What Turaco Gold does

Turaco Gold Limited (ASX: TCG) is an Australian-domiciled, ASX-listed gold exploration and development company headquartered in West Perth, with its core asset — the Afema Gold Project — located in southeast Côte d'Ivoire, approximately 120km east of Abidjan on the Ghanaian border. The company is single-project focused, advancing Afema through conventional open-pit mining combined with a planned 6.0Mtpa processing facility using CIL and Flotation/Ultrafine Grind/CIL circuits. Since acquiring the project in March 2024, Turaco has grown the JORC 2012 Mineral Resource Estimate from a 2.52Moz maiden estimate to 4.65Moz at 1.3g/t gold across seven deposits (Woulo Woulo, Herman, Jonction, Anuiri, Asupiri, Begnopan, Toilesso) and completed a Pre-Feasibility Study in June 2026 declaring a maiden Probable Ore Reserve of 1.91Moz.

The project is centred on a granted Mining Permit covering 227km² valid until December 2033 with a 20-year renewal option, supported by a Mining Convention with the State of Côte d'Ivoire, and the broader Afema land package exceeds 1,600km². The PFS outlines approximately 200,000oz per annum of gold production over a 10.3-year mine life, with total development capital of US$410M, capital intensity of US$2,094/oz, LOM cash operating cost of US$1,268/oz, and AISC of US$1,508/oz, delivering a 60% post-tax IRR and 17-month payback at a US$2,000/oz base-case gold price.

Turaco is pre-revenue and currently does not generate operating income. Its go-to-market is investor-relations and capital-markets-focused: ASX announcements, conference presentations (Diggers and Dealers, RIU Explorers), and broker research from five sell-side firms. Value creation is intended through resource growth, project advancement, and either eventual production with gold offtake to refiners and traders or a corporate transaction, following a precedent set by management's prior discovery and sale of Exore Resources to Perseus Mining for ~A$80M in 2020. The company is led by Managing Director Justin Tremain, Non-Executive Chairman John Fitzgerald, and Non-Executive Directors Bruce Mowat and Ian Kerr, alongside a CFO, COO, Study Manager, Chief Geologist, and Exploration Manager with deep West African gold expertise.

Name

Turaco Gold

Legal name

Turaco Gold Limited

Website

https://turacogold.com.au

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Turaco Gold Limited (ASX: TCG) is an Australia-listed gold exploration and development company advancing the Afema Gold Project in Côte d'Ivoire, with a 4.65Moz resource and a June 2026 Pre-Feasibility Study outlining roughly 200,000oz per annum over a 10.3-year mine life for institutional gold investors and eventual refiners.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Gold exploration
• Gold mining
• Mineral resource estimates
• Pre-feasibility studies
• Gold development projects

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Gold Production and Sales: Once the Afema Gold Project reaches production, the company will generate revenue through the sale of gold produced from its open pit mining operations. The PFS outlines total recovered gold production of approximately 2.0Moz over the mine life. Currently pre-revenue as the project is in exploration and development phase.
2. Capital Gains / Investment Returns: As a listed exploration and development company, value creation through resource growth, project advancement, and eventual sale or takeover by a larger gold producer. The company was created in part through the acquisition of Afema, following management's track record of discovery and value creation (e.g., Exore Resources sold to Perseus Mining for ~A$80m in September 2020).

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Turaco Gold is an ASX-listed gold exploration and development company advancing the Afema Gold Project in southern Côte d'Ivoire, West Africa. Following acquisition of Afema in March 2024, the company has grown the JORC Mineral Resource Estimate from 2.52Moz (August 2024) to 4.65Moz at 1.3g/t gold (March 2026) across multiple deposits. A Pre-Feasibility Study completed in June 2026 confirms the project's viability as a long-life, low-capital-intensity gold operation targeting ~200,000oz per annum production over a 10.3-year mine life from a conventional open pit with 6.0Mtpa processing capacity.

Product overview

Turaco Gold Limited is a single-project focused gold exploration and development company with one unified offering: the Afema Gold Project. The project encompasses multiple mineral deposits (Woulo Woulo, Herman, Jonction, Anuiri, Asupiri, Begnopan, and Toilesso) within a central mining permit area, along with a planned 6.0Mtpa conventional open pit processing facility. The company is advancing the project through development stages, with a completed Pre-Feasibility Study (June 2026) and declared maiden JORC Probable Ore Reserve of 1.91Moz. All deposits remain open along strike and at depth with ongoing exploration drilling.

Differentiator

Problem solved

Functional benefit

Products and services

• Afema Gold Project A globally significant gold development project located in southeast Côte d'Ivoire on the Ghanaian border, 120km east of Abidjan. Encompasses multiple deposits (Woulo Woulo, Herman, Jonction, Anuiri, Asupiri, Begnopan, and Toilesso) with a total JORC Mineral Resource Estimate of 4.65Moz at 1.3g/t gold as of March 2026, supported by a granted Mining Permit valid until December 2033 with a 20-year renewal option and a Mining Convention with the State of Côte d'Ivoire.
• Woulo Woulo Deposit The largest deposit within the Afema Gold Project with an updated Mineral Resource Estimate of 53.5Mt at 1.0g/t gold for 1.7Moz. Features broad widths amenable to low strip ratio open pit mining with over 80% of Indicated ounces in the top 200m from surface.
• Jonction Deposit A high-grade deposit with total Mineral Resource Estimate of 9.8Mt at 2.1g/t gold for 650koz, including both open pit (7.7Mt at 1.8g/t) and underground (2.0Mt at 2.7g/t) resources. Test work achieved average gold extraction of 90.3%.
• Asupiri Deposit Updated Mineral Resource Estimate of 33.8Mt at 1.2g/t gold for 1.32Moz with approximately 75% of resources contained in top 150m from surface. Recent growth has been driven by exceptional drilling results at the Adiopan prospect at the northern end.
• Anuiri Deposit Updated Mineral Resource Estimate of 10.2Mt at 1.8g/t gold for 570koz with 30% growth in open pit constrained ounces. Over 60% of total ounces contained in top 110m from surface. Test work achieved 84.4% average gold extraction.
• Herman Deposit Maiden Mineral Resource Estimate of 2.0Mt at 1.6g/t for 100koz, located approximately 700m from Woulo Woulo. A higher-grade opportunity to supplement the bulk tonnage Woulo Woulo deposit, with resources almost entirely contained in the top 110m.
• Begnopan Deposit Mineral Resource Estimate of 5.1Mt at 1.5g/t gold for 260koz within the Afema Gold Project.
• Toilesso Deposit Mineral Resource Estimate of 1.0Mt at 1.4g/t gold for 40koz within the Afema Gold Project.
• Afema Processing Facility (6.0Mtpa) Planned conventional open pit mining operation with a 6.0Mtpa processing facility comprising a 4Mtpa carbon in leach (CIL) circuit and 2Mtpa flotation, ultrafine grind, CIL (Flotation/UFG/CIL) circuit. Designed to produce approximately 200,000oz per annum over a 10.3-year mine life.
• JORC Probable Ore Reserve (Afema) Maiden JORC Probable Ore Reserve of 55.1Mt at 1.1g/t gold for 1.91Moz declared in June 2026, covering the Woulo Woulo, Jonction, Anuiri and Asupiri Deposits within the granted mining permit. It underpins the planned 10.3-year mine life and ~200,000oz per annum production target.

Quantifiable outcome

• Resource growth rate of +100Koz per month since acquisition, from 2.52Moz maiden MRE (Aug 2024) to 4.65Moz (Mar 2026)
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• State of Côte d'IvoirecoreStrategic or Co-development Partner · 1 December 2013The Afema Project operates under a Mining Convention between Afema Gold SA (mining permit holding entity) and the State of Côte d'Ivoire. The granted Mining Permit covers 227km² and was granted in December 2013, valid until December 2033 with a 20-year renewal option. This government partnership is fundamental to project development, providing regulatory framework and stability for the mining operation.
• Brian Wolfe (Independent Consultant)minorStrategic or Co-development PartnerIndependent consultant providing JORC 2012 Mineral Resource Estimate expertise for the Afema Gold Project. Mr Wolfe compiled the MRE in compliance with JORC Code reporting standards, providing independent technical validation of resource estimates.
• Automic Group Pty LtdminorOthersShare registry services provider managing Turaco Gold's share register including shareholder communications, holding enquiries, and meeting document distribution. Operates under the ASX share registry framework.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• Caspin Resources: ASX-listed early-stage gold and base metals explorer with projects in Australia and West Africa. Turaco MD Justin Tremain is a Non-Executive Director of Caspin, providing a direct peer reference for junior West African explorers of comparable size.

Direct peers

• Medallion Metals: ASX-listed gold developer advancing the Ravensthorpe Gold Project in Western Australia. Connected to Turaco via Chairman John Fitzgerald (Chairman of Medallion) and CFO Ben Larkin (former CFO of Medallion). Comparable as a small-mid cap single-project gold developer.
• West African Resources: ASX-listed West African gold producer and developer with operating mines in Burkina Faso (Sanbrado, Kiaka) and exploration projects in Côte d'Ivoire. Highly comparable to Turaco given identical jurisdiction focus, similar open-pit development model, and overlapping technical teams (Ian Kerr and Stuart Cruickshanks previously worked at WAF).
• Capricorn Metals: ASX-listed gold developer-producer advancing the Karlawinda Gold Project in Western Australia. Comparable as a mid-cap single-project gold developer at a similar stage of transition from feasibility study to production.
• Emerald Resources: ASX-listed gold developer-producer with the operational Okvau Gold Mine in Cambodia and exploration in Australia. Direct corporate pedigree link to Turaco via the Renaissance Minerals → Emerald Resources takeover led by Chairman John Fitzgerald.
• Cardinal Resources: West African gold developer (Namdini project in Ghana, 5Moz resource) that was acquired by Nordgold in 2020 for ~A$600M. Highly comparable as a West African 4–5Moz PFS-stage single-project developer that ultimately realised value through corporate acquisition.

Broad incumbents

• Perseus Mining: Mid-tier gold producer with three operating mines in West Africa (Edikan in Ghana, Sissingué and Yaouré in Côte d'Ivoire). Acquired Turaco's predecessor Exore Resources for ~A$80M in 2020 and is the natural strategic acquirer of Afema given its active Côte d'Ivoire footprint.
• Endeavour Mining: Senior West African gold producer operating the Ity, Agbaou, and Houndé complexes in Côte d'Ivoire, Burkina Faso, and Mali. Endeavour's exploration team (including former Afema worker Daouda Zombo) has direct familiarity with the Afema geology, making it a logical acquirer or strategic partner.
• Sandfire Resources: ASX-listed mid-tier copper-gold producer and developer. Director Ian Kerr is President of Projects at Sandfire and led construction of the Motheo Copper-Gold Project in Botswana. Closely linked to Turaco's board and comparator for project delivery capability.
• Resolute Mining: ASX-listed gold producer with operations in West Africa (Mako, Syama) and Australia. Resolute's Exploration GM Bruce Mowat is a Turaco Non-Executive Director, providing direct inside knowledge of the Afema project and Resolute's corporate development priorities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/TuracoGold
• LinkedInlinkedin.com/company/turaco-gold

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turaco Gold