Turaco Gold (TCG) Q2 2026 TU earnings summary

Executive summary

• Completion of Afema Project Pre-Feasibility Study (PFS) confirmed a long-life, low-cost gold development with production of ~200,000oz per annum over an initial 10+ year mine life.

• Maiden JORC Probable Ore Reserve of 1.91Moz established, supporting progression to Definitive Feasibility Study (DFS).

• Resource definition drilling upgraded confidence in the 4.65Moz Mineral Resource, especially at Asupiri.

• Active exploration continues to demonstrate district-scale growth potential, with new mineralisation identified at Adiopan, Bergerie, and Sikasso.

• Strategic permit acquisition increased the Afema Project area by 30% to over 1,600km².

Financial highlights

• Initial development capital for Afema Project estimated at US$410 million.

• Post-tax NPV5% of US$2.1 billion, IRR of 79%, and 13-month payback at a gold price of US$3,500/oz.

• Average Life of Mine AISC of US$1,508/oz; cash operating costs of US$1,268/oz.

• Cash at quarter end was ~$51 million, with listed investments of ~$3.7 million.

• Payments for exploration and evaluation during the quarter totaled ~$8.1 million.

Outlook and guidance

• DFS workstreams ongoing, targeting completion within 12 months.

• September quarter focus on resource growth, exploration, and advancing DFS-level engineering and permitting.

• Environmental and Social Impact Assessment (ESIA) nearing completion, with draft submission targeted for December 2026.

• Project infrastructure planning and development activities advancing Afema towards being development ready.