Toubani Resources (ASX:TRE) has agreed to acquire a 19.9% stake in Avanti Gold (CSE:AGC) through a share swap agreement.
Under the agreement, Toubani will issue 72.9 million shares in exchange for 44.5 million Avanti shares.
Toubani Managing Director Phil Russo says the company’s investment in Avanti “represents a strategic opportunity to gain exposure to one of the few premier gold development assets in Africa”.
“While Toubani remains firmly focused on bringing our flagship Kobada project into production in 2027, our team’s strengths in resource delineation, engineering studies, funding, and construction — combined with our existing operational knowledge and experience in the DRC (Democratic Republic of the Congo) — position us to support the acceleration of the Misisi project,” Russo says.
“Avanti’s Misisi project is an attractive asset in a jurisdiction that is very much ‘open for business’, and we look forward to working with the Avanti team to unlock its full potential.”
Avanti owns 73.5% of the Misisi Gold Project in the DRC.
Misisi comprises 133km2 of granted mining licences and contains the Akyanga Deposit where an inferred resource estimate of 40.8 million tonnes at 2.37 grams per tonne containing 3.1 million ounces of gold.
Toubani’s Kobada Gold Project hosts 2.2 million ounces in mineral resources over a 4.5km strike length and is predominantly oxide and open-pittable.
Toubani Resources is an advanced gold developer focused on bringing its oxide-dominant Kobada Gold Project in Mali into production, with a completed Definitive Feasibility Study (DFS) and a fully funded pathway to construction.
Write to Maddison Elliott at Mining.com.au
Images: Toubani Resources
