TOUBANI RESOURCES LIMITED — Investor Presentation 2025

Jan 27, 2025

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Investor Presentation

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Partnering with our Stakeholders to unlock Kobada
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JANUARY 2025 | ASX:TRE

www.toubaniresources.com

1

Disclaimer

This Presentation is dated 28 January 2025 and has been prepared by Toubani Resources Limited (“TRE” or the “Company”).

The following notices and disclaimers apply to this Presentation and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this Presentation. This Presentation has been authorised for release to the Australian Securities Exchange ("ASX") by the Board of Directors of TRE (“Board”).

This Presentation contains general and background information about TRE’s activities current at the date of this Presentation (unless otherwise indicated). The information in this Presentation is in summary form and does not purport to be complete nor does it contain all the information in relation to TRE. It should be read in conjunction with TRE's other periodic and continuous disclosure announcements lodged with the ASX at www.asx.com.au.

While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, o ffi cers, agents, employees, consultants or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability, completeness or suitability of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed.

Accordingly, to the maximum extent permitted by law, neither the Company nor any of its shareholders, directors, o ffi cers, agents, employees, consultants or advisers, take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising or out of or in connection with the use of this Presentation. Each party to whom this Presentation is made available must make its own independent assessment of the Company and the Presentation after making such investigations and taking such advice as may be deemed necessary. Any reliance placed on the Presentation is strictly at the risk of such person relying on such Presentation.

This Presentation may contain forward-looking statements regarding the Company and its subsidiaries (including its projects). Forward-looking statements may in some cases be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. These forward-looking statements are only predictions. Actual events or results may differ materially, and a number of factors may cause our actual results to differ materially from any such statement. Such factors include among others general market conditions, demand for our products, development in reserves and resources, unpredictable changes in regulations affecting our markets, market acceptance of products and such other factors that may be relevant from time to time.

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This Presentation contains certain financial measures relating to the Company's definitive feasibility study dated 31 October 2024 (DFS) outcomes that are not recognised under International Financial Reporting Standards (IFRS). Although TRE believes these measures provide useful information about the financial forecasts derived from the DFS, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way TRE calculates these measures may not be comparable to similarly titled measures used by other companies. You should therefore not place undue reliance on these measures.

Although we believe that the expectations and assumptions in the statements are reasonable, any person relying on such Information and Presentation are cautioned that we cannot guarantee future results, levels of activity, performance or achievement. In preparing this Presentation and except as required by law, we do not undertake or agree to any obligation or responsibility to provide the recipient with access to any additional information or to update this Presentation or Information or to correct any inaccuracies in, or omission from this Presentation or to update publicly any forward-looking statements for any reason after the date of this Presentation to conform these statements to actual results or to changes in our expectations.

This Presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and its subsidiaries and nothing contained herein shall form the basis of any contract or commitment whatsoever. The distribution of this Presentation in or to persons subject to certain jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

The past performance and position of TRE included in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of TRE's views on its future performance or condition. Past performance of TRE cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of TRE, including future share price performance. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future.

The information contained in this Presentation, including information provided by third parties, has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or timeliness of the information or opinions expressed herein. Similarly, certain graphics contained in this Presentation have been provided by third parties and no reliance should be placed on such graphics being representations of the Company and its projects.

All financial information in this presentation is in United States dollars unless otherwise stated.

The Competent Person Statement is included on slide 33.

Forward‐looking statements include, but are not limited to, statements concerning TRE's planned exploration and development program(s), financial forecast information, other results and assumptions of the studies, the Production Targets, Mineral Resources and Ore Reserve estimates in this Presentation and other statements that are not historical facts. These statements are based on various assumptions made by the Company. Such assumptions are subject to factors which are beyond our control and which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements.

Neither TRE, its officers nor any other person gives any warranty, representation, assurance or guarantee that the events or other matters expressed or implied in this Presentation (including the forward-looking statements) will actually occur. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements.

Any forward-looking statement in this Presentation is given as at the date of this Presentation. TRE does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based.

www.toubaniresources.com

2

Kobada Ticks All of the Boxes

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Attractive platform to pursue company growth and outsized returns for our stakeholders

Initial Development Avg Gold Low Average Annual Capex of Production AISC of Operating Cash Flow US$216m 162koz US$1,004/oz US$158m

Pre-tax & Post-tax Pre-tax & Post-tax Post-tax NPV8 of IRR of Payback of US$870m & 72% and 1.5 years US$635m 58%

1.25 years at US$2,600/oz (From First Gold Production)

@US$2,200/oz

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Cumulative Post-tax Cash Flow (US$m)
1,800
1,500
1,200
900
600
300
-
Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
-300
US$1,800/oz US$2,200/oz US$2,600/oz
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Kobada DFS highlights exceptional economic leverage in a rising gold price environment

www.toubaniresources.com

3

Note: Kobada DFS outcomes have been presented on a 100% project basis

Engaging to Advance Mali’s Resources Sector

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Recent agreements in Mali demonstrate how the sector is adapting to the new investment framework

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3 Sep 2024 Allied Gold announces settlement of terms of a Definitive Protocol Agreement with the Government of Mali with subsequent Council of Ministers approval obtained Allied Gold announced it is in discussions with SOREM (Mali state-owned mining company) to pursue 22 Jan 2025 potential mining opportunities in the vicinity of Sadiola and other highly prolific areas in Mali B2Gold reaches agreement on terms with Mali Government relating to the framework for the 11 Sep 2024 Fekola Complex with subsequent Council of Ministers approval obtained Robex signs agreement with Mali Government for the Nampala Gold Mine with subsequent 16 Sep 2024 Council of Ministers approval 17 Oct 2024 Divesture of Yatela mine approved by Mali after being on care and maintenance since 2013 Kodal confirm the transfer of its mining license and investment framework for the Bougouni 1 Nov 2024 lithium project Resolute settles all outstanding liabilities with the Government of Mali and signs protocol to 29 Nov 2024 migrate Malian assets to the 2023 Mining Code 15 Dec 2024 Gangfeng Minerals held an opening ceremony for the Goulamina lithium mine

Hummingbird Resources reached agreement on the application of the 2023 Mining Code 15 Jan 2025 for the Yanfolila mine

Toubani finalizing its investment framework with Mali to secure the long-term future of the In progress Kobada Project - approaching discussions on a “partnership” basis

Further recent commentary points to ongoing deployment of significant growth and sustaining capital

Kobada has the potential to be a top 5 producing gold mine in Mali once built

www.toubaniresources.com

4

Methodically Surfacing the Fundamental Value of Kobada Following a proven pathway for long-term success as shifting risk profiles present compelling opportunities for investors

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$0.40 4.0
May/ June:
$0.35 Further high 31 Oct : Toubani 3.5
grade results at delivers highly
Kobada attractive Kobada
DFS
$0.30 2 July: Toubani releases 3.0
2024 MRE for Kobada –
2.2Moz oxide dominant
25 Mar : Toubani
intersects 71m at resource
1.86g/t gold as part 26 Nov : Toubani
of resource definition 3 July: Implementation appoints Endeavour
$0.25 drilling at Kobada Decree of Mali’s 2023 Financial to lead 2.5
Mining Code was project financing of
adopted by the Kobada
8 Jan : Toubani Council of Ministers
Resources 26 Apr : $ 4m
placement to deliver
$0.20 registered as an Kobada DFS 2.0
Australian
(A$0.115/sh)
Company
21 Aug : $ 10m
$0.15 placement to Nov- Jan: 1.5
advance Kobada
Emergence of other
(A$0.17/sh)
company-specific
issues in Mali
$0.10 1.0
$0.05 0.5
$0.00 0.0
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25
Volume (m) TRE Share Price (A$/sh)
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www.toubaniresources.com

5

Corporate Overview

Capital Structure

Basic Shares Outstanding 229.0M

Fully Diluted 260.5M

Share Price As of 24 January 2025 A$0.140

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Shareholder Structure

Institutional Management & Investors Directors >50.0% 4.2%

Substantial Holders

Options/Perf Rights Cash as at 31 Dec 24 Strike Price: A$0.23 – A$0.95 A$8.5M 31.5M

Market Capitalisation As of 24 January 2025 A$32.1M

Depth of institutional shareholders significantly expanded over the past 12 months

www.toubaniresources.com

6

Experience in Funding & Developing Mines

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Board of Directors

Senior Management

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Phil Russo | Managing Director

• Over 20 years experience in corporate, project development and capital markets • Executive roles at Barrick Gold, Dacian Gold and Perseus Mining, and US investment bank

• Mineral Economics, MBA

Scott Perry | Non-Executive Chairman

• Over 25 years of international senior executive experience with a track record in corporate transactions, project financing and development

• CEO & Director of Centerra Gold and AuRico Gold and Barrick Gold executive

• • Former Director of the World Gold Council

• Overseen several multi-billion dollar mergers and acquisitions

Matt Wilcox | Non-Executive Director

• Over 25 years of experience in designing, constructing and operating mines across West Africa

• • Former CEO of Tietto Minerals Limited, recently acquired by Zhaojin for A$750m

• Led the construction of West African Resources Sanbrado Gold Mine, Nord Gold’s 4Mtpa Bissa Gold Project,8Mtpa Bouly Gold Project & 12Mtpa Gross Gold Project • General Manager for the 6Mtpa Lefa Gold Project in Guinea

Danny Callow | Non-Executive Director

• Over 25 years of experience in building and operating mines in Africa

• Chief Executive Officer / Head of African Copper Operations for Glencore PLC., Katanga Mining Limited and Mopani Copper Mines PLC

• Overseen more than $2.5b in mining projects from conception to full production

• • Mining Engineer, MBA

Mike Nelson | Non-Executive Director

• Over 30 years of experience in senior technical roles in major gold operations including the development of international gold and copper projects

• • Former studies and project director for Barrick Gold, Gold Fields and Teck Resources • Oversaw Gold Fields’ global project portfolio

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Mohamed Diarra | Executive General Manager – West Africa

Former Mali Country Manager for B2Gold, leading all in-country activities in the development of the US$600m Fekola mine

Successfully led negotiations of all agreements with the State of Mali, including obtaining construction and operating permits Led village resettlement at Fekola as well as environmental and social activities

Former Senior Advisor in the Mali Ministry of Mines Masters in Mineral & Energy Economics at Curtin University

Bill Oliver | Enhance & Derisk Lead – Project Readiness

25 years of experience in the international resources industry working for both major and junior companies

Most recent experience in the development of African projects including the Konongo Gold Project in Ghana, and the delineation of over 3.5Moz at the Morila gold mine in Mali

Geologist

Kerry Griffin | Growth Lead – Exploration & Resource Development

Geologist with over 27 years experience in Australia, Africa, South/Central America, Central and SE Asia in various senior and management positions

Experience in mining, geology, mine development and management, designing and managing large scale exploration and resource drilling programs, with significant expertise in resource modelling and estimation

Aaron Gates | Chief Financial Officer & Company Secretary

several public listed companies

Prior to working for public listed companies, worked in public practice in audit and corporate finance roles

Dhanu Anandarasa | General Manager - Business Development

15 years of business development and financial analysis experience

Extensive exposure to gold and specific experience working on African mining assets, including in Mali Chartered Financial Analyst

www.toubaniresources.com DFS Team

7

Mature, Long Established Mining Industry in Mali

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Economy's primary drivers are firmly supported by a robust mining sector and its associated industries

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Mature, well-developed mining jurisdiction with a long history of successful gold production

Government has stated ambition to develop its mining resources

Mining industry is one of the largest contributors to the country’s GDP

Major international companies active including Barrick, Allied Gold, B2Gold, Resolute and Gangfeng

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Mali is the 3rd largest gold producer in Africa and continues to increase output

Kobada is located in the Sikasso region in southern Mali, near the border with Guinea, 126km from Bamako

Southern Mali is a stable operating environment with the mining industry concentrated in the region

www.toubaniresources.com

8

Next Steps – Derisk Kobada

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Readying the Project for development with over US$1.2bln1 in direct future economic benefits for Mali

Key workstreams progressing or well advanced

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Mining Convention

• Kobada’s current Mining Convention is governed by the 2012 Mining Code

• Post DFS, in-country meetings were held between senior executives of Toubani and government officials on the Kobada Gold Project

• Finalisation of a MoU between the Government of Mali and Toubani advancing, setting the investment framework and securing the long-term future of the Kobada Gold Project

Environment, Permitting & Community Engagement

• Kobada has an Environmental and Social Impact Assessment (ESIA) permit approved in 2021 (for oxide phase)

• ESIA update and Resettlement Action Plan (RAP) underway based on the 2024 DFS

Debt Process Commenced

• Highly experienced African debt advisor, Endeavour Financial appointed to lead project financing workstream

• Preliminary debt sizing completed concurrently with ongoing MoU discussions with the Mali Government

• Low capital intensity and low-cost profile supports strong debt carrying capacity for Kobada

Kobada Gold Project will see significant investment in Mali, providing up to 1,500 jobs during construction and over 1,000 across the operational life of the Project, positively impacting local and regional communities

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www.toubaniresources.com

9

Note 1: At US$2,600/oz and before indirect multiplier benefits to the economy

Next Steps – Enhance Kobada

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Opportunities to improve Kobada and reduce capex and opex

Mining

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• Additional drill data from deeper drilling may increase fresh rock resources and result in an expansion of later pit stages

• Geotechnical studies to inform/refine pit wall design to further minimise strip ratio and reduce mining costs

• Optimise scheduling to meet processing schedule refinements (i.e. higher throughput, oxide/fresh blend)

Processing

• Confirmatory testwork to further validate rheology and hardness assumptions with potential for a less capital-intensive leaching circuit (i.e. smaller tanks)

Project Execution

• Identify areas of non-process related infrastructure where Toubani could self perform to reduce costs and improve timelines

• Current 19 months schedule to first gold pour is in line, or more conservative, versus recent successful mine builds in West Africa

www.toubaniresources.com

10

Next Steps – Grow Kobada

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Dual growth strategy includes walk-up oxide targets and depth extensions

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Kobada oxide targets
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Targeting significant free milling, fresh rock optionality at depth

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www.toubaniresources.com

11

Kobada Definitive Feasibility Study Delivered on Commitments

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RESOURCE UPGRADE

• Large oxide Mineral Resource

• • 90% of 2.2Moz MRE in Indicated classification

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COMPETITIVE AISC

• AISC of US$1,004/oz driven by low strip ratios, soft ore and simple processing

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RESERVE GROWTH

• 1.56Moz Ore Reserve based on a US$1,650/oz gold price

• • Strong Indicated resource to ORE conversion of 78%

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FRESH ROCK PHASE DEFERRED

• Growth capex deferred post project payback and debt service window

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STEP CHANGE IN PRODUCTION

• 162,000oz average annual gold production

• • First 7 years all high-margin oxide production

• • No Inferred material included in DFS mining schedules

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COMPELLING ECONOMICS

• Post-tax NPV8% of US$635m , Post-tax IRR of 57.5% and a rapid payback of 1.5 years at US$2,200/oz, positions Kobada with enormous optionality

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LOW CAPITAL INTENSITY

• Initial development capital of US$216m

• One of the lowest capital intensity projects in the sector, underpinned by one of the sector’s softest gold deposits

All the characteristics required to be the next gold mine in West Africa

www.toubaniresources.com

12

Note: Kobada DFS outcomes have been presented on a 100% project basis

90% of 2.2 Moz Resource in the Indicated Category

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Shallow and well drilled oxide-dominant open pittable Mineral Resource

• Kobada is a large, continuous deposit extending over 5km of strike

• Mineral Resource of 2.2Moz (Indicated and Inferred) defined within a 4.5km long open pit with close spaced surface drilling

• Kobada is predominantly oxide and remains open along strike in both directions, as well as at depth

Material	Indicated	Indicated	Indicated		Inferred	Inferred		Total
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)
Oxide	49	0.88	1.38	3	0.81	0.08	52	0.88	1.46
Fresh	22	0.84	0.60	4	1.10	0.13	26	0.88	0.73
Total	71	0.87	1.99	7	0.97	0.21	78	0.88	2.20

Note: Mineral Resources are inclusive of Ore Reserves.

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Refer to the Company’s announcement dated 2 July 2024 for further details including plans, cross sections and supporting information as prescribed by the JORC Code

www.toubaniresources.com

13

Significant Ore Reserve of 1.56Moz Underpins Long Mine Life

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Open pit extends for 4.4km with a maximum pit depth of 180m

• US$1,650/oz gold price and prevailing costs used in Ore Reserve estimation, reflecting the robustness of the Kobada deposit

• Ore Reserve of 1.56Moz represents ~78% overall conversion of Indicated Resources at Kobada

• Oxide represents 82% of Ore Reserve

• Only minor Inferred material falls within the DFS pit (0.05Mt) which has been treated as waste when scheduling

• Planned drilling at depth to support potential resource extensions and future mine expansion opportunities

Material		Proved			Probable	Probable		Total
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)
Oxide	-	-	-	44.3	0.88	1.26	44.3	0.88	1.26
Fresh	-	-	-	9.4	0.99	0.30	9.4	0.99	0.30
Total	-	-	-	53.8	0.90	1.56	53.8	0.90	1.56

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Refer to Company’s announcement dated 31 October 2024 for further details and supporting information as prescribed by the JORC Code

www.toubaniresources.com

14

Study Contributors – Leaders in Their Fields Best in class technical partners deliver robust Definitive Feasibility Study

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Study Manager
Ore Processing Mineral Tailings Storage Facility
Plant Design Resource & Site Water Mgmt.
Metallurgical Mining Study / Non-Process
Testwork Review Ore Reserve Infrastructure
Economic Environmental
Process Capital and
Analysis & Social
Operating Cost Estimates
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www.toubaniresources.com

15

Overview of Kobada Gold Project DFS Outcomes Technically simple project translates to compelling economic outcomes

	Kobada Gold Project - DFS Outcomes	Unit	Base Case
	Project Life	Years	9.2
	Mining Metrics
	Total Material Movement (TMM)	Mt	216.2
	Annual TMM (Average)	Mt	22.8
	Strip Ratio – Stage 1	Waste:Ore	1.8
	Strip Ratio – Total	Waste:Ore	3.0
	Processing Metrics
	Processing Rate – Oxide	Mtpa	6.0
	Processing Rate – Oxide / Fresh Blend	Mtpa	5.5
	Ore Tonnes Processed	Mt	53.8
	Head Grade (LOM)	g/t Au	0.90
	Recovery (LOM)	%	96.0%
	Total Gold Production	‘000 oz	1,494
	Average Annual Gold Production	‘000 oz	162
	Capital Expenditure
	Total Initial Development Capital	US$m	216
	Fresh Rock Growth Capex (Year 6 & 7)	US$m	70
	LOM Sustaining Capital (including rehabilitation and closure)	US$m	51
	Site Based Costs
	Mining – LOM Avg	US$/t mined	3.15
	Mining – 1st Seven Years (Oxide)	US$/t mined	2.93
	Processing – LOM Avg Oxide	US$/ t feed	7.67
	Processing – LOM Avg Fresh	US$/ t feed	11.28
	Site G&A	US$/ t feed	1.84
	Valuation
	Gold Price	US$/oz	2,200	2,600
	All-in-Sustaining Cost Post-tax NPV8% Post-tax IRR	US$/oz US$m %	1,004 635 57.5%	1,031 897 73.4%
	Post-tax Payback (from first gold production)	Years	1.50	1.25
	Average Annual OperatingCF	US$mpa	158	203

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Free-dig oxide material, no drill and blast, low strip ratio

Near surface, bulk open pit mining operation at high production rates

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Sector leading capex intensity drives rapid payback, with strong returns on invested capital

Soft rock and simple oxide flowsheet underpins low-cost profile

Compelling economic returns with significant leverage to rising gold prices

www.toubaniresources.com

16

Note: Kobada DFS outcomes have been presented on a 100% project basis

Mining Phases Staged to Optimise Cash Flow and Reduce Risk Phasing of pits focused on increasing early access to ore at low strip ratios

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• Strip ratio of 1.8:1 waste:ore in Stage 1

• • Low strip ratio in initial years in combination with strong grade profile sees rapid repayment of initial capital

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Kobada Open Pit Strip Ratio (W:O) vs Selected
West African Development Peer Projects
0 1 2 3 4 5 6
Koné 1.2
Kiaka 1.8
Kobada 3.0
Nyanzaga 3.7
Dugbe 4.2
Bankan 4.6
Twin Hills 4.6
Doropo 4.9
Kurmuk 5.3
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www.toubaniresources.com

Source: Company Reports, refer to Slides 29 & 30 for additional information

17

Kobada DFS Mining Schedule

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Non-selective, bulk mining strategy

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Total Material Movement
Mt W:O
35 15.0
30
12.0
25
9.0
20
15
6.0
10
3.0
5
- -
Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Oxide Ore Fresh Ore Waste Strip Ratio
Mt Ore Mined Profile g/t
10 1.40
1.16
1.20
8
0.94 0.93
0.89 0.86 0.83 0.83 0.90 0.89 1.00
6 0.73
0.80
0.60
4
0.40
2
0.20
- -
Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Oxide Ore Fresh Ore Mined Grade
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• LOM strip ratio of 3.0:1 (waste:ore)

• Stage 1 strip ratio of 1.8:1 (waste:ore)

• Predominantly free-dig material (no drill & blast)

• Average annual TMM of 22.8Mtpa peaking at ~30Mtpa

• Utilising 90t haul truck fleet

• Near surface ore profile means limited pre-strip required

• Consistent ore feed with minimal stockpile buildup over the LOM

www.toubaniresources.com

18

Oxide Gold Production For Longer

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162,000oz average annual production over an initial 9-year life of mine

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Mt Tonnes Processed Profile g/t
1.06 1.05 1.20
1.01 1.00
0.92
6.0 0.86 0.86 1.00
0.76 0.79
0.72
0.80
4.0
0.60
0.40
2.0
0.20
- -
Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Oxide Ore Fresh Ore Grade Processed
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Koz Gold Production Profile
200
150
100 197
170
159 133 160 142 187
50 169
81
96
-
Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10
Gold Recovered (Oxide) Gold Recovered (Fresh)
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• Processing rate of 6.0 Mtpa for oxide only years

• Oxide / fresh blended processing rate of 5.5 Mtpa

• • Average LOM head grade of 0.90 g/t

• Fresh rock processing deferred at an average grade of 0.99 g/t

• Cumulative LOM gold production of 1.5Moz

• Average annual gold production of 162,000oz

• Fresh rock growth capital of US$70m across years 6 & 7

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Kobada Joins the +150,000ozpa Development Assets Tier

Kobada DFS delivers a step change in project profile and increased regional significance

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Gold Production vs AISC, Kobada vs Selected
Koz West African Gold Development Peer Projects US$/oz
300 1,400
1,200
250
1,000
200
800
150
600
100
400
50
200
269 234 234 223 200 172 167 162 162
0 0
Bankan Kiaka Nyanzaga Koné Kurmuk Dugbe Doropo Twin Hills Kobada
Average Annual Gold Production (koz) AISC (US$/oz)
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~~Source: Company Reports, refer to Slides 29 & 30 for additional information~~ Note: All projects shown on a 100% basis

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Kobada is a Compelling Low-Cost Asset

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Competitive costs are driven by Kobada’s unique soft rock characteristic

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BWi (kWh / t)
0 5 10 15 20 25 30
Kobada Oxide 3.7
Koné 10.7
Kurmuk 13.2
Twin Hills 13.3
Kobada Fresh 14.8
Doropo 18.5
Dugbe 22.0
Bankan 24.3
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	All - in - Sustaining Costs	US$m LOM	US$/oz	US$/ tonne processed
	Mining	680	456	12.6
	Processing	447	299	8.3
	Site G&A	99	66	1.8
	Gold Refining Charges, Transport & Insurance	6	4	0.1
	C1 Cash Cost	1,232	825	22.9
	Royalties & Other Fees	217	145	4.0
	Sustaining Capital (Inc. Rehabilitation & Closure)	51	34	1.0
	All-In-Sustaining Cost	1,499	1,004	27.9

Oxide cost underpins strong operating and economic profile

• LOM average oxide processing cost of US$7.67/t ore

• First 7 years average mining cost of US$2.93/t mined

• Sustaining capital includes staged tailings storage lifts, progressive rehabilitation and a closure cost estimate of ~ US$24m

Note: BWi presented for Kurmuk represents the midpoint of oxide and fresh material (ranging from 11.5- 14.8 kWh/t Note: Feasibility Study communition test work for Dugbe discloses a bond work index ranging from 20-24 kWh/t

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Note: Kobada DFS outcomes have been presented on a 100% project basis

Kobada is a Simple, Conventional Oxide Process Flow Sheet Free-milling with high recoveries of 96% in oxide material

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KOBADA HAUL TO MINERAL GRAVITY INTENSIVE CYANIDE LEACH
OPEN PIT PLANT SIZER BALL MILL CYCLONES CONCENTRATOR LEACH & ADSORPTION
ELUTION TAILINGS
Soft, free-milling CIRCUIT ACID STORAGE
ore requires WASH
COLUMN
minimal crushing ELUTION
and grinding, COLUMN
benefitting capex ELECTROWINNING 1
and opex ELECTROWINNING 2
FILTER DRYING SMELTING GOLD
OVEN FURNACE DORE
GOLD ROOM
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Low Initial Development Capital Requirement

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Robust capital estimate comparable with recent successful West African mine builds of similar scale

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Initial Development Capital	US$m
Construction Distributables	32.8
Treatment Plant Costs	60.4
Reagents & Plant Services	19.4
Non-Process Infrastructure & TSF	42.9
Management Costs	18.2
Owners’ Project Costs	26.0
Mining Establishment	8.3
Preproduction Mining	8.0
Total Initial Development Capital (including contingency)	216

• Total contingency of US$17.8m included in initial development capital estimate of US$216m

• Treatment plant costs of US$60.4m include earthworks, primary crushing, milling, thickening, leaching, elution & gold room and tails handling

• Non-process infrastructure capital includes US$20.5m for Tailings Storage Facility construction and US$6.6m for public roads and associated regional infrastructure

• Owners’ project costs include an allowance for community consultation and compensation, as well as various local initiatives including improvements to fresh drinking water access

• Execution strategy assumes EPCM management of both processing and non-processing infrastructure

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Industry Leading Capital Intensity

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Relatively low funding hurdle with strong returns on invested capital

Kobada Capital Development Profile vs Selected West African Gold Development Peer Projects

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800
712
700
600
500 447 456 446 474
435
400 365 373
300
216
200
119
100 65 73 83 87 93 101
51
36
0
Kobada Kiaka Koné Twin Hills Bankan Dugbe Doropo Kurmuk Nyanzaga
Development Capex (US$m) Capex Intensity (US$/tpa)
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Lowest capital cost for +150,000ozpa development assets

Kobada’s soft rock characteristic drives a simple flowsheet, reduced crushing and grinding, leading to a lower upfront capital requirement

Note: Preproduction Mining Fleet Capex has been excluded from the analysis of peers, in order to compare Kobada on a like for like basis Note: All projects presented on a 100% basis

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Source: Company Reports, refer to Slides 29 & 30 for additional details

Robust Economics Across Various Scenarios

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Sensitivity analysis highlights the resilience of the Kobada Gold Project

• Kobada can withstand significant unfavourable movements in macroeconomic and technical variables

• Highly levered to the gold price while remaining robust in much lower gold price environments than today

• Strength of the Kobada Gold Project DFS and its associated economics has positioned the Company favourably to formalise its investment framework

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Sensitivity Analysis - Post Tax NPV (US$m)
- 200 400 600 800 1,000 1,200
Gold Price (+/-20%)
Grade (+/-10%)
Discount rate (5%-11%)
Mining Cost (+/-20%)
Royalty (+6.5%)
Development Capex (+/-20%)
Gold Recovery (+/-3% abs)
Processing Cost (+/-20%)
Diesel (+/- 20%)
Power Cost (+-20%)
Sustaining Capex (+/-20%)
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Note: Kobada DFS outcomes have been presented on a 100% project basis

Next Steps – Grow Kobada

Pursuing additional oxides to increase production and optimise oxide/fresh blend

Dual growth strategy includes walk-up oxide targets and depth extensions

• Enables high margin oxide ounces to supplement base load throughput for potential increases in gold production in initial years

• Nearby oxide growth allows for opportunity to defer higher strip Stages 2 and 3

• Provides additional feed when Kobada moves into fresh rock mining and processing

• 2023 drill program successfully extended strike extent of Kobada from 5km to 11km and defined new areas of gold mineralisation outside the current mineral resource estimate

• Priority drilling will test:

• Walk up drill targets across the broader Kobada Project to be developed systematically over next phase of exploration

• Numerous extensions to mineralisation delineated in 2023 drilling to be followed up in upcoming drill program

• Significant exploration upside remains with approximately 40km of the 50km of regional-scale shear zones yet to be drill tested

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Note: Refer to the Company’s announcement dated 19 July 2023.

Next Steps – Grow Kobada

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Untapped potential below the current Mineral Resource

Targeting significant free milling, fresh rock optionality at depth

• Historic drilling results in fresh rock at Kobada include[1] :

  • 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)

  • 8.5m at 6.40g/t from 112m (KB07-78)

• 0.7Moz of fresh rock material in MRE with mineralisation open at depth

• Limited historical drilling extended into fresh rock with most drilling stopping after the oxide-fresh rock contact

• A number of 2024 resource definition drillholes also stopped in mineralisation due to oxide focus (example KBRC24_056 - RHS image)

• Down dip and down plunge extensions to mineralisation have never been systematically targeted

• Updated geological interpretation completed for the 2024 MRE will enable the targeting of interpreted extensions to mineralisation at depth

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Note:[1] Refer to the Company’s announcement dated 31 May 2023.

Growth – Fresh Rock Opportunity Below Current MRE

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Kobada deposit is open at depth

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Drilling program targeting high priority depth extensions

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Note: Refer to the Company’s announcements dated 25 March, 11 April, 22 April, 22 May 2024.

Set to Rapidly Advance and Unlock Fundamental Value Kobada is an attractive asset today, but can be even better tomorrow

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Well funded towards achieving Shovel-Ready status in 2025

2024

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Positioned for
Success
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H1 2025
Enhance Grow Derisk
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2026
Path to
Production
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H2 2025 Development Ready - Final Investment Decision

Note: The timeline presented is subject to assumptions and risk factors, such as funding, approvals and permitting

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ASX: TRE
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Additional information

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Kobada Resources & Reserves

Mineral Resource Estimate

Material		Indicated	Indicated	Indicated		Inferred	Inferred		Total
		Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)
	Laterite	2	0.80	0.04	0.3	0.59	0.01	2	0.77	0.05
Oxide	Saprolite	38	0.88	1.08	2	0.78	0.06	41	0.87	1.14
	Transitional	9	0.89	0.26	0.3	1.29	0.01	9	0.91	0.27
Fresh	Fresh	22	0.84	0.60	4	1.10	0.13	26	0.88	0.73
Total	Total	71	0.87	1.99	7	0.97	0.21	78	0.88	2.20

Notes:

1. Tonnages are dry metric tonnes.

2. Minor discrepancies may occur due to rounding.

3. Oxide resources quoted above 0.25g/t.

4. Fresh rock resources quoted above 0.30g/t.

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Ore Reserve Estimate

Material			Proved			Probable	Probable		Total
		Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)	(Mt)	(g/t)	(Moz)
	Laterite	-	-	-	1.6	0.83	0.04	1.6	0.83	0.04
Oxide	Saprolite	-	-	-	36.2	0.87	1.01	36.2	0.87	1.01
	Transitional	-	-	-	6.5	0.96	0.20	6.5	0.96	0.20
Fresh	Fresh	-	-	-	9.4	0.99	0.30	9.4	0.99	0.30
Total	Total	-	-	-	53.8	0.90	1.56	53.8	0.90	1.56

Notes:

1. Oxide reserves quoted above 0.29g/t.

2. Fresh rock reserves quoted above 0.37g/t.

3. Tonnages are dry metric tonnes.

4. Minor discrepancies may occur due to rounding.

5. The Ore Reserve classification follows JORC Code (2012) guidelines, with all ore in the Probable category.

6. These Reserves are derived from Indicated Mineral Resources.

7. Ore Reserves have been optimised at a US$1,650/oz gold price.

8. The Ore Reserves above, with a defined cut-off, is delivered to the site processing plant as the study prescribes.

9. Modifying factors applied are summarised in Appendix 1– JORC Code 2012 Edition – Table 1 included in the ASX announcement released on 31 October 2024.

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African Gold Development Peers Kobada ascends to the big leagues

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Project		Doropo	Kiaka	Bankan	Koné	Twin Hills	Kurmuk	Nyanzaga	Dugbe	Kobada
Stage		FS July'24	FS July'24	PFS - Apr’24	Updated FS - Jan'24	DFS - Jun'23	FS Dec'22	DFS Aug'22	FS Jun'22	DFS Oct’24
Mine method	OP/UG	OP	OP	OP/UG	OP	OP	OP	OP/UG	OP	OP
LOM	Yrs	10	19.5	12	16	13	12	10.7	14	9.2
Open Pit Strip Ratio	Waste:Ore	4.9	1.8	4.6	1.2	4.6	5.3	3.7	4.2	3.0
Throughput	Mtpa	4.0	8.8	5.5	11.0	5.0	4.4	4.0	5.0	6.0
LOM Processing Head Grade	g/t	1.5	1.8	1.8	0.7	1.0	1.5	2.1	1.3	0.9
Production LOM (avg)	koz	167	234	269	223	162	200	234	172	162
AISC	US$/oz	1,047	1,196	1,131	998	1,011	856	954	1,005	1,004
Development Capex	US$m	373	447	456	712	365	499	474	435	216
Capital Intensity	US$/tpa	93	51	83	65	73	113	119	87	36
MRE Contained Gold	Moz	3.4	7.9	5.4	5.3	3.2	3.4	3.3	4.0	2.2
MRE Grade	g/t	1.3	0.9	1.7	0.6	1.1	1.7	3.4	1.3	0.9
ORE Contained Gold	Moz	1.9	4.8	3.0	4.0	2.2	2.7	2.6	2.8	1.6
ORE Grade	g/t	1.5	0.9	1.6	0.7	1.0	1.4	2.0	1.3	0.9
Oxide or Fresh	Comment	Majority Fresh	Majority Fresh	Majority Fresh	Majority Fresh	Majority Fresh	Majority Fresh	Majority Fresh	Majority Fresh	Majority Oxide
BWi	kWh / t	18.4	N/A	24.3	10.7	12.3	13	N /A	22	3.7
LOM recoveries	%	89%	90%	92%	89%	92%	Bamako 92%	88%	83%	96%
Pre-tax NPV	US$m	568	1,675	998	1,437	742	N/A	926	690	870
Pre-tax IRR	%	40%	33%	31%	35%	34%	N/A	31%	26%	72%
Post-tax NPV	US$m	426	1,183	668	1,089	480	548	618	524	635
Post-tax IRR	%	34%	27%	25%	31%	28%	25%	25%	24%	58%
Payback (Post-tax)	Yrs	2.1	3.1	3.5	2.6	2.2	2.8	3.7	3.3	1.5
Gold Price	US$/oz	US$1,900/oz	US$2,100/oz	US$1,800/oz	US$1,850/oz	US$1,750/oz	US$1,571	US$1,750/oz	US$1,700/oz	US$2,200/oz
Discount Rate	%	8%	5%	5%	5%	5%	5%	5%	5%	8%

Note: Kurmuk Gold Project Resource and Reserve has been sourced from the Allied Gold Corporation website and is effective as at 31 December 2023 Note: Kurmuk AISC has been calculated by Toubani based on cash flows presented in the source study document

Source: Company Reports, refer to Slide 34. All projects shown on a 100% basis.

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Competent Person Statement

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The information in this announcement that relates to Exploration Results from the Kobada Gold Project is extracted from the Company’s ASX announcements dated 17 May 2023, 26 April 2023, 11 April 2023, 8 March 2023, 19 July 2023, 25 March 2024, 11 April 2024, 22 April 2024, 22 May 2024 and 17 June 2024 (ASX Announcements) which are available on the ASX announcements platform. Information on historical exploration results is contained in an ASX release dated 31 May 2023.

Information on the current Mineral Resource Estimate for the Kobada Gold Project presented in this announcement is extracted from the Company's ASX release dated 2 July 2024 and was reviewed and compiled by Mr. Kerry Griffin. Mr Griffin is a consultant to the Company, option and performance rights holder of Toubani Resources Ltd, a Member of the Australian Institute of Geoscientists, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.

Information on the current Ore Reserve Estimate for the Kobada Gold Project presented in this announcement is extracted from the Company's ASX release dated 31 October 2024 and was reviewed and compiled by Mr David Clark, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Clark is a consultant to the Company and has sufficient experience which is relevant to the style and mineralisation of the deposit under consideration and to the activity being undertaken to quality as a Competent Person as defined in the 2012 Edition of the JORC Code.

The Company confirms that:

• it is not aware of any new information or data that materially affects the information included in the ASX Announcements;

• all material assumptions and technical parameters included in the ASX Announcements continue to apply and have not materially changed; and

• the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the ASX Announcements.

The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant market announcements, that all material assumptions and technical parameters underpinning the Mineral Resource estimate in the 2 July 2024 market announcement and the Ore Reserve estimate in the 31 October 2024 announcement continue to apply and have not materially changed and that the form and context in which the Competent persons findings are presented have not been materially modified from the original announcements.

The information in this announcement regarding Production Targets and financial forecasts (derived from the Production Targets) in relation to the Kobada Gold Project is extracted from the Company's ASX release entitled “Toubani Announces Positive Definitive Feasibility Study Confirming Kobada as a Highly Attractive Oxide Gold Project of Scale” dated 31 October 2024. The Company confirms that all material assumptions underpinning those Production Targets and financial forecasts continue to apply and have not materially changed.

www.toubaniresources.com

33

Reference Data

Company	Project	Document
Centamin	Doropo	NI 43-101 Technical Report Published 3 September (Effective 18 July 2024) – Doropo Gold Project Feasibility Study
West African Resources	Kiaka	ASX Announcement 2 July 2024 - Kiaka Feasibility Study Updated Delivers 4.8Moz Gold Ore Reserve 20 Year Mine Life
Predictive	Bankan	ASX Announcement 15 April 2024 – PFS Delivers Attractive Financials & 3.05 Moz Ore Reserve
Montage	Koné	NI 43-101 Technical Report Published 15 February 2024 (Effective 16 January 2024) – Koné Gold Project Updated Feasibility Study
Osino	Twin Hills	NI 43-101 Technical Report Published 13 July 2023 (Effective 12 June 2023) - Definitive Feasibility Study of the Twin Hills Gold Project, Namibia
Allied Gold Corp	Kurmuk	NI 43-101 Technical Report (Effective 9 June 2023) – Technical Report for the Kurmuk Gold Project, Ethiopia
OreCorp	Nyanzaga	ASX Announcement 22 August 2022 – Nyanzaga DFS Delivers Robust Results
Pasofino Gold	Dugbe	NI 43-101 Technical Report Published 28 Jule 2022 (Effective 13 June 2022) - Feasibility Study of the Dugbe Gold Project

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ASX:TRE

Phil Russo

Peter Taylor

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35