Avanti gold corp. has recently clarified a private share transaction involving existing shareholders, emphasizing that the company remains focused on its ambitious exploration program in the Democratic Republic of Congo (DRC). The transaction, which saw Toubani Resources Limited acquire an approximate 19.9% interest in Avanti, was conducted entirely between shareholders and did not involve the company directly.
The exploration program at the Misisi Project is set to be the largest in its history, with four drilling rigs currently active and an additional two expected by the end of July. This expansion aims to grow and upgrade the existing NI 43-101 Inferred Mineral Resource at the Akyanga Deposit and explore multiple high-priority targets along the 55-kilometre Kibara Gold Belt.
Details of the Share Transaction
The transaction involved certain existing Avanti shareholders selling their shares to Toubani Resources Limited. The consideration was satisfied through the issuance of Toubani shares and options, rather than cash. Notably, the purchase price was corrected by Toubani to C$0.65 per share in their closing announcement.
Avanti Gold Corp. emphasized that it was not a party to the share purchase agreements, issued no securities, and received no proceeds from the transaction. This clarification was provided to ensure transparency and to reaffirm the company’s exploration strategy.
Expansion of Exploration Activities
As announced on 15 July 2026, Avanti has doubled its active drill fleet at the Misisi Project from two to four rigs, with plans to have six rigs operating by the end of July. This represents the largest drilling capacity ever deployed at the project. The 2026 program is designed to systematically test multiple high-priority targets along the Kibara Gold Belt and upgrade the existing mineral resource.
The Akyanga Deposit, located centrally within 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. This resource is based on extensive historic drilling and remains open at depth and along strike, indicating significant potential for further discovery.
The Misisi Project Overview
The Misisi Project is situated in the Fizi territory of South Kivu province, DRC, approximately 250 kilometres south of Bukavu and 180 kilometres north of Kalemie. The project encompasses three contiguous 30-year mining leases covering 133 square kilometres along the Kibara Gold Belt, a prominent metallogenic province known for hosting significant gold deposits.
The mineralisation at the Akyanga Deposit extends from surface to a vertical depth of 350 metres over a strike length of approximately 2,100 metres. The resource was calculated using a $1,500/oz pit shell, highlighting its economic potential. The ongoing exploration program aims to further delineate and expand this resource.
Management Commentary
Mohamed Cisse, Chief Executive Officer of Avanti Gold Corp., commented on the transaction and the company’s exploration plans: “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.”
Cisse’s statement underscores the company’s commitment to advancing its exploration activities despite recent changes in shareholding. The first assay results from the 2026 program are anticipated in the coming weeks, which will provide valuable insights into the potential of the Misisi Project.
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 DRC, home to the Akyanga gold deposit. The Akyanga deposit has an Inferred Mineral Resource of 40.8 million tonnes at an average gold grade of 2.37 grams per tonne, totaling 3.1 million ounces of gold.
The Misisi Project spans three contiguous 30-year mining leases covering 133 square kilometres along the 55-kilometre-long Kibara Gold Belt. This region is known for its significant gold deposits, making it a prime location for exploration and development.
Ephraim Masibhera, a Qualified Person as defined by National Instrument 43-101, 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 has not prepared nor verified the historical information.
Avanti Gold Corp. remains focused on its exploration strategy, aiming to unlock the full potential of the Misisi Project and deliver value to its shareholders.
