Turaco Gold Ltd · ASX:TCG
Turaco Gold — Investor Presentation (June 2026)
36 slides from Turaco Gold's investor presentation, Jun 17, 2026
Slide 1: Afema Gold Project
Afema Gold Project Cote d’Ivoire PFS Presentation | June 2026 Maiden JORC Ore Reserve 1.9Moz +200,000oz pa | +10 years | AISC ~US$1,500/oz ASX: ASX:TCG TCG TURACOGOLD.COM.AU THISTURACOGOLD.COM.AU PRESENTATION HAS BEEN APPROVED FOR RELEASE TO THE ASX BY THE BOARD OF TURACO GOLD LTD
Slide 2: Notices & Cautionary Statements
Notices & Cautionary Statements Cautionary Statements Previously Reported Information This Presentation has been prepared as a summary only and does not contain all information about Turaco Gold Limited's (“TCG”, “Turaco” or the References in this announcement may have been made to certain ASX annou
Slide 3: Afema PFS Confirms Compelling Economics at +200kozpa
Afema PFS Confirms Compelling Economics at +200kozpa Mineral Resource Estimate Economically and Ore Reserve robust project • Open Pit JORC Ore Reserve of 55.1Mt @ 1.1g/t gold • Life of Mine (‘LoM’) 65.1Mt @ 1.1g/t gold for 2.3Moz for 1.9Moz (@ US$2,000/oz gold) • JORC Ore Reserve & Indicated Resourc
Slide 4: PFS Overview
PFS Overview Gold Price Case (US$/oz) Units $3,000 $3,500 $4,000 Strong economics supporting an after-tax US$2.1bn+ NPV5% and 79% IRR at US$3,500/oz Mine Life Years 10.3 10.3 10.3 Ore Mined Mt 63.7 63.7 63.7 Mining & Processing Strip Ratio Ratio 4.8:1 4.8:1 4.8:1 (1) Ore Processed Mt 65.1 65.1 65.1
Slide 5: Mining and Processing Overview
Mining and Processing Overview Ore Processed (Mt) & Head Grade (g/t) Ore Processed Grade Processed 1.4 1.2 1.2 1.2 1.2 1.2 1.2 1.1 0.8 0.9 0.7 6.6 6.2 6.3 6.4 6.2 6.6 6.2 6.4 6.3 5.9 2.0 Pre-Prod Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Pre-Tax Annual Operating
Slide 6: Side by Side vs African Peer Studies
Side by Side vs African Peer Studies Construction & FID Stage Study Stage Owner Project Assafou Doropo Bankan Nyanzaga Kodaba Kone Kurmuk Boundiali Diamba Sud Kokoseb Afema Report Date Apr-2026 Dec-2025 Jun-2025 Apr-2025 Mar-2025 Jan-2024 Jun-2023 Jun-2026 Oct-2025 Sep-2025 Jun-2026 Mine Life (Years
Slide 7: Corporate Snapshot | ASX:TCG
Corporate Snapshot | ASX:TCG Share Price Market Capitalisation Shares on Issue1 A$0.49 ~A$515M 1,055M Cash2 Investments & Receivable3 Enterprise Value A$60M ~A$5M ~A$450M Top 50 | 77% 7 1 15 June 2026. Excludes 45M Performance Rights (Board & Management) , 4.8M Options (1.8M exercise price of 12c ex
Slide 8: Rapid Resource Growth and Development Progress
Rapid Resource Growth and Development Progress Afema August 2024 May 2025 October 2025 March 2026 Project 2.52Moz Maiden JORC 3.55Moz Updated 4.06Moz Updated 4.65Moz Updated Acquisition Resource JORC Resource JORC Resource JORC Resource April 2024 July 2024 November 2024 December 2024 June 2026 Acqu
Slide 9: The Right Address | Afema Project Geology
The Right Address | Afema Project Geology 4.65Moz JORC Resource with Further Growth Afema Project JORC 2012 Mineral Resource Estimate Deposit Tonnes Gold Grade Ounces Woulo Woulo (0.5g/t cut-off) 53.5Mt 1.0g/t 1,700,000 Herman (0.5g/t cut-off) 2.0Mt 1.6g/t 100,000 Jonction (0.5g/t/1.5g/t cut-off) 9.
Slide 10: Afema Ore Reserve, Production and Layout
Afema Ore Reserve, Production and Layout Afema Project JORC 2012 Probable Ore Reserve Estimate Deposit Tonnes Gold Grade Ounces (‘000) Woulo Woulo 35.6Mt 0.8g/t 962 Jonction 1.9Mt 2.1g/t 128 Anuiri 5.0Mt 1.9g/t 309 Asupiri 12.5Mt 1.3g/t 513 Total 55.1Mt 1.1g/t 1,912 • Life of Mine (‘LoM’) 65.1Mt @ 1
Slide 11: Process Plant | Comprehensive Metallurgical Testwork
Process Plant | Comprehensive Metallurgical Testwork Process Plant Design • 4Mtpa CIL with SABC Comminution Circuit • Grind size P80 75 micron • Processing costs | US$11.15/t • 2Mtpa Flotation / Fine Regrind / Oxidative & Cyanide Leach Circuit • Flotation Grind size P80 106 micron (single-stage SAG)
Slide 12: Afema Operating Cost Benchmarking
Afema Operating Cost Benchmarking Robust Operating Cost Estimates • Mining Cost | Mining schedule provided to contractors operating in country to provide mining costs • Processing Costs | Processing costs estimated from current supplier costs • General & Administration Costs : estimated at US$14M pa
Slide 13: Location Advantage | Low Capital Intensity Development
Location Advantage | Low Capital Intensity Development Nearby Power & Transmission Lines Contingency 32kms from Ayame hydro and existing high-voltage transmission Pre-Prod Mining US$24M lines. Reliable low-cost renewable grid power, limiting on-site power generation US$32M Treatment Plant Owners Cos
Slide 14: Development Capital Benchmarking
Development Capital Benchmarking $1,200 US$1,061M US$739 $1,000 $800 US$712M Costs US$ Millions US$327 $600 US$516M US$523M US$490M US$442M US$270 US$286 US$463M US$230 US$414M US$258 $400 US$187 US$165 US$342M US$385 US$183 US$283M US$322 US$262M US$260 US$138 US$216M US$163 $200 US$255 US$249 US$2
Slide 15: Production and CapEx Benchmarking vs African Development Projects
Production and CapEx Benchmarking vs African Development Projects Annual Production (Koz Au) 257 249 223 200 196 183 169 162 Peer Median: 176 146 139 106 Assafou Bankan Kone Kurmuk Afema Nyanzaga Doropo Kodaba Kokoseb Boundiali Diamba Sud Capital Intensity (US$/Koz per Annum) 4,128 3,050 3,193 2,863
Slide 16: The Right Address | The Country
The Right Address | The Country Cote d’Ivoire Without question, Cote d’Ivoire is a premier jurisdiction of West Africa • West African gold production more than doubled in past 10 years to 17Moz pa (Aust. 10Moz pa) to be ~15% of global production • West African discovery scale & grade | 67Moz at 1.5g
Slide 17: Afema Gold Project
Afema Gold Project World Class Terrain • Afema Project area >1,600km2 in southeast Cote d’Ivoire • Granted Mining Permit covering 227km2 • Three newly granted contiguous Exploration Permits covering 812km2 • Two additional exploration permit applications • Exploration Permits 12-years of tenure (Jun
Slide 18: The Right Address | Afema Project Location
The Right Address | Afema Project Location Convergence of World Class Gold Belts • World leading 200Moz orogenic gold province with multiple +10Moz gold camps • Home to some of the World's largest and longest-running gold mines • Larger gold deposits spatially related to margins of the volcanic belt
Slide 19: Woulo Woulo Deposit
Woulo Woulo Deposit Excellent Grade Continuity of Bulk Widths Typical results include1: • 105m @ 1.61g/t gold from 135m • 61m @ 1.64g/t gold from 124m • 75m @ 1.01g/t gold from 138m • 66m @ 1.58g/t gold from 48m • 82m @ 0.97g/t gold from 209m • 87m @ 1.04g/t gold from 138m • 59.5m @ 1.58g/t gold fro
Slide 20: Woulo Woulo Deposit
Woulo Woulo Deposit Simple Mining & Metallurgy March 2026 Woulo Woulo JORC 2012 Mineral Resource Estimate1 June 2026 Woulo Woulo JORC 2012 Ore Reserve Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Cut-Off Classification Tonnes Gold Grade Ounces Indicated 35.9Mt 1.0g/t 1,100,000 0.3g/t fr
Slide 21: Woulo Woulo Parallel Structures
Woulo Woulo Parallel Structures Herman Deposit March 2026 Herman JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated - - - Open Pit 0.5g/t Inferred 2.0Mt 1.6g/t 100,000 Total 2.0Mt 1.6g/t 100,000 (figures may not add up due to appropriate rounding) • LoM op
Slide 22: Afema Shear
Afema Shear Multi Million Ounce Gold System • The Afema Shear is a multi-million ounce gold system • +35kms of the eastern margin of the extension of the Sefwi Gold Belt in Ghana - a truly worldclass gold belt • Multiple structures across a 2-3km width • Fifteen known drilled deposits along the Afem
Slide 23: Afema Shear
Afema Shear Jonction Deposit March 2026 Jonction JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 5.1Mt 2.1g/t 340,000 Open Pit 0.5g/t Inferred 2.5Mt 1.4g/t 110,000 Total 7.7Mt 1.8g/t 450,000 Indicated 0.6Mt 3.1g/t 60,000 Underground Inferred 1.5Mt 3,0g/
Slide 24: Afema Shear
Afema Shear Anuiri Deposit March 2026 Anuiri JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 7.0Mt 1.8g/t 410,000 US$2,000/oz Pit Design Open Pit Inferred 3.2Mt 1.7g/t 170,000 0.5g/t Total 10.2Mt 1.8g/t 570,000 (figures may not add up due to appropriate
Slide 25: Afema Shear
Afema Shear Asupiri Deposit March 2026 Asupiri JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 16.5Mt 1.3g/t 660,000 Open Pit Inferred 17.4Mt 1.2g/t 650,000 0.5g/t Total 33.8Mt 1.2g/t 1,320,000 (figures may not add up due to appropriate rounding) • LoM
Slide 26: Afema Shear
Afema Shear Begnopan Deposit October 2025 Begnopan JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 1.5Mt 1.6g/t 80,000 Open Pit Inferred 3.7Mt 1.5g/t 180,000 0.5g/t Total 5.1Mt 1.5g/t 260,000 (figures may not add up due to appropriate rounding) • LoM op
Slide 27: The Right Address
The Right Address Target Rich Environment • Geochemical evidence of Afema being a major, highly mineralised gold district | ongoing new discovery potential • Widespread +100ppb gold anomalism (background ~2ppb gold) | Multiple undrilled anomalies, each extending over several kilometres, within 20km
Slide 28: The Right Address
The Right Address Further Discoveries • IP survey along 35km of Afema Shear strike | defines continuity of controlling structures between deposits (Anuiri, Jonction-Toilesso, Asupiri-Begnopan) • Several position outside the 4.65Moz MRE with highly encouraging initial drilling results1: • Bergerie |
Slide 29: Niamienlessa Shear
Niamienlessa Shear • Deeper weathering with oxide gold to 80m along +15km of the Niamienlessa Trend • Moderate dipping mineralisation • Drilling at ‘Niamienlessa SW’ has delineated 1,000m of continuous mineralisation including1: • 12m @ 6.72g/t gold from 18m • 14m @ 3.18g/t gold from 50m • 27m @ 1.3
Slide 30: Milestones and Objectives | Development & Resource Growth
Milestones and Objectives | Development & Resource Growth Strong Economics and Profile US$2.1B Post-tax NPV5% at US$3,500/oz Development capital cost of US$412M >A$60M Resource Growth Tier One Management 215Kozpa production years 1-7 Well-funded with MRE update end CY26 Mining jurisdiction track rec
Slide 31: Board | Proven Successful Track Record
Board | Proven Successful Track Record Justin Tremain John Fitzgerald Bruce Mowat Ian Kerr Managing Director Non-Exec Chair Non-Exec Director Non-Exec Director • Previously Managing Director of • Highly experienced mining • +30 yrs of exploration experience • Engineer with +40 yrs in mine Exore Reso
Slide 32: Management & Project Team | Strong West African Experience
Management & Project Team | Strong West African Experience Ben Larkin Rob Seed Elliot Grant Stuart Cruickshanks Ian Thomas Daouda Zombo Chief Financial Officer Chief Operating Officer Chief Geologist Study Manager Metallurgy Exploration Manager & Co Secretary • Accountant • Geologist • Geologist • M
Slide 33: ASX: TCG TURACOGOLD.COM.AU
ASX: TCG TURACOGOLD.COM.AU /COMPANY/TURACO-GOLD/ @TURACOGOLD
Slide 34: Appendix One
Appendix One Feasibility Benchmarking Peer Studies Company1,2 Project Location Study Level Date Source Data Endeavour Mining Assafou Côte d'Ivoire Definitive Feasibility April 2026 Appendix Two & Three Resolute Mining Doropo Côte d'Ivoire Definitive Feasibility December 2025 Appendix Two & Three Pre
Slide 35: Appendix Two
Appendix Two Feasibility Benchmarking & Source Data LOM Average Initial Mine Life Throughput Project1,2 Production CapEx Source (Years) (Mtpa) (Koz) (US$M) https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/2117/7695/0126/260423_-_NR_- Assafou 257 1,061 16 5.0 _Assafou_DFS.pdf https://pdi.live.ir
Slide 36: Appendix Three
Appendix Three Feasibility Benchmarking & Source Data Development Mining Cost Processing Cost Project1,2 Capital Source (US$/t mined) (US$/t ore) (US$M) https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/2117/7695/0126/260423_-_NR_- Assafou 1,061 4.11 14.38 _Assafou_DFS.pdf https://pdi.live.irmau