech Pty Ltd. to a total of 2.4 million ounces, classified in the Indicated and Inferred categories. The updated MRE is predominantly comprised of free-digging oxide mineralisation totalling 1.48 million ounces, almost all of which falls within 100m of surface. Following the completion of the updated MRE and Toubani's strategy to complete a DFS Update, Orelogy Mine Consulting were engaged to complete initial pit optimisation studies and preliminary mine designs utilising prevailing gold price and mining costs from recent tenders in the region.

Review of these pit shells as part of the DFS Update has identified key high value areas within or immediately adjacent to the shells where mineralisation is currently classified as Inferred. The review concluded that a targeted drilling program would improve the drill spacing in these areas such that the majority of the material could potentially be upgraded into the higher confidence Indicated category. As a consequence, the open pittable resource available for the Ore Reserve work as part of the DFS Update could increase.

The combination of an increased available mining inventory and a reduction of in-pit waste material could potentially lower stripping ratios in the open pit, benefitting an updated Kobada project. 2024 Drill Program: Up to 10,000 metres of shallow RC drilling has been planned to test key areas of near-surface oxide mineralisation. Drilling focusses on the northern portion of the deposit and has been planned to achieve a nominal data spacing less than 50m in any direction taking into consideration the location of historical drilling.

Target Drilling have been engaged to complete the drilling program and drilling is anticipated to commence in early February. Target Drilling successfully completed Toubani's 2023 drill program. Drilling is anticipated to be completed by the end of First Quarter 2024 with results anticipated to be reported as received.