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Afema Gold Project

Afema Gold Project

Project Location

The Afema Project is located in south-east Côte d’Ivoire on the Ghanian border, 120kms east of Abidjan and is serviced by a new bituminised major highway connecting Abidjan to Ghana. Two of Côte d’Ivoire’s major hydro-power schemes are located on the north-western boundary of the Afema Project area.

The Afema Project is on a granted mining permit supported by a Mining Convention between Afema Gold SA (mining permit holding entity) and the State of Côte d’Ivoire. The granted mining permit covers an area of 227km2 and was granted in December 2013 and is valid until December 2033, with a 20-year renewal option thereafter. Turaco was recently granted three contiguous exploration permits covering a combined area of 812km2, providing a total granted Afema Project area of 1,040km2. A further exploration permit application is also held covering an additional 228km2 and Turaco recently secured an option over an additional application area cover 366km2, providing a total Afema Project area of over 1,600km2.

Afema Project Location

Highlights for the December Quarter 2025

Turaco Gold Limited (ASX | TCG) (‘Turaco’ or the ‘Company’) advance drilling programs across the Afema Project during the December 2025 quarter (December Quarter or the Quarter), progressing pre-feasibility (PFS) work streams, resource growth, definition and discovery-focused exploration across its highly prospective Afema Project in south-eastern Côte d’Ivoire.

The Company’s drilling strategy remained focused on systematic expansion of the Afema Mineral Resource, while progressing emerging higher-grade prospects with the potential to deliver new discoveries and additional ounces outside the current 4.06Moz Afema Project independent JORC 2012 Mineral Resource Estimate (MRE).

During the December Quarter, five drill rigs were operating, with results continuing to demonstrate the scale, continuity and prospectivity of the Afema shear corridor.

In addition to the delivery of MRE growth and confidence, drilling confirmed both resource growth potential and ongoing discovery upside at multiple deposits and exploration targets. Following the completion of geotechnical, metallurgical and infill drilling to support the Afema PFS, Turaco is now increasingly focused on drilling for discovery at targets outside the current 4.06Moz MRE, including Adiopan, Baffia, Kotoka and Affienou.

Afema Project
JORC 2012 Mineral Resource Estimate
Deposit Tonnes Gold Grade Ounces ('000)
Woulo Woulo 50.9Mt 1.0g/t 1,600
Jonction 9.1Mt 2.1g/t 610
Anuiri 9.7Mt 1.7g/t 520
Asupiri 26.6Mt 1.2g/t 1,020
Begnopan 5.1Mt 1.5g/t 260
Toilesso 1.0Mt 1.4g/t 40
Total 102.9Mt 1.2g/t 4,060

October 2025 Afema Project JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

Updated Afema MRE | Sustained resource growth continues

An updated Afema Project MRE was announced in October 2025, increasing to 102.9Mt at 1.2g/t Au for 4.06Moz across six deposits: Woulo Woulo, Jonction, Anuiri, Asupiri, Begnopan and Toilesso. An increase of more than 500,000 ounces in just 5 months from the previous MRE released in May 2025.

A further MRE update is targeted for 1Q CY2026 with substantial growth expected from recent drilling at Woulo Woulo, Herman and Anuiri, together with exploration success at Adiopan and along key regional trends.

Woulo Woulo | Very broad widths and higher grades

Resource definition drilling at the 1.6Moz Woulo Woulo deposit confirmed exceptional continuity down-dip and along strike, with higher-grade zones delivered on multiple sections, strengthening confidence in the existing resource model.

Standout intercepts included:

  • 134m @ 1.07g/t gold from 216m
  • 63m @ 1.45g/t gold from 206m
  • 30m @ 1.96g/t gold from 201m and 37m @ 1.86g/t gold from 245m

Herman | New structure parallel to Woulo Woulo delivering shallow high-grade gold

Drilling at Herman, a parallel structure located approximately 700m from Woulo Woulo, returned higher-grade mineralisation expected to complement the bulk-tonnage Woulo Woulo deposit.

Standout intercepts included:

  • 8m @ 4.30g/t gold from 98m, including 1m @ 20.85g/t gold from 102m
  • 13m @ 3.10g/t gold from 58m, including 3m @ 9.87g/t gold from 67m
  • 2m @ 23.76g/t gold from 86m

A maiden Herman MRE is planned for inclusion in the next Afema update, targeted for end 1Q CY2026.

Adiopan | Results confirm a rapidly emerging high-grade deposit

Drilling confirmed Adiopan as a significant new high-grade discovery north of the 1.02Moz Asupiri deposit, returning multiple standout intercepts, including:

  • 16m @ 5.03g/t gold from 121m
  • 25m @ 2.48g/t gold from 72m
  • 17m @ 2.04g/t gold from 143m and 9m @ 3.19g/t gold from 176m

Follow up drill results released subsequent to the December Quarter end confirmed high-grade and broad widths of gold mineralisation along 1.5 kilometres of strike extension, including:

  • 42m @ 2.76g/t gold from 44m
  • 25m @ 3.31g/t gold from 65m
  • 37m @ 2.70g/t gold from 113m
  • 63m @ 1.16g/t gold from 62m
  • 20m @ 3.00g/t gold from 46m
  • 11m @ 4.12g/t gold from 143m

Adiopan results expected to deliver material MRE growth in the forthcoming update, at higher grades, and will be followed up with further drilling as a priority.

Anuiri and Jonction | Results improving confidence

Turaco received all assays from Anuiri and Jonction resource drilling, designed to upgrade Inferred Resources within PFS pit shells to the Indicated category and test extensions of higher-grade zones.

Anuiri highlights included:

  • 11m @ 7.31g/t gold from 118m, including 4m @ 13.08g/t gold from 125m
  • 7m @ 7.30g/t gold from 91m and 17.25m @ 2.09g/t gold from 128.75m
  • 51m @ 2.48g/t gold from 84m

Jonction highlights included:

  • 15.35m @ 5.39g/t gold from 72.65m
  • 35m @ 2.04g/t gold from 98m
  • 14m @ 4.48g/t gold from 78m

Turaco expects these results to improve confidence in the resource model, with updated estimates to be incorporated into the forthcoming Afema PFS.

Outlook | March 2026 Quarter

Following completion of recent resource definition and PFS drilling programs, drilling activities are now predominantly exploration-focused, targeting new discoveries and extensions outside the current Mineral Resource footprint. In addition to targeting the abundance of high-quality drill targets across the Afema Project, Afema PFS milestones will be progressed with targeted completion in 2Q CY2026.

Key priorities for the March 2026 quarter include:

  • Adiopan: Continued drilling to define the scale, geometry and continuity of mineralisation, targeting high-grade extensions identified outside the current resource envelope.
  • Exploration pipeline: Ongoing exploration drilling across multiple prospects and mineralised trends, including Baffia, Kotoka and the Niamienlessa–Affienou trend, supported by extensive geochemical surface sampling and highly effective gradient array induced polarisation (GAIP) surveys.
  • Herman and Woulo Woulo: Drilling of higher-grade positions within mineralised trends, supporting future resource growth and confidence.
  • Afema MRE update: Delivery of an update to the Afema MRE in late 1Q CY2026, incorporating recent infill and extensional drilling across all deposits together with the expected maiden MRE’s for Herman and Adiopan.
  • Afema PFS: Continued advancement of metallurgical, geotechnical, hydrogeological and ESIA workstreams, supporting completion of the PFS during 2Q CY2026.
  • Strong financial position: Approximately A$72.2 million in cash and listed investments, providing a strong funding base to support ongoing exploration, Mineral Resource growth and feasibility study delivery.

Turaco Côte d’Ivoire Project Locations

New Highway Under Construction and High Voltage Transmission Lines (southern Mining Permit boundary)

Afema Core Yard