OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor TRE ASX

Toubani Resources Limited

Construction · Gold · ML Rating locked: sign in to view v8.1 · tre-20261106t165017-full
Last 2026-11-06
A$0.295
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$316.8M
EV
A$266.1M
Cash
A$120.8M
Debt
A$70.1M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$120.8MFY2024 (audited): 8,471,928FY2025 (audited): 116,981,790 Construction Funded
Debt A$70.1M Net cash A$50.7M
Basic shares 1.1B 2026-08-14
Runway Construction Funded Construction is funded by cash, the drawn and undrawn US$160m EEA gold stream (A$158.8m undrawn at 30 Sep 2026) and the A$70m entitlement offer (completed Aug 2026). The 30 Sep 2026 cash plus undrawn stream (A$279.6m) covers most of the remaining development capex (A$197.7m after Q3 spend), working capital and VAT (A$65m), corporate and exploration costs (about A$33m); an indicative shortfall of about A$16m before first gold is covered only by the up to US$40m senior secured facility (AFG Bank syndicate), which is a term sheet, not a commitment.

Liquidity

Financial position

Funded for construction on the company's forecast and the stream drawdown schedule, with thin headroom: the construction budget and the shortfall are not yet tied to the study (see capex reconciliation), and the senior facility is not yet committed. Stream and senior debt rank ahead of equity.

Capital structure

Ownership and dilution

Ordinary shares
1.1B
Fully diluted
1.2B

30 Jun 2026 764,978,564 (HY note 5.1) + 500,000 advisory shares (17 Jul quotation, page 6) + 72,893,944 Avanti consideration shares (29 Jun issue, quoted 17 Jul) + 172,099,500 institutional offer shares (quoted 21 Jul) + 61,838,592 retail and shortfall shares (10 Aug) = 1,072,310,600 at 10 Aug; + 1,500,000 quoted 14 Aug = 1,073,810,600. Pro forma 1,072.3m in the July presentation excludes the 14 Aug 1.5m. Fully diluted adds 81.6m options, 36.35m rights and 36.45m Avanti options (all gross, no treasury method; upper bound because some options were exercised in 2026).

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary shares fully paid (1,072,310,600 at 10 Aug 2026 plus 1,500,000 quoted 14 Aug 2026)Ordinary Share1.1B——
Unlisted options per the FY2025 annual report (range A$0.23 to A$0.50; 71.4m at A$0.336); blended strike used for proceeds; expired options excluded by expiry date in the 2026 statementsOption81.6MA$0.336—
Performance rights (nil exercise price), per FY2025 annual reportPerformance Right36.4M——
Options granted as Avanti consideration, exercisable at A$0.60 (expiry 21 July 2029)Option36.4MA$0.62029-07-21

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024 (audited)AFY2025 (audited)A
Profit and loss
Revenue (FY2024-25: interest income only; forecast: gold sales)AUDmFY2024 (audited): 47,608 AUDFY2025 (audited): 775,244 AUD0.00.8
Operating costs incl. royalties and stream (ex D&A, SBP)AUDmFY2024 (audited): 6,802,093 AUDFY2025 (audited): 21,770,774 AUD6.821.8
EBITDAAUDmFY2024 (audited): -6,754,485 AUDFY2025 (audited): -20,995,530 AUD(6.8)(21.0)
Net loss after tax attributableAUDmFY2024 (audited): -8,213,331 AUDFY2025 (audited): -22,864,048 AUD(8.2)(22.9)
Cash flow
Operating cash flow (actual; forecast: revenue less operating costs, royalties, tax and working capital)AUDmFY2024 (audited): -6,832,094 AUDFY2025 (audited): -15,408,614 AUD(6.8)(15.4)
Capital expenditure (PP&E payments; forecast: sustaining and growth incl. remaining development)AUDmFY2024 (audited): 13,996 AUDFY2025 (audited): 3,781,026 AUD0.03.8
Free cash flow (operating cash flow less capex)AUDmFY2024 (audited): -6,846,090 AUDFY2025 (audited): -19,189,640 AUD(6.8)(19.2)
Balance sheet
Cash and cash equivalents (year end)AUDmFY2024 (audited): 8,471,928 AUDFY2025 (audited): 116,981,790 AUD8.5117.0
Borrowings (year end; stream is modelled in cash flows)AUDm0.00.0
Net debt (negative is net cash)AUDmFY2024 (audited): -8,471,928 AUDFY2025 (audited): -116,981,790 AUD(8.5)(117.0)
Per share
Ordinary shares on issue at year endm sharesFY2024 (audited): 228,959,959 sharesFY2025 (audited): 634,876,216 shares229.0634.9
Basic earnings per share (A$)AUD/shareFY2024 (audited): -0.05 AUD/shareFY2025 (audited): -0.07 AUD/share(0.05)(0.07)
Dividends per share declared (A$)AUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024 (audited): -39.39 xFY2025 (audited): -12.67 x(39.4)(12.7)
P / E (x, current market cap)xFY2024 (audited): -38.57 xFY2025 (audited): -13.85 x(38.6)(13.9)
FCF yield (current market cap)%FY2024 (audited): -0.02 fractionFY2025 (audited): -0.06 fraction-2.2%-6.1%
EBITDA margin%FY2024 (audited): -142 fractionFY2025 (audited): -27.08 fraction-14187.7%-2708.2%
Net debt / EBITDA (x)xFY2024 (audited): 1.25 xFY2025 (audited): 5.57 x1.35.6
Company guidance2
MetricProjectPeriodLowHighStatus
First Gold ProductionkobadaQ3 2027—— dateCurrent
Commencement Of Mining (Contractor Corica)kobadaearly 2027—— dateCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-10Ann. 2026-07-15RaisingA$70M233.9M—Completed—
2026-07-17Ann. 2026-06-29RaisingA$29.2M72.9M—Completed—
2026-02-23Ann. 2026-02-13RaisingA$45.4M113.5M—Completed—
2026-08-24Ann. 2025-10-10DebtA$228.9M——OngoingUS$160m (A$228.9m at the 30 Sep 2026 facility amount) gold stream with Eagle Eye Asset Holdings: 11.1% of Kobada gold for a payment of 20% of spot; US$70.1m (A$70.1m at 30 Sep) drawn; first US$25m drawdown 24 Aug 2026; US$75m drawn by 28 Oct 2026.
2025-05-07Ann. 2025-04-30RaisingA$29M120.8M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-11-06

Arrangements disclosed in the July 2026 presentation, the Sep 2026 quarterly and half-year accounts, the April 2025 and October 2025 announcements. No hedges are disclosed.

Binding gold stream: EEA takes 11.1% of Kobada gold, paid at 20% of spot, until 1.25x the drawn amount is credited. Effective cost to TRE is 80% of stream gold value. First drawdown US$25m on 24 Aug 2026.

Stream · Active
Counterparties
Eagle Eye Asset Holdings Pte Ltd
Applies to
Kobada Gold Project (Mines de Kobada SA; MaliCo operating entity) · Gold
Economic direction
Burden
Period
From 2026-08-24; no end date stated
Key terms
Stream percentage of gold produced: 11.1 %
Stream payment price: 20 % of spot
Facility amount: 160 US$m
Credit to EEA before stream ends: 1.25 x drawn
Buyback right for TRE: 75 % of stream
How it affects our valuation

No valuation treatment is available for this arrangement.

Mali State is entitled to a free carried 10% of MaliCo under the 2023 Mining Code, with an option for a further 20% paid and 5% for Mali investors; TRE economic interest 90% base, 65% if all are taken up.

Free Carry · Active
Counterparties
Republic of Mali
Applies to
Kobada Gold Project (Mines de Kobada SA; MaliCo operating entity) · Gold
Economic direction
Burden
Period
From 2025-03-31; no end date stated
Key terms
Free carried interest in MaliCo: 10 %
MaliCo option, paid: 20 %
Mali investors, paid: 5 %
TRE interest if all paid interests are taken up: 65 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Eagle Eye Asset Holdings (EEA) is the major shareholder, stream provider and board representative; equity and stream financing are linked.

Strategic Partnership · Active
Counterparties
Eagle Eye Asset Holdings Pte Ltd · Afreximbank (supporting)
Applies to
Kobada Gold Project (Mines de Kobada SA; MaliCo operating entity) · Gold
Economic direction
Mixed
Period
From 2025-04-30; no end date stated
Key terms
EEA shareholding (substantial holder group): 31.82 %
Board representation: 1 director
How it affects our valuation

No valuation treatment is available for this arrangement.

Up to US$40m senior secured facility (term sheet). It would close the indicative pre-first-gold funding shortfall; its interest and fees are not disclosed.

Other · Conditional
Counterparties
AFG Bank (syndicate lead)
Applies to
Kobada Gold Project (Mines de Kobada SA; MaliCo operating entity) · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Senior secured facility, maximum: 40 US$m
Facility status: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Mining contractor on site since the bulk earthworks; mining from early 2027. Rates are not disclosed, so the study mining cost (US$12.7/t mined basis) is used.

Other · Active
Counterparties
Corica Mining Services S.A.
Applies to
Kobada Gold Project (Mines de Kobada SA; MaliCo operating entity) · Gold
Economic direction
Burden
Period
From 2026-09-30; no end date stated
Key terms
Mining contract: —
How it affects our valuation

No valuation treatment is available for this arrangement.