The shallow nature of the mineralization at Turaco Gold's (ASX:TCG) Afema project in the Ivory Coast is favorable for capital intensity, with the geography supporting the potential for low‐strip‐ratio open‐pit development scenarios, Euroz Hartleys said in a Friday note.

Turaco said the independent mineral resource estimate at the Afema project grew to 115.3 million tonnes at 1.3 grams per tonne grade of gold for 4.65 million ounces, an increase of 590,000 ounces since the last update on Oct. 30, 2025, with overall growth of around 15% in total ounces and 23% in indicated ounces.

Metallurgical test work at the project is encouraging, with recoveries ranging from 84.4% to 90.3% across the tested deposits using conventional leaching or flotation-concentration circuits.

The analysts modeled around $380 million in capital expenditure for an initial 10-year life-of-mine, ramping to 6 million tonnes-per-annum for steady-state production levels of over 200,000 ounces-per-annum, with average grades of around 1.3 grams per tonne grade of gold and recoveries of around 88%.

The investment firm maintained its speculative buy rating on Turaco Gold and lifted its price target to AU$1.60 per share from AU$1.55 per share.