What you need to know: • Kobo is a gold exploration company with a focus in Côte d'Ivoire, a country getting increasing attention from the mid-tier and major firms. • KRI’s flagship asset is ~7km from Perseus’ Yaouré gold mine (~250Koz Au produced in 2024) which will need new ore supply by 2030. • Kobo has a massive land package totalling 1,441km2 (590km2 permitted and the remaining pending) making it an attractive takeout target. • The Company is led by a strong management team and insiders who are significant shareholders (40%), aligning with investors. Kobo Resources (KRI:TSXV) is focused on the exploration of prospective gold projects in Côte d'Ivoire. Its flagship asset, the Kossou Gold Project, is located just 7km from Perseus Mining’s (PRU:TSX/ASX) operating gold mine which will potentially need more ore supply by 2030. The Kossou project shows potential for a sizeable gold deposit based on its ~21,000m of drilling performed to date and exploration at Kossou is expected to accelerate with 20,000-30,000m of drilling planned for 2025. Kobo’s low cost per meter drilled of $203/m results in highly productive exploration. Beyond Kossou, Kobo has a prospective secondary asset in Kotobi, while also working diligently on consolidating a world-class land package within the country. Kobo is run by a strong management team and partners who are rapidly advancing its projects. We are initiating coverage on Kobo Resources with a BUY rating and target price of $0.55/share. Investment Thesis Summary Strong Flagship Asset. Kobo’s Kossou Gold Project is located only 7km away from Perseus Mining’s Yaouré Gold Project, which produced ~250Koz of Au in 2024. Kossou has three main zones that have seen extensive drilling, boasting strong gold intervals across all three zones along a combined strike length of 4.6km. Swift Project Advancement. Since the initial discovery on the Kossou Project in 2016 and permits received in 2019, the Company has advanced the project quickly. Since the RTO in 2023, the Company’s initial drilling comprised of 5,900m of RC, ramping to over 16,000m in 2024 (RC & DD), and now plans to drill between 20,000-30,000m in 2025, amongst other geological work. Neighbouring Perseus’ Yaouré Gold Mine. The Yaouré Mine is a sizeable operation, producing ~250Koz Au in 2024, but has a declining production profile, dropping to ~150Koz by 2030. This reality makes the Kossou Project a prime acquisition target for Perseus as the operation looks to find new ore sources. Consolidating Land in Côte d'Ivoire. As Côte d'Ivoire becomes a growing hotspot for gold exploration and development from major mining companies, Kobo has taken a strategic approach in consolidating a substantial land package of over 1,440.7km2. The Company currently has exploration permits on 579km2 of land. Significant Insider Ownership & Strategic Partner. KRI’s CEO, Edouard Gosselin, owns 15% of the shares outstanding while the remaining management team and board own 14%. This ensures that the management team acts in the interests of shareholders. Luso Global Mining (a subsidiary of Mota-Engil, $1.5B mkt cap) owns ~10% of the shares outstanding, providing decades of experience in mining in Africa and end-to-end mining services.