Toubani Resources Inc. announced the results of an independent, external review and update of the Mineral Resource Estimate (MRE) for the Kobada Gold Project, located in southern Mali. The Mineral Resource Estimate (MRE) for the Kobada Gold Project stands at 87 million tonnes at 0.86g/t for 2.4 million ounces of gold. The resource is an open pittable resource reported within a conceptual pit shell generated using appropriate cost and pricing parameters to satisfy the Reasonable Prospects for Eventual Economic Extraction (RPEEE) criteria under the JORC Code (RPEEE shell).

As part of the Company's recent assessment of the 2021 Definitive Feasibility Study (DFS), Toubani undertook a review of the 2021 Kobada Mineral Resource Estimate to assess the resource model's suitability for use in studies into a larger scale processing and mining operation. This review evolved into an update of the Mineral Resource to enable more robust local grade estimation to aid detailed mine planning and scheduling planned as part of the recently announced Definitive Feasibility Study Update. The2023 Mineral Resource Estimate has been completed by an independent external consultant Entech Pty Ltd. (Entech) in collaboration with the Company's technical team.

Geological interpretation and domaining has been carried out by Entech based on all available RC and DD drillhole data, which was previously compiled into a relational database by external database consultants Geobase Australia. Interpretation has been built up based on discrete modelling of mineralisation above >0.2-0.3 g/t (based on continuity) with orientation of modelling determined based on measured structural data from oriented core or observed foliation in core photos (where data was not available or inconsistent). A minimum of three drill hole intercepts were required to define geometry, width, orientation and continuity for an individual mineralised domain, with domains not created where interpretation was based on only one or two drillhole intersections.

Geostatistical analysis, variography and estimation was then carried out as detailed below. Domains were capped to address instances where outliers were defined as both statistical and spatial outliers, using industry standard criteria and techniques. Classification also used criteria in line with industry peers with pit optimisations then completed on Indicated and Inferred material using costs derived from prevailing costs at similar operations within West Africa at a gold price of USD 1,950/oz to satisfy RPEEE criteria.

The presence of prospect-scale, mineralised east­west cross structures previously reported by Toubani was also observed in exploratory data analysis (EDA) of the mineralised domains. These structures are not yet fully understood but are thought to host higher grade mineralisation versus the broader deposit. While further work is required to better understand these structures, Entech used appropriate techniques to model and constrain higher grade samples within the mineralised domains during estimation to avoid any "smearing" along strike.

A focus of the updated geological interpretation was to better define mineralisation within the thick oxide profile at Kobada, which extends to some 70 - 100m below surface. A key aim for the resource update was to ensure a robust estimate of the quantity of near-surface oxide mineralisation given the forthcoming DFS Update will focus on maximising and de-risking the oxide mining and processing phase. The Company anticipates that a low strip, bulk tonnage oxide mining and processing operation represents a lower overall technical risk profile for the initial phase of the Kobada Project.

The Mineral Resource Estimate for the Kobada Deposit has been revised using an updated geological interpretation as detailed above as well as 8,183 metres of the 14,122 metres of drilling completed by Toubani in 2023. The drilling program will focus on defining additional ounces and increasing the confidence of near surface oxide material likely to be mined in the first 5 ­ 10 years of the Project. There are very good opportunities to provide additional material for consideration in the DFS mining studies from the conversion of Inferred resources to Indicated.

Significant mineralisation targets have also been identified both within and outside the 2021 DFS pit design. A drilling contractor will be engaged shortly and detailed drill planning is in progress with drilling to commence at the end of the month. Results of this drilling will be fed directly into the DFS Update with the potential for both programs to add substantial value to the Kobada Project which already presents as a robust, near-term development opportunity.