Toubani Resources (ASX:TRE) has received US$25 million ($34.86 million) in first drawdown proceeds under the gold stream with Eagle Eye Asset Holdings.
This was completed following satisfaction of all remaining conditions precedent to financial close and the first drawdown.
As reported by Mining.com.au last month, Toubani executed a funding package to complete the construction of the Kobada Gold Mine in Mali, West Africa.
The funding package comprises a US$160 million gold stream and US$48 million equity investment from Eagle Eye, who is an existing major shareholder.
Managing Director Phil Russo says the completion of the first drawdown under the gold stream is a key milestone as the company continues to “advance construction activities at the Kobada Gold Mine”.
“We appreciate the support that Eagle Eye Asset Holdings has provided to Toubani through this process,” Russo says.
“We look forward to becoming a gold producer in 2027.”
Eagle Eye representative Aryann Gupta says the drawdown under the gold stream is an “important milestone for the Kobada Gold Mine” and this partnership.
“We see Toubani becoming a significant gold producer in 2027 and building into a mid-tier gold producer over the next few years,” Gupta says.
“The company and its management team have our full support in delivering that.”
Toubani Resources is a developer focused on advancing gold opportunities in Africa, particularly with its flagship Kobada Gold Project.
Write to Maddison Elliott at Mining.com.au
Images: Toubani Resources
