Toubani Resources Limited announced 2024 Mineral Resource Estimate (MRE) for the Kobada Gold Project, located in southern Mali, following the success of a recent resource definition drilling campaign. HIGHLIGHTS: Kobada on track to become the next open pit gold development asset of significance in West Africa. Shallow, free dig oxide resources classified as Indicated have increased 44% to 1.4Moz of contained gold (49Mt at 0.88g/t gold).

Grade of Indicated resources has increased by 10% to 0.87g/t gold. Higher-confidence Indicated ounces now total a significant 2.0Moz (71Mt at 0.87g/t gold), an increase of 30% versus the 2023 MRE. Over 80% of the oxide Inferred resources targeted in the resource definition drill program have converted to Indicated, exceeding the Company's expectations.

Increase in Indicated tonnage, ounces and grade anticipated to improve study results 2024 MRE completed by respected consultants Entech Pty Ltd. 2024 MRE marks completion of key milestone in Toubani's development of a bulk tonnage, low cost oxide-dominant project with key consultants Lycopodium, Orelogy and Knight Piesold well advanced in DFS Update activities. Significant opportunity for future growth in Mineral Resources to be pursued, targeting: Mineralisation falling outside the MRE, especially at depth. Satellite deposits not included in this MRE such as Kobada West and Gosso.

Significant exploration upside remains outside of known targets with approximately 40km of the +50km regional-scale shear zones yet to be drill tested. The Mineral Resource Estimate (MRE) for the Kobada Gold Project stands at 78 million tonnes at 0.88g/t for 2.2 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), (save for the Kobada South East Prospect as detailed below).

Cross sections and plans illustrating the Mineral Resource. The focus of the 2024 resource definition drilling program, and consequently the focus of the MRE update, was to achieve data spacing and geological confidence within the thick oxide profile at Kobada (which extends 70 - 100m below surface) such that a larger proportion of this material could be classified in the higher confidence Indicated classification. The presence of almost 50 million tonnes of oxide material in this category is indicative of the well drilled nature of the oxide mineralisation.

The increased confidence level within the MRE is expected to lower the technical risk for the proposed initial phase of the Kobada Gold Project which will comprise a bulk tonnage oxide mining and processing operation. In addition, the improvement in estimated grade for both the oxide and fresh rock Indicated material as a result of increased data is anticipated to improve the results of the forthcoming DFS Update. The 2024 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 valid drillhole data as detailed below, including data from Toubani's recently completed infill drilling program, which was compiled into a relational database by external database consultants Geobase Australia. Interpretations were based on discrete modelling of mineralisation above >0.2-0.3 g/t with confidence in continuity of mineralisation based on geological and assay data and cross-referenced with available core photography and structural orientations. 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.

This gold price was kept constant from the 2023 MRE with the impact of the increase in spot gold price over recent months to be analysed as part of the DFS Update. The Kobada South-East Prospect, being Inferred, was reported above previously disclosed cut-off grades. Mineralisation within the model which did not satisfy the criteria for Mineral Resources remained unclassified.

Comparison to 2023 Mineral Resource Estimate: The Mineral Resource Estimate for the Kobada Deposit has been revised using an additional 120 drillholes completed by Toubani in 2024 as well as data from 39 drill holes drilled in 2020 which were not available in 2023. shows drilling used in the 2023 MRE and the 2024 MRE. The additional data has resulted in changes to the weathering surfaces (specifically delineation of oxide vs fresh material) and has resulted in a global increase in grade as a result of infill drilling as well as conversion of Inferred to Indicated material due to increased data density and improved geological confidence.

In the oxide component of the resource estimate, the global MRE does not differ significantly from the previous resource estimate with changes arising solely from the conversion of material previously classified as Inferred to Indicated. Some minor differences arise in the fresh rock component within the MRE due to the focus of the 2024 resource delineation drilling on oxide mineralisation. Where drilling did intersect fresh rock mineralisation it was not targeted at higher grade zones and several times did not completely intersect the entire zone of mineralisation, with a number of holes ending in mineralisation.

Historic drilling results in fresh rock at Kobada include: 9m at 21.0g/t from 114m (KBRC12-066); 3m at 33.9g/t from 135m (KBRC12-066); 32.4m at 1.70g/t from 246.3m (KB07-67); and 8.5m at 6.40g/t from 112m (KB07-78). These results demonstrate the presence of potentially economic mineralisation in the fresh rock at Kobada, representing another opportunity to increase the resource base. Following the completion of the DFS Update the Company intends to carry out targeted exploration drilling to test extensions to mineralisation down dip and down plunge as well as upgrade mineralisation which falls outside the RPEEE shell and therefore is currently not reported in the MRE.