Turaco Gold Limited

This report is an updated version of the report published on 17 September 2025 at 1:25 PM AEST. 

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview: Turaco Gold Limited (ASX: TCG) is a West Africa-focused gold exploration and development company, holding an 80% interest in the large-scale Afema Gold Project in Côte d’Ivoire. The Afema Project covers over 1,600km² and includes a granted mining permit with a strategic position along highly prospective Birimian greenstone belts. Turaco is advancing Afema through pre-feasibility study (PFS), prioritizing continued exploration, resource expansion, and de-risking for future development and potential production. Kalkine’s Resources Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

 1.2 The Key Positives, Negatives, Investment Highlights, and Management Insights

1.3 Top 10 Shareholders:

The top 10 shareholders together form 30.18% of the total shareholding. Weng (Yi) and Endeavour Gold Corp hold maximum stakes in the company at 6.79% and 4.42%, respectively.

1.4 Key Metrics and Milestones: The image below illustrates Turaco Gold’s steady advancement of the Afema gold project, showing key milestones from acquisition to resource growth. Beginning with the April 2024 purchase of an initial 227 km² mining permit, the company secured 812 km² of contiguous exploration ground in July, defined a 2.52 Moz maiden JORC resource in August at an all-in cost below US$7/oz, and lifted ownership to 80% by November (with the minority partner able to fund or convert to a 1.5% NSR). By December 2024 the project area had expanded beyond 1,600 km², with an updated 3.55 Moz JORC resource targeted for May 2025 at less than US$8/oz including exploration and corporate costs, highlighting a clear path of growth and value creation.

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 Financial Highlights: Below mentioned are some key financial highlights:   

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock price has declined by approximately 13.73% over the past month; however, it has increased by around 57.14% over the last 1-year. The stock has a 52-week low and 52-week high of AUD 0.255 and AUD 0.550, respectively, and is currently trading above its 52-week mid-level.

 (Source: REFINITIV; Analysis by Kalkine Group)

4.2 Fundamental Valuation

Valuation Methodology: Price/Book Value Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 17 September 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.