Turaco Gold Limited
Turaco Gold's Afema Gold Project has grown to a 4.65 Moz resource since acquisition in March 2024, with a June 2026 PFS outlining ~200,000 oz/year production over a 10.3-year mine life and a post-tax NPV of US$1.49B at US$3,000/oz gold.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Not in place: mill, tailings facility. Not yet determined: road access, grid power.
Jurisdiction (40%)6/10
Côte d'Ivoire is a relatively stable West African democracy with a growing gold-mining sector, but scores below Australia/Canada on institutional maturity and historical political-risk grounds.
Infrastructure (40%)2.9/10
No confirmed mill and no confirmed tailings facility at Afema Gold Project, Côte d'Ivoire; road access and grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Tarkwa (Gold Fields Limited), 109 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3/10
Nearest producing mine: Tarkwa (Gold Fields Limited), 109 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:8/10
Stage: Pre-Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Côte d'Ivoire: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Spent a decade in natural-resources investment banking at Investec, NM Rothschild & Sons, and Macquarie Bank before moving into operating roles. Founded and led Renaissance Minerals as Managing Director from 2009 until its acquisition by Emerald Resources in 2016, then ran Exore Resources for two years until its acquisition by Perseus Mining. Has served as Managing Director of Turaco Gold since 2020, and is also Non-Executive Chairman of Caspin Resources.
Non-Executive Chairman of Turaco Gold, also Non-Executive Chairman of Medallion Metals and an Independent Non-Executive Director of Northern Star Resources. Roughly 30 years of corporate advisory, project finance, and commodity risk management experience via senior roles at NM Rothschild & Sons, Investec Bank Australia, Commonwealth Bank, HSBC Precious Metals, and Optimum Capital. Has also previously chaired Exore Resources, Carbine Resources, Silver Lake (Integra), and Atherton Resources.
Non-Executive Director of Turaco Gold and concurrently Executive General Manager - Exploration at Resolute Mining. 30+ years exploring for gold and base metal deposits across Australia, PNG, Indonesia, and West Africa, including Chief Geologist roles at Straits Resources and Aeris Resources. His Turaco directorship is tied to his direct oversight of Resolute's Côte d'Ivoire projects, including the area covering Turaco's Afema Gold Project.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Endeavour Mining, a large West African gold producer, is a Turaco shareholder -- but it got the stock by selling Turaco the Afema project rather than by investing in the company. The November 2023 acquisition was paid with 46,500,000 escrowed shares plus US$1.5 million in cash to Endeavour Canada Holdings, a position initially reported at roughly 9% at announcement, diluted since to 4.42% by later placements as of Turaco's March 2026 shareholder register -- now below the substantial-holder threshold. That is vendor paper, which carries less information than a cash subscription. No dedicated resource fund is confirmed on the register, and no genuine on-market director purchase could be found.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Turaco Gold is developing the Afema gold project in Côte d'Ivoire, in which it holds 80%, acquired in March 2024. The Afema resource (effective March 2026) is 2,670,000 oz of indicated gold at 1.2 g/t, with no measured category, plus 1,990,000 oz inferred, for 4.65 Moz in total. The June 2026 pre-feasibility study declared a maiden probable reserve of 1.91 Moz and shows a post-tax NPV5% of US$1,486M and a 60% IRR at US$3,000/oz gold, with initial capital of US$441.5M, a 10.3-year mine life at about 200,000 oz a year and an all-in sustaining cost of US$1,508/oz. Turaco is continuing resource growth in parallel with development studies.
The June 2026 PFS outlines a ~200,000 oz/year operation over a 10.3-year mine life, with a post-tax NPV of US$1.49 billion at US$3,000/oz gold — a large-scale project for a company this size, on a resource that has grown to 4.65 Moz since acquisition in March 2024. The jurisdiction (Cote d'Ivoire) carries real political/institutional risk relative to Australia or Canada, so the project economics need to be weighed against that country-level risk, not just the headline NPV.