Turaco Gold's (ASX:TCG) pre-feasibility study for its Afema gold project in Ivory Coast that is nearing completion and targeted for release in the June quarter will mark the company's transition from a high-growth exploration play to an emerging gold developer, Euroz Hartleys said in a note on Wednesday.

The study is expected to highlight its potential as a tier‐1 standalone gold operation.

The project appears well-positioned to support a strong reserve for the study, with a maiden reserve of over 2 million ounces considered achievable, leading to scope for production exceeding 200,000 ounces per year and average all-in sustaining costs of around $1,470 per ounce, Euroz Hartleys said. An initial 10-year mine life was modeled.

The investment firm maintained its speculative buy recommendation and raised the price target to AU$1.85 from AU$1.60.

Turaco Gold's shares fell 5% in recent Wednesday trade.