Mineral Resource Estimate – Turaco Gold Limited

Afema Gold Project

JORC Resource Estimate

Turaco Gold Limited announced an update to the Afema Project independent JORC Mineral Resource Estimate (‘MRE’) which has resulted in an increase to both ounces and grade to 102.9Mt at 1.2g/t gold for 4.06Moz on 30^th October 2025.

The update comes just 5 months after the 5th May 2025 MRE and has resulted in an increase of more than 500,000 in contained ounces of gold at higher grade.

The updated MRE reflects the inclusion of a maiden MRE for the Begnopan and Toilesso Deposits, along with an increase to the MRE for the Asupiri Deposit from recent drilling. This MRE update does not include any update for the Woulo Woulo, Jonction and Anuiri deposits and therefore does not include ~11,000 metre of infill and extensional drilling recently completed at Woulo Woulo and Anuiri Deposits. A further Afema Project MRE update incorporating this additional drilling, and drilling at other emerging deposits, is expected to be delivered in 1Q CY2026 which will then be the basis of the Preliminary Feasibility Study (‘PFS’) underway which is due for completion in 2Q CY2026.

Afema Project JORC 2012 Mineral Resource Estimate
Deposit	Tonnes	Gold Grade	Ounces ('000)
Woulo Woulo (unchanged)	50.9Mt	1.0g/t	1,600
Jonction (unchanged)	9.1Mt	2.1g/t	610
Anuiri (unchanged)	9.7Mt	1.7g/t	520
Asupiri (update)	26.6Mt	1.2g/t	1020
Begnopan (maiden)	5.1Mt	1.5g/t	260
Toilesso (maiden)	1.0Mt	1.4g/t	40
Total	102.9Mt	1.2g/t	4,060

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

Updated MRE reported at 0.5g/t gold lower cut-off within constrained open pit shells
Afema Project MRE growth of ~100Koz per month, or 500koz increase on the May 2025 MRE and a 23% increase in Indicated resources, notwithstanding wet season limitations (expected to ease in November)
All MRE deposits located within a 6-7km radius, entirely within the granted Afema mining permit
Mineralisation at all MRE deposits remains ‘open’ and drilling is ongoing across all deposits
Further MRE growth, both total ounces and Indicated ounces, expected in the short term
MRE excludes several areas of drilled gold mineralisation, all within a 10km radius, including:
- Extensions to Adiopan (northern extent of Asupiri) with recent drilling results including (refer ASX announcement 8 October 2025):
  - 16m @ 5.03g/t gold from 121m and 11m @ 2.02g/t gold from 159m
  - 25m @ 2.48g/t gold from 72m
  - 20m @ 1.92g/t gold from 79m and 8m @ 1.77g/t gold from 127m
  - 7m @ 2.04g/t gold from 143m and 9m @ 3.19g/t gold from 176m
- Baffia a 3km by 2.5km geochemical anomaly located 3kms northwest of Jonction, where another phase of drilling is commencing, to follow up on first pass results which included (refer ASX announcement 23 January 2025 and 10 July 2025):
  - 32m @ 1.69g/t gold from 12m
  - 10m @ 1.95g/t gold from 22m
  - 21m @ 1.79g/t gold from 104m
  - 14m @ 1.19g/t gold from 197m
- ‘Niamienlessa Trend’ +10km trend of anomalous gold-in-soils where drilling will recommence before year end to follow up initial wide spaced shallow results at Affienou and Niamienlessa SW which included (refer ASX announcements 16 December 2024 and 13 November 2024):
  - 12m @ 6.72g/t gold from 18m
  - 15m @ 2.11g/t gold from 22m
  - 26m @ 1.04g/t gold from 71m
  - 7m @ 3.78g/t gold from 115m
  - 10m @ 2.46g/t gold from 94m
  - 27m @ 1.30g/t gold from 34m
  - 13m @ 1.23g/t gold from 22m
  - 16m @ 1.18g/t gold from 32m
  - 23m @ 1.19g/t gold from 64m
  - 10m @ 2.15g/t gold from 47m
- ‘Herman Trend’ sub-parallel trend to the 1.6Moz Woulo Woulo MRE where resource definition drilling has just been completed (5,600 metres pending assays and unreported results). Previously reported results included (refer ASX announcement 14 October 2024):
  - 6m @ 6.32g/t gold from 64m
  - 15m @ 2.11g/t gold from 93m
  - 12m @ 1.50g/t gold from 51m
  - 8m @ 2.78g/t gold from 16m /li>
  - 14m @ 1.45g/t gold from 87m
  - 12m @ 2.19g/t gold from 39m
  - 8m @ 2.37g/t gold from 85m
  - 5m @ 2.45g/t gold from 43m

Five rigs operating on site with recent shift from infill, geotechnical drilling to resource extension and exploration drilling. Exploration and resource extension drilling underway at Adiopan, Herman, Baffia and Begnopan
Multiple largescale exploration targets to be drill tested for the first time over the next 6 months during ‘dry season’, providing excellent potential for further new discoveries

Managing Director, Justin Tremain commented:

“This updated MRE comes just 5 months after our last estimate and demonstrates continued rapid resource growth at Afema. The updated resource of over 4Mozs places Afema as one of the most significant undeveloped gold projects in West Africa.

We are confident of further resource growth with the latest estimate still excluding several areas of known gold mineralisation based on recent drilling, some of which is currently being followed up with resource definition drilling. Furthermore, as we come into the Côte d’Ivoire dry season, we are about ramp up exploration drilling across several untested anomalies which have the potential to deliver further substantial discoveries and show Afema as having similar scale to some of West Africa’s largest gold camps.

In parallel to our exploration drilling, the PFS is advancing as scheduled with finalisation expected during 2Q CY2026 which will immediately lead into a Definitive Feasibility Study. The ESIA is also advancing as planned.”

Woulo Woulo

The Woulo Woulo MRE is 50.9Mt at 1.0g/t gold for 1,600,000 ounces (at lower cut-off of 0.5g/t)

Woulo Woulo JORC 2012 Mineral Resource Estimate
Cut-Off	Classification	Tonnes	Gold Grade	Ounces('000)
0.5g/t	Indicated	30.3Mt	0.9g/t	880
	Inferred	20.6Mt	1.1g/t	720
	Total	50.9Mt	1.0g/t	1,600

Woulo Woulo JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

Mineralisation at Woulo Woulo has broad widths amenable to low strip ratio open pit mining with ~60% or ~950,000 ounces contained from surface to 200m vertical with ~90% of these ounces classified as ‘Indicated’
Test work achieved gold extraction 87% to 95% from conventional cyanide leaching with rapid leach kinetics and low cyanide consumption of 0.49kg/t to 0.58kg/t

Jonction

The Jonction MRE comprises 7.0Mt at 1.9g/t for 430,000 ounces (at lower cut-off of 0.5g/t) as ‘open pit resource’ and a further 2.0Mt at 2.7g/t for 180,000 ounces (at lower cut-off of 1.5g/t) as ‘underground resource’, for a total Jonction MRE of 9.1Mt at 2.1g/t gold for 610,000 ounces

Jonction JORC 2012 Mineral Resource Estimate
Cut-Off	Classification	Tonnes	Gold Grade	Ounces ('000)
Open Pit 0.5g/t	Indicated	5.3Mt	2.1g/t	350
	Inferred	1.8Mt	1.4g/t	80
	Total	7.0Mt	1.9g/t	430
Underground 1.5g/t	Indicated	0.5Mt	2.8g/t	50
	Inferred	1.5Mt	2.6g/t	130
	Total	2.0Mt	2.7g/t	180
Total	Indicated	5.8Mt	2.1g/t	400
	Inferred	3.3Mt	2.0g/t	210
	Total	9.1Mt	2.1g/t	610

Jonction JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

Over 80% of the ‘open pit’ component ‘Indicated’ with ~60% contained in top 200m
‘Underground’ component represents a coherent high-grade core that remains ‘open’ at depth
Test work at Jonction achieved an average gold extraction of 90.3% from fresh mineralisation through grind, sulphide flotation, ultra fine grinding of a low mass recovery (3.3%) concentrate, oxidative & cyanide leaching

Anuiri

The Anuiri MRE comprises 8.7Mt at 1.6g/t for 440,000 ounces (at lower cut-off of 0.5g/t) as ‘open pit resource’ and a further 1.0Mt at 2.5g/t for 80,000 ounces (at lower cut-off of 1.5g/t) as ‘underground resource’, for a total Anuiri MRE of 9.7Mt at 1.7g/t gold for 520,000 ounces

Anuiri JORC 2012 Mineral Resource Estimate
Cut-Off	Classification	Tonnes	Gold Grade	Ounces ('000)
Open Pit 0.5g/t	Indicated	6.2Mt	1.7g/t	340
	Inferred	2.5Mt	1.3g/t	110
	Total	8.7Mt	1.6g/t	440
Underground 1.5g/t	Indicated	0.1Mt	2.0g/t	10
	Inferred	0.9Mt	2.6g/t	70
	Total	1.0Mt	2.5g/t	80
Total	Indicated	6.4Mt	1.7g/t	340
	Inferred	3.4Mt	1.7g/t	180
	Total	9.7Mt	1.7g/t	520

Anuiri JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

Over 90% of Anuiri MRE contained in top 175m with 80% of these ounces ‘Indicated’
Multiple high-grade ‘underground’ shoots
Test work at Anuiri achieved an average gold extraction of 84.4% from fresh mineralisation through grind, sulphide flotation, ultra fine grinding of a low mass recovery (4.7%) concentrate, oxidative & cyanide leaching

Asupiri

The updated Asupiri MRE is 26.6Mt at 1.2g/t gold for 1,020,000 ounces (at lower cut-off of 0.5g/t) constrained to an open pit shell

Asupiri JORC 2012 Mineral Resource Estimate
Cut-Off	Classification	Tonnes	Gold Grade	Ounces('000)
0.5g/t	Indicated	11.1Mt	1.2g/t	440
	Inferred	15.5Mt	1.2g/t	580
	Total	26.6Mt	1.2g/t	1,020

Asupiri JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

25% growth on the maiden Asupiri MRE with Indicated ounces increasing threefold
Mineralisation from surface with over 80% of the Asupiri MRE contained in top 150m

Test work at Asupiri achieved an average gold extraction of ~88% from fresh mineralisation through primary whole ore grind (75µm), sulphide flotation to a low mass recovery (5.1%) concentrate, ultra fine grinding (12µm) of concentrate followed by oxidative & cyanide leaching (refer ASX announcement 30 April 2025).

Begnopan

The maiden Begnopan MRE is 5.1Mt at 1.5g/t gold for 260,000 ounces (at lower cut-off of 0.5g/t) constrained to an open pit shell

Begnopan JORC 2012 Mineral Resource Estimate
Cut-Off	Classification	Tonnes	Gold Grade	Ounces('000)
0.5g/t	Indicated	1.15t	1.6g/t	80
	Inferred	3.7Mt	1.5g/t	180
	Total	5.1Mt	1.5g/t	260

Begnopan JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

Mineralisation from surface, with 85% of the Begnopan MRE contained in the top 100m
Begnopan MRE will be incorporated into the PFS currently underway with significant oxide material

Test work at Begnopan resulted in gold extraction of 89% from a ~1.0g/t gold head grade composite sample of fresh mineralisation through primary whole ore grind (75µm), sulphide flotation of a low mass recovery (3.2%) concentrate, ultra fine grinding (12µm) of concentrate followed by oxidative & cyanide leaching (refer ASX announcement 3 September 2025).

Toilesso

The maiden Toilesso MRE is 1.0Mt at 1.4g/t for 40,000 ounces (at lower cut-off of 0.5g/t) constrained to an open pit shell

Toilesso JORC 2012 Mineral Resource Estimate
Cut-Off	Classification	Tonnes	Gold Grade	Ounces('000)
0.5g/t	Indicated	0.5t	1.5g/t	20
	Inferred	0.5Mt	1.3g/t	20
	Total	1.0Mt	1.4g/t	40

Begnopan JORC Mineral Resource Estimate (figures may not add up due to appropriate rounding)

Toilesso MRE is entirely contained within the top 100m and limited only by drilling

Afema Project Permit Area Geology and Deposit & Prospect Locations

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Elliot Grant, who is a Member of the Australasian Institute of Geoscientists. Mr Grant is a full-time employee and security holder of Turaco Gold Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code). Mr Grant consents to the inclusion in this report of the matters based upon his information in the form and context in which it appears.

The information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Brian Wolfe, an independent consultant to Turaco Gold Ltd and a Member of the Australasian Institute of Geoscientists. Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code). Mr Wolfe consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears.

The information in this report that relates to metallurgical test work is based on, and fairly represents, information compiled by Mr Ian Thomas, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Thomas is a part-time employee and security holder of Turaco Gold Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves” (JORC Code). Mr Thomas consents to the inclusion in this report of the matters based upon his information in the form and context in which it appears.