Small cap investment firm Nero Resource Fund has been doing some more on market buying in West Africa-focused gold explorer Toubani Resources (ASX:TRE).
Nero, which is led by Russell ‘Rusty’ Delroy, has raised its substantial shareholding to 14.7% after acquiring a further 9.8 million shares over the past 12 months.
The $1.2 million worth of shares were picked up via a series of on market purchases between July 2023 and July 2024 as well as participation in placements undertaken in late August 2023 and late April 2024.
The most recent on-market buy of 150,000 shares, worth around $26,054, was made on 9 July.
Nero has over $155 million in funds under management and has notched a 1,023% absolute performance, “outperforming both the ASX Small Resources Index and relevant global resource fund peers”, since its inception in 2013.
Around 8% of the fund’s investments are in Africa.
Delroy has spent over 15 years investing in resources and equity markets, having worked for high profile brokers including Morgan Stanley and Patersons Securities.
Toubani, which has a market capitalisation of $33.5 million, is advancing its Kobada Gold Project in Mali and expects to complete a Definitive Feasibility Study update by the end of Q3 2024.
Earlier in July the company increased the oxide ounces, confidence and grade of the resources at Kobada more than it expected.
Shallow, free dig oxide resources classified as indicated have increased 44% to 1.4 million ounces of contained gold, while total indicated resources now sit at 2 million contained gold ounces.
Write to Angela East at Mining.com.au
Images: Toubani Resources
