OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor TCG ASX

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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$47.4M2025-12-31: 68,078,147 A$2026-03-31: 59,913,000 A$2026-06-30: 51,022,524 A$2026-09-30: 47,354,000 A$ Finite
Debt A$0 Net cash A$47.4M
Basic shares 1.1BFY2024A: 866,079,715FY2025A: 1,052,769,267 2026-10-29
Runway 17.5 quarters Cash A$47.4M plus A$77.3M of the A$120M placement left after the US$30M acquisition cash, divided by the September quarter net burn of A$7.1M excluding disposal proceeds; burn will rise with DFS, early works and the 3-5 rig program.

Liquidity

Financial position

Cash fell from A$68.1M (Dec 2025) to A$47.4M (Sep 2026). Placement Tranche 1 (A$97.1M gross) settles 4 November 2026; the US$3M option fee is already paid and US$30M is due on completion. Pro-forma cash is about A$125M per the company, with no debt and no capex yet committed.

Capital structure

Ownership and dilution

Ordinary shares
1.1B
Fully diluted
1.1B

1,081,083,870 shares after the 6 October 2026 conversion (Appendix 2A) plus 1,500,000 performance rights converted on 29 October 2026 gives 1,082,583,870. Performance rights were 23,522,500 on 6 October 2026, so 22,022,500 remain. Pending and not in the count: Tranche 1 161,833,332 shares (4 Nov 2026), Tranche 2 38,166,668 shares and 55,068,487 Sodim shares (16 Dec 2026, subject to EGM), SPP up to 16,666,666 shares (19 Nov 2026) and 36,712,323 Sodim options at A$1.00/A$1.20.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares on issueOrdinary Share1.1B——
Performance rights (TCGAC) at A$0.001 exercise price, vesting on resource, reserve, FID, price and service conditionsPerformance Right22MA$0.001—
Unlisted options exercisable at A$0.225Option3MA$0.2252026-12-31

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024AAFY2025AA
Profit and loss
Revenue (gold sales, 100% basis)AUDm0.00.0
Mine operating costs and royaltiesAUDm0.00.0
Corporate costs (admin and share-based pay, ex depreciation)AUDmFY2024A: 5,599,000 AUDFY2025A: 6,960,000 AUD5.67.0
Exploration, evaluation and DFS expense (net of other income)AUDmFY2024A: 11,294,000 AUDFY2025A: 25,476,000 AUD11.325.5
EBITDAAUDmFY2024A: -16,893,000 AUDFY2025A: -32,436,000 AUD(16.9)(32.4)
Depreciation and amortisationAUDmFY2024A: 205,000 AUDFY2025A: 138,000 AUD0.20.1
Net interest expense / (income)AUDmFY2024A: -543,000 AUDFY2025A: -4,934,000 AUD(0.5)(4.9)
Income taxAUDm0.00.0
Net profit after tax (consolidated, before non-controlling interests)AUDmFY2024A: -16,555,000 AUDFY2025A: -27,640,000 AUD(16.6)(27.6)
Cash flow
Operating cash flowAUDmFY2024A: -10,488,771 AUDFY2025A: -29,737,630 AUD(10.5)(29.7)
Sustaining and other capex (FY2026 incl. US$3M option fee)AUDmFY2024A: 2,045,000 AUDFY2025A: 1,238,000 AUD2.01.2
Development capex (Afema, incl. pre-production mining)AUDm0.00.0
Total capital expenditureAUDmFY2024A: 2,045,000 AUDFY2025A: 1,238,000 AUD2.01.2
Free cash flow (operating cash flow less capex)AUDmFY2024A: -12,533,771 AUDFY2025A: -30,975,630 AUD(12.5)(31.0)
Equity raised (net)AUDmFY2024A: 50,150,000 AUDFY2025A: 60,464,000 AUD50.160.5
Project debt drawnAUDm0.00.0
Balance sheet
Cash and cash equivalentsAUDmFY2024A: 32,884,511 AUDFY2025A: 68,078,147 AUD32.968.1
BorrowingsAUDm0.00.0
Net debt / (net cash)AUDmFY2024A: -32,884,511 AUDFY2025A: -68,078,147 AUD(32.9)(68.1)
Total equity (before non-controlling interest split)AUDmFY2024A: 55,011,610 AUDFY2025A: 103,476,485 AUD55.0103.5
Per share
Ordinary shares at year endm sharesFY2024A: 866,079,715 sharesFY2025A: 1,052,769,267 shares866.11,052.8
Earnings per share (consolidated NPAT)AUD/shareFY2024A: -0.02 AUD/shareFY2025A: -0.03 AUD/share(0.02)(0.03)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024A: -46.22 xFY2025A: -24.07 x(46.2)(24.1)
P / E (x, current market cap)xFY2024A: -50.03 xFY2025A: -29.96 x(50.0)(30.0)
FCF yield (current market cap)%FY2024A: -0.02 fractionFY2025A: -0.04 fraction-1.5%-3.7%
EBITDA margin%——
Net debt / EBITDA (x)xFY2024A: 1.95 xFY2025A: 2.10 x1.92.1

KPI history

Operating metrics

Comparable series use a shared scale

Cash and cash equivalents · Afema Gold Project · Point In Time

AUD

4 periods
  1. Dec 202568,078,147 AUD
    Reported
  2. Mar 202659,913,000 AUD
    Reported
  3. Jun 202651,022,524 AUD
    Reported
  4. Sep 202647,354,000 AUD
    Reported
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsAfemaDec 2025Point In Time68,078,147 AUDReported
Cash and cash equivalentsAfemaMar 2026Point In Time59,913,000 AUDReported
Cash and cash equivalentsAfemaJun 2026Point In Time51,022,524 AUDReported
Cash and cash equivalentsAfemaSep 2026Point In Time47,354,000 AUDReported
Borrowings (none)AfemaSep 2026Point In Time0 AUDSource Derived
Company guidance5
MetricProjectPeriodLowHighStatus
Average Annual Gold Production, First 7 YearsafemaProduction years 1-7215,000215,000 oz/yrCurrent
Average Annual Gold Production, Life Of MineafemaLife of mine (10.3 years)196,000196,000 oz/yrCurrent
Total Development Capital Including ContingencyafemaPre-production409,900,000409,900,000 USDCurrent
All In Sustaining CostafemaLife of mine1,5081,508 USD/ozCurrent
Definitive Feasibility Study Completion (Quarter)afemaJune quarter 2027—— dateCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-29RaisingOrdinary SharesA$120M200MA$0.6AnnouncedTranche 1 A$97.1M (161.8M shares, 4 Nov 2026) unconditional; Tranche 2 A$23M (38.2M shares, 16 Dec 2026) needs EGM approval.Max 200M · Period 2026-11-04 to 2026-12-16 · Canaccord Genuity and SCP Resource Finance (joint lead managers) · Holder approval required
2026-10-29RaisingOrdinary SharesA$10M16.7MA$0.6AnnouncedShare Purchase Plan up to A$10M with scale-back at directors discretion; issue 19 Nov 2026.Max 16.7M · Period 2026-11-02 to 2026-11-16
2026-10-27RaisingOrdinary Shares And Unlisted Options—55.1M—AnnouncedScrip consideration to Sodim for its 20% of Afema: 55.07M shares (12-month escrow) and 36.71M options (22.03M at A$1.00, 14.68M at A$1.20, three years); needs EGM approval.Max 55.1M · Until 2026-12-16 · US$30M of shares at a 15-day VWAP of A$0.775 and AUD:USD 0.7033; plus 36.7M options · Holder approval required
2025-06-24Ann. 2025-06-18RaisingOrdinary SharesA$60M136.4MA$0.44CompletedA$60M placement at A$0.44 (second tranche of the November 2023 raising) plus SPP A$4M.

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-31

Arrangements disclosed in the PFS, the 27 October 2026 acquisition announcement and the 2025 annual report. No offtake, stream, hedge or tolling contract exists (pre-production); project financing terms are not yet agreed.

Sliding-scale government royalty assumed at 8% of revenue in the PFS.

Royalty · Active
Counterparties
State of Cote d'Ivoire
Applies to
Afema Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Rate: 8 %
Cost over life of mine: 323.2 USD million
How it affects our valuation

No valuation treatment is available for this arrangement.

SODEMI net smelter return royalty on production from the Afema mining permit.

Royalty · Active
Counterparties
SODEMI (State mining company)
Applies to
Afema Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Rate, first 7 years: 0.9 %
Rate thereafter above US$2,000/oz: 1.92 %
PFS cost: 42.5 USD million
How it affects our valuation

No valuation treatment is available for this arrangement.

The State may take a 10% non-contributing equity interest in the mining company, reducing Turaco's economic share of Afema to 72% now and 90% after the Sodim purchase.

Free Carry · Active
Counterparties
State of Cote d'Ivoire
Applies to
Afema Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Non-contributing interest: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Turaco sole-funds Afema to a decision to mine as a loan repayable from its share of project cash flow; Sodim may convert to a 1.5% NSR. Terminates if the acquisition completes.

Joint Venture · Active
Counterparties
Sodim Ltd
Applies to
Afema Gold Project · Gold
Economic direction
Mixed
Period
From 2023-11-21; no end date stated
Key terms
Sodim interest: 20 %
Sodim Loan: 24 USD million
Discovery Payment: 2.5 USD million
How it affects our valuation

No valuation treatment is available for this arrangement.

Option to acquire Sodim's 20% interest (three-month option, EGM approval needed), forgoing the Sodim Loan and Discovery Payment.

Other · Conditional
Counterparties
Sodim Ltd
Applies to
Afema Gold Project · Gold
Economic direction
Mixed
Period
2026-10-27 to 2027-01-27
Key terms
Cash consideration: 30 USD million
Shares: 55,068,487 shares
Options: 36,712,323 options
NSR retained by Sodim: 0.33 %
Milestones: 3 USD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.