Turaco Gold Ltd · ASX:TCG
Turaco Gold — Investor Presentation (November 2025)
27 slides from Turaco Gold's investor presentation, Nov 13, 2025
Slide 1: ASX Announcement
ASX Announcement ASX: TCG | 13 November 2025 Investor Presentation Turaco Gold Limited (ASX | TCG) (‘Turaco’ or the ‘Company’) will be providing a range of investor briefings during the week commencing 17 November 2025. The Company’s investor presentation which will be presented is attached. – Ends –
Slide 2: Afema Gold Project: Rapidly Growing 4.1 Million Ounces
Afema Gold Project Rapidly Growing 4.1 Million Ounces West Africa’s Next Major Gold Camp Cote d’Ivoire November 2025 ASX: TCG TURACOGOLD.COM.AU This presentation has been approved for release to the ASX by the Board of Turaco Gold Ltd
Slide 3: Disclaimer & Cautionary Statement
Disclaimer & Cautionary Statement This Presentation has been prepared as a summary only and does not contain all information about Turaco Gold Limited's (“TCG”, “Turaco” or the “Company”) assets and liabilities, financial position and performance, profits and losses, prospects and rights. The inform
Slide 4: Corporate Snapshot
Corporate Snapshot | ASX:TCG Share Price Market Capitalisation Shares on Issue1 A$0.42 A$442M 1,052M Cash2 Investments & Receivable3 Enterprise Value A$76M A$6M A$360M Top 50 | 77% 1 31 October 2025. Excludes 45.1M Performance Rights (Board & Management) , 5.6M Options (2.6M exercise price of 12c ex
Slide 5: 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 • Experienced resources • Highly experienced mining • +30 yrs of exploration • Engineer with +40 yrs in company director and executive finan
Slide 6: 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 (Zombo) Chief Financial Officer Chief Operating Officer Chief Geologist Study Manager Metallurgist Exploration Manager & Co Secretary • +15 yrs experience • Geologi
Slide 7: Rapid Progress of Turaco & the Afema Project to Continue
Rapid Progress of Turaco & the Afema Project to Continue August 2024 May 2025 October 2025 2.52Moz Maiden 3.55Moz Updated 4.06Moz Updated Afema JORC Resource JORC Resource JORC Resource Acquisition April 2024 July 2024 November 2024 December 2024 Acquisition of initial Granting of 812km2 Afema owner
Slide 8: 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) • West African discovery scale & grade | 67Moz at 1.5g/t discovered in last 10yrs from
Slide 9: Afema Gold Project: World Class Terrain
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 10: 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 including c.70Moz Obuasi deposit • Larger gold deposits spatially related to margins of the volcanic belts flanking Kumasi sedimentary basin
Slide 11: The Right Address | Afema Project Geology
The Right Address | Afema Project Geology 4.06Moz JORC Resource with Further Growth Afema Project JORC 2012 Mineral Resource Estimate1 Deposit Tonnes Gold Grade Ounces Woulo Woulo (0.5g/t cut-off) 50.9Mt 1.0g/t 1,600,000 Jonction (0.5g/t cut-off) 9.1Mt 2.1g/t 610,000 Anuiri (0.5g/t cut-off) 9.7Mt 1.
Slide 12: Woulo Woulo Deposit
Woulo Woulo Deposit Shallow Discovery Off the Afema Shear May 2025 Woulo Woulo JORC 2012 Mineral Resource Estimate1 • 5kms from Anuiri and 12kms from Jonction on a north-south Cut-Off Classification Tonnes Gold Grade Ounces splay off the Afema Shear Indicated 30.3Mt 0.9g/t 880,000 • +40,000m drillin
Slide 13: Woulo Woulo Deposit
Woulo Woulo Deposit Consistent Grade | Bulk Width | Low Strip • 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 f
Slide 14: 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 15: Afema Shear | Jonction Deposit
Afema Shear | Jonction Deposit May 2025 Jonction JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 5.3Mt 2.1g/t 350,000 Open Pit Inferred 1.8Mt 1.4g/t 80,000 0.5g/t Total 7.0Mt 1.9g/t 430,000 Indicated 0.5Mt 2.8g/t 50,000 Underground Inferred 1.5Mt 2.6g/t
Slide 16: Afema Shear | Anuiri Deposit
Afema Shear | Anuiri Deposit May 2025 Anuiri JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 6.2Mt 1.7g/t 340,000 Open Pit 0.5g/t Inferred 2.5Mt 1.3g/t 110,000 Total 8.7Mt 1.6g/t 440,000 Indicated 0.1Mt 2.0g/t 10,000 Underground Inferred 0.9Mt 2.6g/t 70
Slide 17: Afema Shear | Asupiri Deposit
Afema Shear | Asupiri Deposit October 2025 Asupiri JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 11.1Mt 1.2g/t 440,000 Open Pit Inferred 15.5Mt 1.2g/t 580,000 0.5g/t Total 26.6Mt 1.2g/t 1,020,000 (figures may not add up due to appropriate rounding) •
Slide 18: Afema Shear | Begnopan Deposit
Afema Shear | Begnopan Deposit October 2025 Begnopan & Toilesso JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 2.0Mt 1.6g/t 100,000 Open Pit Inferred 4.2Mt 1.5g/t 200,000 0.5g/t Total 6.1Mt 1.5g/t 300,000 (figures may not add up due to appropriate roun
Slide 19: The Right Address | Further Discoveries
The Right Address | Further Discoveries • Geochemical evidence of Afema being a major, highly mineralised gold district • Widespread gold anomalism, commonly exceeding 100ppb gold (background ~2ppb gold) • Multiple undrilled, high tenor anomalies, each extending over several kilometres, within 20km
Slide 20: Woulo Woulo Growth
Woulo Woulo Growth • Mineralised trends sub-parallel to the main Woulo Woulo trend Parallel Structures • ‘Herman Trend’ | 1,200m of ‘OPEN’ strike confirmed with initial drilling:1 • 6m @ 6.32g/t gold from 64m • 12m @ 1.50g/t gold from 51m • 15m @ 2.11g/t gold from 93m • 8m @ 2.78g/t gold from 16m •
Slide 21: Afema Shear | Clear Resource Growth
Afema Shear | Clear Resource Growth • IP survey along ~20kms of Afema Shear strike highly effective in defining continuity of controlling structures between deposits (Anuiri, Jonction- Toilesso, Asupiri-Begnopan) • Northern extension of Afema Shear shows a regional structural jog from north-east to
Slide 22: Baffia Prospect
Baffia Prospect • Located 3kms to the northwest of Jonction • ~3.5 kms by ~2.5 kms gold anomaly • Maiden wide-spaced, shallow drilling returned broad hematite-chlorite- magnetite alteration with gold results including1: • 32m @ 1.69g/t gold from 12m • 21m @ 1.79g/t gold from 104m • 10m @ 1.95g/t gol
Slide 23: Niamienlessa Shear
Niamienlessa Shear • Channel sampling and trenching returning 28m @ 3.06g/t gold, 12m @ 2.39g/t gold and 10m @ 2.21g/t gold1 • Extensive recent artisanal mining site exploiting ~50m wide saprolite zone of mineralisation with sampling of pit walls returning 36m @ 4.08g/t gold1 • Oxide gold in drillin
Slide 24: Peer West African Project Developers Resource & Grade
Peer West African Project Developers Resource & Grade 2.5 Fastest growing project in West Bubble Size = Enterprise Value (EV A$) Africa 2.0 One of only two >4Moz at ASX: A1G 1.1Moz @ 2.0g/t ASX: TCG +1g/t pre-production West ASX:PDI EV A$150M (A$195/oz1) 4.1Moz @ 1.2g/t 5.5Moz @ 1.7g/t African proje
Slide 25: Milestone & Objectives
Milestone & Objectives 4.1Moz JORC Mineral Resource Estimate Growth of >1.5Moz over last 14 months Discovery cost of <US$10/oz >A$80M Resource Growth Tier One Management Well-funded with Update to MRE Q1 CY26 Mining jurisdiction track record Aggressive exploration A$76M cash and A$6M of West Africa
Slide 26: ASX: TCG @TuracoGold /company/turaco-gold/
ASX: TCG @TuracoGold /company/turaco-gold/
Slide 27: Appendix One | Peer Data
Appendix One | Peer Data Project, Tenure, Ownership and Enterprise Value Exploration Principal Government Mining Grid Market Cap Cash Debt Enterprise Value Ticker Exchange Company Country Stage Ownership Position Project Participation Permit Power (A$ M’s) (A$M’s) (A$ M’s) (A$ M’s) (km2) A1G ASX Afr