Macquarie sees 83.5% upside in Turaco Gold after Afema PFS

Turaco Gold (ASX: TCG) has released a prefeasibility study for its Afema Gold Project in southeast Côte d'Ivoire, outlining a maiden JORC ore reserve of 1.91 million ounces and annual production of more than 200,000 ounces over a 10.3-year mine life. At a gold price of about US$4,193 per ounce, the company estimates gross revenue of US$8.095 billion. Macquarie set a A$1.00 price target versus the current 54.5 cents, implying 83.5% upside.