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Kobo Resources Inc. ("Kobo" or the "Company") (TSX.V: KRI) announces that it has extended the closing of its previously announced non-brokered private placement of up to 16,504,128 common shares of the Company ("Common Shares") at a price of $0.335 per Common Share for gross proceeds of up to $5,528,882.89 (the "Offering"), originally announced on March 23, 2026. The Company has received subscription agreements with respect to the Offering and now expects to close the Offering on the week of April 13, 2026.
As disclosed previously, the Company intends to use the net proceeds of the Offering to advance ongoing drilling and exploration at the Kossou Gold Project ("Kossou"), initiate drilling at the Kotobi Permit and for general corporate and working capital purposes. Further to this update on the expected closing date of the Offering, the Company is pleased to provide the following update on both projects.
Kossou Gold Project – Maiden MRE in Process, Second Drill Rig Mobilizing
The Company has retained an independent firm to prepare a maiden Mineral Resource Estimate ("MRE") for its 100%-owned Kossou in Côte d'Ivoire, with delivery targeted for Q3 2026. The expected MRE represents a significant milestone in the advancement of Kossou toward a defined gold resource, underpinned by over 41,000 metres of diamond drilling completed since 2023 across the Jagger, Road Cut, and Kadie Zones.
To accelerate drilling ahead of the MRE, the Company expects to mobilize a second drill rig to site within the next ten days, increasing the pace of drilling across these active and prospective target areas.
Kotobi Permit – Equipment Mobilized, Drilling Contract Expected
The Company has also mobilized drill pad preparation equipment to the Kotobi Permit. Work is underway to establish a base camp for Company and drilling contractor personnel, a temporary core handling and cutting facility, and a maintenance area. A drilling contract is expected to be signed next week, with drilling to follow on pre-identified targets shortly thereafter.
Edward Gosselin, CEO and Director of Kobo, commented: "With the private placement expected to close next week, we will have the capital in place to execute on a busy and important period for the Company. Retaining an independent firm for our maiden MRE is a milestone we have been working toward since we began drilling at Kossou in 2023, and having a second drill rig on site within days will ensure we continue to add to that resource database while the estimate is being prepared. At Kotobi, we are moving quickly. Equipment is on the ground, the camp is being established, and we expect to have a drilling contract signed next week. It is a very active time for Kobo on both fronts, and we look forward to providing updates as our exploration programs progress."
The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the "United States" or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or compliance with an exemption from such registration requirements. This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction.
About Kobo Resources Inc.
Kobo Resources is a growth-focused gold exploration company with a compelling gold discovery in Côte d'Ivoire, one of West Africa's most prolific gold districts, hosting several multi-million-ounce gold mines. The Company's 100%-owned Kossou Gold Project is located approximately 20 km 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 41,000 metres of diamond drilling, nearly 5,887 metres of reverse circulation (RC) drilling, and 7,100+ metres of trenching completed since 2023, Kobo has made significant progress in defining the scale and prospectivity of its Gold Project. Exploration has focused on multiple high-priority targets within a 9+ km strike length of highly prospective gold-in-soil geochemical anomalies, with drilling confirming extensive mineralisation at the Jagger, Road Cut, and Kadie Zones. The latest phase of drilling has further refined structural controls on gold mineralisation, setting the stage for the next phase of systematic exploration and resource development.
Beyond the Kossou Gold Project, the Company is advancing exploration at its Kotobi Permit and is actively expanding its land position in Côte d'Ivoire 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". For more information, please visit www.koboresources.com.
For further information, please contact:
Edward Gosselin
Chief Executive Officer and Director
1-418-609-3587
ir@kobores.com
Twitter: @KoboResources | LinkedIn: Kobo Resources Inc.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement on Forward-looking Information:
This press release may contain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements, including statements related to the Offering, including timing and completion thereof and the use of proceeds therefrom, the exploration programs of the Company, mineral resource estimates and the Company's opportunities generally. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable as at the date of this press release, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inherent risks involved in the exploration and development of mineral properties; unanticipated costs and expenses; the delay or failure to receive board, shareholder or regulatory approvals; and other risk factors listed from time to time in documents filed by the Company with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Kobo assumes no obligation or liability to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
