SYDNEY, AUSTRALIA: Toubani Resources Inc. (ASX: TRE) announced that Mr Phil Russo has agreed to join the Company as Chief Executive Officer and Executive Director, commencing 9th January 2023.

Following the Company’s successful ASX listing in November and in line with the Company’s Prospectus, Toubani has moved to appoint an Australian-based Chief Executive Officer with broad corporate, project development and capital markets experience to advance the Company’s strategy to increase its market profile in Australia and globally, as well as unlocking the significant, untested exploration potential across the Kobada gold project.

As part of the appointment of Mr Russo, current Chief Executive Officer and Executive Director, Danny Callow will transition to Executive Chairman till mid-2023, before moving to Non-Executive Chairman.

Current Non-Executive Chairman Jan-Erik Back will move to a Non-Executive Director role. They will join current Non-Executive Directors Mr Tim Kestell and Mr Douglas Jendry.

Toubani Resource’s Executive Chairman, Mr. Danny Callow, commented: “I am very pleased to announce the appointment of Mr Phil Russo as the new Chief Executive Officer of Toubani Resources.

With Phil’s integral knowledge of capital markets and strong relationships in the industry, I am confident that under his direction we will see a very positive movement in the value of the Company, underpinned by the significant technical work already completed at the Kobada gold project.

I believe that with Phil’s experience, coupled with my knowledge of the project, local country relationships, and strong team on the ground, we are well positioned for growth.

We believe that there is substantial upside in growing the size of the resource at our flagship Kobada project and Phil is well positioned to steer this Company to the next level.”

Toubani Resource’s Chief Executive Officer, Mr. Phil Russo, commented: “Feasibility-level projects with the Mineral Resource and Ore Reserve estimates of the Kobada project are rare in the gold sector. Even rarer for projects of this size and scale are those with the potential for significant resource growth. Kobada’s potential for expansion outside the current Mineral Resource, as well as for new regional discoveries, is very clear.

Combined with Toubani’s current compelling valuation versus its peers, the key drivers are there to unlock substantial value over time as we position to systematically drill Kobada towards growth and ultimately, further optimization of the Kobada feasibility study ahead of a future development decision.

I look forward to working with the Toubani Board and management team to deliver on our objectives of advancing Kobada towards production and rewarding all our stakeholders in the process.”