Gold Rush in Côte d’Ivoire: Kobo Resources Drills in the Shadow of Endeavour Mining and Fortuna Mining

Endeavour Mining: Industry leader scales up at a record pace

Endeavour Mining sets benchmarks in Côte d'Ivoire and holds an 85 % stake in the country's largest mine, Ity. It is expected to produce between 285,000 and 330,000 ounces of gold in 2026 at all-in sustaining costs (AISC) of USD 1,300 to 1,500 per ounce. Across the group, Endeavour Mining generated record free cash flow of USD 761 million in the first half of 2026 from 564,000 ounces produced and reported a net cash position of USD 254 million at the end of the second quarter. For the years 2026 to 2028, the group is holding out the prospect of a minimum dividend of USD 1 billion to its shareholders, provided the gold price remains above USD 3,000 per ounce. Alongside the Lafigué mine, which has been producing since mid-2024, the Assafou project in particular is expected to lift group production to 1.5 million ounces per year by 2030. The deposit, discovered in 2022 for around USD 13 million, now contains measured and indicated resources of over 5 million ounces. The feasibility study presented in April 2026 confirms reserves of 4.4 million ounces and envisages a plant expected to produce 320,000 ounces annually in the first eight years at AISC of USD 1,026 per ounce. In early June, Reuters also reported that Barrick Mining was examining options for its African business, including a merger with Endeavour Mining. However, Endeavour chief Ian Cockerill expressed scepticism in late July.

Fortuna Mining: Multimillion-Dollar Expansion Despite a Temporary Production Dip

Montage Gold recently demonstrated how quickly projects in the country are growing. In late September, the company poured its first gold at the Koné mine after just 21 months of construction, producing around 1,140 ounces. The investment budget for Koné amounts to USD 885 million. Fortuna Mining, with a market capitalisation of over USD 3 billion, is also pursuing growth in Côte d'Ivoire. In the third quarter of 2026, the strong performance of the Argentine Lindero mine offset a temporary dip at the Ivorian Séguéla mine. There, lower ore grades, equipment failures at the mining contractor and a temporary blockade by artisanal miners curtailed production to 33,744 ounces of gold. Fortuna Mining approved the expansion of Séguéla at the end of July, with a USD 109 million budget for the third quarter. The company will finance it from ongoing cash flow. Processing capacity is expected to increase by 30% to 2.3 million tonnes per year, with average gold recovery rising to 94.5%. Together with the new Sunbird underground mine, which is expected to start in the second quarter of 2027, Fortuna Mining anticipates a payback period of around 2.5 years and annual production of over 200,000 ounces of gold at Séguéla from the second half of 2028. The group recently reported drilling results from Senegal of up to 7.8 g/t Au over 12.8 m. With the expansion at Séguéla and the Diamba Sud project, Fortuna Mining is heading towards an annual rate of around 500,000 ounces of gold by 2028.

Kobo Resources: High-Grade Intercepts and 97% Recovery at Kossou

Surrounded by these major projects, Kobo Resources is advancing exploration at its wholly owned Kossou Gold project, covering around 110 km² some 20 km northwest of the capital Yamoussoukro. Soil samples delineate gold anomalies there over a strike length of more than 9 km. Since 2023, the team has drilled over 53,430 m in 260 holes, using two diamond drill rigs since April 2026. In the Road Cut Zone, where early surface trenches had already returned 3.92 g/t Au over 47.0 m, new drilling at the end of September confirmed continuous mineralisation. One drill hole intersected 1.94 g/t Au over 19.0 m from a depth of 67 m, including a high-grade core of 3.29 g/t Au over 9.0 m, thereby closing the gap between earlier intercepts. In the north, drilling extended the system with peak values of up to 68.60 g/t Au over 1.0 m. A barely explored gap of around 200 m offers further potential there. To the south lies the adjoining Jagger Zone, which extends over a soil anomaly of more than 2 km and is known for thick near-surface intervals such as 1.55 g/t Au over 38.2 m. At the end of May, the Jagger Zone returned one of the project's highest-grade intercepts at 99.0 m depth: 75.29 g/t Au over 2.0 m, including 150.0 g/t Au over 1.0 m.

Kobo Resources' share price has stabilised in recent trading.

Strong Metallurgy, Prominent Neighbour

In addition, Kobo is investigating the continuity of high-grade veins through further drilling in the Kadie Zone. One drill hole there recently returned 2.44 g/t Au over 9.0 m. Metallurgical results are already available. A test programme published in June by SGS Canada on around 246 kg of drill core from the Jagger and Road Cut Zones yielded gold recoveries of 94 to 99% across all rock types, averaging around 97%. Gravity separation alone recovers an average of around 57% of the gold. In the subsequent cyanide leaching stage, 71 to 87% of the gold went into solution within the first 10 hours, with the maximum largely reached after around 30 hours. According to Kobo, this makes the ore suitable for a conventional processing route used by several producing gold mines in the country. According to Atrium Research, Kossou lies around 7 km from Perseus Mining's Yaouré mine, which the analysts believe will need new sources of ore from 2030. At Yaouré, all-in sustaining costs (AISC) for the 2026 financial year were USD 1,620 to 1,790 per ounce according to guidance. Perseus Mining has already approved USD 124.6 million for the CMA underground mine. It is investing a further USD 34 million in drilling around Yaouré in the current financial year to extend the mine's life. Financially, Perseus is well resourced, with cash and gold holdings of over USD 1 billion. Whether the proximity will give rise to strategic options remains an open question.

At share prices of around CAD 0.22, Kobo Resources has a market valuation of around CAD 30 million. In April, the company raised CAD 5.5 million at CAD 0.335 per share without dilutive warrants. The main subscriber was the fund Funde Investment, which has held just under 10% since then. Insiders control around 35% of the shares. Kobo also plans to carry out initial drilling on its second licence, Kotobi.

Initial Mineral Resource Estimate as the Next Milestone

Management is working towards the first resource estimate under the Canadian NI 43-101 standard, which Kobo says should be available in the fourth quarter of 2026. It is intended to quantify Kossou's tonnages, grades and ounces for the first time. Atrium Research recently reaffirmed its Buy recommendation with a price target of CAD 0.60. At the current share price of around CAD 0.22, this represents upside potential of just over 170%. Key risks remain the outstanding modelling of the Kadie Zone, the outcome of the first resource estimate (the timing of which has already been adjusted several times this year), and the funding requirements of an explorer. In addition, since 2025, a royalty of 8% of revenue has applied to future producers in the country, supplemented by a levy of 0.5% for local development funds.