Turaco Gold (TCG) H2 2025 earnings summary

Executive summary

• Achieved rapid Mineral Resource growth at Afema Project, increasing MRE from 2.55Moz to 4.06Moz in October 2025 and to 4.65Moz in March 2026, reflecting aggressive exploration and drilling success.

• Commenced Afema Pre-Feasibility Study (PFS), targeting completion in Q2 2026, with significant progress in metallurgical, geotechnical, and environmental workstreams.

• Strengthened financial position through $60M institutional placement, $4M Share Purchase Plan, and $4.3M cash proceeds from divestments.

• Divested non-core assets, including Eburnea and Boundiali projects, to focus on Afema.

Financial highlights

• Net loss after tax attributable to shareholders was $23.3M for 2025, up from $12.5M in 2024, mainly due to increased exploration and evaluation expenses.

• Net assets increased by $48.5M year-over-year to $103.5M.

• Cash position at year-end was $68.1M, up from $32.9M in 2024.

• Raised $63.7M in equity during the year.

• Listed investments valued at $4.2M as of 31 December 2025.

Outlook and guidance

• PFS for Afema Project expected in first half of 2026.

• Continued aggressive exploration and drilling planned for 2026 to further grow resources.

• Board will advance development opportunities at Afema.