Cora Gold (LON: CORA), the AIM-listed West African gold developer, said earlier today that its flagship Sanankoro project in Mali is now fully funded and moving toward construction, as it published unaudited interim results for the six months to 30 June.
CORA shares closed yesterday at 9.5p, within a 52-week range of 4.5p to 13p and close to both the 50-day moving average of 8.64p and the 200-day average of 8.71p.
The company completed a £15.707m equity raise in March, including £13.707m from Eagle Eye Asset Holdings, now Cora’s largest shareholder with 29.85% of shares. In April, Cora signed a binding term sheet with Eagle Eye for a $120m gold stream, a financing structure in which Cora receives upfront cash in exchange for future gold deliveries, to fund Sanankoro through to production. During H1 2026, Cora also commenced Front-End Engineering Design work and a 12,000-metre drilling campaign at Sanankoro. Mali’s Council of Ministers approved renewal of the Sanankoro II exploration permit on 21 August, a milestone management flagged as clearing the path to construction.
The interim loss widened to $1.139m from $0.689m a year earlier, driven by higher staff and legal costs as activity ramped up. Cash rose to $14.596m at 30 June from $1.648m a year earlier, reflecting the equity raise, while net assets increased to $47.251m from $27.332m. A 2025 feasibility study underpinning Sanankoro showed a post-tax internal rate of return of 98% and a post-tax net present value of $365m at a $3,500/oz gold price, underscoring why the project attracted the financing.
Chief executive Bert Monro said: “This has been a truly transformational period for Cora as Sanankoro has transitioned from an advanced development asset into a fully funded gold project approaching construction.” He added: “Sanankoro is now on the cusp of construction, and we look forward to sharing further progress in the near future.”
The results are unaudited, and Mali’s permitting process remains the main step still to clear before a construction decision.