Toubani Resources (ASX:TRE) has received a commitment for a US$160 million debt facility from Africa Minerals and Metals Processing Platform (A2MP) to advance its Kobada Gold Project in Mali. As part of this strategic partnership, A2MP will appoint Gaurav Gupta to Toubani’s board, focusing on financing and stakeholder engagement to reach a final investment decision (FID) targeted for this calendar year. Toubani has also raised $29 million through a two-tranche placement to prepare Kobada for development and expand resources.
The company will issue 15 million unlisted options to A2MP, exercisable at $0.336, subject to shareholder approval. Sternship Advisers advised on the A2MP partnership, while Sternship and Canaccord Genuity managed the placement. Toubani directors also plan to acquire additional shares and options worth $290,000, pending shareholder approval. A2MP, supported by Afreximbank, will help Toubani unlock value from the Kobada project, leveraging its in-country network and relationships with African financiers. Toubani is focused on finalizing investment agreements with Mali, completing environmental permits, and starting pre-engineering work to reduce project risk. The company aims to reach FID in H2 2025 and begin production in 2026.
