#1TOUBANI RESOURCES Developing West Africa's Next Gold Mine Investor Presentation August 2023 | ASX: TRE#2Disclaimer TOUBANI RESOURCES This Presentation is for information purposes in connection with Toubani Resources Inc.'s known as "TRE" or the "Company"(s). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, 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. 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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. 2#3Toubani's Vision for Kobada TOUBANI RESOURCES To be a high production, low cost oxide gold development project over an extended mine life, with a lean upfront capital cost and providing benefits for all stakeholders 3#4Kobada - A Compelling Gold Development Asset Multiple attributes a rarity and amplified at current valuation levels Oxide, Near Surface (77% within 150m) Permitted (mining & environmental) TOUBANI US$4/oz (EV/Resource) Note: Refer Slides 7 and 21 for Peers and West African M&A comparables, respectively. Free-Milling (all ore types) Low AISC (free dig, soft rock & scale) 2.4Moz MRE (64% Indicated) Underexplored (40km of 50km strike undrilled) PEERS US$17/oz (EV/Resource) WEST AFRICAN M&A US$54/oz (EV/Resource) TOUBANI RESOURCES st#5Corporate Overview Capital Structure Basic Shares Outstanding 102.2M Fully Diluted 119.1M Share Price As of 15 August 2023 A$0.155 Shareholder Structure Institutional Investors 27.8% TOUBANI RESOURCES Management & Directors 6.7% Cash As of 30 June 2023 A$1.0M Options & Warrants Strike Price: A$0.26 - A$0.91 16.9M Market Capitalisation As of 15 August 2023 A$15.8M Significant Holders nero. ausbil Note: AUD/USD - 0.6988, AUD/CAD -0.9321. 5#6. • • • • • • Mature, Long Established Mining Industry in Mali Numerous operating mines and capital reinvestments in progress Mining friendly jurisdiction with transparent system of mineral and surface title Political/social support of mining and stated ambitions to develop resources Competitive investment regime currently including 3-year tax holiday from commencement of production, 30% corporate tax rate and 3% NSR royalty Mining industry is one of the largest contributors to the country's GDP with a long and successful history of gold production Highly developed and active mining culture with major international companies operating in the country for decades (Barrick, B2Gold, Resolute etc.) Birimian rocks are major sources of gold extending through Ghana, Côte d'Ivoire, Guinea, Mali and Burkina Faso Mali is the 4th largest gold producer in Africa - continues to increase output Kobada is located in the Sikasso administrative region in southern Mali, near the border with Guinea, 126km from Bamako Southern Mali is considered to be a stable environment with the mining industry concentrated in the region Significant capital reinvestment being made - Leo Lithium, Barrick, Resolute, B2Gold and Allied Gold all undertaking or planning further development and expansion in country Senegal Mauritania Sadiola Allied Gold Corp 13.0 Moz Sabodala-Massawa Endeavour Mining 6.3 Moz Segala & Tabakoto Algom Resources 4.3 Moz Gounkoto Barrick Gold 5.1 Moz Guinea Kayes Yatela Allied Gold Corp 4.5 Moz Lefa NordGold 4.4 Moz Loulo Barrick Gold 11.0 Moz Fekola B2Gold 6.5 Moz Boto Managem 4.1 Moz Siguiri AngloGold Ashanti 9.2 Mozi Atlantic Ocean Sierra Leone Kita MALI Kobada TOUBANI RESOURCES 2.4 Moz Bamako Sanankoro Cora Gold 1.0 Moz 0 Sissingue Perseus 0.4 Moz 0 Morila Firefinch 3.3 Moz Syama Resolute 10.5 Moz TOUBANI RESOURCES LOCATION Golden Rim 0.9 Moz Yanifolila Hummingbird 2.1 Moz Kalana Endeavour Mining 1.8 Moz Wahgnion Endeavour Mining 1.0 Moz Tongon Barrick Gold 0.8 Moz Sikasso Ivory Coast LEGEND Kobada Project Gold Mine Gold Deposit Roads Regional Structure Birimian GreenStone Kada 6#7Africa an Active Region for Mine Builds and M&A Corporate actions validate large value potential for West African gold projects Recently completed West African gold mine builds TOUBANI RESOURCES Selected West African transaction comparables since 2020 Company Project Country Date Type Reserve Target Acquirer Moz Resource Value Moz US$m EV/ EV/ Reserve Resource US$/oz US$/oz Orezone Gold Bombore Burkina Faso 2020 Project acquisition Bogoso- Prestea Future Global Resources 1.8 95 52 Perseus Mining Yaoure Cote d'Ivoire 2021 Corporate Cardinal Shandong Gold 5.1 7.0 426 84 61 takeover Resources Tietto Minerals Abujar Cote d'Ivoire Project West African 2021 Kiaka 6.8 110 16 acquisition Resources West African Resources Sanbrado Burkina Faso Project Boto/Diakha- Managem 2022 1.4 4.1 282 201 69 Fortuna Silver Seguela Cote d'Ivoire acquisition Siribaya/Karita Group Corporate 2022 Orca Gold Perseus 2.9 4.0 142 50 36 takeover 2022 In Mali: Project acquisition Chirano mine Asante Gold 0.9 1.3 225 250 173 Leo Lithium constructing the US$318m Goulamina mine 2022 Corporate takeover Golden Star Resources Chifeng Jilong 1.0 10.6 470 470 44 44 2022 0 B2Gold in study phase to build a standalone oxide mill at Fekola Project acquisition Mankono Montage Gold 0.4 22 22 56 2022 Allied Gold undertaking US$300m IPO with the Sadiola mine the key asset Corporate takeover Corporate 2023 Resolute development plans at Syama North 2023 takeover Corporate takeover Oklo Resources Chesser Resources B2 Gold 0.7 56 56 81 Fortuna Silver 0.9 60 60 651 OreCorp Silvercorp Metals 2.6 3.3 159 19 Mean (Developer) Mean (Producer) Source: FactSet, Company Reports. Notes: 1 Chesser Resources as per ASX announcement dated 8 May 2023 and is not yet completed. 2OreCorp as per ASX announcement dated 7 August 2023 and is not yet completed 61 482 99 54 360 90 7#8Executing the 2023 Strategy Providing a clear path to realise value in Kobada TOUBANI RESOURCES Defined an Oxide-Dominant, Low-Cost Strategy Set the goal of a long life, oxide-focused project at high production rates, low AISC and reduced technical risk Bolstered Technical Team Established Toubani-led exploration and development team Simplified Listing Structure Completed TSX-V delisting to provide a single-focus exchange for investors New Discoveries Strengthened Board Completed Review of 2021 DFS & MRE Increased strike extent at Kobada to 11km from 5km; made Kobada West discovery Added two highly credentialed, senior mining executives experienced in project funding and development Initiated DFS Update workstream to reposition Kobada as a higher throughput, lower cost project; Completed re-estimation of MRE 8#9Clearly Defined Strategy to Advance Kobada Key deliverables that derisk the project towards shovel-ready status Leveraging ~A$110m in previous investment in exploration and studies to minimise dilution ahead of a Final Investment Decision 2H 2023 - Deliverables • Appoint DFS Update Study Engineer • Commence mining studies to inform • DFS Update Finalise DFS Update parameters and target production rate • Resource definition RC drilling to • • convert Inferred to Indicated Regional follow up AC drilling on walk- up targets Progressing community engagement initiatives • . • 2024 - Deliverables DFS Update & ORE complete 1Q24 Finalise Convention Agreement Develop funding plan • In-country stakeholder consultation on DFS Update Begin FEED phase and early site works • Drill-out high priority exploration targets • • 1H 2025 - Decision Final Investment Decision (FID) Commence development TOUBANI RESOURCES GOLD DEVELOPER ↓ RE-RATE GOLD PRODUCER#10Experience in Funding & Developing Mines Board of Directors • • Phil Russo | Chief Executive Officer & Executive Director 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 Senior Management Bill Oliver | Study Manager & Exploration TOUBANI RESOURCES Danny Callow | Non-Executive Chairman • 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 Scott Perry | Non-Executive Director 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 Mark Strizek | Non-Executive Director 27+ years mining industry experience in gold, base and technology metal projects Geologist and experienced executive/board member across Australia, West Africa, Asia and Europe Former Director and Executive Director of ASX-listed Tietto Minerals from IPO to first gold at Abujar gold project in Côte d'Ivoire . 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 | 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 Paul Bozoki | Chief Financial Officer | CPA with over 25 years of accounting, tax and corporate finance experience Served as CFO of several development stage companies involved in gold, iron ore and phosphate projects in Canada and internationally. . Sekou Konate | Country Manager Over 22 years as a civil servant working for the Malian Ministry of Public Works and Transportation • Over 20 years of experience facilitating exploration and mining activities in the Republic of Mali and has an established network of relationships within country • Tim Kestell | Non-Executive Director Over 25 years of experience in the capital markets, including HSBC, Patersons Securities and Euroz Securities Limited Accomplished executive and investor, playing instrumental role as a director in a number of junior mining companies, including Capricorn Metals and Emerald Resources 10#11. • • • Kobada Main Deposit - Over 5km of Strike Large, shallow and well drilled open pittable Mineral Resource Kobada Main is a large, continuous deposit extending over 5km at surface level Mineral Resources of 2.4Moz defined within a 4.5km long open pit with close spaced, near surface drilling Kobada is predominantly oxide and remains open along strike in both directions, as well as being open at depth Low stripping ratio with free dig oxide mineralisation from surface Kobada Deposit 4.5km • Opportunity to include Foroko in forthcoming DFS Update • Resource estimate is constrained within RPEEE pit shell using US$1,950/oz and prevailing costs Kobada Deposit Material Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) Oxide 38 0.80 0 0.96 17 (Moz) 0.93 3 0.51 55 0.84 1.4 (g/t) Fresh 22 0.79 0.57 9 1.16 0.35 32 0.90 0.92 Total 60 0.79 1.53 27 1.01 0.86 87 0.86 2.39 Kobada Main 4.5km Kobada Main TOUBANI RESOURCES RPEEE Shell Foroko Au ppm Mineral Resource 0-0.1 0.1-0.3 0.3-0.6 0.6-1 1-2 ☐ 2-3 3-99 Foroko RPEEE Shell Mineral Resource Weathering Laterite Saprolite Transitional Fresh Note: Refer Company's announcement dated 18 August 2023. Mineral Resource cut-off grade of 0.25 g/t Au for oxide, 0.30g/t Au for fresh was applied. Refer Slide 32 for additional information. RPEEE: Reasonable Prospects of Eventual Economic Extraction 11#12Kobada Main Deposit - Extends >250m in Depth Deep weathering profile supports soft rock dominant project • Broad, continuous mineralisation well defined by drilling (drilling is shallow with 90% less than 140m) • Mineralisation defined to 250m below surface and remains open at depth . Oxide depth averages 65m and can extend beyond 120m in some areas of the pit, well beyond other oxide deposits in West Africa TOUBANI RESOURCES • Free dig, soft oxide ore able to be easily mined and processed; favourable economics vs a hard rock operation • Additional upside below oxides with 0.9Moz in fresh rock Mineral Resources B' Laterite Saprolite Transition Fresh 0 150m Kobada Deposit Geological Model 300 B" B' +150 Au ppm 0-0.1 0.1-0.3 0.3-0.6 0.6-1 1-2 2-3 3-999 0 Kobada Deposit 150m Resource Model B" Note: Refer Company announcement dated 18 August 2023 for location of B - B. Oblique cross section view looking to northeast. Mineral Resources constrained by RPEEE shell, blocks and wireframes outside RPEEE shell are not classified. 12#13Kobada Main Deposit - 77% of MRE Near Surface First 150m from surface predominantly oxide Indicated material Average depth of oxide 0.54Moz 0.54Moz 0-50m Max depth of oxide 0 - 50m 0.34Moz 0.73Moz 0.20Moz • 0.58Moz 0.28Moz 0.53Moz 0.30Moz 50m - 100m 100m - 150m 65m 120m 50m - 100m 100m 150m 0.45Moz 0.37Moz 0.29Moz 0.19Moz 0.10Moz 150m - 200m 150m - 200m 0.22Moz 0.07Moz 0.29Moz 0.01Moz 0.18Moz 0.18Moz 200m 250m 200m 250m 0.14Moz 0.04Moz 0.18Moz ■Oxide ■Fresh 0.07Moz .07Moz 250m - 300m 0.05Moz 0.07Moz 250m 300m 0.01Moz • 77% of the 2.4Moz in Mineral Resources is within the first 150m from surface 0.20Moz 0.54Moz TOUBANI RESOURCES 0.28Moz 0.73Moz 0.21Moz 0.58Moz Indicated ■Inferred ~1.0Moz of oxide material classified as Indicated within the first 150m from surface across the 4.5km Kobada Main open pit · 85% of first 100m is free dig, oxide material • Resource definition drilling to focus on conversion of the near surface Inferred ounces, ~0.5Moz of which are oxides . Indicated material to underpin DFS Update and mining studies Note: Refer to the Company's announcement dated 18 August 2023. Totals may differ due to rounding. 13#14Significant Intercepts Run the Entire Strike Length Foundation intercepts at Kobada reflect the forgotten value in the asset 545000mE . Initial discovery drilling intersected shallow, high grade oxide mineralisation • • Excellent drill results in each phase of drilling along entire strike length of Kobada Main Deposit ~150,000m have since been drilled to an average depth of ~110m • Combination of RC and DD drilling Note: Refer to the Company's announcement dated 31 May 2023. 1290000mN 1287500mN 5km DFS Pit Crest KBRC11-001 2m @ 44.6 g/t Au KBRC11-008 3m @ 42.5 g/t Au KB20_PH4A_6 [email protected] g/t Au KBRC12-006 44m @ 1.82 g/t Au KBRC12-066 9m @ 21.0 g/t Au KB07-16 19.5m @ 4.14 g/t Au KBRC09-05 11m @ 11.3 g/t Au KBRC12-160 4m @ 35.8 g/t Au Kobada Shear KBRC11-164 5m @ 17.2 g/t Au KB07-97 5m @ 2.89 g/t Au KBRC12-227 547500mE 5m @ 25.8 g/t Au KB20 PH4A 16 2m @ 34.9 g/t Au KB19 P2 41 5.4m @ 19.4 g/t Au KBRC11-189 60m @ 3.10 g/t Au KBRC9-20 15m @ 6.70 g/t Au KBD02 22m @ 6.93 g/t Au KBRC12-084 56m @ 2.86 g/t Au KBRC056 25m @ 8.41 g/t Au KB19_P2_04 3m @ 33.9 g/t Au Kobada Main Resource KBRC11-088 2m @ 52.2 g/t Au TOUBANI RESOURCES KB07-95 1.5m @ 19.0 g/t Au >= 50 Au grams x metres 10-50 Au grams x metres 5 10 Au grams x metres <=5 Au grams x metres Selected historical о drillholes 0 1km Resource outline 14#15• • DFS Update to Position Project as Regionally Significant ✓ TOUBANI Kobada has the hallmarks to become an operating mine RESOURCES Toubani has initiated an update of the 2021 DFS ("DFS Update") • 2021 DFS "mined for a large project” but “milled for a small project", seeing large stockpile balances created • • 2021 DFS targeted ~100,000ozpa • Mining rate of 24Mtpa, processing rate of 3.0Mtpa • • ~18Mt of stockpiles built over the first 10 years DFS Update's overarching goal is to deliver a project with a more optimal alignment between mining and milling rate . Targeting a step-change in production and AISC vs 2021 DFS Oxide dominant for several years followed by fresh rock blend Tonnage (Mt) 2021 DFS - Tonnes Mined & Processed vs Stockpile Balances 50. Fresh Material to Stockpile 45- Oxide Material to Stockpile 40- Cumulative Ore Tonnes Mined Cumulative Ore Tonnes Milled 35- 30- 25- 20- 15- 10- 5- Focused on an initial oxide plant that supports a relatively lean and competitive capex profile for a larger throughput project 0. 1 2 3 4 56 7 8 9 10 Period (Years) 11 12 13 14 15 16 17 • • DFS Update centred on a bulk mining approach that reduces overall technical and geological risk Impact to economics of a higher production, lower cost project to be assessed in the DFS Update Note: Refer to the Company's announcement dated 11 July 2023 and Prospectus lodged 25 November 2022. 15#16Economies of Scale the Focus Areas of DFS Update Optimising key parameters that drive production, costs & economics 2021 DFS DFS Update 3.0Mtpa annual throughput Higher throughput rate Processing ~18.0Mt peak stockpiles created Minimise stockpiles Potential Opportunity Increase annual production Reduce unit costs Cash flows brought forward Remove rehandle costs Smaller, selective mining equipment fleet Larger, bulk mining equipment fleet • Reduce unit costs Reduce dilution risk Mining Inferred resources within 2021 DFS pit Reduce stripping ratio Inferred conversion drilling Increase Ore Reserves Note: Refer to the Company's announcement dated 11 July 2023. TOUBANI RESOURCES 16#17Not All Grade is Equal - Margin Over Grade Softer ore supports lower AISC and better economic outcomes TOUBANI RESOURCES Free-dig, no drill and blast required, low strip ratio • · ☑ Increased availability and reduced equipment Throughput efficiencies of softer ore Lower consumables and reagent consumption Reduced power consumption wear and tear Scaled, oxide-dominant LOM, as part of optimisation work streams, targeting reduction in AISC profile Oxide dominant projects at scale offset grade, achieving wide operating margins and strong cash flow profiles 17#18Real Capital & Operating Cost Efficiencies of Soft Ore DFS test work indicates a very low BBWi of 0.52 to 1.20 kWh/t for oxide ore Normal Gold Operation TOUBANI RESOURCES Drill Blast Load & Haul Primary Crusher Secondary Crushing SAG Mill/HPGR Ball Mill Gravity Leaching eli N Kobada Oxide Operation Drill X A LLL Blast Load & Haul Primary Crusher Secondary Crushing SAG Mill/HPGR Ball Mill Gravity Leaching Less wear & tear from soft material Less energy, less wear & tear from soft material XX Less energy, less wear & tear from soft material Gravity recovery at |30-40%, higher than most peers Gold present as free gold requiring fewer reagents 18#19Track Record of Successful Oxide Mining in West Africa Several mines in the region began with a simple, low risk oxide operation Deep weathering profile offers a simple, large open pit mining operation • Toubani - Kobada - Mali • Softer oxide material begins from surface and extends in some areas • · of the pit to over 120m depth, is free-dig with no drill and blast required Consistent thicknesses allows for bulk material movement using large excavator and mobile fleet Low strip ratio of near surface mineralisation translates to overall lower unit mining costs Many significant mines in the region commenced with a successful oxide operation (e.g. Siguiri, Lefa, Sadiola and Syama) Significant fresh rock optionality in later years exists with 0.9Moz in fresh rock Mineral Resource estimates within the Kobada Main deposit and is open at depth Historic drilling results in fresh rock at Kobada include¹: AngloGold - Siguiri - Guinea TOUBANI RESOURCES • 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) Note: 1 Refer to the Company's announcement dated 31 May 2023. 208 66 19#20Extensive Historical Artisanal Activity Over 5km strike extent at Kobada Main Deposit Current exploration hotspot in southern Mali TOUBANI RESOURCES Note: February 2023#21Toubani Should Trade Higher Along the Curve Undervalued relative to peers despite compelling strengths EV/Resource trading comparables (US$/oz) and total resource (Moz) 1,2,3,4 45 41 ■EV/ Resource (US$/oz) Total Resource (Moz) 39 40 37 35 34 10 EV/ Resource (US$/oz) GN NW 25 20 30 13 13 13 11 9 Oxide Free-milling Permitted Scale 6.0 5.0 4.0 3.0 Average: US$17/oz 2.0 6 1.0 4 4 5 7 1 0 0 0.0 Predictive OreCorp* Roscan Chesser** Osino Cora WIA Montage Mako Desert Newcore Toubani Golden Rim*** Sarama Marvel Enterprise Value US$m 219 Predictive OreCorp* Roscan Chesser** 107 Osino Cora WIA Montage Mako Desert Newcore Toubani Golden Rim*** Sarama Marvel 41 30 137 12 13 56 7 6 10 10 9 4 EV/ Resource US$/oz 41 39 37 35 34 13 13 11 9 7 6 4 4 1 00 Mineral Resource Moz 5.4 3.3 1.2 0.9 4.1 0.9 1.3 4.9 0.9 1.1 1.7 2.4 2.9 2.9 1.0 Resource Grade g/t 1.7 3.4 1.2 1.8 1.1 1.2 1.0 0.6 1.2 1.2 0.6 0.9 1.2 1.4 1.2 % M&I % 77% 86% 84% 73% 72% 71% 0% 86% 0% 29% 43% 64% 12% 20% 35% Ore Reserve Moz Nil 2.6 Rock Type Ox/Fr Oxide / Fresh Majority Fresh Nil Majority Majority Majority Oxide Fresh Fresh Nil 2.2 0.4 Majority Oxide Nil 3.4 Nil Nil Oxide/ Fresh Majority Majority Majority Fresh Fresh Fresh Nil Majority Oxide/ Transition Majority Oxide Nil Nil Majority Majority Majority Oxide Fresh Fresh Nil ** OreCorp EV calculated as at 4 August 2023 (pre-takeover offer from SilverCorp) Chesser EV calculated as at 8 May 2023 (pre-takeover offer from Fortuna Silver) ***Golden Rim Resource Multiple excludes the Paguanta Silver-Zinc Project Source: FactSet, Company Reports, refer to Slide 34. Notes: 1 as at close of trading on 15 August 2023, 2 EV sourced from FactSet, Company Reports, 3 Resource figures ownership adjusted for multiple calculation, 4 Total resource on a 100% project basis. TOUBANI RESOURCES Total Resource (Moz) 21#22African Gold Development Peers Limited pipeline of single asset developers with advanced projects Kobada's DFS Update to assess potential to achieve high oxide- dominant production and lower costs, at a moderate initial capital cost Company Project OreCorp Nyanzaga Chesser Diamba Sud Osino Cora Twin Hills Sanankoro Opt DFS - Montage Koné Newcore Enchi Toubani Kobada DFS Update Stage Mine method DFS - Aug'22 SS - Dec'22 DFS - Jun'23 DFS - Feb'22 PEA - June'21 Nov'22 Underway OP/UG OP/UG OP OP OP OP OP OP Processing Mill/HL Mill Mill Mill Mill Mill HL Mill LOM Yrs 10.7 7.5 13 6.8 15 10.6 Open Pit Strip Ratio Waste:Ore 3.7 4.2 4.6 4.6 0.9 2.1 Throughput Mtpa 4.0 2.0 5.0 1.5 11.0 6.6 Production LOM (avg) koz 234 95 162 56 207 93 AISC US$/oz 954 849 1011 997 933 1066 Development Capex US$m 474 149 365 90 544 97 Capital Intensity US$/tpa 119 75 73 60 49 15 MRE Contained Gold Moz 3.3 0.9 3.2 0.9 4.6 1.7 2.4 MRE Grade g/t 3.4 1.8 1.1 1.2 0.6 0.6 0.9 ORE Contained Gold Moz 2.6 2.2 0.4 3.4 ORE Grade g/t 2.0 1.0 1.3 0.7 Oxide or Fresh Ox/Fr Majority Fresh Majority Fresh Majority Fresh Majority Oxide Majority Fresh Majority Oxide/ Majority Oxide Transition LOM recoveries do % 88% 94% 92% 90% 89% 79% 96% Pre-tax NPV Pre-tax IRR US$m 926 742 136 992 333 % 31% 34% 62% 40% 54% Post-tax NPV US$m 618 218 480 95 746 212 Post-tax IRR % 25% 43% 28% 52% 35% 42% Payback (Post-tax) Yrs 3.7 1.4 Gold Price Discount Rate US$/oz % US$1,750/oz 5% US$1,600/oz 5% 2.2 US$1,750/oz 5% 1.2 US$1,750/oz 8% 2.7 US$1,600/oz 5% 2.3 US$1,650/oz 5% OreCorp and Chesser are both currently subject to corporate acquisitions Source: Company Reports, refer to Slide 34. All projects shown on a 100% basis. TOUBANI RESOURCES 22#23• New Discoveries in an Established Gold District Walk-up targets successfully extended near-surface oxide mineralisation . Kobada is a large gold system in a prolific gold district with numerous near-surface targets Over 153,000m of drilling focused primarily on the Kobada Main shear deposit • • • 2023 drill program has successfully extended strike extent from 5km to 11km at Kobada and defined new areas of gold mineralisation outside the current mineral resource estimate Significant exploration upside remains with approximately 40km of the 50km of regional- scale shear zones yet to be drill tested Drill campaign tested highest ranked prospects including: 1. Gosso 2. Kobada Est 3. Kobada North 1 4. Kobada North 2 5. Kobada West All targets tested above intersected new areas of oxide mineralisation and extended overall strike extent at Kobada for follow up in subsequent programs Results received in the program are the same tenor of gold mineralisation seen across the Kobada Main deposit Note: Refer to the Company's announcement dated 19 July 2023. 513000m= -1300000MN 12900COMN MALI 0 5 3 Kobada Shear Zone - 20km 6 Kobada Main Resource Kobada Gold Project -1280000mN Foroko Shoar - 3km Foroko Resource Kobada East Shear - 18km O TOUBANI RESOURCES $50000E 560000mE Faraba Shear (untested) Gosso Shear-10km 200 O O Kobada Far East Shear - 4km Targets 1 Gosso (2) Kobada Est Kobada North 1 Kobada North 2 (5) Kobada West 6 Kobada South Other Gold Prospects/Targets 23 5km#24Target 5 - Kobada West Previously untested target unlocks newly identified structure <1km from pit • • • • . • First ever drill holes at Kobada West delineated continuous, near surface oxide gold mineralisation with consistent grades and thicknesses section-to-section Kobada West is interpreted to lie on a parallel structure less than 1km west of the Kobada Main deposit Structure is outside of the current Mineral Resource Drilling has identified shallow, oxide mineralisation on every section over the current strike length of 600 metres Remains open along strike and at depth Significant intersections include¹: • 9m at 1.72g/t incl. 2m at 6.26g/t 1m at 11.3g/t and 5m at 1.26g/t 1290000mN 5km ° 545000mE 2023 Drilling Resource outline 3003 Mineralisation outline 600m Kobada West Kobada Main Kobada Shear Kobada South Deposit ODD ст 4.5km 8 8 8 8 8 axo co Kobada North 2km Gosso 550000mE о - 1293800mN 546200mE 2023 Drilling Mineralisation outline 1293600mN 600m 546400mE TOUBANI RESOURCES 546600mE 546800mE OPEN /O KW22_P004 KW22 P003 O KW1/22_P004 ° KW1/22 P003 о KW1/22 P008 KW1/22 P007 о -1293400mN - 1293200mN KW1/22_P011 O OKW22 P002 KW22 P002 11m @0.55 g/t Au 2m @ 2.66 g/t Au O KW22 P001 KW22 P003 5m @ 1.26 g/t Au 1m @ 11.3 g/t Au O KW1/22 P001 KW1/22 P001 1m @ 5.50 g/t Au KW1/22 P003 9m @ 1.72 g/t Au Incl. 2m @ 6.26 g/t Au KW1/22 P006 2m @ 0.51 g/t Au 2m @ 3.22 g/t Au KW1/22 P006 KW1/22 P005 KW1/22 P005 5m @ 0.80 g/t Au Incl. 1m @ 2.63 g/t Au KW1/22 P009 5m @ 1.24 g/t Au 3m @ 0.93 g/t Au O KW1/22 P009 KW1/22 P010 O KW1/22 P008 OPEN 0 Kobada West 200m • 5m at 1.24g/t and 3m at 0.93g/t • 11m at 0.55g/t, 2m at 2.66g/t and 3m at 1.12g/t Note: 1 Refer to the Company's announcement dated 17 May 2023. 24#25Target 3 & 4 - Kobada North 1 & 2 Untested section of mineralized structure Kobada North 1 and 2 targets lie directly on the Kobada Shear and cover 2.3km of strike north from the Kobada Main deposit • Limited drill testing at Kobada North 1 • No previous drill testing at Kobada North 2 • Extensive artisanal workings Initial results released in March and April 2023 extended strike at Kobada North by over 2km • Key intercepts include: 9m at 1.32 g/t and 14m at 1.02 g/t (KN1) • 1m at 7.86 g/t (KN1) • 1m at 8.51 g/t (KN2) • 1m at 0.64 g/t (KN2) Note: Refer to the Company's announcement dated 8 March 2023 and 11 April 2023. 547000mE о Historical Drilling 2023 Drilling Resource outline 1295000mN 548000mE 1m @ 0.64 g/t Au Kobada North 2 TOUBANI RESOURCES 549000mE KN2/22 P008-010 KN2/22 P001-003 1m @ 8.51 g/t Au 1294000mN Kobada West 9m @1.32 g/t Au Kobada North 1 00 ° KN22_P007 1m @ 6.09 g/t Au 0 0 0 0 000 KN22_P012 1m @ 24.8 g/t Au KN22_P012 3m @ 1.21 g/t Au 1293000mN 17 11 2.1km OPEN KN1/22 P009 KN1/22 P008 00 KN1/22 P007 KN1/22 P005 8PPO KN1/22_P004 650m 14m @ 1.02 g/t Au 1m @ 1.52 g/t Au 1m @7.86 g/t Au 76 3 KN22 P003 1m @ 9.62 g/t Au 2m @ 3.38 g/t Au KN22 P026 [email protected] g/t Au KN22_P025 1m @ 1.35 g/t Au 400m 29 25 00000 600m 10 oooo 000000 22 0 0 с 0 Kobada North 5km 1000m 25#26Target 1 - Gosso Underexplored and highly prospective • Parallel shear to Kobada Shear Zone with many similar characteristics • First drilled with RC in 2011, but no follow up until 2020; Intersections included: • 36m at 1.64 g/t from 72m (KBRC11_140) • 3.1m at 4.25 g/t from 34.6m (G20_PH3A_20) • 3m at 2.59 g/t from 30m (KBRC11_144) • 5m at 1.90 g/t from 133m (KBRC11_142) • 12.5m at 1.15g/t from 39.0m (G20_PH3C_16) • April 2023 drilling extended strike 500m with intersections including: • 1m at 5.78g/t from 134m • 9m at 0.42g/t from 8m • 2m at 1.44g/t from 49m and 1m at 3.16g/t from 80m 548000mE 5km KBRC11_140 36m @ 1.64 g/t Au 54900mE OPEN 55000mE TOUBANI RESOURCES GO22 P039 7m @ 0.67 g/t Au Incl. 3m @ 1.17 g/t Au 2m @ 1.15 g/t Au 2m @ 0.81 g/t Au G20 PH3C 16 4.5m @2.47 g/t Au 1.6m @ 1.74 g/t Au OOO OO ° 12.5km . 3m at 1.34g/t from 32m and 2m at 0.98g/t from 25m • 1m at 1.81g/t from 110m • 7m at 0.67g/t from 15m, including: o 3m at 1.17g/t from 19m, and 2m at 1.15g/t from 45m • Artisanal workings coincide with best drill intersections • Mineralisation open along strike and at depth Gosso strike now extended to 2.1 km GO22_P027 2m @ 1.44 g/t Au 1m @ 3.16 g/t Au GO22 P026 9m @ 0.42 g/t Au Incl. 2m void Incl. 1m @ 1.42 g/t Au 6m @ 0.78 g/t Au 1m @ 1.42 g/t Au о GO22 P029-035 GO22 P032 1m @ 1.81 g/t Au Note: Refer to the Company's announcement dated 11 April 2023. 800m Gosso Shear O GO22 P038 G20_PH3A 20 3.1m @ 4.25 g/t Au GO22_P024 1m @ 5.78 g/t Au GO22_P024-027 KBRC11 144 3m @2.59 g/t Au KBRC11_142 5m @ 1.90 g/t Au GO22_P029 2m @ 0.96 g/t Au 3m @ 1.34 g/t Au 1m @ 1.74 g/t Au Licence Bounday 1287000mN- 1286000mN- 1285000mN- Artisanal workings o Recent drillhole Previous drill hole 0 500m 26#27. Target 2 - Kobada East Significant auger anomaly now confirmed by maiden RC drilling • Kobada East discovery made in 2022 by auger sampling has been confirmed by maiden RC drilling program . Drilling has identified shallow, oxide mineralisation below the auger anomaly over a strike length of 400 metres Kobada East Shear extends for over 18km on Toubani's tenure Significant intersections include: • 6m at 0.85g/t incl. 2m at 1.70g/t (KE22_P013) • 1m at 3.58g/t (KE22_P007) • 1m at 3.35g/t (KE22_P008) Results are typical of the mineralisation style seen across Kobada with the intersections mirroring those observed at the Kobada Main deposit in its initial drill phases Mineralisation remains open along strike to the north and south as well as at depth Best results from 2022 auger program: 20.69 g/t over 8m from 2m (E-423) • Including 78.9 g/t over 2m • Including 3.14 g/t over 2m • 1.81 g/t over 8m from 10m (E-412) • • Including 3.94 g/t over 2m 2.42 g/t over 2m from surface (E-417) Artisanal workings present along structure Note: Refer to the Company's announcement dated 26 April 2023. TOUBANI RESOURCES 551000mE 552000mE 553000mE Auger Max Au ◆ > 2.0 g/t Au ◆ 0.5-2.0 g/t Au 0.2-0.5 g/t Au ◇ 0.1-0.2 g/t Au 0.05 -0.1 g/t Au ◆ < 0.05 g/t Au 1283000mN 1282000mN 1281000mN o Drill hole & trace 07 Drill number E-412 8m @ 1.81 g/t Au Incl. 2m @ 3.94 g/t Au Auger Anomaly >0.1 g/t Au G20 E-417 2m @2.42 g/t Au Target E KE22 P008 1m @ 3.35 g/t Au KE22 P007 1m @ 3.58 g/t Au 09 08 07 06 05 04 03 02:01 500m 13 12 11 10 99 800m E-423 8m @ 20.7 g/t Au Incl. 2m @ 78.9 g/t Au KE22_P013 6m @ 0.85 g/t Au Incl. 2m @ 1.70 g/t Au (Prefixed KE22 2P0 Kobada East Shear Licence Bounday 9 5km 0 500m 27#28• • Kobada a Central Part of a Much Larger System Current exploration hotspot in southern Mali 540000mE 550000mE • Kobada project overlies significant regional scale structures at the eastern margin of the Siguiri Basin These gold-bearing structures parallel those bounding the Yanfolila Belt, which is present in the eastern part of the project Over 50 km of strike (in aggregate) within the project area • Prospectivity confirmed by over a decade of exploration by Toubani as well as recent results from neighbouring properties Current exploration hotspot with AIM, TSX and ASX explorers and developers active along the belt 1280000mN 1290000mN 1300000mN RN26 Highway Niger River Kobada Shear Zone - 20km Kobada Main Resource Resource Foroko 5 Foroko Shear -3km MALI South Niaouleni Gouingouindougou Sylla Gold Tenements GUINEA Faraba Shear (untested) Gosso Shear-10km Sanankorono Zones A-C Kobada East Shear - 18km OOOOO Shear-4km Kobada Far East 560000mE MALI Cora Gold Tenements Kobada Gold Project Targets 1 Gosso 2 Kobada Est 3 Kobada North 1 4 Kobada North 2 (5 Kobada West 6 Kobada South Other Gold Prospects/Targets 0 5km 28 TOUBANI RESOURCES#29Sustainable Development and Engagement A strong social license to operate with a fully permitted project Health & Safety . We aim to operate a safe and healthy workplace that is injury free and enhances the well-being of employees The Company has continued its ongoing work on drainage channels in the surrounding communities to prevent standing waters, which form breeding grounds for mosquitos that carry the malaria virus Environment & Permitting • We aim to minimize and mitigate impacts of our operations on the environment to maintain its viability and diversity Bridge repair into Kobada village • Mining permit approved and valid to 2045 TOUBANI RESOURCES Below: Drainage channel construction around main village • Environmental and Social Impact Assessment (ESIA) permit approved (for oxide phase) Social • We are committed to contribute to the social and economic development of local stakeholders with five regional communities around Kobada • Works on repairing the roads through Kobada village and repairing bridges has resulted in smooth passage along critical routes for goods and people • Toubani employs from the local communities to support its on-site activities Toubani maintains a proactive engagement with surrounding chief elders as part of its community relations and stakeholder engagements Left: Kobada village bridge opening ceremony 29#30Toubani's Value Proposition Experienced team in place to deliver a compelling gold development project TOUBANI RESOURCES . Discover New oxide discoveries outside the Kobada Main deposit on structures previously untested or underexplored Significant Valuation Re-Rate Optimise • • • Demonstrate potential project scale through DFS Update ~0.5Moz in Inferred oxide resources targeted for resource definition drilling Focus on reducing AISC and defer hard rock capital and operating costs • • Develop Simple, low technical risk and permitted development project of significant scale West Africa is a highly active region with several projects being developed or acquired US$4/oz Toubani EV/Resource multiple today US$17/oz Peer avg EV/Resource multiple today US$54/oz Acquisition multiple per EV/Resource last 2 years 30#31TOUBANI RESOURCES ASX: TRE Additional Information#32Kobada Gold Project Mineral Resource Estimate 2023 TOUBANI RESOURCES Material Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Oxide 38 0.80 0.96 17 0.93 0.51 55 0.84 1.48 Fresh 22 0.79 0.57 9 1.16 0.35 32 0.90 0.92 Total 60 0.79 1.53 27 1.01 0.86 87 0.86 2.39 Notes: 1. Tonnages are dry metric tonnes. 2. Minor discrepancies may occur due to rounding. 3. Oxide refers to Laterite, Saprolite and Transitional material as detailed in ASX Announcement dated 18 August 2023. 4. Oxide resources quoted above 0.25g/t. 5. Fresh rock resources quoted above 0.3g/t. Note: Refer to the Company's announcement dated 18 August 2023. 32#33Competent Person TOUBANI RESOURCES The information in this announcement that relates to exploration results is extracted from the Company's ASX announcements dated 31 May 2023, 17 May 2023, 26 April 2023, 11 April 2023, 8 March 2023, 31 May 2023, 19 July 2023 (ASX Announcements) and the Company's Prospectus dated 12 September 2022 and released on ASX on 25 November 2022 (Prospectus), which are available on the ASX announcements platform. Information on historical exploration results and Mineral Resource Estimation for the Koboda Gold Project presented in this announcement is contained in an ASX release dated 18 August 2023. The Company confirms that: ⚫ it is not aware of any new information or data that materially affects the information included in the ASX Announcements and/or Prospectus; ⚫ all material assumptions and technical parameters included in the ASX Announcements and/or Prospectus 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 and/or Prospectus. 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 18 August 2023 market 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 announcement. 33#34Reference Data Company Item Roscan Resource Predictive Resource Osino Resource, Reserve, Study Osino Resource Chesser Resource, Study Cora Resource Cora Reserve, Study Montage Resource, Reserve Montage Study Mako Resource Newcore Resource, Study OreCorp Resource, Reserve, Study WIA Resource Golden Rim Resource Golden Rim Resource Desert Resource Sarama Resource Marvel Resource TOUBANI RESOURCES Document NI 43-101 Technical Report Published 30 June 2022 (Effective 31 March 2022) - Technical Report on the Kandiole Project, Mali ASX Announcement 7 August 2023 - Bankan Mineral Resource Increases to 5.38Moz NI 43-101 Technical Report Published 13 July 2023 (Effective 12 June 2023) - Definitive Feasibility Study of the Twin Hills Gold Project, Namibia NI 43-101 Technical Report Published 8 December 2022 (Effecive 7 October 2022) - Ondundu Gold Project, Namibia ASX Announcement 12 December 2022 - Scoping Study and Resource Update at Diamba SUD AIM Announcement 19 July 2022 - Mineral Resource Estimate Following 2022 Drill Campaign AIM Announcement 21 November 2022 - Sanankoro Gold Project: Optimised Project Economics & Investor Presentation Montage Gold Corporate Presentation - July 2023 NI 43-101 Technical Report Published 14 March 2022 (Effective 14 February 2022) - Koné Gold Project, Côte D'Ivoire, Definitive Feasibility Study ASX Announcement 14 June 2022 - Mako Delivers 868koz Maiden Resource to Provide Strong Growth Platform at Napié NI 43-101 Technical Report Published 19 April 2023 (Effective 25 January 2023) - Mineral Resource Estimate for the Enchi Gold Project ASX Announcement 22 August 2022 - Nyanzaga DFS Delivers Robust Results ASX Announcement 15 May 2023 - Maiden mineral resource estimate at Kokoseb of 1.3 million ounces gold, with significant scope for expansion ASX Announcement 3 March 2022 - Kada Maiden Mineral Resource 930Koz Gold incl. 670Koz shallow oxide- transitional gold ASX Announcement 26 October 2020 - Kouri Mineral Resource Increases by 43% to 2 Million Ounces Gold NI 43-101 Technical Report Published 3 March 2022 (Effective 12 January 2022) - Mineral Resource Report on the SMSZ Project, Mali Sarama Resources Corporate Presentation - May 2023 Marvel Gold Corporate Presentation - June 2022 34#35TOUBANI RESOURCES JMM JANE MORGAN MANAGEMENT Phil Russo Chief Executive Officer [email protected] Jane Morgan Investor & Media Relations [email protected] ASX:TRE