Turaco’s Afema drilling builds momentum before a pivotal resource update

Deep drilling adds weight to Afema’s growth case

Turaco Gold Limited (ASX:TCG) is heading into a consequential December quarter with more gold-bearing ground to model at its Afema project, although the company has not yet converted that exploration success into a larger resource or reserve. The September quarterly report points to extensions at Woulo Woulo, Asupiri-Adiopan and Begnopan that Turaco expects to incorporate into an updated 4.65 million-ounce Mineral Resource Estimate.

“Figure Four Woulo Woulo Long Section Block Model by Grade.”

“Figure Three Woulo Woulo Cross Section WOUDD0244.”

Caption and image © Turaco Gold Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 27 Oct 2026.

At Woulo Woulo, deeper drilling cut 100 metres at 1.06 grams per tonne gold from 495 metres, including 17 metres at 2.96g/t. Results released after quarter-end were more striking: 56 metres at 3.87g/t from 266 metres, including 16 metres at 10.19g/t. Those results sit within an interpreted high-grade shoot extending about 700 metres along strike and 500 metres down plunge beneath the existing 1.7Moz resource and open-pit design. The company has since mobilised another rig for a further six-hole program, building on the Woulo Woulo deep drilling results that were reported earlier this month.

Three deposits are feeding the next resource estimate

At Adiopan, drilling extended mineralisation about 150 metres north and returned intersections including 15 metres at 4.72g/t and 15 metres at 3.62g/t. A separate 5-metre intersection at 5.28g/t was interpreted as a continuation of the Asupiri West structure, with a 700-metre untested gap separating it from earlier drilling. Mineralisation remains open in all directions beyond the existing 1.28Moz Asupiri-Adiopan resource.

“Figure Five Adiopan Long Section with Reserve Open Pits.”

“Figure Eight Begnopan Drill Plan with JORC Ore Reserve Open Pits.”

Caption and image © Turaco Gold Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 27 Oct 2026.

Begnopan is the other important piece of the resource update. Turaco completed about 13,000 metres across 113 holes, reporting results from the first 69. Intercepts included 24 metres at 3.30g/t, 15 metres at 3.41g/t and 11 metres at 4.33g/t, while drilling also identified shallow subparallel mineralised zones. The deposit’s existing 260,000-ounce resource is largely Inferred and was excluded from the maiden Afema Ore Reserve, so the immediate question is not simply whether ounces are added, but how much of the deposit can be upgraded into a category suitable for mine planning. That is the thread behind the Begnopan drilling program.

Resource update sits between exploration and mine planning

Turaco expects the December-quarter MRE to include growth at Woulo Woulo, Asupiri-Adiopan and Begnopan, as well as a maiden estimate for Niamienlessa. That updated resource will underpin a revised mine plan and an update to the current 1.91Moz Probable Ore Reserve. The company says it expects improvements to the pre-feasibility study production profile of approximately 200,000 ounces per year over an initial 10-year mine life, but that remains a forecast rather than an operating result.

The next development gates are also becoming clearer. Turaco said its Environmental and Social Impact Assessment is nearing completion and is expected to be submitted to Côte d’Ivoire authorities in the coming weeks. The DFS is targeted for completion in the June 2027 quarter, with engineering, mine planning and metallurgical workstreams continuing through the December quarter. Warren King has been appointed Project Development Director to lead the DFS and subsequent construction and operational work, while Jessica Volich and Brett Gossage joined the board as non-executive directors during the quarter.

Cash provides room for the next drilling phase

Turaco ended September with $47.354 million in cash, after receiving $3.218 million from the disposal of investments in Awale Resources and Sante Fe Minerals. Exploration and evaluation payments were $6.562 million for the quarter, while net operating cash use was $7.044 million. On the Appendix 5B calculation, that left an estimated 6.72 quarters of funding based on the quarter’s relevant outgoings, though future spending will depend on the scale of drilling and the transition into feasibility and development work.

The December update therefore carries more than a routine reporting function. It must test whether the latest intersections expand the resource in a meaningful way, improve confidence classifications and translate into additional reserve potential. Until those steps are completed, Afema remains a promising exploration-led development story rather than a mine under construction.