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The recently announced purchase of shares was a private transaction between existing shareholders. Avanti remains fully focused on delivering the largest exploration program in the Misisi Project's history — four rigs on site today, six by the end of July, with first 2026 assays expected imminently.
Avanti Gold Corp. (CSE: AGC) (FSE: X370) (OTCQB: AVTGF) ("Avanti" or the "Company") notes the announcements issued by Toubani Resources Limited (ASX: TRE) ("Toubani") confirming completion of its acquisition of an approximate 19.9% interest in the Company. For the benefit of shareholders, the Company wishes to confirm the nature of the transaction and to reaffirm its exploration strategy.
HIGHLIGHTS
Consideration was satisfied by issue of Toubani shares and options. The purchase price disclosed by Toubani is C$0.65 per share (Toubani corrected and issued an update to an earlier figure in its closing announcement today and confirmed the purchase prce was C$0.65 per share).
The shares were sold by certain existing Avanti shareholders in a private transaction.
The transaction was between shareholders. The Company was not a party and received no proceeds.
The Company's strategy remains unchanged. Avanti has four rigs active on site now, six by the end of July — targeting the 3.11 Moz NI 43-101 Inferred Mineral Resource and the 55-km Kibara Gold Belt, with first 2026 assay results expected imminently.
THE TRANSACTION
The purchase announced by Toubani was a private transaction with certain existing Avanti shareholders, who elected to sell their shares. The Company was not a party to the share purchase agreements, issued no securities, and received no proceeds.
Consideration was satisfied in Toubani shares and options rather than cash. For clarity, the Company notes that Toubani corrected the share price in its closing announcement earlier today; the price most recently disclosed by Toubani is C$0.65 per Avanti share.
MANAGEMENT COMMENTARY
Mohamed Cisse, Chief Executive Officer of Avanti, commented:
"This was a private transaction between shareholders. Our focus is unchanged — delivering the largest exploration program in the Project's history, with four rigs on site today, six by the end of July, and our first 2026 assays expected imminently."
THE COMPANY REMAINS FOCUSED ON ITS EXPLORATION STRATEGY
As announced on 15 July 2026, Avanti has doubled its active drill fleet at Misisi from two to four rigs, with six rigs expected to be operating by the end of July — the largest drilling capacity ever deployed at the Project. The 2026 program is designed to grow and upgrade the existing 3.11 Moz NI 43-101 Inferred Mineral Resource at the Akyanga Deposit while systematically testing multiple high-priority targets along the 55-kilometre Kibara Gold Belt. First 2026 assay results are expected in the coming weeks.
ABOUT THE MISISI PROJECT
The Misisi Project site is located in the Fizi territory of South Kivu province, in the DRC, approximately 250 kilometres south of Bukavu and 180 kilometres north of Kalemie. The project comprises three contiguous 30-year mining leases covering 133 square kilometres along the 55-kilometre Kibara Gold Belt.
The Akyanga Deposit, located centrally in the Misisi Project, hosts an NI 43-101 compliant Inferred Mineral Resource of 40.8 million tonnes averaging 2.37 g/t gold, containing 3.11 million ounces, which was based on 19,956 meters of historic drilling, including 105 diamond drillholes ("DD") totalling 19,070 meters and six reverse circulation ("RC") drillholes totalling 887 meters. The resource extends from surface to a vertical depth of 350 metres over a strike length of approximately 2,100 metres, using a $1,500/oz pit shell. The mineralisation remains open at depth and along strike.
ABOUT AVANTI GOLD CORP
Avanti Gold Corp. is a gold exploration company with a robust portfolio of projects in Africa. The Company's flagship asset is the Misisi Project in the Democratic Republic of Congo (DRC), home to the Akyanga gold deposit. The Akyanga deposit has an Inferred Mineral Resource of 40.8 million tonnes (Mt) at an average gold grade of 2.37 grams per tonne (g/t), totaling 3.1 million ounces (Moz) of gold. The Misisi Project spans three contiguous 30-year mining leases covering 133 square kilometers (km²) along the 55-kilometer-long Kibara Gold Belt, a prominent metallogenic province known for hosting significant gold deposits.
¹ QUALIFIED PERSONS STATEMENT
Ephraim Masibhera, a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") who is independent, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Historical information contained in this news release cannot be relied upon as the Company's Qualified Person, as defined under NI 43-101, has not prepared nor verified the historical information.
¹ As disclosed in the Misisi Project August 1st 2023 Technical Report available on Avanti's website and on SEDAR+
CONTACT INFORMATION
For Inquiries:
Mohamed Cisse
Chief Executive Officer
info@avantigoldcorp.com
pr@avantigoldcorp.com
FORWARD-LOOKING STATEMENTS
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Avanti. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305671
