Pre-Feasibility Study

Afema Gold Project

In June 2026 Turaco Gold Limited announced results of the pre-feasibility study for the development of the Afema Gold Project in southeast Côte d’Ivoire. The Study has been completed to a high technical standard with several opportunities identiﬁed to further improve the already compelling economics that underpin the development of Afema into a near term +200,000oz pa open pit gold operation.

The high conﬁdence nature of the Study has facilitated the declaration of a maiden JORC Probable Ore Reserve of 1.91Moz.

Highlights include:

Study is based on a nominal 6.0Mtpa processing rate to provide average Life of Mine (‘LoM’) production of approximately 200,000oz per annum over a 10.3 year mine life from a conventional open pit operation (no underground considered).
230,000oz produced in the first year (allowing for a 6-month processing ramp up)and an average of approximately 215,000oz per annum in the initial 7 years of production.
Total LoM processed of 65.1Mt @ 1.1g/t gold for 2.3Moz contained gold, mined at an average LoM strip ratio of 4.8:1
- 44.8Mt @ 0.9g/t gold for 1.3Moz through a 4Mtpa carbon in leach (‘CIL’) circuit
- 20.3Mt @ 1.6g/t gold for 1.0Moz through 2Mpta flotation, ultrafine grind, CIL (‘Flotation/UFG/CIL’) circuit
Average feed grade of +1.2g/t gold for initial 7 years (1.0g/t gold CIL and 1.7g/t gold Flotation/UFG/CIL).
LoM recovered gold production of 2.0Moz with an average gold recovery of 87-88%.
Total development capital cost of US$410 million including mining establishment costs and a contingency of US$24 million. Mining is scheduled to commence 6 months prior to first production to build an adequate run of mine (‘RoM’) stockpile at a cost of US$32 million.
Maiden JORC Probable Ore Reserve estimate of 55.1Mt @ 1.1g/t gold for 1.9Moz of gold for the Woulo Woulo, Jonction, Anuiri and Asupiri Deposits, all located within the existing granted mining permit, and excludes Herman and Begnopan.
Probable Ore Reserve and LoM schedule undertaken at a conservative gold price of US$2,000/oz delivering LoM cash operating cost of US$1,268/oz and All-In Sustaining Cost (‘AISC’) of US$1,508/oz.

Gold Price	US$3,000/oz	US$3,500/oz	US$4,000/oz
Gross Revenue	US$6,071 M	US$7,083 M	US$8,095 M
Net Revenue	US$5,484 M	US$6,399 M	US$7,314 M
Operating Cash Flow	US$2,927 M	US$3,842M	US$4,757 M
Pre-tax Project Cash Flow After Capital & Closure	US$2,354 M	US$3,270 M	US$4,185 M
Post-tax Project Cash Flow After Capital & Closure	US$2,088 M	US$2,897 M	US$3,706 M
Pre-tax NPV_(5%)	US$1,660 M (A$2,338 M)	US$2,345 M (A$3,303 M)	US$3,030 M (A$4,268 M)
Post-tax NPV_(5%)	US$1,486 M (A$2,093 M)	US$2,102 M (A$2,960 M)	US$2,717 M (A$3,827 M)
Post-tax IRR	60% pa	79% pa	97% pa
Post-tax Payback	17 months	13 months	10 months

Notes: A$ reported at USD:AUD of US$0.71, all information is presented on a 100% ownership basis

Afema Project Mineral Resource Estimate (‘MRE’) updated for recently completed infill drilling at Asupiri Deposit with no material change, other than an increase in Indicated Resources, along with the inclusion of a small Inferred MRE for a historical heap leach stockpile (‘Heap Leach Stockpile’).

Afema Project JORC 2012 Updated 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 (updated)	33.8Mt	1.2g/t	1,280
Begnopan	5.1Mt	1.5g/t	260
Heap Leach Stockpile (new)	1.4Mt	0.9g/t	40
Toilesso	1.0Mt	1.4g/t	40
Total	116.7Mt	1.2g/t	4,650

Infill drilling continues to upgrade Inferred Resources to Indicated with negligible loss of tonnes or grade confirming the high confidence nature of the MRE models.
Low development capital intensity of US$2,094/oz average annual production, US$180/oz LoM contained gold.
No village relocations with only 82 ‘campement’ relocations (small family compounds housing plantation workers).
Several opportunities for improvement identified that will be considered moving forward including:
- Further LoM extensions and/or expansion given recent and ongoing MRE growth
  - All MRE deposits remain open at depth and along strike
  - Study excludes mineralisation at Toilesso, Niamienlessa and Baffia, all within 10kms of plant site
  - Study excludes underground MRE and potential
  - Numerous additional exploration targets
- Potential capital cost reductions to be investigated include:
  - Removal of process plant circuit duplication
  - Reducing sustaining capital costs of TSF by disposing tailings in later years of LoM into previously mined open pits
- Jonction open pit design reduced given potential for underground development
- Begnopan open pit design has been truncated to provide adequate buffer to the ‘Aboulie’ village and minimise relocations. Future partial relocation could be considered to extend this pit given its higher-grade nature
Turaco will immediately move to update the Study to a ‘definitive’ level which will also include commencing detailed design and engineering to expedite the development of Afema.
Turaco fully funded to complete this work, along with ongoing exploration drilling with 3-5 rigs operating, with A$60 million cash (as at 31 March 2026).