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2026-11-06
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Turaco Gold Limited

PFS Developer · Gold · CI Rating locked: sign in to view v8.1 · tcg-20261031t202910-full
Last 2026-11-06
A$0.72
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$779.5M
EV
A$732.1M
Cash
A$47.4M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

2 assets

Core asset

Afema Gold Project

CI

PFS Developer80% ownedGold

PFS completed 17 June 2026; DFS due June quarter 2027; Turaco holds 80% and has an option, subject to shareholder approval, to buy Sodim's 20% for US$30M cash, 55.1M shares, 36.7M options, a 0.33% NSR and resource-growth milestones. The State may take a 10% non-contributing interest.

Developer · PFS developer
Study
Pre-feasibility study (PFS)
Post-tax NPV (study prices, attributable)
US$1.7bd
NPV restated at our deck (attributable)
Locked
IRR
79%s
Initial capex (100%)
US$409.9ms
Capital intensity
US$2,091/(oz/yr)d
LoM AISC
A$2,136/ozs
Mine life
10.3 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$2.1B5% discount
IRR79%Published return
Initial capexUS$409.9MPublished capital estimate
Operating cost1,268USD/oz

Post-tax, 100% project basis, US$3,500/oz gold, 5% discount rate; the State 10% interest is not deducted.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated72.2 Mt1.2 g/t AuGold2026-06-17
Mineral ResourceInferred44.5 Mt1.3 g/t AuGold2026-06-17
Mineral ResourceTotal Indicated and Inferred116.7 Mt1.3 g/t AuGold2026-06-17
Ore ReserveProbable55.1 Mt1.1 g/t AuGold2026-06-17
Tenements2
afema-mining-permitGranted227 km2 · No expiry supplied
afema-pr0958Granted371 km2 · No expiry supplied
Milestones5
  1. Updated Afema MRE incl. Niamienlessa maiden resource

    Pending · High materiality

  2. ESIA submission to ANDE and environmental approval

    Pending · High materiality

  3. Definitive feasibility study

    Pending · High materiality

  4. Final investment decision and project financing

    Pending · High materiality

  5. First gold targeted in 2029

    Pending · High materiality

Permits & approvals4
PermitJurisdictionStatusExpiryCritical path
Afema mining permit and Mining Convention (24 Nov 2015, amended 2018)Cote d'IvoireGranted—Yes
Submission of new feasibility study and ESIA under the 26 Feb 2024 extension letter, and ratification of the Mining ConventionCote d'IvoirePending2027-02-26Yes
Environmental approval (ESIA to ANDE, then Minister)Cote d'IvoireRequired—Yes
Second mining licence over the tailings facility area (PR0958)Cote d'IvoireRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Afema Pre-Feasibility StudyPFSCurrent2026-06-176.0Mtpa CIL plus flotation/UFG/CIL plant, 10.3-year life, 2.02Moz recovered (196koz/yr, 215koz/yr first 7 years), capex US$409.9M plus US$31.6M pre-production mining, AISC US$1,508/oz; post-tax NPV5 US$2,102M and IRR 79% at US$3,500/oz (100% basis).

Other

Tongon North and other Cote d'Ivoire exploration permits

CI

Early ExplorerGold

Five exploration permits (Dielle PR857 100%, Nambira PR876 80%, Ouarga PR643, Pongala PR642, Somavogo PR645 at 100%); early-stage and not valued separately.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
dielle-pr857Granted347 km2 · No expiry supplied
nambira-pr876Granted395 km2 · No expiry supplied

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)