Turaco Gold (ASX:TCG) Delivers Maiden 1.9Moz Reserve as Afema Emerges as a Major West African Gold Project

Key Highlights

• Maiden Probable Ore Reserve of 1.91 million ounces of gold at Afema
 • Life-of-mine production forecast of around 200,000 ounces annually over 10.3 years
 • Post-tax NPV of US$1.49 billion at US$3,000/oz gold price
 • Strong infrastructure access with hydropower, roads and granted mining permit
 • Turaco transitions from explorer to near-term gold developer

As gold prices continue to hover near historic highs, Turaco Gold (ASX:TCG) has taken a significant step toward becoming one of West Africa’s next major gold producers.

The company has unveiled a maiden Probable Ore Reserve of 1.91 million ounces at its Afema Gold Project in Côte d’Ivoire, alongside a Pre-Feasibility Study (PFS) that outlines a large-scale mining operation capable of producing approximately 200,000 ounces of gold annually.

The announcement marks a turning point for Turaco. Less than three years ago, Afema was largely viewed as a promising exploration story. Today, it is shaping up as a fully permitted development project with defined reserves, robust economics and a clear pathway toward production.

Under the study, Afema is expected to produce more than 2 million ounces of gold over a mine life exceeding 10 years. Average production is forecast at 215,000 ounces annually during the first seven years, when cash generation is typically strongest.

The project’s maiden reserve sits at 1.91 million ounces grading 1.1 grams per tonne gold, forming the backbone of what management believes could become one of the most significant new gold developments in Côte d’Ivoire.

Importantly, the economics appear compelling even under conservative assumptions.

The PFS uses a gold price of US$2,000 per ounce, well below current spot prices. At US$3,000 per ounce gold, Afema delivers a post-tax Net Present Value (NPV5) of US$1.486 billion and an Internal Rate of Return (IRR) of 60%.

Should gold prices remain elevated around recent levels, the project’s financial profile strengthens further.

Development capital is estimated at US$410 million, while all-in sustaining costs are projected at US$1,508 per ounce over the life of the operation.

Turaco Managing Director Justin Tremain said the company had moved at remarkable speed since acquiring the project.

“In just a little over 2 years since acquiring Afema, the Turaco team has not only delivered extraordinary JORC Resource growth to 4.65 million ounces but has now also delivered a detailed development study with a maiden JORC Probable Ore Reserve estimate of just under 2 million ounces of gold based on a conservative gold price of US$2,000/oz and an AISC of just over US$1,500/oz, all within a granted mining permit. This progress is unmatched.”

“The Study demonstrates the Afema Project to be a plus 200,000oz per annum gold development in Côte d’Ivoire with total gold production of over 2 million ounces over more than 10 years, with exceptional economics for the benefit of all stakeholders. There are very few gold development projects in West Africa of this scale. Given recent resource growth, it is very easy to see Afema increasing in scale and mine life.”

One reason the project is attracting attention is its location.

Afema sits within the prolific Sefwi-Bibiani gold belt, a geological corridor that hosts several major gold mines, including Newmont’s 20-million-ounce Ahafo operation in neighbouring Ghana. The region has increasingly become a hotspot for global gold producers seeking new development opportunities as reserves decline elsewhere.

Unlike many remote African mining projects, Afema benefits from existing infrastructure. The project is located roughly two hours by road from Abidjan and has access to a nearby 50MW hydropower facility, helping reduce future operating costs.

Turaco has also overcome a challenge that historically weighed on the project. Earlier operators struggled with processing sulphide-hosted mineralisation efficiently. The company has since incorporated the nearby Woulo Woulo deposit, which contains free-milling gold and delivers recovery rates of around 89%, improving the overall processing strategy.

Turaco Gold shares were trading at approximately $0.52 on 17 June 2026, valuing the company at around $548.37 million. The stock has been one of the stronger performers among emerging gold developers as resource growth continues to accelerate.

Industry observers have also taken note. In a recent research note, Euroz Hartleys said Afema appears capable of supporting a Tier-1 standalone operation, forecasting production above 200,000 ounces annually and raising its price target on the company to $1.85 per share.

The next major milestone will be advancing toward definitive feasibility work and project financing.

While mine construction will likely require significant capital, estimated between US$300 million and US$500 million, Turaco now enters that phase with a substantial reserve base, a granted mining permit and a development study that highlights the project’s scale.

For a company that only acquired Afema a little over two years ago, the transformation has been swift. With gold prices providing a supportive backdrop, Turaco is increasingly positioning itself as one of the more advanced emerging gold developers on the ASX.