TURACO GOLD LIMITED (TCG)
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23/03/2026

1

Buy

$2.19

325.24%

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.

12/05/2026

1

Speculative Buy

$1.75

239.81%

Canaccord Genuity maintains a Speculative Buy rating for Turaco Gold and raises the target price to $1.75 from $1.65 ahead of the anticipated release of a pre-feasibility study for the Afema Gold Project.

Internal bottom-up modelling assesses a potential 2.4Moz mine inventory spread across several large open pits, underpinning an estimated 11-year mine life averaging 201kozpa.

Processing is assumed to utilise a 6Mtpa hybrid plant, combining a conventional carbon-in-leach circuit for free-milling base feed with an additional flotation circuit for sulphide ore, requiring an estimated -US$500m in total pre-production capital.

Access to cheap local hydropower is expected to keep processing costs competitive despite the fine grinding requirements, driving an estimated all-in sustaining cost of -US$1,650/oz.

Ownership consolidation is anticipated over the coming 12 months via a scrip deal to acquire the remaining 20% joint venture interest, clearing the path for the asset to become one of the largest new West African gold producers, the report highlights.