Price, volume & events
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- Last 2026-11-06
- A$0.295
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$316.8M
- EV
- A$266.1M
- Cash
- A$120.8M
- Debt
- A$70.1M
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 20All sources ▸- Quarterly Activities and Appendix 5B Cash Flow ReportResults
- Notice of General Meeting/Proxy FormGovernance
- Half Year AccountsResults
- Application for quotation of securities 14 August 2026Corporate Action
- Application for quotation of securities 10 August 2026 (retail and shortfall)Corporate Action
- Completion of Retail Entitlement OfferFinancing
- Application for quotation of securities 20 July 2026 (institutional entitlement)Corporate Action
- Toubani Completes Acquisition of 19.9% of Avanti GoldTransaction
- Application for quotation of securities 17 July 2026 (Avanti consideration shares)Corporate Action
- Toubani Successfully Completes Institutional Offer BookbuildFinancing
- Toubani to Acquire 19.9% of Avanti GoldTransaction
- Annual Report to shareholdersResults
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| expected in coming weeks after 28 Oct 2026 | Kobada MRE update (26,000 m of new drilling) delivered | Resource Or Reserve | Company Guided | High | Updated resource feeds the final mine plan, pit design and scheduling before mining starts. |
| listed as upcoming milestone; no date | Working capital facility completion (senior facility, up to US$40m) | Financing | Inferred | High | Closes the pre-production funding gap; without it the balance sheet has limited headroom before first gold. |
| early 2027 per the September quarterly | Start of mining at Kobada (Corica) | Construction Or Commissioning | Company Guided | High | Start of the mining schedule and grade control; a delay pushes first gold. |
| targeted Q3 2027 | First gold production at Kobada | Production | Company Guided | High | First cash generation; stream deliveries begin. |
Executive roster
As of 2026-11-06Background checks ▸Current executives as disclosed in the Sep 2026 quarterly (appointments of CFO, Operations Director and Kobada General Manager), the 2025 Project Director announcement, the 2026 company secretary notices and the July 2026 presentation; non-executive directors are excluded per the schema.
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Kobada Gold Project (Mines de Kobada SA; MaliCo operating entity)
ML
Construction90% ownedGold
Construction since FID on 9 Mar 2026; mining licence transferred 28 Jan 2026; mining contractor Corica appointed (mining from early 2027); first gold targeted Q3 2027; 80% of capex committed at 30 Sep 2026.
Project location
Site imagery
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$5008% discount
IRR50%Published return
Initial capexUS$216Published capital estimate
Operating cost1,175USD/oz AISC (LOM)
NPVUS$9518% discount
IRR79%Published return
Initial capexUS$216Published capital estimate
Operating cost1,317USD/oz AISC (LOM)
NPVUS$6358% discount
IRR58%Published return
Initial capexUS$216Published capital estimate
Operating cost1,004USD/oz AISC (LOM)
100% project basis; post-tax NPV8% at US$2,200/oz; 2023 Mining Code basis (royalties and fees US$309/oz)
100% project basis; post-tax NPV8% at US$3,000/oz
100% project basis; post-tax NPV8% at US$2,200/oz; 2012 Mining Code and 6.6% royalty
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (indicated plus inferred; inclusive of reserves) | 78 Mt | 0.88 g/t gold | Gold | 2024-07-02 |
| Mineral Resource | indicated | 71 Mt | 0.87 g/t gold | Gold | 2024-07-02 |
| Mineral Resource | inferred | 7 Mt | 0.97 g/t gold | Gold | 2024-07-02 |
| Ore Reserve | probable (all derived from indicated resource) | 53.8 Mt | 0.90 g/t gold | Gold | 2025-03-31 |
Tenements3
Milestones4
- Kobada mineral resource update (26,000 m new drilling; Entech) to be completed
Pending · High materiality
- Start of mining with Corica Mining Services
Pending · High materiality
- First gold production (Q3 2027 target)
Pending · High materiality
- Ore Reserve update (announced as upcoming, undated)
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Kobada Operating Permit / mining licence transfer to Mines de Kobada SA | Mali | Granted | 2045-07-31 | No |
| Environmental permit | Mali | Granted | — | No |
| Free carried 10% State interest in MaliCo: decree issued, initial 10% not yet acquired | Mali | Pending | — | No |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Definitive Feasibility Study (Oct 2024) | DFS | Superseded | 2024-10-31 | Post-tax NPV8% US$635m, IRR 58%, initial capital US$216m, average 162koz a year over 9.2 years at US$2,200/oz; superseded by the restatement under the 2023 Mining Code. |
| DFS outcomes restated under the 2023 Mining Code (July 2026 presentation) | DFS | Current | 2026-07-13 | Same mine plan with royalties and fees of US$309/oz and AISC US$1,175/oz at US$2,200/oz: post-tax NPV8% US$500m, IRR 50%, payback 1.75 years; US$951m at US$3,000/oz. Initial development capital remains US$216m in the presentation, but the funded budget implies more (see capex reconciliation). |
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary shares fully paid (1,072,310,600 at 10 Aug 2026 plus 1,500,000 quoted 14 Aug 2026) | Ordinary Share | 1.1B | — | — |
| 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 statements | Option | 81.6M | A$0.336 | — |
| Performance rights (nil exercise price), per FY2025 annual report | Performance Right | 36.4M | — | — |
| Options granted as Avanti consideration, exercisable at A$0.60 (expiry 21 July 2029) | Option | 36.4M | A$0.6 | 2029-07-21 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2024 (audited)A | FY2025 (audited)A |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue (FY2024-25: interest income only; forecast: gold sales) | AUDm | 0.0 | 0.8 | |
| Operating costs incl. royalties and stream (ex D&A, SBP) | AUDm | 6.8 | 21.8 | |
| EBITDA | AUDm | (6.8) | (21.0) | |
| Net loss after tax attributable | AUDm | (8.2) | (22.9) | |
| Cash flow | ||||
| Operating cash flow (actual; forecast: revenue less operating costs, royalties, tax and working capital) | AUDm | (6.8) | (15.4) | |
| Capital expenditure (PP&E payments; forecast: sustaining and growth incl. remaining development) | AUDm | 0.0 | 3.8 | |
| Free cash flow (operating cash flow less capex) | AUDm | (6.8) | (19.2) | |
| Balance sheet | ||||
| Cash and cash equivalents (year end) | AUDm | 8.5 | 117.0 | |
| Borrowings (year end; stream is modelled in cash flows) | AUDm | 0.0 | 0.0 | |
| Net debt (negative is net cash) | AUDm | (8.5) | (117.0) | |
| Per share | ||||
| Ordinary shares on issue at year end | m shares | 229.0 | 634.9 | |
| Basic earnings per share (A$) | AUD/share | (0.05) | (0.07) | |
| Dividends per share declared (A$) | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (39.4) | (12.7) | |
| P / E (x, current market cap) | x | (38.6) | (13.9) | |
| FCF yield (current market cap) | % | -2.2% | -6.1% | |
| EBITDA margin | % | -14187.7% | -2708.2% | |
| Net debt / EBITDA (x) | x | 1.3 | 5.6 | |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Gold Production | kobada | Q3 2027 | — | — date | Current |
| Commencement Of Mining (Contractor Corica) | kobada | early 2027 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-10Ann. 2026-07-15 | Raising | A$70M | 233.9M | — | Completed | — |
| 2026-07-17Ann. 2026-06-29 | Raising | A$29.2M | 72.9M | — | Completed | — |
| 2026-02-23Ann. 2026-02-13 | Raising | A$45.4M | 113.5M | — | Completed | — |
| 2026-08-24Ann. 2025-10-10 | Debt | A$228.9M | — | — | Ongoing | US$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. 2025-04-30 | Raising | A$29M | 120.8M | — | 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.
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.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The reviewed public record supports role-relevant professional experience for the current team, but mostly through issuer or professional profiles. Individual contribution, exact prior-role dates and several credentials remain unverified. Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Decision-relevant facts
Material summary
Phil Russo
Managing Director
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Managing Director; mining executive with project development and mine construction experience, including leadership on West African Resources’ Sanbrado and Nordgold projects.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Company and Senior Management · Phil Russo profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Company and Senior Management · Phil Russo profile; career/role section
Evidence gaps · 2
- The reviewed public professional and issuer materials did not establish verified degrees or professional credentials for this executive.
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
Mark Somlyay
Chief Financial Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
CFO with 20+ years in finance, commercial management and business improvement; previous senior roles at Agnico Eagle, Chesser Resources and Perseus Mining.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Company and Senior Management · Mark Somlyay profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Company and Senior Management · Mark Somlyay profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The reviewed appointment coverage does not report academic credentials or exact dates for prior CFO roles; independent corroboration of individual development contributions was not located.
Mohamed Diarra
Executive General Manager – West Africa
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Former Mali Country Manager at B2Gold; led in-country development and state agreement/permit negotiations for Fekola; former senior adviser in Mali Ministry of Mines.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Company and Senior Management · Mohamed Diarra profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Company and Senior Management · Mohamed Diarra profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- Issuer biographies do not date Diarra’s B2Gold tenure or provide independent verification of his Curtin qualification; the documented person-specific search did not cover non-English court/regulatory databases exhaustively.
Kerry Griffin
Operations Director
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Geologist with 30+ years across mine development, resource estimation, exploration and management in multiple regions.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Company and Senior Management · Kerry Griffin profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Company and Senior Management · Kerry Griffin profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- Public profiles disclose AIG membership but not academic degrees; no complete personal adverse-record search was performed.
Roux Terblanche
Project Director – Kobada Gold Project
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Project director with 25+ years in project/construction management and gold projects across African countries.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Company and Senior Management · Roux Terblanche profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Company and Senior Management · Roux Terblanche profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- Toubani’s profile does not identify prior employers, projects or role dates, and the reported engineering qualification was not independently verified; no exhaustive adverse-record search was completed.
Riaan Lombard
General Manager – Kobada Gold Mine
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Mining executive with 30+ years; prior senior leadership at Resolute Mining and Caracal Gold, operations roles at AngloGold Ashanti and IAMGOLD.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Company and Senior Management · Riaan Lombard profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Company and Senior Management · Riaan Lombard profile; career/role section
Evidence gaps · 3
- The reviewed public professional and issuer materials did not establish verified degrees or professional credentials for this executive.
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The reviewed disclosures do not establish Lombard’s specific role in Caracal circuit design, governance review, or late reporting, nor an exhaustive personal legal/safety/environment record search.
Aaron Gates
Company Secretary
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Company Secretary; profile unavailable in reviewed current materials.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Company and Senior Management · Company Secretary (FY2025 annual report) profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Company and Senior Management · Company Secretary (FY2025 annual report) profile; career/role section
Evidence gaps · 3
- The reviewed public professional and issuer materials did not establish verified degrees or professional credentials for this executive.
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The appointment notice omits names/dates for Gates’s earlier listed-company roles; qualifications remain issuer-reported and were not independently verified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-03-18
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 50.35% | 379,630,490 | |
| 2 | 10.62% | 80,091,267 | |
| 3 | 4.28% | 32,239,358 | |
| 4 | 4.11% | 31,015,006 | |
| 5 | 3.19% | 24,068,913 | |
| 6 | 2.92% | 22,000,000 | |
| 7 | 2.64% | 19,916,118 | |
| 8 | 1.69% | 12,756,791 | |
| 9 | 1.65% | 12,478,282 | |
| 10 | 1.33% | 10,061,533 | |
| 11 | 1.31% | 9,864,563 | |
| 12 | 1.20% | 9,053,709 | |
| 13 | 1.03% | 7,740,698 | |
| 14 | 0.73% | 5,538,236 | |
| 15 | 0.66% | 4,970,000 | |
| 16 | 0.58% | 4,336,626 | |
| 17 | 0.51% | 3,872,216 | |
| 18 | 0.48% | 3,616,448 | |
| 19 | 0.37% | 2,800,000 | |
| 20 | 0.36% | 2,700,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 31.82%Voting power | 2026-07-23 | |
| 23.05%Voting power | 2026-08-10 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The March register is older than the July 2026 entitlement offer and does not disclose an exact denominator in its top-20 page; issued_shares is null. August group holdings reflect later share issuance and overlap the older registered account table.
Sources
- Annual Report 2025 — Twenty largest quoted equity security holders
Toubani Resources Limited / ASX · Published 2026-03-30 · Accessed 2026-10-09
Full 20-account ordinary-share table; report does not state exact total shares on issue in the table.
PDF p. 55 (printed p. 54), account table as at 18 March 2026
- Change in substantial holding
Toubani Resources Limited / ASX · Published 2026-08-12 · Accessed 2026-10-09
Helikon-related reporting group reports 247,164,935 ordinary-share votes, 23.0497%.
Form 604 p. 1 and related-interest schedules, position after 10 August 2026; 1,072,310,600 ordinary shares on issue
- Change in substantial holding
Toubani Resources Limited / ASX · Published 2026-08-11 · Accessed 2026-10-09
Eagle Eye, Falcon Eye, Kensington Trust and Gagan Gupta report 341,223,281 ordinary-share votes, 31.82%.
Form 604 p. 1, position as at 23 July 2026
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
The closest covered peers
Peer comparison
Peer comparison pending
No peer comparison has been saved for this company.
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
AI Analyst Report
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Sign in or enter a guest codeChronological evidenceSource-document inventory26 documents
TRE close, ASX, 6 November 2026 (reference price)Market Data · MediumMetadata Only
Local ASX close A$0.295 on 6 Nov 2026 (fresh, 0 days) from miners.reference_price (asx_mining_companies.db via market data provider); open 0.275, high 0.295, low 0.275, volume 303,543. Used as the reference price.
- Document ID
- tre-reference-price-2026-11-06
- Published UTC
- 2026-11-05T22:00:00Z
- Projects
- kobada
- Commodities
- gold
Gold futures spot, 5 November 2026 (commodity reference)Commodity Data · HighMetadata Only
Gold spot US$4,113.50/oz on 5 Nov 2026 with trailing averages (1y US$4,452.5; 3y US$3,318.1; 5y US$2,733.8) from data/metal_prices.db (yahoo_futures:gc); AUD/USD basis 1 USD = A$1.4554 per the market snapshot of 6 Nov 2026.
- Document ID
- tre-gold-spot-2026-11-05
- Published UTC
- 2026-11-04T22:00:00Z
- Projects
- kobada
- Commodities
- gold
Quarterly Activities and Appendix 5B Cash Flow ReportResults · HighExtracted
September 2026 quarterly activities report and Appendix 5B: construction progress, cash A$120.8m at 30 Sep 2026, A$70.1m gold stream drawn, A$158.8m stream undrawn, Q3 development spend A$74.3m, MRE update under way, Mali decree on state interest.
- Document ID
- tre-q3-2026-quarterly
- Published UTC
- 2026-10-27T22:00:00Z
- Projects
- kobada
- Commodities
- gold
TRE management assessment (local research product)Governance · MediumMetadata Only
Local management assessment (management/TRE/summary.md and background-check.json, reviewed public record). Relevant experience for the current team; individual outcomes and some credentials unverified; executive score 62/100 with medium evidence confidence. Used for the management assessment only.
- Document ID
- tre-management-assessment-local
- Published UTC
- 2026-10-08T22:00:00Z
- Projects
- kobada
- Commodities
- gold
TRE top-20 register (18 Mar 2026) and substantial holders (local ownership file)Governance · MediumMetadata Only
ownership/TRE/investors.json: top-20 register dated 18 Mar 2026 (HSBC custody 50.35%, Citicorp 10.62%) and substantial holders after the July 2026 offer: Eagle Eye group 31.82% (23 Jul 2026) and Helikon group 23.05% (10 Aug 2026, on 1,072,310,600 shares). Register pre-dates the entitlement offer.
- Document ID
- tre-ownership-register-local
- Published UTC
- 2026-10-08T22:00:00Z
- Projects
- kobada
- Commodities
- gold
Notice of General Meeting/Proxy FormGovernance · MediumExtracted
Notice of general meeting (21 Sep 2026) seeking ratification of the 72,893,944 Avanti consideration shares and the option grant.
- Document ID
- tre-gm-notice-2026-09-21
- Published UTC
- 2026-09-20T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Half Year AccountsResults · HighExtracted
Interim financial report to 30 June 2026: loss A$25.8m incl. A$8.3m Mali CGT, cash A$73.5m, PP&E A$103.3m (construction), 764,978,564 shares, commitments A$117.0m, post-balance-date funding package.
- Document ID
- tre-hy-2026-accounts
- Published UTC
- 2026-09-08T23:00:00Z
- Projects
- kobada
- Commodities
- gold
TRE director dealings 2023 to 2026 (insider transactions database)Governance · LowMetadata Only
data/insider-transactions.db (python -m miners.insider_transactions show TRE): 28 director events. Most recent open-market purchase Scott Perry 178,571 shares at A$0.28 (11 Aug 2026); options lapsed 2026-09-06 (Perry 400,000); Phil Russo option expiry 9 Jan 2026. Director grants of options at A$0.50 (Dec 2025) and performance rights (10,000,000, Russo, Dec 2025).
- Document ID
- tre-insider-dealings-local
- Published UTC
- 2026-09-06T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Application for quotation of securities 14 August 2026Corporate Action · LowExtracted
Quotation of 1,500,000 ordinary shares.
- Document ID
- tre-quotation-2026-08-14
- Published UTC
- 2026-08-13T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Application for quotation of securities 10 August 2026 (retail and shortfall)Corporate Action · LowExtracted
Quotation of 61,838,592 retail and shortfall entitlement shares.
- Document ID
- tre-quotation-2026-08-10-retail
- Published UTC
- 2026-08-09T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Completion of Retail Entitlement OfferFinancing · HighExtracted
Completion of the retail entitlement offer (about A$70m raised in total) with 60,961,054 shortfall shares placed; allotment 10 August 2026.
- Document ID
- tre-retail-eo-completion-2026-08-05
- Published UTC
- 2026-08-04T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Application for quotation of securities 20 July 2026 (institutional entitlement)Corporate Action · LowExtracted
Quotation of 172,099,500 institutional entitlement offer shares.
- Document ID
- tre-quotation-2026-07-20-institutional
- Published UTC
- 2026-07-19T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Toubani Completes Acquisition of 19.9% of Avanti GoldTransaction · MediumExtracted
Completion of the 19.9% Avanti Gold interest on 17 July 2026.
- Document ID
- tre-avanti-completion-2026-07-17
- Published UTC
- 2026-07-16T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Application for quotation of securities 17 July 2026 (Avanti consideration shares)Corporate Action · LowExtracted
Quotation of 72,893,944 consideration shares issued for the Avanti acquisition.
- Document ID
- tre-quotation-2026-07-17-avanti
- Published UTC
- 2026-07-16T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Toubani Successfully Completes Institutional Offer BookbuildFinancing · HighExtracted
Institutional component of the A$70m accelerated non-renounceable entitlement offer at A$0.30 (about A$52m, about 172m shares).
- Document ID
- tre-entitlement-bookbuild-2026-07-15
- Published UTC
- 2026-07-14T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Investor PresentationPresentation · HighExtracted
July 2026 investor presentation: funding package and sources and uses, pro-forma capital structure, EEA gold stream terms, Mali agreement and state carry, DFS outcomes restated at US$2,200/oz and US$3,000/oz, production and cost profile.
- Document ID
- tre-investor-presentation-2026-07-13
- Published UTC
- 2026-07-12T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Toubani to Acquire 19.9% of Avanti GoldTransaction · MediumExtracted
Agreement to acquire 19.9% of Avanti Gold for 72.9m TRE shares and 36.45m options at A$0.60.
- Document ID
- tre-avanti-acquisition-2026-06-29
- Published UTC
- 2026-06-28T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Annual Report to shareholdersResults · HighExtracted
FY2025 annual report (31 Dec 2025): audited statements with FY2024 comparatives, options and performance rights outstanding, annual mineral resource and ore reserve statement at 31 Dec 2025.
- Document ID
- tre-annual-report-2026
- Published UTC
- 2026-03-29T22:00:00Z
- Projects
- kobada
- Commodities
- gold
Final Investment Decision for the Kobada Gold ProjectStudy · HighExtracted
Final investment decision for Kobada announced 9 March 2026; construction commenced, over 36% of capital committed, first gold targeted Q3 2027.
- Document ID
- tre-fid-2026-03-09
- Published UTC
- 2026-03-08T22:00:00Z
- Projects
- kobada
- Commodities
- gold
Retirement of Company SecretaryLeadership · LowExtracted
Kevin Hart retires as joint company secretary; Aaron Gates continues as Company Secretary.
- Document ID
- tre-company-secretary-2026-02-27
- Published UTC
- 2026-02-26T22:00:00Z
- Projects
- kobada
- Commodities
- gold
A$395M FUNDING PACKAGE TO DELIVER THE KOBADA GOLD PROJECTEconomic Arrangement · HighExtracted
October 2025 funding package announcement including the original Eagle Eye gold stream proposal (11.1% of gold production).
- Document ID
- tre-stream-announcement-2025-10-10
- Published UTC
- 2025-10-09T22:00:00Z
- Projects
- kobada
- Commodities
- gold
Toubani Appoints Gaurav Gupta as a Non-Executive DirectorGovernance · LowExtracted
Gaurav Gupta (EEA) appointed Non-Executive Director effective 22 September 2025.
- Document ID
- tre-ned-gupta-2025-09-24
- Published UTC
- 2025-09-23T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Project Director AppointmentLeadership · LowExtracted
Roux Terblanche appointed Project Director for Kobada.
- Document ID
- tre-project-director-2025-08-11
- Published UTC
- 2025-08-10T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Transformational Partnership and A$29M PlacementEconomic Arrangement · HighExtracted
Transformational partnership with Eagle Eye Asset Holdings (EEA) and A$29m placement; debt commitment letter for a minimum US$160m facility.
- Document ID
- tre-eea-partnership-2025-04-30
- Published UTC
- 2025-04-29T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Toubani Delivers Highly Attractive Kobada DFSStudy · HighExtracted
2024 Definitive Feasibility Study announcement: post-tax NPV8% US$635m and IRR 58% at US$2,200/oz, initial capital US$216m, 1.56Moz probable reserve, 9.2-year life, 2012 Mining Code fiscal basis.
- Document ID
- tre-dfs-2024
- Published UTC
- 2024-10-30T22:00:00Z
- Projects
- kobada
- Commodities
- gold
Joint Company Secretary AppointmentLeadership · LowExtracted
Aaron Gates (CFO) appointed joint company secretary, July 2024.
- Document ID
- tre-company-secretary-2024-07-26
- Published UTC
- 2024-07-25T23:00:00Z
- Projects
- kobada
- Commodities
- gold
Conflicts requiring judgment3
- probable reserve total grade (g/t)
FY2025 statement prints 53.8 Mt at 0.97 g/t, which does not tie to 1.56 Moz; tonnes x grade gives 0.90 g/t, matching the Mar 2025 reserve in the quarterly and the 2024 DFS, so 0.90 g/t is selected.
- inferred resource contained metal (Moz)
FY2025 statement prints 0.51 Moz (oxide) and 0.35 Moz (fresh) inferred; tonnes x grade (3 Mt at 0.81 g/t; 4 Mt at 1.10 g/t) gives about 0.08 and 0.14 Moz, matching the quarterly split (0.08 and 0.13) and the 0.21 Moz total.
- post-tax NPV8% at US$2,200/oz (US$m)
The 2024 DFS (US$635m) used the 2012 Mining Code and a 6.6% royalty; the July 2026 presentation restates the same project under the 2023 Mining Code (royalties and fees US$309/oz, AISC US$1,175/oz) at US$500m, so the restated figure is the current study basis. The DFS figure is kept as superseded.