Turaco Gold (TCG) Q2 2025 TU earnings summary

Executive summary

• Updated Afema Project Mineral Resource Estimate (MRE) to 3.55Moz, a 40% increase over the maiden MRE from August 2024, with higher gold grades and improved recoveries across all deposits.

• Significant exploration success with high-grade gold intercepts at Toilesso, Jonction South, Woulo Woulo, Herman Trend, and Baffia, indicating strong resource growth potential.

• Commenced Afema Project Preliminary Feasibility Study (PFS) and Environmental and Social Impact Assessment (ESIA), targeting PFS completion in H1 CY2026 and ESIA submission by end of 2026.

• Raised $60 million via placement and $4 million through a share purchase plan, both oversubscribed, strengthening the balance sheet for ongoing project development.

• Divested non-core assets, including Eburnea and Boundiali projects, to focus resources on Afema.

Financial highlights

• Ended June quarter with cash of ~$76.1 million and listed investments of ~$3.6 million, excluding $4 million SPP proceeds and pending Santa Fe shares (~$3.3 million value).

• Net cash from operating activities for the quarter was $(7.7) million, mainly for exploration and evaluation.

• Raised $60 million from equity placement and $4 million from SPP; disposed of Aurum and Many Peaks shareholdings for ~$4.3 million cash.

• Payments for exploration and evaluation during the quarter totaled ~$6.5 million.

• No debt facilities drawn; estimated 9.8 quarters of funding available at current expenditure rates.

Outlook and guidance

• Targeting further Afema MRE growth and update by end of CY2025, with ongoing drilling at multiple prospects.

• PFS for Afema Project expected H1 CY2026; ESIA submission targeted for end of 2026.

• Continued focus on Afema, with divestment of non-core projects and strong cash position to fund exploration and development.