Turaco Gold Reports 250-Metre Depth Extension with Enhanced Gold Grades at Woulo Woulo Deposit

Woulo Woulo Deposit Extends Significantly Below Current Resource Estimate

Turaco Gold's deep drilling at Woulo Woulo confirms significant gold mineralisation continues well below the current 1.7 million ounce mineral resource estimate, which is limited to an open pit shell. The standout result from hole WOUDD0244 returned 100 metres at 1.06 grams per tonne gold starting at 495 metres depth (unconstrained). Within this interval, higher-grade zones include 36 metres at 1.87 grams per tonne from 559 metres, 17 metres at 2.96 grams per tonne from 577 metres, and 4 metres at 6.94 grams per tonne from 589 metres.

This depth extension is notable, with higher-grade mineralisation found approximately 250 metres below hole WOUDD0198, previously reported in September 2024, which returned 7 metres at 14.43 grams per tonne gold from 302 metres within a broader 186 metres at 1.65 grams per tonne interval. This vertical extension highlights the potential for a substantial body of broad, higher-grade gold mineralisation beneath both the current mineral resource and the ore reserve pit design from the recent Pre-Feasibility Study.

Geological Modeling Shows Deposit Geometry Evolves with Depth via Plunging Flexure

Turaco Gold's geological modeling reveals that the Woulo Woulo Deposit's geometry changes at depth through a plunging flexure structure, linked to increased fracturing and elevated gold grades. This flexure controls higher-grade mineralisation, with enhanced brittle fracturing creating gold-rich pyrite zones, especially along the deposit's western margin. The company’s interpretation suggests this feature could lead to significant resource growth and support a larger mining operation than previously planned.

The initial deep drilling program served as a proof-of-concept to validate this geological model and assess diamond drill rig performance at depth. The three holes, totaling 1,533 metres, targeted shoot-controlled higher-grade mineralisation beneath the Pre-Feasibility Study pit design. Notably, hole WOUDD0244 experienced less drill deviation than expected, enabling deeper testing and successfully intercepting the higher-grade eastern contact of the mineralised rhyolite body, extending it over 250 metres vertically beyond prior drilling.

Partial Test Holes WOUDD0242 and WOUDD0243 Yield Positive Mineralisation Extensions

Two of the initial deep holes, WOUDD0242 and WOUDD0243, encountered greater drill deviation than planned, testing mineralisation outside the interpreted flexure. Despite missing the primary target, these holes returned encouraging results: WOUDD0242 intersected 34 metres at 1.29 grams per tonne gold from 385 metres, including 14 metres at 2.07 grams per tonne; WOUDD0243 intersected 33 metres at 0.87 grams per tonne gold from 327 metres, including 6 metres at 2.66 grams per tonne.

These positive off-target results suggest the Woulo Woulo mineralised system may be more extensive than current resource definitions indicate. They reinforce Turaco's strategy to expand the Afema Project’s scale and mine life. Further drilling is planned to better target the flexure and confirm continuity and extent of broad higher-grade mineralisation at depth.

Current Mineral Resource Estimate and Metallurgical Properties at Woulo Woulo

The Woulo Woulo Deposit holds a JORC 2012 mineral resource estimate of 53.5 million tonnes at 1.0 gram per tonne gold, totaling 1.7 million ounces at a 0.5 gram per tonne cut-off. This includes 35.9 million tonnes of indicated resource grading 1.0 g/t (1.1 million ounces) and 17.6 million tonnes of inferred resource grading 1.1 g/t (0.61 million ounces). The deposit spans roughly 3 kilometres strike with typical widths of 50 metres, located on a north-northeast trending splay off the main Afema Shear within the felsic volcanic Sefwi Volcanic Belt.

Metallurgical testing, disclosed in the company’s 17 June 2026 announcement, shows excellent gold extraction characteristics: average recoveries of 89.6% from fresh ore and 93.9% from oxide ore via conventional cyanide leaching at a P80 grind size of 75 micrometres. The ore exhibits rapid leach kinetics and low cyanide consumption, supporting efficient, cost-effective processing and enhancing the project’s economic viability.

Afema Project Exploration Expands Resources Across Multiple Deposits

The Woulo Woulo deep drilling is part of Turaco Gold’s broader exploration and resource growth strategy across the Afema Gold Project, which currently contains 4.65 million ounces across several deposits. Alongside Woulo Woulo, drilling is active at the Adiopan, Anuiri, and Begnopan deposits, focusing on extending mineralisation and increasing resource estimates.

Turaco expects a steady flow of drill results from these deposits in the coming weeks. Managing Director Justin Tremain stated that Woulo Woulo’s deep drilling results bolster confidence in significant resource growth potential. Combined with strong economics from the recent Pre-Feasibility Study, these outcomes support the company’s goal to expand the scale and life of the Afema Project mining operation beyond previous plans.

Follow-Up Drilling Program to Confirm Extent and Underground Potential

Following the successful initial deep drilling, Turaco Gold has launched a follow-up drilling program of approximately 2,300 metres at Woulo Woulo. This phase aims to refine the extent of down-plunge higher-grade mineralisation and evaluate opportunities to expand the current Pre-Feasibility Study pit design, including potential underground resources beyond the existing open pit shell.

Geological insights indicate the plunging flexure controlling higher-grade mineralisation may extend deeper and laterally beyond tested areas. This follow-up drilling will provide critical data to determine if the Woulo Woulo operation can be significantly enlarged through a bigger open pit, underground mining, or a combination of both. The results will shape Turaco’s future development plans for Woulo Woulo and its role in the Afema Project mine plan.

Pre-Feasibility Study Highlights Potential for Larger Mining Operation

Turaco Gold’s recent Pre-Feasibility Study for the Afema Project demonstrates strong economic potential. The deep drilling results announced on 23 July 2026 suggest the Woulo Woulo pit design in the study may be conservative given the newly identified deeper, higher-grade mineralisation. The company highlighted that initial deep drilling confirms potential for a substantial increase to the 1.7 million ounce resource at higher grades, possibly supporting a larger pit or an underground mining component.

This approach positions the Pre-Feasibility Study as a baseline economic case, with resource growth from ongoing exploration expected to enhance project value. The favorable metallurgical properties and open-pit-friendly deposit geometry, combined with deeper higher-grade zones, provide solid technical grounds for Turaco to pursue expanded resource definition and development options, aiming to extend Afema’s mine life before advancing project development.

Drilling Methodology and Challenges in Deep Target Testing

The initial deep drilling campaign at Woulo Woulo faced challenges including drill pad access and hole deviation at depth. The three holes targeted the interpreted flexure below the existing resource but were drilled at azimuths of 270 degrees (west) instead of the standard 090 degrees due to drill pad constraints. Despite this directional change, the subvertical ore body limited impact on apparent mineralisation thickness.

Drill holes experienced less deviation than expected, enabling deeper penetration than planned, which benefited exploration goals by intercepting additional mineralisation. However, holes WOUDD0242 and WOUDD0243 deviated outside the target flexure, limiting validation of the primary geological model. These operational insights have informed the design of the current 2,300-metre follow-up drilling program, which aims to better target the flexure and confirm broad higher-grade mineralisation continuity.

Structural Controls and Mineralisation Characteristics at Woulo Woulo

Higher-grade mineralisation at Woulo Woulo is marked by dense stylolitic quartz-pyrite veinlets within beige-altered rhyolite host rock. Mineralisation concentrates along the deposit’s western margin, where brittle fracturing enhances gold-bearing pyrite zones. This structural control is central to Turaco’s geological model, interpreting the plunging flexure at depth as an extension of fracture-controlled higher-grade zones.

The geological framework suggests gold mineralisation is primarily controlled by brittle fracture networks and pyrite vein density. The evolving deposit geometry through the plunging flexure implies continued structural control at depth, offering potential for sustained or increased mineralisation in deeper zones. This structural-mineralogical model underpins Turaco’s expectation of higher grades and significant mineralisation extending well below the current resource boundary.