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

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory23 documents
Market snapshot for TCG at 2026-10-31Market Data · MediumExtracted

python -m miners.v8db.market_snapshot TCG --cutoff 2026-10-31 --shares 1082583870 --commodities Au: 52-week range A$0.41-0.92; 1m/3m/12m/3y returns -8.4%/+25.4%/+68.1%/+1343%; 20-day average traded value A$1.46M; gold futures US$4,031.40/oz on 29 Oct 2026 vs 1-year average US$4,454, 3-year average US$3,306; AUD per USD 1.4236. Peer database held no published gold peers.

Document ID
market_snapshot_20261031
Published UTC
2026-10-31T00:00:00Z
Projects
afema
Commodities
gold
Open original source ↗
Insider dealings: TCG directorsGovernance · LowExtracted

Local insider database (python -m miners.insider_transactions show TCG): performance-right exercises by the managing director family trust in July 2026; no on-market director purchases identified in the cutoff window.

Document ID
insider_dealings_tcg
Published UTC
2026-10-31T00:00:00Z
Projects
afema
Commodities
gold
Appendix 2A: 1,500,000 performance rights convertedCorporate Action · LowExtracted

Appendix 2A: 1,500,000 performance rights converted. Read from the page cache; pages and figures cited in the facts.

Document ID
app2a_20261029
Published UTC
2026-10-29T08:12:07Z
Projects
afema
Commodities
gold
Open original source ↗
Reference price: TCG ASX close 30 October 2026Market Data · HighExtracted

Latest eligible local ASX close from python -m miners.reference_price TCG --valuation-date 2026-10-31 (market data provider via miners.collect_stock_prices): close A$0.765, volume 3,510,299, ordinary share basis, 1 day old.

Document ID
reference_price_20261030
Published UTC
2026-10-30T00:00:00Z
Projects
afema
Commodities
gold
Open original source ↗
Successful A$120M Equity Financing to Consolidate Afema OwnershipFinancing · HighExtracted

Successful A$120M Equity Financing to Consolidate Afema Ownership. Read from the page cache; pages and figures cited in the facts.

Document ID
equity_financing_20261029
Published UTC
2026-10-28T23:02:05Z
Projects
afema
Commodities
gold
Open original source ↗
Appendix 3B: Placement Tranche 1 and Share Purchase PlanFinancing · MediumExtracted

Appendix 3B: Placement Tranche 1 and Share Purchase Plan. Read from the page cache; pages and figures cited in the facts.

Document ID
app3b_placement_spp_20261029
Published UTC
2026-10-28T23:02:10Z
Projects
afema
Commodities
gold
Open original source ↗
Appendix 3B: Sodim consideration securitiesTransaction · MediumExtracted

Appendix 3B: Sodim consideration securities. Read from the page cache; pages and figures cited in the facts.

Document ID
app3b_consideration_20261029
Published UTC
2026-10-28T23:02:20Z
Projects
afema
Commodities
gold
Open original source ↗
Appendix 3B: Placement Tranche 2Financing · MediumExtracted

Appendix 3B: Placement Tranche 2. Read from the page cache; pages and figures cited in the facts.

Document ID
app3b_tranche2_20261029
Published UTC
2026-10-28T23:02:30Z
Projects
afema
Commodities
gold
Open original source ↗
September 2026 Quarterly Activities Report and Appendix 5BResults · HighExtracted

September 2026 Quarterly Activities Report and Appendix 5B. Read from the page cache; pages and figures cited in the facts.

Document ID
q3_2026_quarterly
Published UTC
2026-10-26T22:45:06Z
Projects
afema
Commodities
gold
Open original source ↗
Turaco to Consolidate Afema Ownership and Accelerate DevelopmentTransaction · HighExtracted

Turaco to Consolidate Afema Ownership and Accelerate Development. Read from the page cache; pages and figures cited in the facts.

Document ID
consolidation_ann_20261027
Published UTC
2026-10-26T23:29:31Z
Projects
afema
Commodities
gold
Open original source ↗
Management assessment: TCGGovernance · LowExtracted

Local management research (management/TCG/summary.md and background-check.json): executive team of seven; one company communication correction (retracted non-compliant 5-6Mtpa production target, May 2025) during Tremain and Larkin tenure, with no individual fault attributed.

Document ID
management_summary_tcg
Published UTC
2026-10-09T00:00:00Z
Projects
afema
Commodities
gold
Appendix 2A: 600,000 performance rights converted (6 October 2026)Corporate Action · LowExtracted

Appendix 2A: 600,000 performance rights converted (6 October 2026). Read from the page cache; pages and figures cited in the facts.

Document ID
app2a_20261006
Published UTC
2026-10-06T08:56:21Z
Projects
afema
Commodities
gold
Open original source ↗
Interim Financial Report for the half year ended 30 June 2026Results · MediumExtracted

Interim Financial Report for the half year ended 30 June 2026. Read from the page cache; pages and figures cited in the facts.

Document ID
half_year_report_2026
Published UTC
2026-09-11T07:54:44Z
Projects
afema
Commodities
gold
Open original source ↗
West African Resources targets 500,000 ounces annual gold production (FilingReader)Market Data · LowExtracted

West African Resources (ASX: WAF), 3 September 2026 report: market capitalisation about A$4,461M, cash and bullion A$1,123M at 30 June 2026, Mineral Resources 13.7Moz, Reserves 7Moz, 10-year target averaging 533koz/yr. Producer peer for the multiple cross-check.

Document ID
waf_market_20260903
Published UTC
2026-09-03T00:00:00Z
Projects
—
Commodities
gold
Open original source ↗
Non-Executive Director Appointments (Jessica Volich, Brett Gossage)Leadership · LowExtracted

Non-Executive Director Appointments (Jessica Volich, Brett Gossage). Read from the page cache; pages and figures cited in the facts.

Document ID
ned_appointments_20260731
Published UTC
2026-07-30T22:53:39Z
Projects
afema
Commodities
gold
Open original source ↗
Project Development Director Appointment (Warren King)Leadership · MediumExtracted

Project Development Director Appointment (Warren King). Read from the page cache; pages and figures cited in the facts.

Document ID
warren_king_appt_20260721
Published UTC
2026-07-20T22:56:28Z
Projects
afema
Commodities
gold
Open original source ↗
Wall Street splits on gold as forecasts range from US$4,800 to US$6,000 (investinglive)Commodity Data · LowExtracted

Bank forecasts as at 6 July 2026: Goldman Sachs US$4,900 end-2026, JPMorgan US$6,000 Q4 2026, UBS US$5,200, Morgan Stanley US$5,200, Bank of America US$4,800 Q4 2026; drivers are central bank buying and investor flows. Outside view only, never the valuation anchor.

Document ID
gold_bank_forecasts_20260706
Published UTC
2026-07-06T00:00:00Z
Projects
afema
Commodities
gold
Open original source ↗
Afema PFS Confirms Compelling Economics as +200,000ozpa ProducerStudy · HighExtracted

Afema PFS Confirms Compelling Economics as +200,000ozpa Producer. Read from the page cache; pages and figures cited in the facts.

Document ID
afema_pfs_20260617
Published UTC
2026-06-16T23:00:29Z
Projects
afema
Commodities
gold
Open original source ↗
Aurum unveils billion dollar West African gold giant (Business News)Transaction · LowExtracted

Aurum Resources (ASX: AUE) Boundiali PFS, 11 June 2026: 3.22Moz resource (4.4Moz group), 1.21Moz Probable Reserve (42.1Mt at 0.9g/t), US$342M pre-production capital, post-tax NPV US$1.5B at US$4,076/oz (US$553M at US$2,900/oz), 6Mtpa, 11-year life averaging 185koz/yr. Closest Cote d'Ivoire development comparison; market capitalisation not stated.

Document ID
aurum_pfs_20260611
Published UTC
2026-06-11T00:00:00Z
Projects
—
Commodities
gold
Open original source ↗
March 2026 Quarterly Activities Report and Appendix 5BResults · LowExtracted

March 2026 Quarterly Activities Report and Appendix 5B. Read from the page cache; pages and figures cited in the facts.

Document ID
q1_2026_quarterly
Published UTC
2026-04-28T22:44:37Z
Projects
afema
Commodities
gold
Open original source ↗
Annual Report 2025 (year ended 31 December 2025)Results · HighExtracted

Annual Report 2025 (year ended 31 December 2025). Read from the page cache; pages and figures cited in the facts.

Document ID
annual_report_2025
Published UTC
2026-03-30T22:17:49Z
Projects
afema
Commodities
gold
Open original source ↗
Ownership register: TCG top 20 at 23 March 2026Governance · LowExtracted

Local ownership research (ownership/TCG/investors.json) from the Annual Report 2025 register at 23 March 2026: HSBC Custody 11.54%, J P Morgan 10.71%, Citicorp 6.90%, Endeavour Gold Corporation 4.42% (46.5M), Sarig Damari 2.69%. No newer ranked register found; T. Rowe Price ceased to be substantial on 21 May 2026.

Document ID
ownership_register_tcg
Published UTC
2026-03-31T00:00:00Z
Projects
afema
Commodities
gold
ING: Gold bull run to continue in 2026 (Kitco)Commodity Data · LowExtracted

ING forecasts gold to average US$4,325/oz in 2026, citing structural central bank buying, ETF inflows of 222t in Q3 2025 and slow, inelastic mine supply growth. Used as an outside view only.

Document ID
ing_gold_outlook_20251211
Published UTC
2025-12-11T00:00:00Z
Projects
afema
Commodities
gold
Open original source ↗
Evidence facts61
q3-cashCash and cash equivalents

47354000 AUD

2026-09-30
q3-ocfNet operating cash flow for the quarter

-7044000 AUD

2026-09-30
q3-dispProceeds from disposal of investments (Awale, Santa Fe)

3218000 AUD

2026-09-30
q3-mreAfema JORC MRE 116.7Mt at 1.3g/t for 4.65Moz; Probable Ore Reserve 55.1Mt for 1.91Moz

4.65Moz / 1.91Moz oz

2026-06-17
q3-dfsDFS completion targeted in the June 2027 quarter; updated MRE due December quarter 2026

Jun-2027 date

2026-10-27
q3-wwWoulo Woulo deep drilling 100m at 1.06g/t from 495m; 56m at 3.87g/t from 266m (13 Oct 2026)

56m @ 3.87g/t g/t

2026-10-13
con-cashUpfront cash consideration for Sodim 20% (US$30M) plus US$3M option fee paid

30000000 USD

2026-10-27
con-secConsideration securities: 55.1M shares (12-month escrow) and 36.7M options (60% at A$1.00, 40% at A$1.20, 3-year)

55.1M sh / 36.7M opt securities

2026-10-27
con-nsr0.33% NSR to Sodim with buy-back US$12.5M before 30 Jun 2027, US$17.5M before 30 Jun 2028, US$25M before 30 Jun 2029

0.33 %

2026-10-27
con-msResource growth milestone payments: US$3.00/oz above 5Moz in the mining permit; US$5.00/oz in exploration permits to 30 Jun 2034

US$3-5/oz USD/oz

2026-10-27
con-fwdSodim loan (about US$24M) and Discovery Payment (up to US$2.5M) forgone on completion; implied look-through value US$122M vs consideration US$79M

US$79M USD

2026-10-27
fin-plPlacement of about 200M shares at A$0.60 to raise A$120M; Tranche 1 A$97.1M (161.8M shares) unconditional, Tranche 2 A$23M (38.2M shares) subject to EGM

120000000 AUD

2026-10-29
fin-sppShare Purchase Plan up to A$10M at A$0.60; closes 16 Nov 2026

10000000 AUD

2026-10-29
fin-pfPro-forma cash about A$125M after the acquisition (cash A$47.4M at 30 Sep 2026)

125000000 AUD

2026-10-29
fin-shShares on issue 1,081,083,870 before the raising

1081083870 shares

2026-10-27
3b-t1Tranche 1 placement shares proposed issue date 4 November 2026

161833332 shares

2026-11-04
3b-sppSPP maximum shares at A$0.60, issue date 19 November 2026

16666666 shares

2026-11-19
3b-conShares and options to be issued to Sodim on 16 Dec 2026: 55,068,487 shares; 22,027,394 options at A$1.00; 14,684,929 options at A$1.20

55068487 shares

2026-12-16
3b-t2Tranche 2 placement shares subject to EGM approval, issue 16 December 2026

38166668 shares

2026-12-16
2a6-shOrdinary shares on issue after the 6 October 2026 conversion

1081083870 shares

2026-10-06
2a6-prPerformance rights outstanding (TCGAC) after the 6 October 2026 conversion

23522500 rights

2026-10-06
2a-prPerformance rights converted to ordinary shares on 29 October 2026

1500000 shares

2026-10-29
hy-cashCash and cash equivalents 30 June 2026

51022524 AUD

2026-06-30
hy-lossLoss attributable to owners, half year

-18673429 AUD

2026-06-30
hy-ocfNet cash used in operating activities, half year

-17744214 AUD

2026-06-30
hy-shOrdinary shares on issue at 30 June 2026

1054823870 shares

2026-06-30
hy-nciNon-controlling interest (Sodim 20% and others), deficit

-8388383 AUD

2026-06-30
ar-cashCash and cash equivalents 31 December 2025

68078147 AUD

2025-12-31
ar-lossLoss attributable to owners FY2025

-23279255 AUD

2025-12-31
ar-ocfNet cash used in operating activities FY2025

-29737630 AUD

2025-12-31
ar-shOrdinary shares on issue 31 December 2025

1052769267 shares

2025-12-31
ar-prPerformance rights outstanding at 31 December 2025

45152500 rights

2025-12-31
ar-optUnlisted options outstanding: 1.8M at A$0.12 (expired Jul 2026), 3.0M at A$0.225 (expire Dec 2026)

4800000 options

2025-12-31
ar-raiseJune 2025 placement A$60M at A$0.44 and SPP A$4M at A$0.44

64000000 AUD

2025-07-14
pfs-npvPost-tax NPV5 at US$3,500/oz (100% basis)

2102000000 USD

2026-06-17
pfs-capexTotal development capital US$409.9M plus pre-production mining US$31.6M = US$441.5M

441500000 USD

2026-06-17
pfs-prodLoM recovered gold 2.02Moz over 10.3 years (196koz/yr; 215koz/yr first 7 years)

2024000 oz

2026-06-17
pfs-costCash operating cost US$1,268/oz; AISC US$1,508/oz; sustaining capital US$100.5M; closure US$30.5M

1508 USD/oz

2026-06-17
pfs-royState royalty assumed 8%; SODEMI NSR 0.90% first 7 years then 1.92% above US$2,000/oz; tax 25% after 5 years of production

8 %

2026-06-17
pfs-sensPre-tax NPV at US$3,500/oz US$2,345M; gold price/grade/recovery +/-15% moves it to US$3,064M / US$1,626M

2345000000 USD

2026-06-17
q1-cashCash and cash equivalents 31 March 2026

59913000 AUD

2026-03-31
wk-apptWarren King appointed Project Development Director with 20+ years in African and Australian gold project delivery

2026-07-21 date

2026-07-21
ned-apptJessica Volich and Brett Gossage appointed Non-Executive Directors; Bruce Mowat resigned

2026-07-31 date

2026-07-31
px-closeTCG close

0.765 AUD/share

2026-10-30
px-volVolume

3510299 shares

2026-10-30
ms-spotGold futures spot

4031.4 USD/oz

2026-10-29
ms-1yGold 1-year average

4454.0 USD/oz

2026-10-29
ms-3yGold 3-year average

3306.5 USD/oz

2026-10-29
ms-fxAUD per USD

1.4236 AUD/USD

2026-10-30
ms-hi52-week high / low

0.92 AUD/share

2026-10-30
mg-retTuraco retracted a non-compliant 5-6Mtpa Afema production target in May 2025

2025-05-05 date

2025-05-05
own-hsbcHSBC Custody Nominees holding

121481199 shares

2026-03-23
own-endvEndeavour Gold Corporation holding

46500000 shares

2026-03-23
ins-exJustin Tremain family: 15,000,000 performance rights exercised for A$15,000

2026-07-03 date

2026-07-03
ing-fcING 2026 average gold forecast

4325 USD/oz

2025-12-11
bk-gsGoldman Sachs end-2026 gold forecast

4900 USD/oz

2026-07-06
bk-boaBank of America Q4 2026 gold forecast

4800 USD/oz

2026-07-06
au-npvAurum Boundiali post-tax NPV at US$4,076/oz

1500000000 USD

2026-06-11
au-capexAurum Boundiali pre-production capital

342000000 USD

2026-06-11
waf-mcWAF market capitalisation

4461000000 AUD

2026-09-03
waf-resWAF Mineral Resources

13.7 Moz

2026-09-03