Afema Gold Project

Project Location
The Afema Project is located in south-east Côte d’Ivoire on the Ghanian border, 120kms east of Abidjan (refer Figure Two) 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 project area.

The Afema Project includes 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 includes the entire Afema Project MRE, with the exception of the Herman Deposit which crosses the mining permit boundary and into an exploration permit held by Turaco. The mining permit was granted in December 2013 and is valid until December 2033, with a 20-year renewal option thereafter.

The Afema Project covers a total granted area of 1,040km², comprising the central mining permit and three contiguous exploration permits. In addition, Turaco holds an exploration permit application covering a further 228km² and an option over an additional application area of 366km², bringing the total Afema Project tenure to more than 1,600km².

Figure One | Afema Project Location

Highlights for the June Quarter 2026

Afema PFS outlines a +200,000ozpa development

Turaco Gold Limited (ASX | TCG) (‘Turaco’ or the ‘Company’) delivered a major milestone during the June quarter (Quarter) with completion of the Afema Project Pre-Feasibility Study (PFS), confirming Afema as a long-life, low-cost gold development capable of producing approximately 200,000 ounces of gold per annum over an initial +10 year mine life. The Study established a maiden JORC Probable Ore Reserve of 1.91Moz, demonstrating the quality of the Company’s resource base and providing the platform for progression to Definitive Feasibility Study (DFS).

Highlights of the PFS include:

Maiden JORC Probable Ore Reserve of 55.1Mt @ 1.1g/t for 1.91Moz
Average annual production of approximately 200,000 ounces over a +10 year mine life
Average production of approximately 215,000 ounces per annum during the first seven years
Total recovered gold production of approximately 2.0Moz at an average recovery of 87%
Post-tax NPV_5% of US$2.1 billion, IRR of 79% and 13 month payback at a gold price of US$3,500/oz
Initial development capital of US$410 million
Average Life of Mine AISC of US$1,508/oz.

Continued drilling increases confidence in the 4.65Moz Mineral Resource

Resource definition drilling completed during the Quarter continued to upgrade the confidence of the Afema Mineral Resource, particularly at the Asupiri Deposit where a significant portion of Inferred Resources were upgraded to the Indicated category while maintaining the overall Mineral Resource of Afema at 4.65Moz.

The updated Mineral Resource now comprises 116.7Mt @ 1.3g/t for 4.65Moz, providing a robust foundation for future reserve growth as Turaco advances the Afema DFS.

Exploration continues to demonstrate district-scale growth potential

Alongside development activities, Turaco maintained an active exploration programme across the Afema Project, with drilling continuing to return broad zones of shallow gold mineralisation along the Afema Shear.

Results from Adiopan, Bergerie and Sikasso continued to demonstrate the significant opportunity to further expand the Company’s Mineral Resource beyond that incorporated within the PFS, with deposits remaining open along strike and at depth.

Permit interests in the Afema region advanced

Turaco strengthened its strategic position in the Afema region by exercising its rights to acquire an option over exploration permit PR1074. The option provides Turaco with the right to acquire the permit, which upon exercise, would bring the total Afema Project area to over 1,600km2 (an increase of 30%). The option enhances Turaco’s control over the interpreted extension of the highly prospective Sefwi Greenstone Belt into south-east Côte d’Ivoire and provides substantial long-term exploration upside beyond the current 4.65Moz resource base.

Project development capability strengthened

Subsequent to the end of the Quarter, Turaco bolstered its project development capability with the appointment of experienced mechanical engineer Warren King as Project Development Director.

Mr King brings more than 20 years’ experience delivering feasibility studies, engineering, procurement and construction of large-scale gold projects, including extensive African project experience. His appointment significantly enhances Turaco’s technical capability as the Company advances the Afema Project through Definitive Feasibility Study and towards development and first gold production.

Figure Two | Turaco Côte d’Ivoire Project Locations

Commencement of Definitive Feasibility Study

Following completion of the PFS, the Company has continued workstreams towards a Definitive Feasibility Study, with resource drilling, environmental studies, engineering optimisation and permitting activities ongoing. The DFS is targeted for completion over the next 12 months.
Many facets of the DFS are already well advanced towards definitive status as evidenced by the declaration of a maiden Probable Ore Reserve Estimate and PFS mine production schedule containing less than 13% Inferred Mineral Resources.

Outlook | September 2026 Quarter

During the September 2026 quarter, Turaco will focus on continuing Afema DFS workstreams and its active drilling program, with a strong emphasis on resource growth and exploration across the Afema Project. Drilling will focus on expanding existing resources, increasing resource confidence, and targeting new discoveries beyond the current 4.65Moz Mineral Resource.
Key activities planned for the quarter include:

Optimisation of PFS mine design, scheduling and process plant staging and design and trade-off studies.
Continued evaluation of PFS capital and operating cost saving measures together with increasing the level of accuracy in those cost estimates to a DFS level.
Ongoing resource definition and extensional drilling aimed at increasing resource confidence and supporting future Ore Reserve growth, with an emphasis on the shallowly drilled Begnopan Deposit (MRE 260koz at 1.5g/t gold).
Additional geotechnical drilling and metallurgical variability test work at the Asupiri and Begnopan deposits.
Ongoing exploration drilling at the Kotoka Prospect on the northern extension of the Afema Shear, the Woulo Woulo Deposit, and along the Afema Shear, where targeting is being enhanced by the recent and highly effective Gradient Array Induced Polarisation (“GAIP”) survey.
Completion of the Environmental and Social Impact Assessment (“ESIA”) in accordance with IFC Performance Standards and the Equator Principles. The ESIA is already well advanced and will incorporate the outcomes of the PFS. The Company is targeting completion of the draft ESIA and submission to the Ministry of Environment for approval during the December 2026 quarter.
Advancement of project infrastructure planning and broader development activities as the Company progresses towards being development ready at Afema.

Supported by a maiden 1.91Moz Ore Reserve, a robust PFS and control of a belt scale Afema Project footprint exceeding 1,600km², Turaco is well positioned to continue creating value through both project development and exploration success as it progresses Afema towards a project development.

Afema Project Activities During the June Quarter

Afema Gold Project, Côte d’Ivoire

Afema PFS Confirms Robust Development Opportunity

The completion of the Afema Project PFS (the Project or Afema) marked a significant milestone, confirming the technical and economic viability of a large-scale, conventional open pit mining operation capable of producing approximately 200,000oz of gold per annum over a +10 year mine life. Based on a nominal processing rate of 6.0Mtpa, forecast gold production averages approximately 215,000oz per annum over the first seven years, including 230,000oz in the first year, with total life-of-mine production estimated at 2.0Moz. Average gold recoveries of 87–88% further support the Project’s strong production profile.

The PFS also supported the declaration of a maiden JORC Probable Ore Reserve of 55.1Mt at 1.1g/t gold for 1.91Moz, providing a solid foundation for project development. Initial development capital is estimated at US$410 million, with life-of-mine cash operating costs of US$1,268/oz and an all-in sustaining cost (AISC) of US$1,508/oz. At a gold price of US$3,500/oz, the PFS generated a post-tax NPV₅ of approximately US$2.1 billion, a post-tax IRR of 79%, and a payback period of approximately 13 months.

The Afema Project MRE was updated following the recently completed infill drilling at the Asupiri Deposit. While the overall MRE remained largely unchanged, the update included an increase in Indicated Resources and the addition of a small Inferred Mineral Resource for a historical heap leach stockpile (Heap Leach Stockpile).

With the PFS complete, Turaco has continued on towards an Afema Definitive Feasibility Study (DFS), targeted for completion in Q2 2027. Ongoing activities include detailed engineering, environmental and permitting workstreams, together with optimisation studies aimed at further enhancing the Project.

Afema Project JORC 2012 Mineral Resource Estimate
Deposit	Tonnes	Gold Grade	Ounces ('000)
Woulo Woulo	53.5Mt	1.0g/t	1,700
Herman	2.0Mt	1.6g/t	100
Jonction	9.8Mt	2.1g/t	650
Anuiri	10.2Mt	1.8g/t	570
Asupiri	33.8Mt	1.2g/t	1,280
Begnopan	5.1Mt	1.5g/t	260
Heap Leach Stockpile	1.4Mt	0.9g/t	40
Toilesso	1.0Mt	1.4g/t	40
Total	116.7Mt	1.2g/t	4,650

Table One | Afema Project JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

Afema Shear Drilling Delivers Further Growth Potential

Resource extension and infill drilling at the Adiopan-Asupiri Deposit returned further strong gold intersections, including 28m @ 2.17g/t Au from 91m, including 15m @ 3.32g/t Au, and 40m @ 1.20g/t Au from 136m (refer ASX announcement dated 12 May 2026).

In order to support the Afema PFS, infill drilling was undertaken targeting the conversion of ‘Inferred’ Resources to ‘Indicated’ Resources within the Asupiri MRE, whilst also testing for extensions of some of the higher-grade zones. Mineralisation at Adiopan remains ‘open’ and has identified a new parallel zone of mineralisation has not seen any drilling further along strike.

Exploration drilling along the Afema Shear also identified new zones of gold mineralisation at the Bergerie and Sikasso prospects (refer Figure Three), outside the current 4.65Moz Afema Mineral Resource.

Highlights included 20m @ 2.28g/t Au from 91m at Bergerie and 21m @ 2.29g/t Au from 66m at Sikasso (refer ASX announcement dated 12 May 2026). Mineralisation at both prospects remains open, reinforcing the significant exploration upside across the Afema Project.

Bergerie and Sikasso are located approximately 1km south of the Asupiri MRE. Bergerie lies along the interpreted southern strike extension of the Asupiri West structure – the same structure understood to control the Jonction deposit further north – while Sikasso is positioned on the interpreted strike extension of the Asupiri East structure.

Drilling at Bergerie and Sikasso was guided by a recently completed gradient array induced polarisation (‘GAIP’) survey. This survey has proved effective in mapping out shear zones and primary lithological contacts, being the primary control of the deposits along the sediment dominated Afema Shear corridor.

Permit Interests in the Afema Region Advanced

During the quarter, Turaco exercised its option over exploration permit PR1074 (Refer Figure Four), securing the right to acquire 100% of the permit and increasing the potential Afema Project tenure by approximately 30% to more than 1,600km². The permit is contiguous with the existing Afema Project and covers extensions of the highly prospective Sefwi Greenstone Belt. Initial exploration activities commenced during the quarter, including permit-wide stream sediment sampling, with soil sampling planned to support the generation of future drill targets

Figure Three | Afema Mining Permit with Resources

Figure Four | Afema Project permit area showing the newly granted PR1074

Community Engagement and Infrastructure Development

Turaco continues to work closely with local communities and government stakeholders to deliver infrastructure initiatives that support long-term social and economic development in the Afema Project area.

In partnership with local authorities, the Company is funding the construction of an approximately 2km access road, including two bridge structures, which has been formally endorsed by the Government of Côte d’Ivoire. The project addresses a long-standing request from local communities and will provide a direct transport link between the village of Aboulie, where Turaco’s exploration camp is located, and the neighbouring village of Kouakro.

Construction activities continued during the quarter, with all concrete works completed and the remaining roadworks progressing, notwithstanding periods of seasonal rainfall which temporarily affected construction activities. Representing an investment of approximately US$1 million, the project demonstrates Turaco’s ongoing commitment to meaningful community engagement and sustainable socio-economic development in the Afema region. The road, which is due for completion imminently, will provide lasting benefits to local communities while also supporting improved access across the Afema Project area.

Corporate

Cash and Listed Investments

Turaco ended the Quarter in a strong financial position to fund continued growth and advancement of Afema with cash of ~$51 million plus listed investments totalling ~$3.7 million.

2026 Annual General Meeting of Shareholders

The Company’s 2026 Annual General Meeting was held on Monday, 11 May 2026. All Resolutions were passed by the requisite majorities.

Project Development Director

Subsequent to the end of the Quarter, Turaco appointed experienced mining engineer Warren King as Project Development Director, further strengthening the Company’s technical capability as it transitions from exploration to development. Mr King’s extensive project delivery experience will support completion of the Afema Definitive Feasibility Study and progression towards construction and operations.

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

Afema Core Yard