Toubani Resources has confirmed that its Kobada gold project operations remain unaffected despite recent media reports about fuel supply restrictions and the security situation in Bamako, Mali.
Drilling activities at the project site are progressing as planned, with no interruptions reported.
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Additionally, a second reverse circulation (RC) drill rig is set to arrive at the Kobada site.
The rig deployment will help expedite anomaly testing and sterilisation programmes, which are essential for confirming infrastructure locations.
Other project readiness measures are advancing in parallel, while Toubani’s Bamako office continues its regular business activities.
With the recent approval of the Kobada Environmental and Social Impact Assessment, Toubani is progressing with permitting activities.
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By GlobalDataThe company remains engaged with stakeholders and relevant authorities to ensure compliance and advance project timelines.
Toubani recently appointed Ausenco Services as its engineering, procurement and construction management (EPCM) engineer.
Initial engineering work has commenced, and long lead orders have been placed to support ongoing project development.
The Kobada gold project licence remains in good standing, with discussions between Toubani representatives and Malian authorities under way to complete the necessary investment framework.
Recent meetings have also taken place between senior Toubani executives and several government ministers.
Toubani’s 35% shareholder, Eagle Eye Assets (EEA), said: “Notwithstanding recent press articles, we look forward to supporting Toubani in progressing key project milestones in the near term and finalising its funding arrangements, which includes EEA’s significant A$70m follow-on equity investment and US$160m gold stream.”
Following the completion of the previously announced funding package, Toubani will have a cash balance of A$177m, prior to the drawdown of any proceeds from the $160m stream.
Earlier in October, Toubani announced it had secured a A$395m package to fully finance the construction of the Kobada gold project.
The funding package includes a A$242m gold stream agreement with EEA.
