Toubani Resources has completed binding agreements for a funding package totalling A$302m to support construction at the Kobada Gold Mine in Mali.
The package includes a $160m gold stream facility arranged with Eagle Eye Asset, which is expected to be drawn down from the third quarter of 2026 (Q3 2026).
The company has also secured fully underwritten strategic equity financing of $48m, supported by its major shareholder Eagle Eye Asset, which currently holds approximately 34.2% of Toubani’s shares.
This financing package is intended to ensure the Kobada project remains on schedule.
Capital costs for the project are in line with previous plans and currently more than 60% have been committed.
The company aims to use the secured funds to complete project construction, cover recoverable VAT payments due during the build phase and continue exploration activities focused on expanding near-surface oxide mineralisation at Kobada.
In addition to the gold stream deal, Toubani has progressed a term sheet for a senior secured facility of up to $40m with a syndicate led by AFG Bank.
The company says this facility would provide further flexibility during construction and anticipates it will involve less complex approval requirements compared to previous debt financing options.
Toubani retains the option to repurchase up to 75% of the gold stream within two years after Kobada begins operations.
This buyback right allows the company to reconsider its financial arrangements once the project generates positive cash flow and if it pursues new senior debt options.
Canaccord Genuity (Australia) is acting as lead manager, underwriter and bookrunner for the equity financing, with Sternship Advisors and Wallabi Group as co-managers.
Legal and financial advice for the arrangement is being provided by Thomsons and Endeavour Financial, respectively.
Toubani managing director Phil Russo said: “We are pleased to have completed and executed the binding funding package for the development of the Kobada Gold Mine.
“The combination of Gold Stream and Strategic Equity Financing provides the funding certainty and financial flexibility required to deliver Kobada on our accelerated timeline, with first gold targeted for the third quarter of 2027.”
The Kobada project is situated in southern Mali’s Sikasso administrative region, close to the border with Guinea and approximately 126km from Bamako.
In March this year, the company initiated construction works at the Kobada Gold Project.
