Turaco Resources (AUE) presented its low-cost gold development strategy at the Resources Rising Stars conference on September 10, 2026, highlighting its Boundiali project in Côte d'Ivoire and the company's intention to remain an operator rather than sell.
The company said it has defined 3.2 million ounces of gold resources over roughly 2.5 years using an in-house fleet of 16 drill rigs, completing 230,000 meters of drilling. Discovery cost came in at approximately US$8 per ounce, and drilling cost approximately AUD45 per meter.
The pre-feasibility study, released in June 2024, outlines a 6-million-tonnes-per-year processing operation. The first five years of production would deliver just under 1 million ounces at an 87% gold recovery rate. Main ore zones feature open-pit true widths of 50 to 60 meters, with some zones exceeding 400 meters. The processing circuit includes crush, SAG, CIL, and gravity stages, and inferred resources account for about 23% of the life-of-mine plan.
Turaco targets additional drilling of roughly 50,000 meters by October 2024, followed by about 30,000 meters through December, ahead of a definitive feasibility study targeted for late 2024. Earthworks are aimed at 2025, with first gold production targeted for the first half of 2028.
The company also holds the Napié project, acquired from Mako Metals, containing 1.16 million ounces of resources, and previously discovered 7 million ounces at Abujar/Tietto, which Zhaojin acquired for approximately AUD750 million.
At the time of the conference, Turaco shares traded at $0.40, down 17.6% year-to-date, with a 52-week range of $0.32 to $0.58. The company ended its June 2024 quarter with approximately AUD54 million in cash and quarterly operational expenditure of around AUD7 million. Perseus Mining holds just under a 10% stake; Perseus' market capitalization was noted at approximately AUD9 billion. Board ownership sits just under 10%, with institutional ownership at roughly 25%. Valuation per ounce of resource was stated at approximately AUD67.
Management stressed its commitment to developing the project rather than exiting. "We are mine builders, and we want to be mine owners. We do not want to sell it," the company said. The mines minister was quoted as telling the managing director that any delays in bringing the project online would come from the government side, not Turaco's.
The company employed approximately 627 people and described its drill rigs as "anti-dilution machines" that save shareholders money. "Most companies never drill enough," management said, adding that accelerated exploration is critical to not missing cycles.
