Author: Atrium Research October 01, 2026
Ben Pirie| Equity Research Analyst | [email protected] | 647-688-9661
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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Kobo reported diamond drill results from 14 additional holes at its 100%-owned Kossou Gold Project in Côte d’Ivoire.
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Six holes were completed at the Road Cut Zone, headlined by KDD0191 with 1.94 g/t Au over 19.0m, while step-outs extended the system north.
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Eight holes tested the Kadie Zone and returned high-grade intercepts like 9.78 g/t Au over 2.0m and 9.26 g/t Au over 2.0m.
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Alongside this note, we published an interview with CEO Edward Gosselin and COO Paul Sarjeant (watch here).
Earlier this week, Kobo Resources (KRI:TSXV) released diamond drill results from 14 holes at its 100%-owned Kossou Gold Project in Côte d’Ivoire, six at the Road Cut Zone and eight at the Kadie Zone. KDD0191 was drilled on section RCZ500 in the Road Cut Zone, which intersected 1.94 g/t Au over 19.0m from 67.0m downhole (incl. 3.29 g/t Au over 9.0m), linking two previously reported intercepts and confirming the Artisanal Shear is continuous across the section. Holes on sections RCZ000 and RCZ200 also showed the Road Cut shears and Contact Zone Fault continuing north into lightly tested ground. At Kadie, eight holes added high-grade vein hits of up to 9.78 g/t Au over 2.0m. Total drilling at Kossou now exceeds 53,430m across 260 holes as KRI works toward its maiden MRE. We are maintaining our BUY rating and target price of $0.60/share on KRI.
Highlights from the Road Cut Zone:
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KDD0191:
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1.94 g/t Au over 19.0m from 67.0m, incl. 3.29 g/t Au over 9.0m
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2.05 g/t Au over 4.0m from 134.0m, incl. 7.17 g/t Au over 1.0m
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2.91 g/t Au over 2.0m from 156.0m
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KDD0188: 1.28 g/t Au over 7.0m from 245.0m (CZ Fault)
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KDD0182: 1.17 g/t Au over 6.0m from 36.0m
Highlights from the Kadie Zone:
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KDD0192: 2.44 g/t Au over 9.0m from 62.0m, incl. 9.78 g/t Au over 2.0m
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KDD0185: 9.26 g/t Au over 2.0m from 213.0m
The Road Cut holes spanned from section RCZ500 in the core of the zone north to RCZ-200, while the drilling at the Kadie totals ~4,400m across 25 holes.
Our Take With more than 53,430m drilled across Kossou, KRI is building a substantial database leading into the resource definition stage. As discussed in this morning’s interview (here), the Company continues to extend the mineralized zones along strike, depth, and discover new targets all which could materially contribute to a resource estimate. Given the ongoing exploration success, KRI plans to expand its 2026 exploration program to further delineate and grow these zones, leading the Company to push its inaugural MRE to late Q1/27. While this delays an important near-term catalyst, we view the decision positively, as the additional exploration work should ultimately result in a larger and more robust initial resource estimate.
Regarding the drill results, we are pleased with KDD0191, a wide interval starting just 67m downhole, which is the type of near-surface ounces that should carry meaningful weight in an open pit resource. The northern step-outs are also encouraging, with the Contact Zone Fault now intersected on section RCZ-200.
Catalysts
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2026 Drill Program at Kossou – Ongoing
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Inaugural Resource Estimate at Kossou – Q1/27
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