Turaco Gold Ltd · ASX:TCG
Turaco Gold — Merger or Acquisition (October 2026)
44 slides from Turaco Gold's merger presentation, Oct 29, 2026
Slide 1: Afema Gold Project Ownership Consolidation & Equity Raise Presentation
rsonal use only Turaco Gold Afema Gold Project Project Ownership Consolidation & Equity Raise Presentation ASX: ASX:TCG TCG TURACOGOLD.COM.AU THISTURACOGOLD.COM.AU PRESENTATION HAS BEEN APPROVED FOR RELEASE TO THE ASX BY THE BOARD OF TURACO GOLD LTD October 2026
Slide 2: Notices & Cautionary Statements
Notices & Cautionary Statements Cautionary Statements Previously Reported Information This Presentation has been prepared as a summary only and does not contain all information about Turaco Gold Limited's (“TCG”, “Turaco” or the References in this announcement may have been made to certain ASX annou
Slide 3: Investment Highlights
Investment Highlights • Proposed acquisition of remaining 20%1 interest in Afema (“Acquisition”) on value accretive terms Securing 100%1 Afema Project • Consolidation of 100% project ownership increases Turaco’s exposure to Afema’s exploration and 1 development upside Ownership • Acquisition cost of
Slide 4: Transaction and Equity Raising Summary
rsonal use only Transaction and Equity Raising Summary ASX: TCG TURACOGOLD.COM.AU THIS PRESENTATION HAS BEEN APPROVED FOR RELEASE TO THE ASX BY THE BOARD OF TURACO GOLD LTD
Slide 5: Transaction Summary | Consolidating 100% of Afema
Transaction Summary | Consolidating 100% of Afema1 Acquisition of Sodim's 20% interest in the Afema Gold Project rsonal use only Acquisition Terms Funding and Strategic Rationale • US$3M cash for a three-month option to acquire Sodim’s 20% interest in the Afema Gold Project Funding (“Afema Option”).
Slide 6: Highly Accretive Transaction to Consolidate 100% Ownership
Highly Accretive Transaction to Consolidate 100% Ownership1 Consolidating 100%1 Afema ownership on accretive metrics based on an implied market valuation and project NPVs rsonal use only 84% Discount to Implied Project Value based on A$695 Market Metrics Afema NPV5% from PFS1 (at US$4,000/oz Au)6 (A
Slide 7: Equity Raising Summary
Equity Raising Summary • Turaco Gold Limited (“Turaco” or the “Company”) is undertaking a two-tranche placement of 200M new fully paid ordinary shares (“New Shares”), to raise A$120M (“Placement” or “Offer”) comprising: o An unconditional tranche to raise A$97.1M, via the issue of ~161.8M New Shares
Slide 8: Pro-Forma Capital Structure
Pro-Forma Capital Structure The equity financing ensures the Company is well capitalised through to FID (expected in mid-CY2027) Sources & Uses of Funds A$M US$M Capital Structure Unit Existing Pro-Forma Sources rsonal use only Shares on issue M 1,081.1 1,081.1 Existing cash (30 Sept 2026) $47.4 $33
Slide 9: Indicative Equity Raising and Transaction Timetable
Indicative Equity Raising and Transaction Timetable Event Date1 rsonal use only SPP record date (7:00pm) Wednesday, 28 October 2026 Trading halt lifted and announcement of completion of Placement, trading recommences Thursday, 29 October 2026 SPP offer booklet despatched, SPP opens Monday, 2 Novembe
Slide 10: Afema Gold Project
rsonal use only Afema Gold Project ASX: TCG TURACOGOLD.COM.AU THIS PRESENTATION HAS BEEN APPROVED FOR RELEASE TO THE ASX BY THE BOARD OF TURACO GOLD LTD
Slide 11: Afema Study Confirms Compelling Economics at +200kozpa
Afema Study Confirms Compelling Economics at +200kozpa Economically Robust Project rsonal use only Mineral Resource and Ore Reserve • Updated Mineral Resource estimate of 116.7Mt • Life of Mine (‘LoM’) 65.1Mt @ 1.1g/t gold for 2.3Moz @ 1.3g/t for 4.65Moz • JORC Ore Reserve & Indicated Resources of 2
Slide 12: Afema Gold Project: World Class Terrain
Afema Gold Project World Class Terrain • Afema Project area >1,600km2 in southeast Cote d’Ivoire • Granted Mining Permit covering 227km2 rsonal use only • Three newly granted contiguous Exploration Permits covering 812km2 • Two additional exploration permit applications • Exploration Permits 12-year
Slide 13: Afema Project Location
Afema Project Location Convergence of World Class Gold Belts • World leading 200Moz orogenic gold province with multiple +10Moz gold camps rsonal use only • Home to some of the World's largest and longest-running gold mines • Larger gold deposits spatially related to margins of the volcanic belts fl
Slide 14: Rapid Resource Growth and Development Progress
Rapid Resource Growth and Development Progress Afema August 2024 May 2025 October 2025 March 2026 2.52Moz Maiden JORC 3.55Moz Updated 4.06Moz 4.65Moz Project Resource JORC Resource Updated JORC Updated JORC Acquisition rsonal use only Resource Resource April 2024 July 2024 November 2024 December 202
Slide 15: Afema Project Geology
Afema Project Geology 4.65Moz JORC Resource with Further Growth Afema Project Mineral Resource (JORC 2012) Deposit Tonnes Gold Grade Ounces rsonal use only Woulo Woulo (0.5g/t cut-off) 53.5Mt 1.0g/t 1,700,000 Herman (0.5g/t cut-off) 2.0Mt 1.6g/t 100,000 Jonction (0.5g/t/1.5g/t cut-off) 9.8Mt 2.1g/t
Slide 16: Project Development Economics
Project Development Economics Mine Life +10yrs Strong economics supporting an after- Ore Mined 63.7MT tax US$2.1bn+ NPV5% and 79% IRR at Mining & Processing Strip Ratio 4.8:1 US$3,500/oz rsonal use only (1) Ore Processed 65.1Mt Throughput (Fresh) 6.0Mtpa (2) Throughput (Oxide & Fresh) 6.3Mtpa 230koz
Slide 17: Location Advantage | Low Capital Intensity Development
Location Advantage | Low Capital Intensity Development Nearby Power & Transmission Lines Contingency 32kms from Ayame hydro and existing high-voltage Pre-Prod Mining rsonal use only US$24M transmission lines. Reliable low-cost renewable grid power, limiting on-site power generation US$32M Treatment
Slide 18: Production and CapEx Benchmarking vs African Development Projects
Production and CapEx Benchmarking vs African Development Projects Annual Production (Koz Au) 257 249 rsonal use only 223 200 196 183 169 162 139 131 116 Assafou Bankan Kone Kurmuk Afema Nyanzaga Doropo Kodaba Boundiali Kokoseb Diamba Sud Capital Intensity (US$ per Oz Annual Production) 4,128 3,431 3
Slide 19: Woulo Woulo Deposit: Simple Mining & Metallurgy
Woulo Woulo Deposit Simple Mining & Metallurgy March 2026 Woulo Woulo JORC 2012 Mineral Resource Estimate1 June 2026 Woulo Woulo JORC 2012 Ore Reserve Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Cut-Off Classification Tonnes Gold Grade Ounces rsonal use only Indicated 35.9Mt 1.0g/t 1,1
Slide 20: Woulo Woulo Deposit: High-Grade Shoot Beneath Pit
Woulo Woulo Deposit High-Grade Shoot Beneath Pit Woulo Woulo Latest Diamond Drill Results¹ Hole ID From (m) To (m) Width (m) Au (g/t) Au g x m3 56m @ 3.87g/t gold from 266m WOUDD0252 including 266 304 322 320 56 16 3.87 10.19 217 163 rsonal use only including 16m @ 10.19g/t gold from 304m in WOUDD02
Slide 21: The Right Address: Further Discoveries
The Right Address Further Discoveries • 35kms of Afema Shear along eastern margin of the extension of the worldclass Sefwi Gold Belt | multi-million ounce gold system rsonal use only • Multiple structures across a 2-3km width defined by recent IP survey (Anuiri, Jonction-Toilesso, Asupiri-Begnopan c
Slide 22: Afema Shear: Jonction Deposit
Afema Shear Jonction Deposit March 2026 Jonction JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces rsonal use only Indicated 5.1Mt 2.1g/t 340,000 Open Pit Inferred 2.5Mt 1.4g/t 110,000 0.5g/t Total 7.7Mt 1.8g/t 450,000 Indicated 0.6Mt 3.1g/t 60,000 Underground Infe
Slide 23: Afema Shear: Anuiri Deposit
Afema Shear Anuiri Deposit March 2026 Anuiri JORC 2012 Mineral Resource Estimate1 rsonal use only Cut-Off Classification Tonnes Gold Grade Ounces Indicated 7.0Mt 1.8g/t 410,000 US$2,000/oz Pit Design Open Pit Inferred 3.2Mt 1.7g/t 170,000 0.5g/t Total 10.2Mt 1.8g/t 570,000 (figures may not add up du
Slide 24: Afema Shear: Asupiri Deposit
Afema Shear Asupiri Deposit March 2026 Asupiri JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces Indicated 16.5Mt 1.3g/t 660,000 rsonal use only Open Pit Inferred 17.4Mt 1.2g/t 650,000 0.5g/t Total 33.8Mt 1.2g/t 1,320,000 (figures may not add up due to appropriate
Slide 25: Asupiri-Adiopan Continues to Grow
Afema Shear Asupiri-Adiopan Continues to Grow • Recent resource extensions of shallow high-grade zones of mineralisation1: • 15m @ 4.72g/t gold from 122m, including 6m @ 8.71g/t gold from 127m rsonal use only • 15m @ 3.62g/t gold from 164m, including 6m @ 6.26g/t gold from 168m • 66m @ 1.07g/t gold
Slide 26: Afema Shear: Begnopan Deposit
Afema Shear Begnopan Deposit October 2025 Begnopan JORC 2012 Mineral Resource Estimate1 Cut-Off Classification Tonnes Gold Grade Ounces rsonal use only Indicated 1.5Mt 1.6g/t 80,000 Open Pit Inferred 3.7Mt 1.5g/t 180,000 0.5g/t Total 5.1Mt 1.5g/t 260,000 (figures may not add up due to appropriate ro
Slide 27: Begnopan Deposit Growth
Afema Shear Begnopan Deposit Growth • Recent drilling confirms both depth and strike extensions of high-grade zones of mineralisation1: rsonal use only • 11m @ 4.33/t gold from 72m, incl. 4m @ 10.50g/t gold from 78m • 15m @ 3.41g/t gold from 124m • 23m @ 1.95g/t gold from 115m • 10m @ 3.78g/t gold f
Slide 28: The Right Address: Target Rich Environment
The Right Address Target Rich Environment • Geochemical evidence of Afema being a major, highly rsonal use only mineralised gold district | ongoing new discovery potential • Widespread +100ppb gold anomalism (background ~2ppb gold) | Multiple undrilled anomalies, each extending over several kilometr
Slide 29: Milestones and Objectives | Development & Resource Growth
Milestones and Objectives | Development & Resource Growth Strong Economics and Profile US$2.7B Post-tax NPV5% at US$4,000/oz rsonal use only Development capital cost of US$412M >A$47M Resource Growth Tier One Management 215Kozpa production years 1-7 Well-funded with MRE update end CY26 Mining jurisd
Slide 30: Appendices
rsonal use only Appendices ASX: TCG TURACOGOLD.COM.AU THIS PRESENTATION HAS BEEN APPROVED FOR RELEASE TO THE ASX BY THE BOARD OF TURACO GOLD LTD
Slide 31: Board | Proven Successful Track Record
rsonal use only Board | Proven Successful Track Record Justin Tremain John Fitzgerald Ian Kerr Jessica Volich Brett Gossage Managing Director Non-Exec Chair Non-Exec Director Non-Exec Director Non-Exec Director • Previously Managing Director of • Highly experienced mining • Engineer with +40 yrs in
Slide 32: Management & Project Team | Strong West African Experience
rsonal use only Management & Project Team | Strong West African Experience Ben Larkin Warren King Elliot Grant Rob Seed Stuart Cruickshanks Yves Enokou Daouda Zombo Chief Financial Project Development Chief Geologist Chief Operating Officer Study Manager Country Manager Exploration Manager Officer &
Slide 33: Local Employment and Training
Local Employment and Training rsonal use only
Slide 34: Key Risks
Key Risks In this risks section, Company refers to Turaco Gold Limited and includes its subsidiaries where the context permits. The Company considers that the following list, which is not exhaustive, represents some of the key risk factors relevant to the Company’s projects and an investment in the
Slide 35: Key Risks (cont'd)
Key Risks (cont’d) Exploration and Development Risk Mineral exploration and development are high-risk undertakings. There can be no assurance that exploration and development will result in the discovery of further mineral deposits. Even if an apparently viable deposit is identified, there is no gua
Slide 36: Key Risks (cont'd)
Key Risks (cont’d) Metallurgy Metal and/or mineral recoveries are dependent upon the metallurgical process, and by their nature contain elements of significant risk such as: (i) identifying a metallurgical process through test work to produce gold doré and/or concentrate; (ii) developing an economic
Slide 37: Key Risks (cont'd)
Key Risks (cont’d) Third Party Contractor Risk The Company is unable to predict the risk of insolvency or managerial failure by any of the third-party contractors used by the Company in any of its activities or the insolvency or other managerial failure by any of the other service providers used by
Slide 38: Key Risks (cont'd)
Key Risks (cont’d) Dilution In certain circumstances, the Directors may issue equity securities without any vote or action by shareholders. If the Company were to issue any equity securities the percentage ownership of Shareholders may be reduced and diluted. Performance rights and options, if exerc
Slide 39: Key Risks (cont'd)
Key Risks (cont’d) Development and Funding Risk The PFS estimates development capital for the Project of US$410M (including contingency), together with US$32M of mining costs prior to the commencement of production. The Company will require substantial additional funding, beyond the proceeds of the
Slide 40: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it has expr
Slide 41: International Offer Restrictions
International Offer Restrictions Singapore United States This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore This document does not constitute an offer to sell, or a solicitation of an offer to buy, securi
Slide 42: Appendix One: Feasibility Study Benchmarking Data
Appendix One: Feasibility Study Benchmarking Data Company1,2 Project Location Study Level Date Source Data rsonal use only Endeavour Mining Assafou Côte d'Ivoire Definitive Feasibility April 2026 Appendix Two Resolute Mining Doropo Côte d'Ivoire Definitive Feasibility December 2025 Appendix Two Pred
Slide 43: Appendix Two: Production & CapEx Benchmarking Sources
Appendix Two: Production & CapEx Benchmarking Sources LOM Average Initial Asset Owner Source Production (Koz) CapEx (US$M) rsonal use only https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/2117/7695/0126/260423_-_NR_- Assafou Endeavour Mining 257 1,061 _Assafou_DFS.pdf Predictive https://pdi.liv
Slide 44: rsonal use only
rsonal use only ASX: TCG TURACOGOLD.COM.AU /COMPANY/TURACO-GOLD/ @TURACOGOLD