Turaco Gold (TCG) Q1 2025 TU earnings summary

Executive summary

• Advanced Afema Project in Côte d'Ivoire with over 22,000m drilled during the March quarter, focusing on key prospects including Baffia, Asupiri, and Begnopan.

• Discovery at Baffia with broad gold mineralisation zones; Asupiri drilling confirmed continuity and supports a maiden resource estimate.

• Metallurgical test work showed gold leach extractions of 84–95% across key deposits, supporting imminent resource update.

• Increased Afema Project interest to 80% after issuing 36.3 million shares to JV partner and finalising deferred consideration to Endeavour Mining.

• Ended quarter with $26.4M cash and $2.4M in listed investments, plus $1.1M from post-quarter Aurum share sale.

Segment performance

• Afema Project: Drilling at Baffia returned 32m @ 1.69g/t Au, 21m @ 1.79g/t Au; Asupiri drilling included 9m @ 4.49g/t Au and 37m @ 1.31g/t Au.

• Begnopan: Shallow drilling confirmed mineralisation with results like 34m @ 3.44g/t Au and 8m @ 5.28g/t Au.

• Eburnea Project: No fieldwork conducted; focus remains on Afema.

Financial highlights

• Payments for exploration and evaluation: $4.9M during the quarter.

• Cash at quarter end: $26.4M; listed investments: $2.4M; additional $1.1M cash from Aurum share sale post-quarter.

• Deferred consideration of US$650,000 (~A$1M) paid to Endeavour Mining, finalising Afema acquisition.

• No mining production or development activities during the quarter.