Turaco Gold Expands Afema Resource by 40%, Accelerates Drilling and Feasibility Study

Resource Growth and Exploration Highlights

Turaco Gold Limited (ASX, TCG) has delivered a substantial upgrade to its Afema Gold Project in southeastern Côte d’Ivoire, announcing a 40% increase in its JORC-compliant Mineral Resource Estimate (MRE) to 3.55 million ounces of gold. This growth, achieved within less than eight months of the maiden resource, also features improved average gold grades and enhanced metallurgical recoveries ranging from 84% to 95% across key deposits.

The updated resource consolidates four main deposits, Woulo Woulo, Jonction, Anuiri, and Asupiri, within the granted mining permit area. Notably, high-grade drilling results at Toilesso, located just 2km north of the Jonction deposit, have confirmed additional mineralised shoots with assays including 20 meters at 3.67 grams per tonne gold. Similarly, scout drilling at Jonction South has identified a new mineralised zone 400 meters south of Jonction, reinforcing the prospectivity of the Afema shear zone.

Metallurgical Advances and Drilling Acceleration

Complementing the resource upgrade, metallurgical test work has demonstrated significantly improved gold extraction rates. The Woulo Woulo deposit, for example, achieved gold recoveries between 87% and 95% with low cyanide consumption, while Jonction, Anuiri, and Asupiri deposits showed recoveries averaging around 90%. These results suggest more cost-effective processing and potential operational efficiencies.

Despite the challenges posed by the wet season in Côte d’Ivoire, Turaco has accelerated its drilling program, deploying four rigs operating double shifts. Nearly 20,000 meters of drilling were completed during the quarter, targeting resource extensions, new discoveries, and infill drilling to support ongoing feasibility studies. Recent drilling at prospects such as Adiopan, Begnopan, Herman Trend, and others along the Afema shear is expected to further enhance the project’s resource base.

Advancing Towards Development

Turaco has commenced a Preliminary Feasibility Study (PFS) for the Afema Project, with completion targeted in the first half of 2026. Concurrently, an Environmental and Social Impact Assessment (ESIA) has begun, led by Earth Systems, aiming for final submission by the end of 2026 to secure environmental permitting. These steps mark critical milestones towards advancing Afema from exploration to development.

Community engagement remains a priority, with Turaco investing approximately US$750,000 in local infrastructure, including a 2km access road and two bridges connecting nearby villages. This initiative, endorsed by the Ivorian government, is expected to enhance regional connectivity and support sustainable development alongside mining activities.

Strong Financial Position and Corporate Moves

Financially, Turaco is well positioned to fund its ambitious plans, having completed a heavily oversubscribed placement raising A$60 million at 44 cents per share, supplemented by a $4 million share purchase plan. The company ended the quarter with approximately $76.1 million in cash and $3.6 million in listed investments, excluding recent proceeds from divestments.

In line with its strategic focus on Afema, Turaco has divested non-core assets, including shareholdings in Aurum Resources and Many Peaks, generating additional cash. Post-quarter, the company announced a conditional sale of the Eburnea Gold Project to Santa Fe Minerals Ltd, receiving shares and performance rights as consideration. Board changes included the appointment of Ian Kerr as a Non-Executive Director and the retirement of long-serving director Alan Campbell.