Toubani Resources Inc. provided an update on the Definitive Feasibility Study Update ("DFS Update") and work plan ahead for its Kobada Gold Project in southern Mali. The Kobada project hosts 2.4 Moz1 in Mineral Resources which occurs over a 4.5km strike length, is predominantly nearsurface oxide material and open pittable. The DFS Update for the Kobada Gold Project is focussed on defining the development of a bulk mining approach to bring forward processing of a larger tonnage of majority oxide ore to a larger processing plant (rather than placing this material on stockpiles) compared to previous project studies.

The Company's view is that an increased operating profile at Kobada will benefit the project overall and reduce risk, including lower operating costs and the potential for staged ramp up scenarios. Previous studies completed in 2021 contemplated a processing plant with a 3.0Mtpa throughput rate, with mining rates averaging 24Mtpa to enable a highergrade feed in years 1 - 10. At the end of 2023 substantial progress had been made in key areas of the DFS Update using respected industry consultants.

Initial pit optimisation studies completed by Orelogy used the updated Mineral Resource Estimate ("MRE") for Kobada completed in August 2023, as well as prevailing gold price and recent mining cost inputs received from recent tenders in the region. A number of viable pit shells have been developed at a range of mining rates which then present ore for processing at different annual rates. Schedules derived in this process have been used to complete a high level analysis of plant throughput opportunities, and the resultant operating and economic profiles, for review and decision by the project management team.

The preliminary pit designs have also been used to identify key near surface areas containing a high proportion of material classified in the Inferred category, which would be classified as waste in DFS level studies. Additional infill drilling in these areas is now planned and should increase the resource confidence, enabling more material to be incorporated into future Ore Reserves and DFS level studies. A key focus of the planned drill design is to convert high value, near surface oxide material into the Indicated category to derisk the initial mining phases of the project.

Metallurgical testwork completed at the Kobada Gold Project has been reviewed by Lycopodium Minerals Pty Ltd. ("Lycopodium") and found to be adequate for the DFS with no significant metallurgical issues, confirming Kobada as a free milling deposit with high recoveries of approximately 95% in the oxide material. Further samples to provide variability data for process design are likely to be collected during the work program. The previous tailings storage facility design has been reviewed by Knight Piesold and found to be suitable.

Further geotechnical investigations and water balance modelling have been recommended within the next phase of the project. The Environmental and Social Impact Assessment ("ESIA") completed in the previous study has also been reviewed with no major new workflows required. Once the final site layout is determined a full assessment of the ESIA and community development plan will be completed.

At this time, Toubani also plans to carry out work aimed at ensuring the project continues to meet prevailing global environmental and social standards. Following completion of pit optimisation studies, a resource definition drill program has been planned and will commence shortly with results expected during the March quarter. The program will be highly targeted and focus on key high value Inferred areas of the optimised pit shell that can be converted to the Indicated category, reducing inpit waste material and potentially benefitting the overall project.

Engineering and design of the process flowsheet to optimise capital and operating costs for the project will also advance. Nonprocess infrastructure will also be reviewed with a focus on site access and transport routes. Following this, the DFS Update will move to final pit design, mining and processing schedules, capital expenditure estimate and detailed financial modelling over the first half of 2024.