Toubani Resources (ASX:TRE) announced that its board of directors has approved a positive final investment decision for the Kobada Gold Project.
The milestone marks the formal transition from exploration to active development, with construction activities already commencing on-site.
The company confirmed that a dedicated development team is now in place and essential contractors have been mobilised to the project area to begin work immediately.
The decision follows the achievement of several critical regulatory and financial milestones.
Toubani has finalised an investment protocol with the State of Mali and secured all necessary environmental, resettlement, and infrastructure permits.
Financial momentum is also building rapidly, with over 36% of the project’s capital costs already committed and documentation for the remaining funding package nearing completion.
Toubani has set a target to achieve first gold production by the third quarter of the 2027 calendar year.
Managing Director Phil Russo described the announcement as a "momentous occasion," reflecting years of rigorous planning and a singular focus on the company's African growth strategy.
At the time of reporting, Toubani Resources' share price was $0.42.