Turaco Gold (TCG) Q1 2026 TU earnings summary

Executive summary

• Updated Afema Project Mineral Resource Estimate (MRE) increased to 4.65Moz gold, a 15% rise since October 2025, with significant growth at Asupiri and a maiden resource at Herman.

• Five drill rigs operated, confirming scale and continuity across multiple deposits, with Adiopan emerging as a major growth center.

• Pre-Feasibility Study (PFS) for Afema nearing completion, targeting Q2 CY2026 release and supporting a maiden Ore Reserve declaration.

• Strong community engagement, including infrastructure investment and local partnerships.

Financial highlights

• Cash position at quarter end was approximately A$60 million, with an additional A$4.5 million in listed investments.

• Exploration and evaluation payments totaled A$7.2 million for the quarter.

• No mining production or development activities during the quarter.

• Net cash outflow from operating activities was A$8.0 million for the quarter.

• Estimated 7.5 quarters of funding available at current expenditure rates.

Outlook and guidance

• Focus remains on resource growth and conversion, with ongoing drilling at Adiopan, Herman, Kotoka, and the Afema Shear.

• PFS completion and maiden Ore Reserve declaration expected in June 2026 quarter.

• Continued exploration of district-scale potential, targeting new discoveries from high-priority regional targets.

• Progression towards a Definitive Feasibility Study (DFS) following PFS.