Toubani Resources Hits High-Grade Gold at Kobada Ahead of 2027 Mining Start

Toubani Resources Drills High-Grade Gold at Kobada Ahead of Planned 2027 Mining Start

Toubani Resources (ASX: TRE) has reported further high-grade reverse circulation drilling results from its Kobada Gold Project in southern Mali, with the latest assays coming from the project's pre-production infill drilling program and follow-up work at Kobada South. According to the ASX announcement, the results are intended to support a Mineral Resource Estimate (MRE) update scheduled to commence in Q3 2026, with that update then expected to feed into mine planning ahead of a targeted start to mining activities in early 2027.

The latest batch includes broad mineralised intervals and several high-grade internal zones, including 72m at 2.27 g/t gold from 92m, 53m at 3.67 g/t gold from 87m, and 20m at 4.58 g/t gold from 198m, alongside shorter very high-grade hits such as 1m at 86.5 g/t gold and 1m at 64.6 g/t gold.

For investors, the significance lies less in one isolated intercept and more in what the company says these results may mean for mining confidence, local resource definition and mine scheduling.

Headline Drilling Results from the Kobada Infill Program

In the announcement, Toubani said assays received so far relate to 26 of 47 holes drilled in the northern part of the existing Kobada MRE. The company also noted that a substantial number of assays remain pending due to laboratory delays, and that full interpretation of the high-grade zones will require the complete dataset.

The strongest reported intercepts are summarised below.

Several holes also returned multiple mineralised zones at depth. In hole KBRC26_160, for example, the company reported 31m at 3.12 g/t gold from 187m, 20m at 4.58 g/t gold from 198m, and 34m at 1.45 g/t gold from 228m.

That type of stacked mineralisation can be relevant in mine design because it may improve continuity within a potential open pit shell, although the company has not yet published an updated interpretation.

"This latest set of infill results successfully validates the high-grade zones within the Kobada mineralisation, offering great encouragement for our upcoming MRE update as we prepare for mining operations," said Phil Russo, Managing Director of Toubani Resources.

What Is Infill Drilling and Why Does It Matter?

For non-specialist investors, infill drilling is fundamentally different from early-stage exploration. Exploration drilling tests whether mineralisation exists in a new area. Infill drilling, however, is carried out between existing drill holes in an already known deposit to tighten the spacing of geological information.

That distinction matters because closer-spaced data can improve confidence in three key areas:

• Grade confidence, meaning geologists have a better idea of how much gold is present in each part of the deposit
• Shape and continuity, meaning the geometry of the mineralised zones can be modelled with greater accuracy
• Mine planning, because better-defined zones help engineers decide which areas may be mined earlier and which may be scheduled later

In the Kobada update, the company said the drilling is being used to provide additional assay data and improve the definition of mineralised structures ahead of the forthcoming MRE update. Furthermore, it noted that early indications suggest the results may have a positive local impact on the resource model in these areas.

Key Technical Terms Explained

A few key terms in the report are worth clarifying for broader audiences:

• RC drilling: A common drilling method that uses compressed air to bring rock chips to surface for sampling
• MRE: Mineral Resource Estimate, a formal estimate of the tonnage and grade of a deposit
• EOH: End of hole, meaning the reported interval continues to the bottom of the drill hole and may remain open
• g/t gold: Grams of gold per tonne of rock, the standard way of reporting gold grade
• Oxide: Weathered rock near surface that is often simpler to process than harder, fresher rock at depth

For investors assessing development-stage gold stocks, infill drilling is often a more practical signal than frontier exploration because it sits closer to engineering, reserves and production planning.

Three Drilling Fronts Feeding the Kobada Development Plan

The announcement outlines three distinct drilling objectives currently underway at Kobada and nearby targets. Each serves a different purpose in the project development sequence.

Northern Kobada MRE Infill

This is the source of the main results announced on 23 June 2026. According to the company, the objective is to define mineralisation in the northern portion of the current MRE at a higher level of detail, so that final mine planning and scheduling can be completed before mining is intended to start in 2027.

The company also noted that some of these holes test extensions to mineralisation that were not closed off in the 2024 resource drilling. That means the work is not only filling gaps but also checking whether known zones continue beyond previous drilling limits.

Kobada South Follow-Up Drilling

Toubani additionally reported more oxide gold intersections from 39 RC holes drilled at Kobada South. This area sits parallel to the main Kobada Shear and, according to the announcement, drilling has already delineated mineralisation across a 1.6km strike length.

Selected Kobada South results include:

• 4m at 3.71 g/t gold from 124m in KBRC26_102
• 10m at 1.57 g/t gold from 113m in KBRC26_116
• 5m at 1.56 g/t gold from 152m in KBRC26_124
• 1m at 79.2 g/t gold from 113m in KBRC26_132

In the report, this drilling is described as part of work to support the upcoming MRE update and to assess additions to near-surface, open-pittable oxide mineral resources. If incorporated into future mine planning, these areas may contribute meaningfully to mine life extension.

Foroko and Gosso Regional Near-Plant Targets

Two RC rigs are currently operating at Foroko, northeast of Kobada. After that work is completed, drilling is set to move to Gosso, east of Kobada, followed by further target testing at Kobada West.

The purpose here is different again. According to the announcement, these areas are being drilled at sufficient spacing to allow estimation of a potential MRE, with the goal of evaluating whether they could provide alternative sources of feed to the planned Kobada processing plant later in 2026. That could matter operationally, as additional near-plant oxide material can provide flexibility in how ore is sequenced and blended, particularly in the early years of a mine plan.

Kobada Resource and Reserve Base in Context

The current Kobada project already hosts a substantial published resource and reserve inventory under the JORC Code. The latest drilling is being completed against that existing base rather than from a standing start.

Mineral Resources for the Kobada Gold Project
(as referenced from the 2 July 2024 ASX announcement)

Ore Reserves for the Kobada Gold Project
(as referenced from the 31 March 2025 ASX announcement)

Several points stand out from these figures. First, Kobada is described by the company as predominantly oxide and open pittable. In practical terms, oxide material is near-surface rock that has been weathered over time and is often easier to mine and process than hard fresh rock, which can make it attractive in the early years of a project.

Second, the project has a 4.5km strike length and a published 2.20Moz mineral resource, which gives the company a sizeable base from which to optimise scheduling and potentially add satellite feed sources.

Third, the reserve base of 1.56Moz means the project is already at a stage where current drilling is focused on refining and potentially improving development inputs rather than proving the project exists.

Why High-Grade Zones Can Matter in a Broader Lower-Grade Deposit

Kobada's overall resource grade of 0.88 g/t gold places it in the category of large-tonnage, lower-grade gold systems. However, high-grade internal zones can still be highly important within these deposits.

Even if the average grade remains modest, localised zones of higher grade may help with:

• Early pit design
• Sequencing higher-value material earlier in the mining schedule
• Potentially improving early recovered ounces
• Supporting resource classification upgrades where continuity is confirmed

That said, investors should also note the company's own caution in the announcement. Toubani stated that detailed interpretation of the high-grade zones requires the complete set of assays. In other words, these individual results are encouraging, but their full value depends on how they fit into the final geological model.

Milestones to Watch Through 2026 and into 2027

The report sets out a clear sequence of expected work programmes and catalysts.

Toubani also stated that approximately 30,000m has been drilled so far from a budgeted 60,000m of RC drilling in 2026, part of a broader 100,000m project-wide drilling programme. That level of sustained drilling suggests further news flow is likely, particularly as delayed assays from current holes are processed through alternative laboratories.

What the Latest Kobada Drilling May Indicate for Investors

From an investor perspective, this announcement is relevant because it concerns a deposit that already has a published resource and reserve, and where current drilling is being used to support resource confidence, mine design and scheduling rather than early conceptual exploration.

The latest intercepts may indicate three things if confirmed by the full assay set and the planned MRE update:

• High-grade zones appear to be present within the existing mineralised system
• Additional near-surface oxide ounces may be added from nearby targets such as Kobada South, Foroko and Gosso
• The company remains focused on a near-term development pathway, with mining targeted for early 2027

The next key test will be whether these drilling results translate into a measurable improvement in the updated MRE and, later, in the reserve and mine schedule assumptions used for project execution.

"Toubani's latest Kobada drilling results add detail to a 2.20Moz gold resource and 1.56Moz reserve base ahead of an MRE update in Q3 2026. According to the company, the work is aimed at improving definition of high-grade zones, adding near-plant oxide optionality and finalising mine planning before a targeted start to mining in early 2027."

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