TCG versus WWI

WWI versus TCG (TURACO GOLD LIMITED)





TCG

- Main project: Afema Project in Cote D'V
oire, West Africa
- Project ownership: 80%
- Total resource: 3.55mil oz
- Resource average grade : 1.2 g/t (Afema has 4 discreet nearby prospects, each with different resource quantity and different grade. However, the total combined resources is equal 3.55mil oz at average grade of 1.2 g/t)
- Time to mine development: Not available. The company has started Feasibility Study and expect to deliver it by end of 2026.
- Time to mine construction/development: not available. Too early to tell.
- Time to actual mining: not available. Usually around 1.5 years to 2 years after mine construction commencement.
- MC = $525mil



WWI:

- Main project: WBP, 15km from Johannesburg, South Africa.

- Project ownership: 74%

- Resource : 12.8mil oz declared in 2000 under 1997-Jorc Code at 4.6 g/t average grade. And 5.02mil oz under 2012-Jorc Code. Further drilling planned in 2026 to convert more of the 12.8mil oz into 2012-Jorc Code compliant.

- Resource average grade: 4.66 g/t (4.66 ÷ 1.2 = 3.88 times or 280% higher grade than Afema's average grade. In other words, WWI needs to dig up and process 1 ton of ore while Afema needs to dig up and process 3.88 tons of ore to get the same X amount of gold.

- Mine development: ongoing and to be completed in about 10 weeks.
- Time to mining: 10 weeks from today.

- Production target:
> Stage#1: 70k oz per annum
> Stage#2: 200k oz per annum

- Capex for stage#1: based on peak funding requirements of USD $44mil at gold price of USD $2850/oz. USD $50mil have been approved by 2 government-linked Absa bank and IDC bank. Why such a tiny CAPEX? It is because there are historical mine infrastructures already in place since 2022. Current work is only minor refurbishment work to start mining. Also, gold processing is contracted out to a 3rd party gold processing plant 40km nearby. Stage 2 production of 200k oz will likely include a processing plant built on site.

- Capex for stage#2 production of 200k oz: funded by cashflow from stage#1 production + existing banks.

- Current MC = $92mil (not $920mil).


Question: between TCG and WWI, which one has better chance of 1000% gain or 10 bags in 2026?

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