Australian miner Turaco Gold said on Tuesday, 27 October 2026, it had agreed to acquire Sodim Ltd’s remaining 20% interest in the Afema gold project in southeastern Côte d’Ivoire. Turaco values the consideration at US$79 million, but the acquisition has not yet closed and is subject, among other conditions, to approval by Turaco shareholders.

Turaco already holds 80% of the project and wants to consolidate its private-sector ownership. The transaction remains subject to the Ivorian state’s entitlement to a 10% non-contributing interest. The announcement concerns an acquisition agreement, not a producing mine or a purchase whose full consideration has been paid.

Shareholder vote remains ahead

Under the terms outlined in reporting based on the stock exchange announcement, the consideration includes US$30 million in cash, 55.1 million Turaco shares, 36.7 million options and a 0.33% royalty on future production revenue. Contingent payments linked to growth in mineral resources would come on top of the stated US$79 million valuation.

Turaco has paid US$3 million for a three-month option, whose exercise depends on shareholder approval for the proposed securities. The company expects a shareholder meeting in early December 2026. It also plans an equity placement and a share purchase plan to help finance the acquisition and ongoing project studies.

Afema remains a development-stage project

Afema contains an estimated 4.65 million ounces of gold in mineral resources, according to Turaco’s March 2026 statement. This geological estimate does not represent gold already produced or an equivalent volume of economically recoverable reserves. A pre-feasibility study released in June defined 1.91 million ounces of probable ore reserves and outlined average annual output of approximately 200,000 ounces over roughly ten years.

Those production figures are projections dependent on funding, approvals and preparatory work. Turaco is targeting a definitive feasibility study in the second quarter of 2027 before a final investment decision. Acquiring Sodim’s interest would simplify decision-making and financing for a project that has not yet entered commercial production.