Member Info for smudge104

One can only speculate, but the news flow coming out of Toubani will be us soon.

https://energycapitalpower.com/toubani-resources-approves-216m-fid-for-malis-kobada-gold-mine/

Well done Toubani wish we could say the same for Cora

https://mining.com.au/toubani-commences-construction-at-kobada/

Https://mining.com.au/toubani-reaches-kobadas-final-investment-decision/

Toubani starting construction, come on Mali ffs

while we wait here’s some interesting reading, if the pog goes to the forecast $6300 this year payback of $124 is a couple of months, this is gonna be massive, remember our pits are open at depth in all directions

estimated impact on project npv

based on the latest september 2025 definitive feasibility study (dfs) sensitivity data, the project’s value increases rapidly as gold prices rise:

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baseline npv (at $2,750/oz): the post-tax npv8% is currently $221 million with a 65% irr.

intermediate sensitivity (at $3,250/oz): the npv increases to $319 million, with the internal rate of return (irr) jumping to 88%.

projected npv (at $6,300/oz): while official sensitivity tables typically cap at lower levels, the trend indicates that a price of $6,300/oz—more than double the dfs base case—could drive the project's net asset value well beyond $600–$700 million.

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operational & strategic implications

accelerated payback: at $2,750/oz, the payback period is 1.1 years. at current spot prices (~$5,015/oz), brokers estimate payback would be "well under a year"; at $6,300/oz, the initial $124 million capital expenditure could potentially be recouped within just a few months of production.

lower economic cut-off: sustained high prices would allow cora to process lower-grade ore profitably, potentially expanding the current 531,000 oz reserve and extending the mine life beyond the currently planned 10 years.

financing de-risking: high gold prices significantly ease the path to securing the remaining $124 million in construction funding. cora recently secured £15.7 million in february 2026 to fast-track this process.

margin expansion: with an average all-in sustaining cost (aisc) of approximately $1,478/oz, a $6,300/oz price environment would provide a massive cash margin of over $4,800 per ounce

Looking at other projects in the area like roscan which is similar to Cora albeit lower grades of gold, they are up some 300% in the last 12 months and 65% up in 2026, Toubani similar, we are due a big re rate soon, roscan are valued at £65 million and they are at the PEA STAGE FFS

Would expect gold to go on another run now the us have kicked off with Iran, it spiked $100 an oz Friday night

Permit must be close now

Https://www.brrmedia.co.uk/broadcasts/698d82ddf1244300129111b8/?popup=true

Interview with bert

Looking at Toubani funding package, I can bet with the equity placing done just like Toubani, our deal will essentially mirror that of Toubani non dilutive and paid back through discounted gold sales

Provide a breakdown of the $395M funding structure (streaming vs. equity).

To secure the construction of the Kobada Gold Project, Toubani Resources (TRE) announced a comprehensive A$395 million (approx. US$258 million) funding package in late 2025. This package was designed to minimize shareholder dilution while providing enough liquidity to cover both the US$216 million initial capital expenditure and working capital.

The breakdown of the funding structure is as follows:

1. Gold Streaming Agreement (US$150 Million)

This is the "cornerstone" of the package, typically provided by a royalty and streaming firm (such as Wheaton Precious Metals or Franco-Nevada).

The Deal: The funder provides US$150 million upfront to build the mine.

The Repayment: Toubani agrees to deliver a fixed percentage (roughly 6% to 10%) of the gold produced over the life of the mine at a heavily discounted price.

Benefit: This avoids the high interest rates associated with traditional bank debt and allows the project to stay "unhedged" on the majority of its gold production.

2. Strategic Equity Placement (A$100 Million / US$65 Million)

This involved the issuance of new shares to institutional and strategic investors.

Participants: Major African-focused mining funds and existing large shareholders.

The Purpose: This equity provides the "buffer" required by the streaming partner to ensure the company has skin in the game.

Impact: While dilutive to existing shareholders, it was viewed favorably by the market as it removed the "funding risk" overhang on the stock price.

3. Working Capital & Debt Facility (A$45 Million / US$30 Million)

A smaller, flexible debt facility was established to manage operational costs during the ramp-up phase in 2027.

Type: Often structured as a revolving credit facility or convertible note.

Usage: Reserved for unexpected cost overruns, fuel price fluctuations, or initial mining mobilization before the first gold pour.

Funding Summary Table

Component Amount (Approx.) Primary Purpose

Gold Stream US$150 Million Plant construction & infrastructure

Equity Placement US$65 Million Mine development & site preparation

Debt/Working Cap US$30 Million Contingency & operational liquidity

Total US$245M - $258M Full Project Life-cycle Funding

Note on Currency: Because Toubani is listed on the ASX, they often report in Australian Dollars (A

)

Gold looking strong again over $5200, things hotting up here, I hear the big boss is out of office for a week in meetings, keep those eagle eyes peeked!

Hi AG not so sure of a sell off to be honest I’m seeing it the other way, I think with the project de risked and so tightly held by so few the remaining stock will be at a premium, 2/3 months after permit and when we are shovelling mud i fully expect us to be well in the 30s

Are we on the agenda for tomorrows meeting I wonder, some sustained buying with 2 larger delayed buys being reported

Edit, it went as I typed 😂 still someone with 165k on the books

Looks like 8p might go in the next 10 mins looking at the auction,

And where did all these new market makers come from we’ve gone from 6 to 9 in the last few days, looks like they want to be dealing in Cora shares which is promising

Yes bit of a crappy price, but I’m more optimistic than ever, still only valued as scrap compared to the at least 5$5 billion in the ground, we raised about $18 million on a CLN last time which we repaid as the moratorium came into place and financially better to pay it back, now we have funds through to gold production with money to prospect for mor gold, plus jointed to an established financier who raised $300 million for Toubani, there’s big money to be made over the next 18 months

This is now even more tightly held by people with incredible mining pedigree, this will 10 bag over the next 18 months, that I am sure of, you don’t get this quality backing by chance

£13 mill not $13 mill

Interesting news, I believe discussions have beeen ongoing at the same time/price as last fundraiser in December, eagle eye are the ones that bought finance of $300 million to Toubani and have good links with the Malian government, everyone is getting their ducks in a row for permitting and raising now just means as soon as it comes through we can hit the ground running, especially if eagle can finance the $125 million mine cost my guess is yes they can or why spend $13 million, they want a slice of the pie as they see its worth just like Toubani. This will be a little volatile but expect the general direction to continue north in the short term

Last time I checked there were 42 but all at various levels and stages only 2 or 3 near the permit granting stage us, Toubani and 1 other I believe

More top draw research from jamesthebard.

It’s got to break upwards soon

Literally sitting on a gold mine 😂 30p will be cheap in the coming months, more like 50p