Three different forms of capital are moving around African resource assets today, and in each case investors are arriving after somebody else has already removed part of the risk.

In Côte d’Ivoire, the asset attracting attention is Afema, a permitted gold development about 120 kilometres east of Abidjan. Turaco Gold owns 80% of a project containing a 4.65Moz Mineral Resource and 1.91Moz Probable Reserve, with a PFS built around a 6Mtpa plant producing roughly 200,000oz annually. The Australian’s DataRoom reports that B2Gold and Perseus Mining are eyeing Turaco, while PDI Gold is also believed to see strategic value in an acquisition. No formal bid has been disclosed, so this remains reported M&A interest rather than an announced sale process.

Afema was already permitted and heavily drilled before Turaco arrived. What Turaco subsequently funded was the next layer of de-risking: increasing the resource from 2.52Moz to 4.65Moz, converting part of it into reserves and completing the PFS. A buyer would therefore be paying for a project much closer to development while still needing about US$410 million to build it.

In southern Africa, International Container Terminal Services is making a different bet. ICTSI has agreed to acquire TLG, a port and cargo-logistics platform whose disclosed transaction footprint covers Mozambique, Namibia and South Africa. AIIM and the Mokobela-Shataki consortium acquired TLG for about ZAR1.6 billion in 2022. ICTSI has not disclosed what it is paying, making this as much a private-capital exit as a strategic acquisition.

In Ethiopia, MIDROC Gold is still spending capital to create that kind of de-risked asset. It has contracted Austria’s CEMTEC to supply processing equipment for Metekel, a gold project in Benishangul-Gumuz designed around a 1.25Mtpa plant. MIDROC puts total investment above ETB26 billion, roughly US$200 million, and targets Q4 2027 commissioning. Civil works are under way, but there has been no public confirmation of financial close on the more than US$204 million of debt financing it was reportedly seeking.

The distinction is useful. Afema is approaching the point where another company may decide buying de-risking is preferable to creating it. TLG shows private infrastructure capital attempting to monetise a platform after building scale and corridor position. Metekel still has to convert procurement, civil works and financing into production.

Removing uncertainty creates value. It also changes who wants to own the asset and what they are prepared to pay.

The Australian’s DataRoom reports acquisition interest around Turaco Gold, owner of the Afema gold project in southeastern Côte d’Ivoire.

The report says B2Gold is eyeing Turaco alongside Perseus Mining, while PDI Gold is believed to see an acquisition as a route to greater corporate scale. Chinese parties are also reported to be seeking a partner for a possible bid.

None of the companies has announced a formal offer or confirmed an approach.

Turaco owns 80% of Afema, with private partner Sodim Ltd holding the remaining 20%. Sodim is distinct from SODEMI, Côte d’Ivoire’s state-owned mining company, which separately holds a 0.9% NSR over the mining permit.

Afema’s PFS is based on a 4.65Moz Mineral Resource and 1.91Moz Probable Reserve, a 6Mtpa plant and average production of about 200,000oz annually over 10.3 years. Initial development capital is estimated at US$410 million.

At a US$3,500/oz gold assumption, the study produced a post-tax NPV5 of about US$2.1 billion, a 79% IRR and 13-month payback. Those are study assumptions, not a transaction valuation.

Afema was already advanced when Turaco acquired it.

More than 250,000 metres of drilling and US$40 million of expenditure had already been completed within the permit, which also came with a Mining Convention.

Turaco then established a maiden 2.52Moz resource in August 2024 and progressively increased it to 4.65Moz while completing the studies required to declare reserves and produce the PFS.

The location helps. Afema is roughly 120km from Abidjan, accessible by sealed road and near grid and hydropower infrastructure.

If a transaction develops, the useful valuation question is not simply what premium somebody pays for Turaco.

A buyer would be underwriting the acquisition price plus roughly US$410 million of remaining development capital, financing costs, construction risk and the treatment of Sodim’s 20% interest.

The reported parties also approach Afema differently.

Perseus already operates Yaouré and Sissingué in Côte d’Ivoire. PDI Gold already has Ivorian exposure through its 11.8% holding in Awalé Resources. For B2Gold, Afema would establish a new operating jurisdiction.

Turaco’s March 2026 shareholder register also showed former Afema owner Endeavour Gold Corporation holding 4.42% of Turaco. Because that stake is below the 5% substantial-holder threshold, the current percentage cannot be assumed.

Competitive interest may validate Afema. It can also transfer more of the future value to Turaco if buyers bid against one another.

The decisive number is therefore the price at which someone is actually prepared to take control.

Sources: The Australian DataRoom: reported acquisition interest around Turaco Gold | Turaco Gold: Afema Gold Project | Turaco Gold: Afema Pre-Feasibility Study

International Container Terminal Services Inc. has agreed to acquire 100% of TLG Acquisition Holdings, expanding its southern African port and cargo-logistics exposure.

AIIM-managed entities hold 74% of TLG and Mokobela Shataki the remaining 26%.

ICTSI has not disclosed the acquisition consideration, but there is a useful historical anchor. AIIM and Mokobela-Shataki completed their acquisition of TLG on 31 March 2022 in a transaction subsequently described as worth about ZAR1.6 billion, or US$109 million.

This is therefore a strategic acquisition from infrastructure investors after roughly four years of ownership.

The exact asset perimeter still needs clarification.

ICTSI describes TLG as operating in Mozambique, Namibia and South Africa. TLG’s own corporate description also references operations in Zambia and Tanzania.

South Africa is not a new market for ICTSI. The company acquired 50% less one share of Durban Gateway Terminal for US$618 million in December 2025 and assumed formal management in January.

TLG therefore appears to add its clearest new geographic depth in Mozambique and Namibia while widening ICTSI’s position across regional mineral and freight corridors.

The transaction is useful from both sides of the capital table.

ICTSI is buying existing corridor positions, terminal capacity and customer relationships rather than assembling a greenfield network.

AIIM and Mokobela-Shataki are monetising a platform bought for ZAR1.6 billion and expanded during their ownership.

Until ICTSI discloses its purchase price, the sellers’ return cannot be calculated. But the denominator is known.

That eventual price will tell us what a global strategic operator believes four years of private-capital ownership have added.

The mining linkage also needs to be read correctly. Owning logistics avoids orebody risk but substitutes dependence on throughput, concession rights, rail availability, ports, customers and state infrastructure counterparties such as Transnet and CFM.

For a mine, those risks can determine whether tonnes become revenue.

Sources: Philippine Stock Exchange: ICTSI agreement to acquire TLG | AIIM: acquisition of The Logistics Group | The Logistics Group

MIDROC Gold Mining has contracted Austria’s CEMTEC to manufacture, supply and install processing equipment for its Metekel gold project in Ethiopia’s Benishangul-Gumuz region.

The plant is designed for up to 1.25 million tonnes of ore annually.

CEMTEC is expected to manufacture and deliver the main equipment within approximately one year. Transportation, installation and commissioning sit outside that delivery timetable.

MIDROC puts planned investment above ETB26 billion, roughly US$200 million, and targets commissioning in Q4 2027. Road and other civil works are already under way on the 27km² mining concession.

The equipment order makes the schedule testable.

If fabrication and delivery consume most of the one-year window, major equipment would arrive around Q3 2027, leaving a relatively tight period before Q4 commissioning.

Financing remains unresolved.

The Reporter said in January that MIDROC was seeking more than US$204 million of debt financing. No subsequent financial close has been publicly identified.

That debt figure is approximately the same size as MIDROC’s current estimate of total project investment, so the final financing structure needs to clarify what the debt covers and what sponsor capital sits alongside it.

A fabrication contract creates a delivery obligation. Civil works create observable progress. Together they are stronger evidence of execution than another statement of intent.

They do not substitute for funded completion.

Ethiopia also has a useful live comparator. Allied Gold’s much larger Kurmuk project entered commissioning with operations expected to begin in August and first gold to follow several weeks later. As of this review, Allied has not announced first gold.

If Kurmuk and then Metekel both move successfully into production, the implication becomes broader than either sponsor. Multiple unrelated projects crossing from development into production would provide stronger evidence that Ethiopia is becoming executable as an industrial-scale gold jurisdiction.

For Metekel, the immediate test is whether financing, site works and equipment delivery converge quickly enough to make Q4 2027 credible.

Sources: Addis Fortune: MIDROC selects CEMTEC | MIDROC Gold: Metekel project profile | The Reporter: Metekel financing plans

Turaco / Afema: Watch for an ASX disclosure confirming that reported interest has become a formal approach or sale process, followed by price, consideration structure, financing and treatment of Sodim’s 20%. Without a transaction, Turaco’s DFS becomes the next major value milestone.

ICTSI / TLG: The acquisition price is the key missing number because it can be compared with the ZAR1.6 billion 2022 entry value. Also watch regulatory approvals, funding and confirmation of the final asset perimeter.

Metekel: Watch for financing close, civil works, CEMTEC manufacturing and equipment delivery, utilities and whether those milestones remain consistent with Q4 2027 commissioning.

This section identifies listed companies with exposure to the commodities and jurisdictions covered above, so that readers can compare how the same country or sector development may affect different operators. It covers named participants in today's stories first, then other listed companies active in the same jurisdiction on the same commodity.

Exposure varies enormously in both size and directness, and several of the most important operators in these jurisdictions are private or state-owned and therefore absent. Inclusion is not investment advice or a recommendation to buy or sell any security.

Turaco Gold | ASX: TCG
Owns 80% of Afema and sits at the centre of the reported M&A interest.

PDI Gold | ASX: PDI / TSX: PDI
Named in the DataRoom report and already exposed to Côte d’Ivoire through an 11.8% holding in Awalé Resources.

Perseus Mining | ASX: PRU / TSX: PRU
Reported as eyeing Turaco and already operates Yaouré and Sissingué in Côte d’Ivoire.

B2Gold | TSX: BTO / NYSE American: BTG
Reported as eyeing Turaco; an Afema acquisition would establish a new operating jurisdiction.

Endeavour Mining | LSE: EDV / TSX: EDV
Operates Ity and Lafigué and is developing Assafou. Endeavour was also Afema’s previous majority owner and remained a 4.42% Turaco shareholder in March.

Allied Gold | TSX: AAUC / NYSE: AAUC
Owns 89.89% of Bonikro and 85% of Agbaou, which together form its Côte d’Ivoire Complex.

Fortuna Mining | NYSE: FSM / TSX: FVI
Operates Séguéla and is expanding processing capacity; it also owns approximately 14.7% of Awalé Resources.

Montage Gold | TSX: MAU / OTCQX: MAUTF
Owns 90% of Koné and is targeting first oxide gold in late Q4 2026.

Resolute Mining | ASX: RSG / LSE: RSG
Is developing Doropo, with first gold targeted in 2028.

Aurum Resources | ASX: AUE
Is advancing Boundiali, which has a 3.22Moz Mineral Resource and 1.21Moz Probable Reserve.

Zhaojin Mining Industry | HKEX: 1818
Controls the producing Abujar Gold Mine.

Awalé Resources | TSXV: ARIC / OTCQX: AWLRF / FSE: 2F60
Provides direct exploration exposure through the Odienné district.

Newmont | NYSE: NEM / TSX: NGT
Holds 61% of the Awalé-Newmont JV at Odienné and can earn to 75%.

International Container Terminal Services | PSE: ICT
The direct acquirer of TLG; purchase price, financing and acquired asset perimeter are the key outstanding inputs.

Grindrod | JSE: GND
Provides a listed regional comparison through significant port, freight and bulk-terminal exposure around Maputo and Matola.

Allied Gold | TSX: AAUC / NYSE: AAUC
Is commissioning Kurmuk; first gold remains the immediate milestone.

KEFI Gold and Copper | AIM: KEFI
Is advancing Tulu Kapi following its updated underground PEA and US$400 million mining-services agreement.

Akobo Minerals | Euronext Growth Oslo: AKOBO
Is producing from Segele and reported continuing production in July.

East Africa Metals | TSXV: EAM / Frankfurt: EA1
Retains interests in Mato Bula, Da Tambuk and Terakimti.

Tibet Huayu Mining | SSE: 601020
Owns 70% of the Mato Bula and Da Tambuk JV and is responsible for mine-construction funding.

Sun Peak Metals | TSXV: PEAK / OTCQB: SUNPF
Holds the Shire project in Tigray, where licences remain under force majeure.

Zijin Gold International | HKEX: 2259
Owns approximately 9.2% of Allied Gold following its C$416.64 million strategic investment.