en.Wedoany.com Reported - Toubani Resources, listed on the Australian Securities Exchange (ASX), has acquired 19.9% of the issued shares of Avanti Gold, listed on the Canadian Securities Exchange (CSE), through a share swap arrangement with certain shareholders of Avanti Gold.

Under the arrangement, Toubani will issue 72.9 million shares to these shareholders in exchange for 44.5 million Avanti shares.

Avanti is a gold exploration company holding a 73.5% interest in the Misisi Gold Project in the Democratic Republic of the Congo (DRC). The project includes granted mining licenses covering a total length of 133 kilometers, with the Akyanga deposit having delineated inferred mineral resources under National Instrument 43-101 (NI 43-101) standards, estimated at 40.8 million tonnes at a grade of 2.37 grams per tonne, containing 3.1 million ounces of gold.

Toubani Managing Director Phil Russo stated that this investment represents a strategic opportunity to gain exposure to one of the few high-quality gold development assets in Africa.

Russo said that while Toubani remains focused on bringing its flagship Kobada project in Mali into production by 2027, the team's strengths in resource delineation, engineering studies, financing, and construction, combined with existing operational knowledge and experience in the DRC, can support the acceleration of the Misisi project.

Russo added that Avanti's Misisi project is an attractive asset in a jurisdiction that is very much "open for business," and the company looks forward to working with the Avanti team to unlock its full potential.