VANCOUVER, BC, July 17, 2026 /CNW/ -- Toubani Resources Limited (ASX: TRE) ("Toubani"), further to its press release dated June 29, 2026, announces today that it has completed the acquisition of an aggregate of 44,530,350 common shares (the "Common Shares") of Avanti Gold Corp. (CSE: AGC) (FSE: X370) (OTCQB: AVTGF) ("Avanti Gold") at a price of approximately C$0.397 per Common Share (the "Transactions") pursuant to the terms of certain share purchase agreements entered into by Toubani and certain vendors of the Common Shares (collectively, the "Purchase Agreements").

As consideration for the Common Shares, Toubani issued an aggregate of 72,893,944 ordinary shares of Toubani (the "Consideration Shares"), at a deemed price of A$0.40 per Consideration Share, and will grant 36,446,972 options of Toubani (the "Consideration Options"). Each Consideration Option will entitle the holder to subscribe for one (1) fully paid ordinary share of Toubani at an exercise price of A$0.60 per share, and expires three (3) years from the date of issue.

The Transactions closed on July 17, 2026.

Prior to completion of the Transactions, Toubani was deemed to beneficially own and exercise control and direction over any Common Shares as a result of entering into the Purchase Agreements. Following completion of the Transactions, Toubani now beneficially owns and exercises control and direction over 44,530,350 Common Shares, representing approximately 19.9% of the issued and outstanding Common Shares.

The Common Shares were acquired for investment purposes. Toubani may acquire additional securities of Avanti Gold, including on the open market or through private acquisitions, or sell securities of Avanti Gold, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors. Toubani currently has no other plans or intentions that relate to or would result in the matters listed in clauses (b) to (k) of Item 5 of the early warning report filed by Toubani. Depending on market conditions, general economic and industry conditions, Avanti Gold's business and financial condition and/or other relevant factors, Toubani may develop such plans or intentions in the future.

A copy of an amended early warning report with respect to the foregoing will appear on Avanti Gold's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by contacting Toubani at the head office address detailed below.

SOURCE Toubani Resources Limited