In addition to the DFS, management has indicated that the new funds will be used for a reverse-circulation (RC) drilling program that will unleash the drill bit on a range of high-priority satellite targets to define additional oxide material. A diamond-drilling campaign is then expected to follow to test the depth potential of mineralisation below the existing deposit, as the average depth tested by drilling to date is only about 110m.

The company also plans to update all permitting, finalise required in-country agreements and advance outstanding environmental and social activities. It is also planning for post-DFS optimisation studies, with the balance of funds set out for corporate costs, general working capital and to cover the placement costs.

Toubani is in the envious position of having a highly-experienced board and management with a proven track-record in Africa, having advanced projects through all the various stages including exploration, development and production. The company recently secured the services of experienced West African gold operator Wilcox, who joined the board as a non-executive director.

Wilcox managed the full development of Tietto Minerals’ Abujar project in Côte d’Ivoire and its gold operations before the company was the subject of a successful takeover by Chinese giant Zhaojin Mining. He previously oversaw the team that constructed and commissioned the Abujar gold plant on time and below budget and he also led the construction of West African Resources’ Sanbrado gold mine in 2020.

With the right team leading the charge and the required funds now in place to complete its mission, Toubani may well be on the path to West African success.

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