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2026-11-06
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Toubani Resources Limited

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

People, delivery and responsibility

Management background checks

Evidence through 2026-10-09

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

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

Individual involvement and employer context shown separately

Phil Russo

Managing Director

Current
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.

Full background report

Phil Russo

Managing Director

Career chronology

  • Earlier career; exact dates not established: Prior employers as stated in official or reviewed professional profile — Managing Director; mining executive with project development and mine construction experience, including leadership on West African Resources’ Sanbrado and Nordgold projects.. Company and Senior Management (Phil Russo profile; career/role section)

  • Current role; roster as of 2026-09-26: Toubani Resources Limited — Managing Director. Company and Senior Management (Phil Russo profile; title and role); Annual Report to shareholders (Directors’ report / Corporate Directory; executive name and title)

Personal achievements

Relevant professional experience

Earlier career; exact dates not established in reviewed profile · issuer reported · medium materiality

Managing Director; mining executive with project development and mine construction experience, including leadership on West African Resources’ Sanbrado and Nordgold projects.

Attribution: Individual involvement documented. The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.

Relevance: Provides role-relevant experience; profile claims are issuer-reported and not a substitute for independent delivery evidence.

Company and Senior Management (Phil Russo profile; career/role section)

Kobada entered visible plant construction under Russo’s CEO tenure

October 2026 construction milestone · issuer reported · medium materiality

An industry report dated 6 October 2026 states that Kobada began carbon-in-leach tank erection, process-plant engineering was more than 95% complete, all long-lead mechanical items including the ball mill had shipped, more than 70% of project costs were committed, and the project target was first gold in Q3 2027. It also reports 1 million lost-time-injury-free hours during September. This is a measurable project-construction milestone during Russo’s tenure, not a completed mine or proven production result; the source does not assign sole credit to him.

Attribution: Role overlaps event; causation unproven. The report quotes Russo and identifies him as Managing Director, while execution is a company and contractor effort. First gold remained a future target at the cutoff.

Relevance: Material project-delivery evidence for CEO role, with outcome still incomplete.

Toubani begins CIL tank erection at Kobada (6 October 2026, construction progress and first-gold target, lines 61–79)

Suitability for the current role

Role fit and evidence limits

Assessment at cutoff 2026-10-09 · analyst inference · medium materiality

Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.

Attribution: 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.

Relevance: Connects prior experience to the role’s execution and oversight needs.

Company and Senior Management (Phil Russo profile; career/role section)

Evidence gaps

  • 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

Current
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.

Full background report

Mark Somlyay

Chief Financial Officer

Career chronology

  • Earlier career through 2026; dates not fully disclosed: Aura Energy; Chesser Resources; Agnico Eagle; Barrick; Newcrest; Perseus Mining — More than 25 years of mining finance experience; most recently CFO of Aura Energy and previously CFO at Chesser Resources; earlier senior roles at major gold companies. Mining.com.au reports contribution to development/financing of Sissingué and Yaouré at Perseus.. Toubani builds Kobada team for production (12 August 2026, Mark Somlyay career profile)

  • Earlier career; exact dates not established: Prior employers as stated in official or reviewed professional profile — CFO with 20+ years in finance, commercial management and business improvement; previous senior roles at Agnico Eagle, Chesser Resources and Perseus Mining.. Company and Senior Management (Mark Somlyay profile; career/role section)

  • Current role; roster as of 2026-09-26: Toubani Resources Limited — Chief Financial Officer. Company and Senior Management (Mark Somlyay profile; title and role); Annual Report to shareholders (Directors’ report / Corporate Directory; executive name and title)

Education and qualifications

Education and professional credentials

Credential history; dates not disclosed in reviewed source · issuer reported · low materiality

Finance credentials not specified in reviewed profile.

Attribution: Individual involvement documented. The profile identifies the stated qualifications; graduation dates and independent register verification were not located.

Relevance: Relevant to the technical, finance or governance responsibilities described in the current role.

Company and Senior Management (Mark Somlyay profile; career/role section)

Personal achievements

Relevant professional experience

Earlier career; exact dates not established in reviewed profile · issuer reported · medium materiality

CFO with 20+ years in finance, commercial management and business improvement; previous senior roles at Agnico Eagle, Chesser Resources and Perseus Mining.

Attribution: Individual involvement documented. The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.

Relevance: Provides role-relevant experience; profile claims are issuer-reported and not a substitute for independent delivery evidence.

Company and Senior Management (Mark Somlyay profile; career/role section)

Mining finance and mine development experience

Earlier career; published profile dated 12 August 2026 · issuer reported · medium materiality

Mining.com.au reports that Somlyay has more than 25 years in mining finance and previously served as CFO of Aura Energy and Chesser Resources, with earlier roles at Agnico Eagle, Barrick, Newcrest and Perseus. At Perseus he reportedly helped develop and finance Sissingué and Yaouré. The source does not establish exact dates or his individual share of those outcomes.

Attribution: Individual involvement documented. Career and project contribution statements are attributed by a credible industry publication; individual responsibility is not independently demonstrated.

Relevance: Relevant to Toubani’s financing needs; prior development contribution is promising but source attribution remains summary-level.

Toubani builds Kobada team for production (12 August 2026, Somlyay background)

Suitability for the current role

Role fit and evidence limits

Assessment at cutoff 2026-10-09 · analyst inference · medium materiality

Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.

Attribution: 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.

Relevance: Connects prior experience to the role’s execution and oversight needs.

Company and Senior Management (Mark Somlyay profile; career/role section)

Evidence gaps

  • 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

Current
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.

Full background report

Mohamed Diarra

Executive General Manager – West Africa

Career chronology

  • Career history through 2026; prior role dates not fully sourced: B2Gold; Mali Ministry of Mines; Toubani Resources — Former Mali Country Manager at B2Gold, where Toubani reports he led in-country work on Fekola development, government negotiations, permits, village resettlement and environmental/social activities; earlier Senior Advisor at Mali Ministry of Mines. Curtin Master of Mineral and Energy Economics reported by issuer. In March 2026 presentation, shown signing Kobada project agreement with Mali’s Mines and Finance ministers.. Company and Senior Management profiles (Mohamed Diarra, senior-management biography); Investor Presentation – March 2026 (p. 9, agreement with the State of Mali and photograph/caption naming Diarra)

  • Earlier career; exact dates not established: Prior employers as stated in official or reviewed professional profile — 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.. Company and Senior Management (Mohamed Diarra profile; career/role section)

  • Current role; roster as of 2026-09-26: Toubani Resources Limited — Executive General Manager – West Africa. Company and Senior Management (Mohamed Diarra profile; title and role); Annual Report to shareholders (Directors’ report / Corporate Directory; executive name and title)

Education and qualifications

Education and professional credentials

Credential history; dates not disclosed in reviewed source · issuer reported · low materiality

Master’s in Mineral & Energy Economics, Curtin University.

Attribution: Individual involvement documented. The profile identifies the stated qualifications; graduation dates and independent register verification were not located.

Relevance: Relevant to the technical, finance or governance responsibilities described in the current role.

Company and Senior Management (Mohamed Diarra profile; career/role section)

Mineral economics postgraduate qualification

Credential history; date not stated · issuer reported · medium materiality

Toubani reports Diarra holds a Master’s degree in Mineral and Energy Economics from Curtin University. The degree date and independent award verification were not established in the reviewed issuer materials.

Attribution: Individual involvement documented. Credential disclosed by the issuer; independent registrar verification was not performed.

Relevance: Relevant to government negotiations and project economics.

Company and Senior Management profiles (Mohamed Diarra, senior-management biography)

Personal achievements

Relevant professional experience

Earlier career; exact dates not established in reviewed profile · issuer reported · medium materiality

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.

Attribution: Individual involvement documented. The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.

Relevance: Provides role-relevant experience; profile claims are issuer-reported and not a substitute for independent delivery evidence.

Company and Senior Management (Mohamed Diarra profile; career/role section)

Mali project negotiation and government agreement experience

Prior B2Gold tenure (exact dates not disclosed); Kobada State agreement by March 2026 · issuer reported · high materiality

Toubani reports that Diarra formerly led in-country activities for B2Gold during Fekola’s development, negotiated agreements and conventions with the State of Mali, and helped obtain construction and operating permits; it also credits him with village resettlement and environmental/social work. Toubani’s March 2026 investor presentation identifies him signing the Kobada agreement with Mali’s Ministers of Mines and Finance. It reports a Master’s in Mineral and Energy Economics from Curtin University. The underlying agreement is a company milestone; the source does not establish sole personal authorship or independently verify credentials.

Attribution: Individual involvement documented. The issuer biography attributes negotiation/permit coordination, while signing photo directly documents his formal participation in the Kobada agreement; no specific personal legal or environmental finding surfaced in the searches documented.

Relevance: Materially relevant to West African government relations and social/permitting work, with evidence primarily issuer-reported.

Company and Senior Management profiles (Mohamed Diarra, senior-management biography); Investor Presentation – March 2026 (p. 9, Kobada agreement and Diarra caption)

Suitability for the current role

Role fit and evidence limits

Assessment at cutoff 2026-10-09 · analyst inference · medium materiality

Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.

Attribution: 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.

Relevance: Connects prior experience to the role’s execution and oversight needs.

Company and Senior Management (Mohamed Diarra profile; career/role section)

Evidence gaps

  • 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

Current
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.

Full background report

Kerry Griffin

Operations Director

Career chronology

  • 2022–present; title changes dated 2025 and 2026: Toubani Resources Limited — Joined Toubani in 2022; led technical services, mineral resources and exploration at Kobada; appointed Executive General Manager – Project Development in 2025 and promoted to Operations Director in August 2026. AIG member and named competent person for Kobada resources.. June Quarter Activities Report (p. 6, key executive team appointments; and quarterly report p. 6 line 176 onward)

  • Current role; roster as of 2026-09-26: Toubani Resources Limited — Operations Director. Company and Senior Management (Kerry Griffin profile; title and role); Annual Report to shareholders (Directors’ report / Corporate Directory; executive name and title)

Education and qualifications

Education and professional credentials

Credential history; dates not disclosed in reviewed source · issuer reported · low materiality

Geologist; degree not specified in reviewed profile.

Attribution: Individual involvement documented. The profile identifies the stated qualifications; graduation dates and independent register verification were not located.

Relevance: Relevant to the technical, finance or governance responsibilities described in the current role.

Company and Senior Management (Kerry Griffin profile; career/role section)

AIG membership and Competent Person qualifications

As stated in March 2025 issuer disclosure · issuer reported · medium materiality

Toubani identifies Griffin as a member of the Australian Institute of Geoscientists and considers his relevant experience sufficient for Competent Person status under the 2012 JORC Code. The source supports professional qualification for resource reporting but does not identify his degree or independently verify membership.

Attribution: Individual involvement documented. The statement is limited to the issuer’s Competent Person disclosure.

Relevance: Directly relevant to resource and technical leadership; education history remains undisclosed.

Competent Person statement and resources update (Competent Person statement for Mineral Resource Estimate, pp. 59–60)

Personal achievements

Relevant professional experience

Earlier career; exact dates not established in reviewed profile · issuer reported · medium materiality

Geologist with 30+ years across mine development, resource estimation, exploration and management in multiple regions.

Attribution: Individual involvement documented. The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.

Relevance: Provides role-relevant experience; profile claims are issuer-reported and not a substitute for independent delivery evidence.

Company and Senior Management (Kerry Griffin profile; career/role section)

Technical and resource leadership at Kobada

2022–August 2026 · issuer reported · medium materiality

Toubani’s June 2025 quarterly report says Griffin was appointed Executive General Manager – Project Development and describes his 30-plus years of global mining experience. Its August 2026 appointment coverage states he joined in 2022 and led technical services, resources and exploration at Kobada; promotion to Operations Director expanded his responsibility to development, readiness and operating capability. Those are company-reported role/contribution statements; the sources do not attribute construction completion or commercial production to him by cutoff.

Attribution: Individual involvement documented. Toubani attributes technical and resource leadership, while construction/production remained ongoing in the cutoff-period evidence.

Relevance: Relevant career progression into operations leadership; no completed-production outcome is yet established.

June Quarter Activities Report (p. 1, appointment; p. 6, profile and experience); Toubani builds Kobada team for production (12 August 2026, Kerry Griffin appointment and remit)

Suitability for the current role

Role fit and evidence limits

Assessment at cutoff 2026-10-09 · analyst inference · medium materiality

Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.

Attribution: 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.

Relevance: Connects prior experience to the role’s execution and oversight needs.

Company and Senior Management (Kerry Griffin profile; career/role section)

Evidence gaps

  • 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

Current
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.

Full background report

Roux Terblanche

Project Director – Kobada Gold Project

Career chronology

  • Current Toubani role; prior roles undated: Toubani Resources Limited; prior African project employers not named in current profile — Project Director – Kobada Gold Project; more than 25 years in project/construction management and gold projects in multiple African countries; qualified Mechanical Engineer, according to issuer profile.. Company and Senior Management profiles (Roux Terblanche, senior-management biography)

  • Earlier career; exact dates not established: Prior employers as stated in official or reviewed professional profile — Project director with 25+ years in project/construction management and gold projects across African countries.. Company and Senior Management (Roux Terblanche profile; career/role section)

  • Current role; roster as of 2026-09-26: Toubani Resources Limited — Project Director – Kobada Gold Project. Company and Senior Management (Roux Terblanche profile; title and role); Annual Report to shareholders (Directors’ report / Corporate Directory; executive name and title)

Education and qualifications

Education and professional credentials

Credential history; dates not disclosed in reviewed source · issuer reported · low materiality

Qualified Mechanical Engineer.

Attribution: Individual involvement documented. The profile identifies the stated qualifications; graduation dates and independent register verification were not located.

Relevance: Relevant to the technical, finance or governance responsibilities described in the current role.

Company and Senior Management (Roux Terblanche profile; career/role section)

Personal achievements

Relevant professional experience

Earlier career; exact dates not established in reviewed profile · issuer reported · medium materiality

Project director with 25+ years in project/construction management and gold projects across African countries.

Attribution: Individual involvement documented. The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.

Relevance: Provides role-relevant experience; profile claims are issuer-reported and not a substitute for independent delivery evidence.

Company and Senior Management (Roux Terblanche profile; career/role section)

Suitability for the current role

Role fit and evidence limits

Assessment at cutoff 2026-10-09 · analyst inference · medium materiality

Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.

Attribution: 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.

Relevance: Connects prior experience to the role’s execution and oversight needs.

Company and Senior Management (Roux Terblanche profile; career/role section)

Project and construction management background

Current profile as accessed by cutoff; prior chronology unavailable · analyst inference · medium materiality

Toubani’s official profile reports more than 25 years in project and construction management, African project experience, extensive gold-project experience and a Mechanical Engineering qualification. It does not name his past employers or date his roles, and does not identify a specific project outcome personally delivered.

Attribution: Individual involvement documented. Issuer profile reports stated experience and qualification, but does not establish an independently verifiable chronology or past project delivery results.

Relevance: Relevant to Kobada project delivery; the lack of named prior projects limits independent track-record assessment.

Company and Senior Management profiles (Roux Terblanche, senior-management biography)

Evidence gaps

  • 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

Current
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.

Full background report

Riaan Lombard

General Manager – Kobada Gold Mine

Career chronology

  • 2022–2023 board and mine management tenure: Caracal Gold plc / Kilimapesa Gold — Kilimapesa General Manager from February 2022; appointed Caracal Executive Director and COO effective 18 July 2022; resigned from Caracal board on 12 June 2023 following board governance review. Earlier operating roles included Kahl Group, Louis-Dreyfus Group and IAMGOLD Rosebel, according to contemporary/company sources.. Caracal Gold Interim Report to 31 December 2022 (p. 2, Board changes and quarter operational table; appointment effective date corroborated by Caracal appointment announcement summarized in secondary coverage)

  • Earlier career; exact dates not established: Prior employers as stated in official or reviewed professional profile — Mining executive with 30+ years; prior senior leadership at Resolute Mining and Caracal Gold, operations roles at AngloGold Ashanti and IAMGOLD.. Company and Senior Management (Riaan Lombard profile; career/role section)

  • Current role; roster as of 2026-09-26: Toubani Resources Limited — General Manager – Kobada Gold Mine. Company and Senior Management (Riaan Lombard profile; title and role); Annual Report to shareholders (Directors’ report / Corporate Directory; executive name and title)

Personal achievements

Relevant professional experience

Earlier career; exact dates not established in reviewed profile · issuer reported · medium materiality

Mining executive with 30+ years; prior senior leadership at Resolute Mining and Caracal Gold, operations roles at AngloGold Ashanti and IAMGOLD.

Attribution: Individual involvement documented. The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.

Relevance: Provides role-relevant experience; profile claims are issuer-reported and not a substitute for independent delivery evidence.

Company and Senior Management (Riaan Lombard profile; career/role section)

Business failures and setbacks

Kilimapesa production expansion remained a plan during available tenure evidence

2022; production target for 2024 was prospective at the time · issuer reported · medium materiality

Caracal’s November 2022 annual results described expansion to 24,000 oz per year as underway/planned for 2024. The contemporaneous interim report subsequently records quarterly smelted production of 835 oz in Q4 2022 and a circuit shutdown because the lower-grade-fines washing project was uneconomic. These disclosures do not show that Lombard personally approved or designed the circuit or that the stated annual target was due during his short tenure; they do show operational plans and performance risk during an overlapping management period.

Attribution: Role overlaps event; causation unproven. Targets were forward-looking, and reported Q4 2022 ounces are not a full-year 2024 comparison. No evidence of personal responsibility for the failed circuit was located.

Relevance: Role-relevant execution evidence for a future operating remit, with limited time-period and attribution comparability.

Caracal Gold Interim Report to 31 December 2022 (pp. 1–2; Q4 operating figures and Plant 2 cessation); Caracal Gold Financial Results for 18 months to 30 June 2022 (Chairman’s statement/outlook, lines 263–275; planned 24,000 oz/y expansion)

Governance and interests

Caracal tenure overlapped operational and governance strain

2022–2024; Lombard’s Caracal board service ended 12 June 2023 · issuer reported · high materiality

Caracal’s interim report for the six months to 31 December 2022 records Lombard as COO/director and reports Kilimapesa smelted gold of 1,266 oz in Q1, 746 oz in Q2, 806 oz in Q3 and 835 oz in Q4 2022. It says Plant 2 stopped in August after the fines-washing circuit proved uneconomic and heap-leach Plant 3 stopped at design capacity. The same interim report disclosed a board-commissioned governance, regulatory-compliance and communications review; Proactive later reported that Lombard stepped off the board with immediate effect on 12 June 2023 after that review. Caracal’s 2024 annual report, after his departure, described acute cash pressure and a continuing LSE suspension for late audited accounts. These company-level problems overlap his management/director tenure in part, but sources do not state that he caused the governance review, disclosure delays or later financial difficulty; no personal misconduct finding was identified.

Attribution: Role overlaps event; causation unproven. The records establish contemporaneous operational outcomes, a governance review, and subsequent board departure, not a causal link or allegation against Lombard. The later 2024 cash/reporting problems arose after his documented board departure and are recorded as follow-through rather than personal attribution.

Relevance: Relevant context for new site-wide operating responsibility. The outcomes warrant scrutiny of execution, while the available material does not support a personal culpability conclusion.

Caracal Gold Interim Report to 31 December 2022 (pp. 1–2; Q1–Q4 2022 operating table, plant stoppages and governance review); Caracal Gold rejigs board after corporate governance review (13 June 2023 notice of Lombard’s board departure following governance review); Caracal Gold Annual Report and Accounts 2024 (Chairman’s report, paragraphs on cash pressure and LSE suspension from late audited statements)

Suitability for the current role

Role fit and evidence limits

Assessment at cutoff 2026-10-09 · analyst inference · medium materiality

Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.

Attribution: 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.

Relevance: Connects prior experience to the role’s execution and oversight needs.

Company and Senior Management (Riaan Lombard profile; career/role section)

Evidence gaps

  • 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

Current
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.

Full background report

Aaron Gates

Company Secretary

Career chronology

  • Prior to and from July 2024; earlier roles undated: Toubani Resources Limited; public-listed company finance roles — CFO before becoming joint Company Secretary in 2024; more than 15 years as CFO and Company Secretary of listed companies, with prior public-practice audit and corporate finance work. Reported Chartered Accountant; BCom (Accounting and Business Law), Curtin University; Diploma of Corporate Governance.. Appointment of Aaron Gates as Joint Company Secretary (Appointment announcement reproduced by S&P Capital IQ, Aaron Gates biography)

  • Earlier career; exact dates not established: Prior employers as stated in official or reviewed professional profile — Company Secretary; profile unavailable in reviewed current materials.. Company and Senior Management (Company Secretary (FY2025 annual report) profile; career/role section)

  • Current role; roster as of 2026-09-26: Toubani Resources Limited — Company Secretary. Company and Senior Management (Company Secretary (FY2025 annual report) profile; title and role); Annual Report to shareholders (Directors’ report / Corporate Directory; executive name and title)

Education and qualifications

Accounting and governance credentials

Published 26 July 2024; appointment date is in announcement · issuer reported · medium materiality

The July 2024 appointment notice identifies Gates as then Toubani CFO and newly appointed joint Company Secretary, with more than 15 years as CFO/Company Secretary at listed companies. It reports Chartered Accountant status, a Curtin Bachelor of Commerce (Accounting and Business Law) and a Diploma of Corporate Governance, plus earlier audit and corporate finance practice. The notice does not identify prior company names or permit independent credential-register verification.

Attribution: Individual involvement documented. Appointment notice documents role and issuer-reported credentials; no independent register check conducted.

Relevance: Directly relevant to company-secretarial and continuous-disclosure responsibilities.

Appointment of Aaron Gates as Joint Company Secretary (Aaron Gates joint company secretary appointment and profile)

Personal achievements

Relevant professional experience

Earlier career; exact dates not established in reviewed profile · issuer reported · medium materiality

Company Secretary; profile unavailable in reviewed current materials.

Attribution: Individual involvement documented. The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.

Relevance: Provides role-relevant experience; profile claims are issuer-reported and not a substitute for independent delivery evidence.

Company and Senior Management (Company Secretary (FY2025 annual report) profile; career/role section)

Suitability for the current role

Role fit and evidence limits

Assessment at cutoff 2026-10-09 · analyst inference · medium materiality

Mine-building, West African permitting and construction experience is relevant to Kobada development in Mali; company delivery is still being demonstrated.

Attribution: 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.

Relevance: Connects prior experience to the role’s execution and oversight needs.

Company and Senior Management (Company Secretary (FY2025 annual report) profile; career/role section)

Evidence gaps

  • 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.