Turaco Gold Limited has announced an updated independent JORC Mineral Resource Estimate (MRE) of 3.55 million ounces of gold at its Afema Project in southeastern Côte d’Ivoire. This new estimate represents over a 40% increase compared with the maiden resource declared in August 2024 and comes with higher gold grades and improved metallurgical recoveries across the four main deposits—Woulo Woulo, Jonction, Anuiri, and Asupiri. Each deposit is being reported with detailed open pit constrained and, in some cases, underground components using a lower cut‐off grade of 0.5 g/t for open pit material and an elevated 1.5 g/t for underground resources. The incorporation of coherent higher grade shoots and systematic metallurgical testwork has resulted in extraction rates in the high 80s to mid 90s percentage, a critical technical indicator supporting the economics of the project. The updated resource has been delivered at an all‐in cost of less than US$8 per ounce, underscoring the company’s efficient exploration expenditure. This work has been supported by robust drilling programs, with three rigs operating double shifts as the company uncovers extensions at multiple targets such as Begnopan, Baffia, the Niamienlessa Trend, and the Herman Trend—all of which lie within close proximity to the current resource and hint at further growth potential. In addition to demonstrating promising drill intercepts with high-grade results, Turaco’s technical programs have refined the metallurgical recovery processes, with conventional cyanide leaching and ultra-fine grinding yielding impressive extraction percentages across each deposit. With the Afema Project now well positioned as one of the largest undeveloped gold projects in West Africa, Turaco Gold Limited is moving forward with a preliminary feasibility study targeting a 5–6 million tonnes per annum processing scenario, expected to be finalized in the first half of calendar year 2026. The company has also engaged Earth Systems as the lead environmental consultant to commence a detailed environmental and social impact assessment, underscoring an effort to align project development with rigorous regional permitting and international best practices. The market reaction may be influenced by both bullish and bearish factors. On the bullish side, the significant resource growth, low-cost exploration per ounce, high metallurgical recoveries, and a robust development pipeline suggest strong long-term potential. The initiation of a pre-feasibility study and ongoing drilling targeting further resource extensions add to a narrative of accelerating value creation. However, some caution remains. The project is still in its advanced exploration phase with key updates pending, the economic viability further tied to future gold price trajectories and mining scale considerations, and typical exploration risks inherent in greenfield developments. For beginner traders, the announcement signals positive technical progress and an aggressive exploration push, while also reminding investors of the inherent uncertainties in early stage project development.