TURACO GOLD LIMITED (TCG)
Share Price Analysis and Chart

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03/11/2025

1

Outperform

$0.80

95.12%

Turaco Gold's resource update showed a busy 3Q2025, including five rigs finishing over 20kms of drilling, resulting in resources up by 500koz to 103mt at 1.2g/t for 4.1moz over five months for Afema.

The explorer has pointed to a resource update in 1Q2026, according to Macquarie, which will create the basis for the preliminary feasibility study in 2Q2026.

Around a 100koz-per-month resource growth rate is anticipated until the 1Q2026 update comes through.

Turaco Gold's target is set at 80c with no change in Outperform rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.30 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.60 cents.

03/11/2025

1

Speculative Buy

$1.35

229.27%

Canaccord Genuity believes incumbent Alassane Ouattara's likely fourth term win as the Ivory Coast's president (he did win) would likely sustain economic growth, investor confidence, and policy stability, especially in infrastructure and mining.

For mining, Ouattara’s victory means continuity and stability, while a power change could bring policy uncertainty and investment delays, the broker explains.

A revised mining code expected in 2026 may raise royalties, taxes, and state interests, though existing licences could be grandfathered.

Perseus Mining and Turaco Gold are two companies with significant exposures in the country.

Speculative Buy maintained for Turaco. Target price $1.35.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -2.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.00 cents.