Kobo Resources enters earn-in deals in Ivory Coast

Mar 5, 2025

2025-03-04 17:08 ET – News Release

Mr. Edward Gosselin reports

KOBO RESOURCES EXPANDS EXPLORATION PORTFOLIO IN COTE D’IVOIRE WITH NEW EARN-IN AGREEMENTS AND LICENSE APPLICATIONS

Kobo Resources Inc. has expanded its exploration strategy in Ivory Coast through new earn-in agreements and licence applications, enhancing its opportunity in one of West Africa’s most prospective gold regions.

Key highlights:

New earn-in agreements: Kobo has entered into two earn-in agreements with Nesdave Mining Sarl, a local exploration company based in Abidjan, Ivory Coast, adding 166.78 square kilometres of exploration ground in highly prospective Ivory Coast.
Increased regional presence: Kobo has established Kuniboa Mining Co. with local partners, holding a 40-per-cent stake as its largest shareholder. Through Kuniboa, the company has applied for two additional exploration licences totalling 181.59 square kilometres, further expanding its footprint in Ivory Coast.
Long-term growth strategy: The strategy aligns with Kobo’s commitment to expanding its exploration portfolio and exploring for and advancing new gold discoveries in Ivory Coast.

Edward Gosselin, chief executive officer and director of Kobo, commented, “Expanding our exploration footprint in Cote d’Ivoire is a key element of Kobo’s long-term growth strategy, and these new earn-in agreements and licence applications provide additional opportunities to build on our exploration success.”

He continued: “Cote 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 agreement overview

Nesdave was granted two gold exploration licences by presidential decree on Dec. 5, 2024, each with a four-year term, and is operated by three experienced geologists in Ivory Coast.

The first exploration licence (PR-0970) covers 93.28 square kilometres and is located in the Agnibilekrou department. The permit is located on the eastern border of Ivory Coast next to Ghana. The company can acquire a 90-per-cent interest in the licence over the next four years by investing 550 million West African francs (approximately $1.25-million (Canadian)). The first year requires an investment of 75 million West African francs or approximately $171,500 (Canadian). The company has agreed to pay an upfront fee of $30,000 (U.S.) and grant Nesdave 30,000 common shares of its share capital.

The second exploration licence (PR-0973) covers 73.5 square kilometres and is located in the Adzope, Alepe and Yakasse-Attobrou departments. The permit sits in the southeast part of Ivory Coast. The company has the opportunity to acquire a 90-per-cent interest in the licence over the next four years by investing 550.0 million West African francs(approximately $1.25-million (Canadian)). The first year requires an investment of 75 million West African francs or approximately $171,500 (Canadian). The company has agreed to pay an upfront fee of $30,000 (U.S.) and grant Nesdave 30,000 common shares of its share capital.

Each earn-in agreement grants a 1-per-cent net smelter return to Nesdave with the company retaining the right to buy back 50 per cent of the NSR in consideration of a $1.0-million (Canadian) payment and receive 350,000 common shares of the company’s share capital. Nesdave will also be entitled to receive a bonus payment of $1 (Canadian) per proven and probable ounce of gold discovered following the completion of a positive feasibility study leading to the issuance of an exploitation licence.

Kuniboa application overview

The Kuniboa applications for gold exploration licences are located appropriately 40 and 60 kilometres from the company’s Kotobi licence. The first licence covers 163.25 square kilometres, and the second exploration licence application covers 18.34 square kilometres, 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 Ivory Coast, one of West Africa’s most prolific and developing gold districts, hosting several multimillion-ounce gold mines. The company’s 100-per-cent-owned Kossou gold project is located approximately 20 kilometres 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 metres of diamond drilling, nearly 5,900 metres of reverse circulation drilling and 5,900 metres 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 nine-plus-kilometre 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 Ivory Coast 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.

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