TURACO GOLD LIMITED (TCG)
Share Price Analysis and Chart

24/03/2025

1

Initiation of coverage with Speculative Buy

$1.05

141.38%

Morgans has initiated coverage of Turaco Gold with Speculative Buy rating and target price of $1.05.

The broker's valuation is based on the production plan for the Afema Gold Project where the company delivered a 2.52Moz mineral resource estimate within 12 months of acquisition.

The broker has modelled an initial seven-year open pit mine life, projecting 180kzopa at a cost of $1,681/oz, with the first production starting in 2028.

The broker estimates an annual EBITDA of $260m at a margin of 49%. Upcoming catalyst is an update on the mineral resource estimate where the broker expects an upgrade.

FORECAST
Morgans forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.00 cents.
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.40 cents.

12/04/2025

1

Speculative Buy

$0.80

83.91%

Canaccord Genuity lifted gold price forecasts in USD for the March quarter by 7.7% and around 10-12% each year until 2028, with the long-term price raised by 11.5%.

The AUD/USD forecasts were lowered until 2027, and left unchanged after that. This resulted in a bigger lift in gold price in AUD terms until 2027, with the forecasts thereafter rising in line with increases in USD price.

Silver prices were raised for the March quarter in USD terms but lowered for the rest of the forecast period, resulting in an increase in AUD terms until 2026, but lower from 2028.

Speculative Buy retained for Turaco Gold. Target rises to 80c from 75c.

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.