Toubani Resources Inc. announced first results from its resource definition drill program at its Kobada Gold Project in southern Mali. The Kobada project hosts 2.4 Moz in Mineral Resources which occurs over a 4.5km strike length and is predominantly oxide and open pittable. Toubani commenced a focussed resource definition drilling program in February 2024 to test key areas of near-surface, open pittable oxide mineralisation which falls within or mmediately adjacent to preliminary pit designs.

Initial results have successfully proved the existence of shallow high-grade mineralisation in these areas, including a spectacular result of 71m at 1.86g/t gold, one of the top 20 intersections to date at Kobada (on a gram metre basis). To date 55 drill holes have been completed for a total of 5,605 metres. Results have been received from 30 drillholes in the northern and central portion of the Kobada deposit with highlights including: 11m at 1.06g/t gold from 49m (KBRC24_002); 2m at 3.08g/t gold from 38m (KBRC24_003); 3m at 12.4g/t gold from 30m, 4m at 1.37g/t gold from 57m, and 8m at 1.58g/t gold from 75m (KBRC24_007); 4m at 1.72g/t gold from 9m (KBRC24_012); 7m at 1.42g/t gold from 33m, and 3m at 1.24g/t gold from 57m (KBRC24_014); 7m at 7.67g/t gold from 35m including 1m at 49.3g/t gold, and 1m at 3.66g/t gold from 53m (KBRC24_015); 1m at 3.40g/t gold from 7m, and 3m at 7.53g/t gold from 47m including 1m at 21.3g/t gold (KBRC24_017); 9m at 1.94g/t gold from 14m (KBRC24_019); 4m at 1.01g/t gold from 9m, 12m at 0.49g/t gold from 27m, and 32m at 1.46g/t gold from 94m including 1m at 10.9g/t gold and 1m at 22.6g/t gold (KBRC24_021); 1m at 7.22g/t gold from 57m, and 25m at 0.85g/t gold from 125m including 3m at 2.57g/t gold (KBRC24_022); 1m at 5.63g/t gold from 41m, and 2m at 13.1g/t gold from 104m including 1m at 25.3g/t gold (KBRC24_024); 4m at 3.96g/t gold from 12m, 1m at 7.50g/t gold from 19m, and 2m at 6.50g/t gold from 67m (KBRC24_028); 2m at 3.58g/t gold from 17m, 9m at 0.66g/t gold from 25m, 14m at 0.85g/t gold from 87m including 1m at 7.5g/t gold, and 6m at 0.97g/t gold from 108m (KBRC24_029); 1m at 12.6g/t gold from 10m, and 71m at 1.86g/t gold from 79m including 15m at 4.04g/t gold (KBRC24_030).

While results have yet to be incorporated into an updated geological interpretation the intersections to date appear to be broadly consistent with surrounding historical intersections, and the increased drilling density will increase the confidence in future resource estimations in this area. The result in KBRC24_030 is one of the top 20 drilling results to date at Kobada on a gram metre basis, demonstrating the presence of high-grade zones within the extensive near surface oxide mineralisation. Target Drilling have made excellent progress with the drilling program and drilling is anticipated to be completed shortly.

Results are anticipated to be received through April 2024 to inform a resource update in second quarter of 2024. Drilling Strategy: In August 2023 the Mineral Resource Estimate ("MRE") for the Kobada Gold Project was updated by Entech Pty Ltd. to a total of 2.4 million ounces, classified in the Indicated and Inferred categories. The updated MRE is predominantly comprised of free-digging, oxide mineralisation totalling 1.48 million ounces, almost all of which falls within 100m of surface.

Following the completion of the updated MRE, initial pit optimisation studies and preliminary mine designs were completed. Review of the results of this work identified key high value areas within or immediately adjacent to the shells where mineralisation is currently classified as Inferred. Inferred material is treated as waste in the Company's economic modelling as is standard in JORC-compliant techno-economic studies.

Up to 10,000 metres of shallow RC drilling has been planned to increase the drilling density in these key areas of near-surface oxide mineralisation. Drilling aims to bring the resource blocks informed by these drillholes into a higher confidence classification. Drilling is focussed on the northern and central portions of the deposit and has been planned to achieve a nominal data spacing less than 50m in any direction taking into consideration the location of historical drilling.

It is anticipated that, if results are in line with previous results, then these areas will contribute to an increase in the open pittable mining inventory available for Ore Reserve work as part of the DFS Update. The combination of an increased available mining inventory and a reduction of in-pit waste material could potentially lower stripping ratios in the open pit, benefitting an updated Kobada project. The Company looks forward to progressing the DFS Update with the results of the drilling program and MRE update.