TURACO GOLD LIMITED (TCG)
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23/03/2026

1

Buy

$2.19

321.15%

Turaco Gold’s Afema mineral resource estimate (MRE) has been to 4.65Moz (from 4Moz) at 1.3g/t, exceeding Morgans' 4.5Moz forecast and confirming its status as a major undeveloped ASX gold asset.

Ongoing drilling continues to add scale, observes the analyst, with indicated resources rising and supporting future mine planning ahead of a mid-year preliminary feasibility study (PFS).

The broker highlights strong growth across key deposits and sees potential for a larger operation than its 186kozpa base case. The upcoming PFS is expected to act as a key catalyst, reinforcing valuation support.

Morgans retains a Buy rating and target of $2.19.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.70 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.20 cents.

23/06/2026

1

Speculative Buy

$1.75

236.54%

Canaccord Genuity maintains a Speculative Buy rating for Turaco Gold with a 1.75 target price following the release of a pre-feasibility study for the Afema Gold Project in southeast Cote d'Ivoire.

Underpinned by a maiden ore reserve of 1.9Moz, the detailed study outlines a conventional open-pit operation centered on a 6.0Mtpa processing plant.

The production profile is front-end loaded, commentary explains, averaging 215kozpa during the initial seven years before expected to stabilise into a steady-state 196kozpa operation.

Total upfront pre-production capital expenditure requirements are estimated at -US$442m, while life of mine all-in sustaining costs are projected at -US$1,508 per ounce.

The analyst notes clear district-scale upside potential from nearby unmodeled deposits and underground mining opportunities ahead of a definitive study over the next twelve months.