Turaco Gold's Afema PFS: 200koz/yr, 60% IRR at $3k Gold

Managing director Justin Tremain described the study as a major step since Turaco acquired the project two years ago. "The study demonstrates the Afema project to be a plus 200,000oz per annum gold development in Côte d'Ivoire with total gold production in excess of 2Moz over more than 10 years, with exceptional economics for the benefit of all stakeholders," he said. "There are very few gold development projects in West Africa of this scale [and], given recent resource growth, it is very easy to see Afema increasing in scale and mine life."

The current mineral resource remains open at depth and along strike on all deposits. The PFS excluded mineralization at Toilesso, Niamienlessa, and Baffia – all within 10 kilometres of the proposed plant site. That gives room for expansion in later studies.

Execution risk sits alongside the high-level numbers. A US$410 million capital cost in Côte d'Ivoire demands careful project management. The 2029 production timeline depends on completing a definitive study, securing permits, and arranging construction financing. Turaco's A$60 million cash position at 31 March 2026 covers the study phase. Construction funding – whether debt, equity, or a joint venture – is not yet in place.

The gold profile shapes the project's viability as much as Turaco's execution. Current spot near US$3,000 an ounce supports the base case IRR. A sustained drop below that level would compress payback and NPV. A continued rally would widen the margin further.

Turaco plans to deliver a definitive study in the second quarter of calendar 2027. First gold production is targeted for 2029.