Turaco Gold (ASX:TCG) Targets Afema PFS in 2026, Resources Expands to 3.55Moz

Sonal Goyal

17 September 2025 05:12 PM AEST

Turaco Gold (ASX:TCG) Targets Afema PFS in 2026, Resources Expands to 3.55Moz

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Highlights

Turaco Gold’s loss widened to AUD 10,924.19mn in H1 FY25.

Pre-feasibility study (PFS) is in progress at the Afema Project, focused on exploration, expansion, and development preparation.

Net assets doubled to AUD 112.5mn by June 2025, cash on hand grew to AUD 75.9mn.

Turaco Gold Limited (ASX:TCG) is a West Africa-focused gold exploration and development company. It holds an 80% interest in the Afema Gold Project in Côte d’Ivoire, which spans over 1,600 km² and includes a granted mining permit located along Birimian greenstone belts. The company is advancing the Afema Project through a pre-feasibility study (PFS), with work focused on exploration, resource expansion, and preparation for potential development and production.

Financial Performance

In the first half of the financial year 2025 (H1 FY25), Turaco Gold reported other income of AUD 1,178.13mn, up 88.9% YoY from AUD 623.59mn in H1 FY24. During the reported period, net finance income rose to AUD 3,086.20mn from AUD 222.83mn, while the loss widened to AUD 10,924.19mn versus AUD 7,188.42mn last year.

Consolidated net assets reached AUD 112.5mn by June 2025, nearly double December 2024. Meanwhile, cash on hand grew to AUD 75.9mn from AUD 32.9mn, supported by an AUD 60mn placement and an AUD 4mn share plan. Business Updates

On 03 September 2025, Turaco Gold reported drilling and metallurgical results from the Afema Project in Côte d’Ivoire, confirming Begnopan as a significant deposit with continuous mineralization across ~3 km and strong gold grades (e.g., 8m @ 6.36 g/t Au). Metallurgical tests showed 89% recovery.

At Asupiri, drilling confirmed resource expansion with intercepts such as 7m @ 6.65 g/t Au, while near-surface drilling revealed remnant gold. Turaco plans a maiden JORC resource for Begnopan by Q4 CY2025, updating the current 3.55Moz Afema resource. With AUD 80mn cash and five rigs drilling, the company is advancing resource growth and its Pre-Feasibility Study.

The Afema Project Mineral Resource Estimate (MRE) grew by over 40% within 12 months to 3.55 million ounces of gold.

Business Outlook

Turaco will update the Afema Project Mineral Resource Estimate (3.55Moz) in Q4 CY2025, including maiden Begnopan resources. The Pre-Feasibility Study is targeted for H1 2026 with metallurgical, resource, and geotechnical inputs.

Five drill rigs are currently operational for extension, infill, and regional exploration, with further drilling from October 2025. Metallurgical work shows ~85–90% recoveries, while cash reserves of ~AUD 80mn (June 2025) support ongoing programs.

Share Performance of TCG

TCG shares declined by 4.40% to close at AUD 0.435 per share on 17 September 2025. In one year, the stock has gained 58.18%, including a year-to-date rise of 70.59%.

In shorter-term performance, shares have fallen 12.12% over the past week, 13.86% over the past month, and 8.42% over three months.

The 52-week high of AUD 0.550 was recorded on 3 June 2025, while the 52-week low of AUD 0.255 was hit on 2 January 2025. Currently, the stock trades 20.91% below its peak.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 17 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

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