Kobo Resources Announces Closing of First Tranche of Non-Brokered Private Placement for Gross Proceeds of over $2.5 Million

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QUEBEC CITY--(BUSINESS WIRE)--Kobo Resources Inc. (“Kobo” or the “Company”) (TSX.V: KRI) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement of units (the “Units”) for gross proceeds of $2,516,479.80 (the “Offering”). Under the first tranche of the Offering, 8,388,266 Units were issued at a price of $0.30 per Unit.

Edward Gosselin, CEO and Director of Kobo, commented: "We are very pleased with the closing of the first tranche of our upsized financing following the market’s interest in recognizing the potential in developing our 100%-owned Kossou Gold Project. These funds allow us to push forward at a steady pace the ongoing drilling program initiated last week. And, we are glad that Luso Global Mining, one of our key shareholders, is a participant in the financing and has elected to maintain its 9.9% interest. We are excited to build on our strategic partnership with Luso Global Mining as we expand our presence in Cote D'Ivoire through the Kossou Gold Project and explore future opportunities.”

3L Capital and Integrity Capital Group acted as financial advisors in connection with the Offering.

Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles its holder to acquire one Common Share at a price of $0.55 per share until September 10, 2027.

The Company intends to use the net proceeds of the Offering to pursue its exploration initiatives initiated in H1-2025 and extend the known zones of mineralisation at its three main targets—the Road Cut Zone, Jagger Zone and Kadie Zone—on the Kossou Gold Project, initiate preliminary metallurgical work and further develop its ongoing soil geochemical and trenching survey at Kossou as well as to enhance the geological exploration program on the Kotobi research permit and for general corporate and working capital purposes.

The Units were issued pursuant to the “accredited investor” exemption from the prospectus requirements in accordance with National Instrument 45-106 – Prospectus Exemptions. The securities issued under the first tranche of the Offering are subject to a statutory hold period until January 11, 2026 in accordance with applicable Canadian securities laws.

The Company compensated certain finders by paying cash commissions equal to an aggregate amount of $145,176 and by issuing 483,920 broker warrants (the “Broker Warrants”). Each Broker Warrant is exercisable until September 10, 2027, at an exercise price $0.30 per share.

The Units and underlying Common Shares and Warrants have not been 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 new gold discovery in Côte d'Ivoire, one of West Africa’s most prolific and developing 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 18,500 metres of diamond drilling, nearly 5,900 metres of reverse circulation (RC) 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 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 Kossou, 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.

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 news release contains “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 and are based on expectations, estimates and projections as at the date of this news release. 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” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements, including statements regarding the completion of the second tranche of the Offering, on the terms described herein or at all; statements related to the Offering or to the exploration program of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, 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; and the delay or failure to receive requisite approvals. 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 news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements.