Toubani Resources (ASX:TRE) non-executive Chairman Scott Perry is again buying on-market, adding a further 300,000 shares in the emerging West Africa-focused gold producer to his portfolio.
Perry, who is among the company’s top 20 shareholders, stumped up a further $56,102 – or $0.187 per share – to acquire the shares.
He now owns roughly 3.3 million shares and 400,000 options, exercisable at $0.35 before 6 September 2026, which increases his stake in Toubani to just under 2% based on the company’s shares on issue on 5 August 2024, as reported by the ASX.
This follows a recent on-market buy by Perry of 900,000 shares in late May.
Toubani is working on an updated Definitive Feasibility Study for the 2.2-million-ounce Kobada Gold Project in Mali.
A 2021 DFS targeted an operation producing around 100,000 ounces per annum, at a mining rate of 24 million tonnes per annum (Mtpa) and processing rate of 3Mtpa.
The update, however, will focus on a bulk mining approach feeding an initial oxide plant, with the fresh material to come later in the mine plan.
Perry has over 25 years of international senior executive experience in corporate transactions, project financing and development.
He is the former CEO of Centerra Gold (TSX:CG), a former director of AuRico Gold and former executive of Barrick Gold (TSX:ABX). Perry has also previously served as a director of the World Gold Council.
Toubani, which has a market capitalisation of around $31 million, held $2.1 million in cash at the end of the June 2024 quarter.
Write to Angela East at Mining.com.au
Images: Toubani Resources
