(KOBA FINANCES) – As part of its economic development initiatives in Mali, Coris Holding, led by renowned Burkinabè businessman Idrissa Nassa, has taken a significant step by approving a financing package worth $83.5 million (approximately 50.1 billion CFA francs). The funds are allocated to Toubani Resources to support the advancement of the ambitious Kobada gold project in southern Mali. Beyond expanding local mining operations, the project is expected to generate jobs, improve regional infrastructure, and contribute to the country’s overall economic vitality.

A leading pan-African banking group, Coris Bank International SA once again reaffirms its pivotal role in financing strategic sectors essential to West Africa’s development. Known for its commitment to sustainable growth and innovative initiatives, the institution supports projects ranging from infrastructure to information technology, thereby improving the quality of life for local populations. Its expertise positions Coris Bank as a key partner in guiding regional economies toward collective prosperity and long-term stability.

Financing Structure

The package consists of two complementary instruments:

• A senior debt facility of $73.3 million (about 41 billion CFA francs) with an annual interest rate of 10%, aligned with regional standards for advanced mining projects.
• A mezzanine financing line of $10.2 million (around 5.7 billion CFA francs).

This structure is designed to meet the specific needs of the Kobada project, minimize financial risks, and maximize the chances of success in a competitive and uncertain sector.

Transition and Expansion

According to a statement issued by Toubani Resources on January 28, 2026, final documentation for the two credit lines is being completed. Once signed, these facilities will replace 50% of the gold financing initially structured with Eagle Eye Assets (EEA), as previously announced on the ASX. This transition is expected to enhance Toubani’s financial flexibility and optimize its mining operations.

Subject to approval by Malian authorities and the lifting of standard conditions precedent, total non-equity financing for the Kobada project could reach $164 million. This includes the Coris senior debt and mezzanine facilities, along with an additional $80 million gold streaming agreement granting Eagle Eye Assets a 5.55% share of production.

Strategic Impact

The Australian developer emphasized that this innovative approach—combining bank debt with production-based financing—allows effective resource management while limiting shareholder dilution. It ensures robust financial stability and adequate coverage for the critical phases of construction and production, positioning Kobada as a project with significant economic impact for the region.

For Toubani Resources, this financial milestone is part of a broader risk-reduction strategy. Progress has already been made in engineering, permitting, and financial structuring, placing Kobada among the most competitive gold assets in the region.

Speaking at a press conference, Phil Russo, CEO of Toubani, highlighted: “The commitment of Eagle Eye Assets, and now Coris Bank, demonstrates strong third-party support for the financing of the Kobada project.” He added that the company remains “fully mobilized to finalize agreements and maintain momentum toward production,” underscoring the importance of active collaboration to achieve set objectives.

This announcement reflects both the strength of investor confidence and the strategic importance of the Kobada project for Mali’s mining sector and regional development.