Cora Gold Limited
26 August 2026
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
26 August 2026
Cora Gold Limited
('Cora' or 'the Company')
Update on Financing to Fund Sanankoro to Production
Cora Gold Limited, the West African focused gold company, is pleased to provide an update on the financing arrangements to support the development of the Company's flagship Sanankoro Gold Project ('Sanankoro' or the 'Project') in south Mali.
On 17 April 2026 Cora announced that it had entered a binding term sheet (the 'Term Sheet') for a US$120 million gold stream with Eagle Eye Asset Holdings Pte. Ltd. ('EEA') (the 'Stream') to support the development of Sanankoro through to production. In accordance with the Term Sheet, EEA is entitled, for the life of mine, to purchase 30.44% of gold production (reducing to 15.22% if 50% of the Stream is replaced with traditional senior debt) at a price equal to 20% of the prevailing spot gold price. The Term Sheet sets out the right of the Company, for a period of up to 240 days following receipt of all required approvals, to replace 50% of the Stream with traditional senior debt. The Term Sheet remains subject to certain conditions, including the negotiation and execution of definitive documentation, and receipt of any regulatory approvals identified during due diligence. In the event that the Stream transaction does not complete then Eagle Eye shall be entitled to a residual stream equal to 2.5% of all gold produced by the Sanankoro mine and the related process plant.
Subsequent to entering into the Term Sheet, Cora appointed H&P Advisory Limited ('Hannam & Partners') to act as financial adviser in relation to the proposed debt raising for the purposes of Sanankoro. Together Hannam & Partners and the Company have been actively engaging with various West African focused banks with a view to providing traditional senior debt of US$60 million to the Project. These discussions have been positive and are ongoing. The Company anticipates formalising one or more of these opportunities in due course. As a result, EEA and Cora have mutually agreed, by way of an addendum to the Term Sheet, to increase the maximum period for which the Company may extend its right to replace 50% of the Stream with traditional senior debt from what would have been 15 December 2026 to the later of (i) 30 October 2027 and (ii) 6-months after the date on which the mining rights permit is granted by the government of Mali.
The Company continues to have ongoing constructive engagement with the authorities in Mali regarding permitting and the award of a mining rights permit for Sanankoro. On 21 August 2026, at a meeting of the Government of the Republic of Mali's Council of Ministers, the first interim renewal of the Sanankoro II exploration permit was approved (see announcement dated 24 August 2026). The Company believes this approval represents a significant step towards being awarded a mining permit for Sanankoro and, in due course, the area of the Sanankoro II exploration permit will form part of the permit area for mining operations at the Project.
Related Party Transaction
The arrangements between the Company and EEA regarding the Stream constitute a related party transaction pursuant to Rule 13 of the AIM Rules. Having consulted with the Company's Nominated Adviser, Cavendish Capital Markets Limited, the Directors of the Company (with the exception of Aryann Gupta (Non-Executive Director), who is involved in the transaction as the appointed representative of EEA on Cora's board of directors) consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
EEA is interested in 228,452,356 ordinary shares of Cora, representing 29.85% of the issued share capital of the Company.
Bert Monro, Chief Executive Officer of Cora, commented, "We continue to be encouraged by the positive appetite shown by a number of West African focused banks to provide traditional senior debt to Cora's Sanankoro Gold Project. The recent approval of the Sanankoro II exploration permit renewal, a significant step towards being awarded a mining permit, further underpins these discussions as Sanankoro moves closer to construction. We look forward to concluding these discussions and providing the market with further updates in due course.
"Blending traditional senior debt alongside the Stream to fund the development of Sanankoro is expected to enhance the Project's economics. EEA, Cora's largest shareholder, continues to offer strong support both for the Company and the Project, and their flexibility is greatly appreciated."
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information, please visit http://www.coragold.com or contact:
|
Bert Monro |
Cora Gold Limited |
info@coragold.com |
|
Derrick Lee |
Cavendish Capital Markets Limited |
+44 (0)20 7220 0500 |
|
Matt Hasson |
Hannam & Partners (Broker) |
+44 (0)20 7907 8500 |
|
Susie Geliher |
St Brides Partners |
cora@stbridespartners.co.uk |
Notes
Cora is a West African gold developer with de-risked project areas within two known gold belts in Mali and Senegal. Led by a team with a proven track-record in making multi-million-ounce gold discoveries that have been developed into operating mines, Cora's primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt in south Mali into an open pit oxide mine.
Cora has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz Au pit shell design). The 2025 Definitive Feasibility Study showed that the Project has strong economic fundamentals, including 98% IRR post tax, US$365 million NPV8 post tax and all-in sustaining costs of US$1,623/oz based on a gold price of US$3,500/oz.
In April 2026, the Company secured a binding US$120 million gold stream which, together with existing equity, fully funds the development of Sanankoro through to production. The agreement also provides flexibility, allowing up to 50% of the stream to be replaced with traditional senior debt, enabling optimisation of the financing structure. With funding in place, the Company is advancing the finalisation of the permitting process with the Government of Mali to enable a swift transition into mine construction.
The Company continues to pursue additional value-enhancing opportunities across its broader portfolio, including the identification of large-scale gold mineralisation potential at the Madina Foulbé exploration permit, located within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in eastern Senegal.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
ENDRNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.