African Gold Group Inc said it has completed its name change to Toubani Resources Inc to better reflect its strategic focus on the development of the Kobada gold project in southern Mali.
Its shares began trading on the TSX Venture Exchange under a new ticker symbol 'TRE' at the opening of trading on June 15, 2022. The company said the name change also supported its move to dual list on the Australian Stock Exchange.
Toubani CEO Danny Callow said the change in corporate identity by re-branding marked the first step in the company’s strategic expansion.
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“The name change to Toubani Resources Inc reflects the name of a popular bird in the region, in the local Malinke language,” he said.
“The name change reflects the company spreading its wings, the near-term resource growth potential of the company and better reflects our local heritage, our strong relationship within the local communities in which we operate and our progress in the development of our flagship Kobada project.”
The Kobada project is a robust multi-million-ounce gold resource base with significant expansion potential, according to the company.
Per a recently published definitive feasibility study, the mine is expected to produce 1.2 million ounces of gold over a 16-year lifetime with average annual gold production of 100,000 ounces per year over the first 10 years.
“The company is poised for transformational growth with the advancement of continued exploration of the Kobada Project over the coming year which we believe gives us the potential for further resource growth increases and build on the highly successful drilling campaigns since late 2019,” Callow added.
“Over the last two years, our team has been successful in expanding the resource base at Kobada with a 144% increase in reserves and 44% increase in measured and indicated resource categories.”
Toubani Resources is an exploration and development company focused on building Africa’s next mid-tier gold producer.
Contact the author Emily Jarvie at emily.jarvie@proactiveinvestors.com
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