Turaco Gold Limited (ASX: TCG), a gold exploration and development company focused on projects in West Africa, particularly its flagship Afema Gold Project in Côte d’Ivoire, has successfully secured A$120 million through an institutional share placement. The Perth-based company announced on October 29, 2026, that firm commitments have been received for the placement, which will be complemented by a Share Purchase Plan (SPP) targeting up to an additional A$10 million. This significant equity financing aims to consolidate 100% ownership of the Afema Gold Project and accelerate its development pathway.
The A$120 million placement, undertaken at A$0.60 per share, represents a 12.4% discount to the last closing price and attracted strong support from existing and new institutional investors, including a leading global long-only resources fund. The placement comprises an unconditional A$97.1 million tranche and a conditional A$23 million tranche, subject to shareholder approval at an Extraordinary General Meeting in early December 2026. Eligible shareholders will also be invited to participate in the SPP at the same price. Proceeds from the equity raising, alongside existing cash, are earmarked to fund the acquisition of the remaining 20% interest in Afema from Sodim Ltd, cover acquisition-related costs including a royalty buy-back, and advance pre-Final Investment Decision (FID) development activities.
Funds will also support detailed engineering, potential mining camp construction, and site earthworks, pushing the project towards a definitive feasibility study (DFS) expected in the second quarter of calendar year 2027. Managing Director Justin Tremain highlighted that the company will be in a very strong financial position with pro-forma cash of approximately A$125 million post-acquisition, enabling a simplified ownership structure. He emphasised that consolidating full ownership of Afema, subject to the State’s 10% non-contributing interest, increases Turaco’s exposure to the project’s 4.65 million-ounce Mineral Resource, development economics, and future exploration potential.
