Turaco Retracts Production Target Amid Uncertain Afema Project Feasibility

Resource Growth Highlights Afema's Potential

Turaco Gold Limited (ASX:TCG) has announced a significant update to its Afema Project in southeastern Côte d’Ivoire, reporting a JORC-compliant Mineral Resource Estimate (MRE) of 3.55 million ounces of gold. This represents a more than 40% increase over the maiden resource announced in August 2024, achieved at a higher average gold grade of 1.2g/t across 90.8 million tonnes.

The updated resource consolidates Turaco’s position in West Africa, positioning Afema as one of the region’s largest undeveloped gold projects. The growth has been delivered efficiently, with an all-in cost of less than US$8 per ounce, inclusive of exploration and corporate costs.

Detailed Deposit Breakdown and Ongoing Exploration

The MRE update encompasses four key deposits: Woulo Woulo (1.6Moz at 1.0g/t), Jonction (610,000oz at 2.1g/t), Anuiri (520,000oz at 1.7g/t), and Asupiri (820,000oz at 1.2g/t). All deposits remain open for expansion, with ongoing drilling programs actively targeting extensional zones and parallel structures. Notably, several nearby prospects such as Begnopan, Baffia, and the Niamienlessa and Herman Trends have yielded promising drill results but are excluded from the current resource estimate, indicating a strong pipeline for further growth.

Turaco is operating three drill rigs on double shifts, with over 7,000 meters of assays pending and an additional 8,000 meters of drilling not yet included in the resource update. This aggressive exploration approach underscores the company’s confidence in expanding the resource base further within the calendar year.

Metallurgical Advances and Development Pathway

Complementing the resource growth, Turaco has reported encouraging metallurgical test work results, with gold recoveries ranging from approximately 84% to 95% across the deposits. These results, achieved through a combination of flotation, ultra-fine grinding, and cyanide leaching, suggest robust processing characteristics that could underpin attractive project economics.

In parallel, Turaco has initiated a preliminary feasibility study (PFS), targeting completion in the first half of 2026, to define the economic viability and technical parameters of developing the Afema Project. Environmental and social impact assessments (ESIA) have also commenced, with Earth Systems appointed as lead consultant to ensure compliance with local and international standards.

Retraction of Production Target and Regulatory Compliance

In a regulatory update, Turaco has retracted a previously stated production target of 5-6 million tonnes per annum mentioned in the initial announcement. The company clarified that this figure was aspirational and not disclosed in accordance with ASX Listing Rule 5.16, emphasizing that the technical feasibility and economic viability of such a production scale remain unproven. Investors are cautioned not to rely on this figure for investment decisions.

This retraction reflects Turaco’s commitment to transparent and compliant market communications, while the ongoing PFS will provide a more definitive production outlook.

Strategic Outlook

Managing Director Justin Tremain highlighted the rapid progress since Turaco’s acquisition just over a year ago, expressing confidence in further resource growth and the compelling economics anticipated from the PFS. The company’s multi-rig drilling program and extensive exploration pipeline position Afema for continued advancement towards development.

With a granted mining permit valid until 2033 and a strategic location near infrastructure linking Côte d’Ivoire and Ghana, the Afema Project is well placed to become a significant contributor to West Africa’s gold production landscape.