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Mineral Resource Estimate

Afema Gold Project

Maiden JORC Resource Estimate

On 27 August 2024 the Company announced a maiden JORC Mineral Resource Estimate (‘MRE’) for the Afema Project of 2.52Moz gold. The MRE is based on the Woulo Woulo, Jonction and Anuiri deposits and is considered as an ‘interim’ resource with drilling ongoing. It excludes other mineralisation drilled along the Afema shear including the Asupiri, Brahima, Adiopan and Toilesso deposits which will be subject to further drilling and metallurgical testwork.

The interim MRE has been achieved within 5 months of Turaco acquiring its controlling interest in the Afema Project at a total cost of less than US$7 per attributable ounce.

The Company sees this MRE as an ‘interim’ resource and an important first step towards its objective of defining a robust multi-million-ounce gold project in southeastern Côte d’Ivoire. It is seen as just the beginning as the Company embarks on an aggressive exploration drilling program testing compelling, high priority targets with limited or no previous drilling. All targets sit within 10km of the initial MRE deposits. Drilling is ongoing at Woulo Woulo, and set to commence at Jonction, with metallurgical testwork continuing on the other deposits.

Turaco expects this ongoing drilling will drive substantial near term Afema MRE growth.

Afema Project
JORC 2012 Mineral Resource Estimate
Deposit Tonnes Gold Grade Ounces
Woulo Woulo (0.5g/t cut-off) 42.6Mt 0.9g/t 1,250,000
Jonction (0.7g/t cut-off) 10.1Mt 2.0g/t 660,000
Anuiri (0.7g/t cut-off) 11.6Mt 1.6g/t 600,000
Total 2,520,000

(figures may not add up due to appropriate rounding)

Afema Project Permit Area Geology and Deposit & Prospect Locations

Woulo Woulo

Woulo Woulo is located on a north-northeast trending splay off the main ‘Afema Shear’.  The maiden MRE for the Woulo Woulo deposit is 26.2Mt at 1.1g/t gold for 940,000 ounces (at lower cut-off of 0.7g/t) or 42.6Mt at 0.9g/t gold for 1,250,000 ounces (at lower cut-off of 0.5g/t) with 65% ‘Indicated’:

Woulo Woulo
JORC 2012 Mineral Resource Estimate
Cut-Off Classification Tonnes Gold Grade Ounces
0.5g/t cut-off Indicated 27.4Mt 0.9g/t 800,000
Inferred 15.2Mt 0.9g/t 450,000
Total 42.6Mt 0.9g/t 1,250,000
0.7g/t cut-off Indicated 17.1Mt 1.1g/t 610,000
Inferred 9.1Mt 1.1g/t 330,000
Total 26.2Mt 1.1g/t 940,000

(figures may not add up due to appropriate rounding)

Mineralisation at Woulo Woulo has broad widths with 70% of contained ounces in the top 200m amenable to low strip ratio open pit mining.

Metallurgical testwork achieved 89.4% and 93.9% gold extraction from fresh and oxide mineralisation respectively, with rapid leach kinetics, from conventional cyanide leaching.

Jonction

The Jonction MRE is 10.1Mt at 2.0g/t gold for 660,000 ounces (at lower cut-off of 0.7g/t) with 55% ‘Indicated’:

Jonction
JORC 2012 Mineral Resource Estimate
Cut-Off Classification Tonnes Gold Grade Ounces
0.5g/t cut-off Indicated 5.9Mt 2.0g/t 390,000
Inferred 5.8Mt 1.6g/t 310,000
Total 11.7Mt 1.8g/t 700,000
0.7g/t cut-off Indicated 5.2Mt 2.2g/t 370,000
Inferred 4.9Mt 1.8g/t 290,000
Total 10.1Mt 2.0g/t 660,000

(figures may not add up due to appropriate rounding)

The Jonction MRE includes a coherent high-grade core of 490,000 ounces at 3.0g/t (at lower cut-off of 1.5g/t).

Metallurgical testwork at Jonction achieved 76.8% and 84.9% total gold extraction from fresh mineralisation through grind, sulphide flotation, ultra fine grinding of a low mass (2.6% and 4.7%) concentrate, oxidative & cyanide leaching. Further work is being undertaken optimising extraction rates.

Anuiri

The Anuiri MRE is 11.6Mt at 1.6g/t gold for 600,000 ounces (at lower cut-off of 0.7g/t) with 55% ‘Indicated’:

Anuiri
JORC 2012 Mineral Resource Estimate
Cut-Off Classification Tonnes Gold Grade Ounces
0.5g/t cut-off Indicated 7.2Mt 1.6g/t 360,000
Inferred 7.1Mt 1.3g/t 290,000
Total 14.3Mt 1.4g/t 650,000
0.7g/t cut-off Indicated 5.9Mt 1.8g/t 340,000
Inferred 5.7Mt 1.4g/t 260,000
Total 11.6Mt 1.6g/t 600,000

(figures may not add up due to appropriate rounding)

Metallurgical testwork at Anuiri is at an earlier stage to that at Jonction. To date, flotation performance has been similar to that of Jonction with high gold recovery and low mass recovery to concentrate.

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 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 testwork 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 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.

References may have been made in this announcement to certain past ASX announcements, including references regarding
exploration results. For full details, refer to the referenced ASX announcement on the said date. The Company confirms that it is not
aware of any new information or data that materially affects the information included in these earlier market announcements.