Kobada Gold Mine Secures US$208 Million to Finish Construction in Mali

Published on Jul 14, 2026

nathan

The Kobada Gold Mine in southern Mali has moved decisively toward first production after developer Toubani Resources executed binding documentation for a US$208 million funding package to finish building the operation. Toubani Resources, an ASX listed gold developer, structured the package as a US$160 million gold stream from major shareholder Eagle Eye Asset Holdings and a fully underwritten US$48 million equity raising, giving the company the funding certainty it needs to hold an accelerated build schedule. Managing Director Phil Russo described the combination of gold stream and strategic equity as the financing mix required to deliver Kobada on time. The project sits within the prolific Birimian greenstone belt near Bamako and is designed as a low cost, long life oxide gold operation processing around 6 million tonnes of ore a year. According to the 2024 definitive feasibility study covered by, Kobada will produce an average of 162,000 ounces of gold a year over an initial 9.2 year mine life, drawing on ore reserves of 1.56 million ounces and a broader resource base of 2.2 million ounces. First drawdown of the gold stream is expected in the third quarter of 2026, with first gold targeted for the third quarter of 2027. More than 60 percent of capital costs are already committed and over 500 personnel are on site, sharply reducing the schedule risk that often stalls African gold builds.

Kobada Gold Mine Funding Reflects a Wider West African Gold Push

The scale of the Kobada Gold Mine financing says as much about the current gold market as it does about the deposit itself. With bullion trading near record highs, developers across the continent are locking in capital to bring new ounces to market quickly, and streaming deals have become a favoured tool because they defer heavy interest costs during construction. The Eagle Eye Asset arrangement entitles the financier to 11.1 percent of Kobada production priced at 20 percent of the prevailing spot gold price, while Toubani keeps a buyback right over up to 75 percent of the stream within two years of commissioning. That structure mirrors a wave of African gold projects racing toward production on comparable timelines. In Tanzania, Perseus Mining reached a final investment decision on the Nyanzaga Gold Project, committing about US$523 million to build a mine that targets first gold in the first quarter of 2027 and average annual output above 200,000 ounces. Nyanzaga carries a larger capital bill and a bigger production profile than Kobada, yet both projects share the same investment thesis, that near term open pit gold in workable jurisdictions offers strong margins at today’s prices. Kobada’s advantage lies in its comparatively modest capital requirement and its shallow oxide ore, which is cheaper to dig and process than the deeper hard rock deposits common elsewhere in the region.

Kobada Gold Mine Timeline and What Comes Next

Construction at Kobada began in March 2026 after Toubani’s board took a final investment decision, and the new funding package is intended to carry the build through to completion without a financing gap. Ausenco Services holds the engineering, procurement and construction management mandate for the processing plant, having placed long lead equipment orders and started detailed design work. The immediate milestones are the first gold stream drawdown in the third quarter of 2026 and the ramp toward first gold twelve months later. Toubani is also progressing a term sheet for a senior secured facility of up to US$40 million led by AFG Bank, which would add balance sheet flexibility, though the company has chosen not to pursue an earlier senior debt option for now. Risks remain. Mali’s operating environment has drawn attention over fuel supply and security concerns around Bamako, and Toubani must still finalise its investment framework with the State of Mali and complete a resettlement action plan tied to the 2024 study. On the economics, the feasibility study points to a pretax net present value of US$870 million and an internal rate of return of 72 percent, with payback inside fifteen months, figures that explain why shareholders backed the raise.

Project Fact Sheet

• Project Name: Kobada Gold Mine (Kobada Gold Project)
• Location: Southern Mali, near Bamako within the Birimian greenstone belt
• Project Value: Initial development capital estimated at US$216 million in the 2024 definitive feasibility study, funded through a US$208 million binding package
• Client and Owner: Toubani Resources (ASX:TRE)
• EPCM Contractor: Ausenco Services Pty Ltd
• Key Components: Open pit mine along a 4.5 km strike, a 6 million tonne per year oxide processing plant, tailings storage facility and site infrastructure
• Resource and Reserves: 2.2 million ounce mineral resource and 1.56 million ounce ore reserve
• Planned Production: 162,000 ounces a year over 9.2 years, roughly 1.49 million ounces in total
• Procurement Model: EPCM delivery alongside an owner’s team, financed by a gold stream and equity raising
• Construction Start: March 2026
• Expected First Gold: Third quarter of 2027
• Strategic Impact: Positions Toubani Resources as one of West Africa’s next gold producers

Project Team

• Client and Developer: Toubani Resources
• EPCM Contractor: Ausenco Services Pty Ltd
• Gold Stream Financier and Major Shareholder: Eagle Eye Asset Holdings
• Senior Secured Facility Lead: AFG Bank (term sheet for up to US$40 million)
• Equity Lead Manager and Underwriter: Canaccord Genuity Australia
• Additional Equity Managers: Sternship Advisors and Wallabi Group
• Host Government and Regulator: State of Mali

Frequently Asked Questions

How much is the Kobada Gold Mine funding package worth? The Kobada Gold Mine funding package is worth US$208 million, made up of a US$160 million gold stream and a fully underwritten US$48 million equity raising from Eagle Eye Asset Holdings.

Where is the Kobada Gold Mine located? The Kobada Gold Mine is in southern Mali, near Bamako, within the Birimian greenstone belt that hosts many of West Africa’s major gold deposits.

When will the Kobada Gold Mine produce first gold? First gold at the Kobada Gold Mine is targeted for the third quarter of 2027, following the first gold stream drawdown expected in the third quarter of 2026.

Who is building the Kobada Gold Mine? The Kobada Gold Mine is owned by Toubani Resources, with Ausenco Services appointed as the engineering, procurement and construction management contractor for the processing plant.

How much gold will the Kobada Gold Mine produce? The Kobada Gold Mine is designed to produce an average of 162,000 ounces a year over a 9.2 year mine life, roughly 1.49 million ounces in total.