Toubani Resources draws down first funding tranche as Kobada construction advances

Toubani Resources said in August 2026 that construction of its Kobada gold project in southern Mali continues on schedule, after drawing down an initial $25 million tranche under the funding package assembled to build the mine. Managing director Phil Russo said development was "advancing on schedule, with activities progressing across multiple work fronts."

Funding and physical progress

Kobada's construction is backed by a broader A$302 million funding package, including a $160 million gold stream facility arranged with Eagle Eye Asset, alongside a strategic equity financing round, with Toubani also progressing a supplementary working-capital facility with AFG Bank and other financiers. On site, the water storage dam and turkey's nest have been completed, the tailings storage facility embankment is under construction, and more than 500 tonnes of structural steel have been fabricated. The project's ball mill has completed fabrication and is due to ship shortly, while CIL tank plates have arrived in the Malian capital Bamako for rolling and painting.

The mining licence for Kobada was formally transferred to project company Mines de Kobada SA under a decree issued by Mali's Council of Ministers on 28 January 2026, clearing the last major legal hurdle to construction financing.

Why it matters

Kobada is an oxide-dominant deposit hosting 2.2 million ounces of mineral resources, and Toubani has been running a 100,000-metre, project-wide drilling campaign alongside construction, with an updated resource estimate expected to complete in the third quarter of 2026 to underpin final pit design. Mali's gold sector has drawn heightened scrutiny after the government tightened its mining code and took direct stakes in several existing mines; a clean licence transfer and steady construction progress at Kobada offer a counter-example of a junior developer advancing a new project under the revised rules.

What happens next

Toubani is targeting first gold from Kobada in the third quarter of 2027. The updated resource estimate due later in 2026 will be a key near-term marker of whether the project can support a longer mine life than currently modelled.

Sources

• Mining.com.au: Toubani readies first drawdown as Kobada advances, 15 Aug 2026
• Mining Review Africa: Toubani secures Mali agreement for Kobada gold project, 28 Jan 2026

Photo: Aerial view of Bamako, capital of Mali, where Kobada's mine equipment is being staged. Mark Fischer, Wikimedia Commons, CC BY-SA 4.0.