Kobo Resources Inc. ("Kobo" or the "Company") (TSX.V: KRI) is pleased to announce the expansion of its exploration strategy in Côte d'Ivoire through new earn-in agreements and license applications, enhancing its opportunity in one of West Africa's most prospective gold regions.
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Figure One: Overview of Kobo's Land Position in Côte d'Ivoire (Photo: Business Wire)
Key Highlights
- New Earn-In Agreements: Kobo has entered into two earn-in agreements with NESDAVE MINING SARL ("Nesdave"), a local Ivorian exploration company based in Abidjan, Côte d'Ivoire, adding 166.78 km² of exploration ground in highly prospective Côte d'Ivoire
- Increased Regional Presence: Kobo has established KUNIBOA MINING Co. ("Kuniboa") with local partners, holding a 40% stake as its largest shareholder; through Kuniboa, the Company has applied for two additional exploration licenses totaling 181.59 km², further expanding its footprint in Côte d'Ivoire
- Long-Term Growth Strategy: Strategy aligns with Kobo's commitment to expanding its exploration portfolio and exploring for and advancing new gold discoveries in Côte d'Ivoire
Edward Gosselin, CEO and Director of Kobo commented: "Expanding our exploration footprint in Côte d'Ivoire is a key element of Kobo's long-term growth strategy, and these new earn-in agreements and license applications provide additional opportunities to build on our exploration success." He continued: Côte d'Ivoire remains a highly prospective region for gold exploration, and securing additional land position supports our long-term strategy of systematically evaluating and advancing new target areas in-country. With our continued progress at Kossou, advancing Kotobi, and securing new ground, we remain committed to growing Kobo's portfolio in one of West Africa's most promising gold districts."
Nesdave Earn-In Agreements Overview
Nesdave was granted two gold exploration licenses by Presidential Decree on December 5, 2024, each with a four-year term and is operated by three experienced Ivorian geologists.
The first exploration license (PR-0970)covers 93.28 km2 and is located in the Agnibilékrou Department. The permit is located on the eastern border of Côte d'Ivoire next to Ghana. The Company can acquire a 90% interest in the license over the next four years by investing $550 million CFA F (approximately C$1.25 million). The first year requires and investment of $75 million CFA F or approximately $171,500. The Company has agreed to pay an upfront fee of USD$30,000 and grant Nesdave 30,000 common shares of its share-capital.
The second exploration license (PR-0973) covers 73.5 km2 and is located in the Adzopé, Alépé and Yakassé-Attobrou Departments. The permit sits in the southeast part of Côte d'Ivoire. The Company has the opportunity to acquire a 90% interest in the license over the next four years by investing $550.0 million CFA F (approximately C$1.25 million). The first year requires and investment of $75 million CFA F or approximately C$171,500. The Company has agreed to pay an upfront fee of USD$30,000 and grant Nesdave 30,000 common shares of its share-capital.
Each earn-in agreement grants a 1% net smelter return ("NSR") to Nesdave withthe Company retaining the right to buy back 50% of the NSR in consideration of a C$1.0 million payment and receive 350,000 common shares ofthe Company's share-capital. Nesdave will also be entitled to receive a bonus payment of C$1.00 per proven and probable ounce of gold discovered following the completion of a positive Feasibility Study leading to the issuance of an Exploitation License.
Kuniboa Applications Overview
The Kuniboa applications for gold exploration licenses are located appropriately 40 and 60 km from the Company's Kotobi license. The first license covers 163.25 km2 and the second exploration license application covers 18.34 km2, being contiguous to the north of PR-0973 referenced above. The Company intends for Kuniboa to advance these applications through submission to the Inter-Ministerial Commission, with final approval expected by Presidential Decree in 2025.
About Kobo Resources Inc.
Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in Côte d'Ivoire, one of West Africa's most prolific and developing gold districts, hosting several multi-million-ounce gold mines. The Company's 100%-owned Kossou Gold Project is located approximately 20 km northwest of the capital city of Yamoussoukro and is directly adjacent to one of the region's largest gold mines with established processing facilities.
With over 15,000 meters of diamond drilling, nearly 5,900 meters of reverse circulation (RC) drilling, and 5,900 meters of trenching completed since 2023, Kobo has made significant progress in defining the scale and prospectivity of its Kossou's Gold Project. Exploration has focused on multiple high-priority targets within a 9+ km strike length of highly prospective gold-in-soil geochemical anomalies, with drilling confirming extensive mineralization at the Jagger, Road Cut, and Kadie Zones. The latest phase of drilling has further refined structural controls on gold mineralization, setting the stage for the next phase of systematic exploration and resource development.
Beyond Kossou, the Company is advancing exploration at its Kotobi Permit and is actively expanding its land position in Côte d'Ivoire with prospective ground, aligning with its strategic vision for long-term growth in-country. Kobo remains committed to identifying and developing new opportunities to enhance its exploration portfolio within highly prospective gold regions of West Africa. Kobo offers investors the exciting combination of high-quality gold prospects led by an experienced leadership team with in-country experience. Kobo's common shares trade on the TSX Venture Exchange under the symbol "KRI". For more information, please visit www.koboresources.com.
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Cautionary Statement on Forward-looking Information:
This news release may contain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements, including statements related to the expected timing of commencement and completion of our diamond drill program and the results of the drill program. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable as at the date of this news release, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inherent risks involved win the exploration and development of mineral properties; unanticipated costs and expenses; the delay or failure to receive board, shareholder or regulatory approvals; and other risk factors listed from time to time in our documents filed with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Kobo assumes no obligation and/or liability to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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Contacts:
For further information, please contact:
Edward Gosselin
Chief Executive Officer and Director
1-418-609-3587
ir@kobores.com
