Announcement • Jun 25
Kobo Resources Reports Strong Metallurgical Results from Kossou Gold Project with Average Gold Recoveries of Approximately 97% Kobo Resources reported positive metallurgical test results from its 100%-owned Kossou Gold Project in Côte d'Ivoire. The metallurgical program, completed by SGS Canada Inc. at its Lakefield Facility in Lakefield, Ontario, Canada demonstrated strong gold recoveries across samples collected from the Jagger and Road Cut Zones using a conventional gravity and cyanidation flowsheet, with overall gold recoveries ranging from approximately 94% to 99% and averaging approximately 97%. SGS completed metallurgical test work on representative samples from the Jagger and Road Cut Zones to evaluate their response to a conventional gravity and cyanidation gold recovery flowsheet. SGS received from Kobo approximately 123 kilograms of material from 16 drill holes at the Jagger Zone and approximately 123 kilograms of material from 10 holes at the Road Cut Zone as representative samples of mineralisation. The materials were crushed to -10 mesh and used to create six variability composites and a Master Composite. The six variability composites, representing oxidised, partially oxidised and fresh mineralisation from each zone were submitted for head analysis and metallurgical test work, which was comprised of gravity separation and cyanidation tests. The head assay results indicated that the gold grades for the six variability samples ranged from 0.82 g/t Au to 1.50 g/t Au and averaged 1.23 g/t Au. The samples were ground to a typical grind size P80 target of approximately 75 µm and used for gravity separation and cyanidation tests. The gravity concentrates were submitted for gold assay (fire assayed to extinction). The gravity recoverable gold for the six variability samples ranged from approximately 46% to approximately 76% and averaged approximately 57%. The average percent mass pull to the gravity concentrates was 0.07%, which aligns with a typical value used in operations. The calculated gold head grades averaged 1.34 g/t, which was slightly higher than the average direct head assays (1.23 g/t). The gravity tailings were submitted for standard cyanidation bottle roll tests, which evaluated the response of the pulp to standard leach conditions. The program clearly demonstrated strong and consistent metallurgical performance across oxidized, partially oxidized and fresh mineralisation. The samples responded very well to the conditions and cyanidation extractions ranged from approximately 88% to approximately 95% (approximately 92% on average), while overall (gravity + cyanidation) gold recoveries ranged from approximately 94% to approximately 99% (approximately 97% on average). The final gold residue grades were very low, averaging 0.04 g/t Au. All samples exhibited rapid gold leaching kinetics, achieving 71–87% gold recovery within the first approximately 10 hours of leaching. Gold extraction continued to increase gradually until approximately 30 hours, after which the extractions started to plateau. Only minor recovery gains were observed thereafter, with maximum gold extraction achieved before completion of the 48-hour leach period. Cyanide consumptions were low, 0.39 kg/t NaCN on average and lower cyanide additions are possible, based on the final (48-hour) free cyanide concentrations. Lime consumptions averaged approximately 2 kg/t CaO. The Master Composite was submitted for head assay and a complete mineralogical examination, which included XRD and TIMA analysis, along with a comprehensive microscopic gold deportment study. The mineralogy results are pending and will be issued in the coming weeks. Announcement • Jun 24
Kobo Resources Inc., Annual General Meeting, Aug 20, 2026 Kobo Resources Inc., Annual General Meeting, Aug 20, 2026. New Risk • Jun 21
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$818k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$818k). Earnings have declined by 39% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (CA$27.1m market cap, or US$19.1m). 
