Turaco Gold (TCG) H2 2024 earnings summary

Executive summary

• Completed transformational acquisition of 80% interest in the Afema Gold Project in Côte d'Ivoire, expanding the project area by 30% to over 1,600km².

• Declared a maiden JORC Mineral Resource Estimate (MRE) of 2.52Moz gold at Afema, with significant resource growth potential and aggressive exploration planned for 2025.

• Raised $53.08M in equity capital during 2024, strengthening the balance sheet and supporting ongoing exploration and development.

• Divested non-core assets (Odienne, Ferke, Boundiali) to focus on Afema and maximize shareholder value.

• Strengthened board and management team in preparation for further growth.

Financial highlights

• Net loss after tax attributable to shareholders: $12.47M for 2024 (2023: $4.98M loss), primarily due to increased exploration and share-based payments.

• Net assets increased to $55.01M (2023: $8.81M), driven by capital raisings and asset acquisitions.

• Cash position at year-end: $32.88M (2023: $8.07M).

• Basic and diluted loss per share: $(0.02).

Outlook and guidance

• Targeting over 70,000m of drilling in 2025, with updated MRE expected in Q2 2025 and further resource upgrades later in the year.

• Pre-feasibility study and advanced metallurgical testwork to commence in 2025.

• Continued focus on Afema Project advancement and value maximization for shareholders.