Cora Gold Limited (LON:CORA), the West African focused gold company, has announced further progress towards construction readiness at the Company’s flagship Sanankoro Gold Project in southern Mali (‘Sanankoro’ or the ‘Project’), including the commencement of the Front-End Engineering Design (FEED) process. The FEED process is a key element in readying Sanankoro for full construction, forms part of the capital cost and is an important milestone in the delivery timeline contemplated in the Definitive Feasibility Study (‘DFS’) through to first gold pour. Completing the FEED process will allow the Company to make decisions on long lead items, with a view to potentially compressing the Project’s delivery timeline once in receipt of the mining permit.
In addition to the FEED and permitting activities, selected complementary workstreams are planned to commence in parallel. The Sanankoro exploration camp is currently undergoing refurbishment as the Company prepares to commence FEED focused field work, while also upgrading accommodation standards in advance of construction of the permanent mine camp during development. Alongside this, targeted land compensation activities have commenced in priority areas to support ongoing project advancement and construction readiness.
Front-End Engineering Design
The Company has appointed New SENET (Pty) Ltd, a DRA Global group company, to lead the FEED process. As an independent project management company, SENET managed Cora’s 2025 and 2022 DFSs at Sanankoro and has been appointed to oversee the FEED process due to its established understanding of the Project, and experience with a range of gold projects across West Africa. Over the past 15 years SENET has worked on more than 25 African gold projects and completed over 80 studies, including 15 projects and studies in Mali.
The FEED process is due to be completed in H2 2026 and, subject to the finalisation of the relevant permitting, construction will commence thereafter. The Company continues to progress the permitting process for Sanankoro through ongoing constructive engagement with the Government of Mali. As the final key regulatory milestone ahead of construction, permitting represents one of the last stages of de-risking the Project as Sanankoro moves towards development.
Gold Price Sensitivity Analysis
The Company has undertaken sensitivity analysis on the 2025 DFS financial model, which was based on a gold price of US$2,750/oz. In light of the sustained strength in the gold price, the Company updated the financial outcomes of the DFS model at gold prices of US$3,500/oz and US$4,000/oz, with no changes to the operating, capital or production assumptions. All figures are presented on a post-tax basis.
| Gold Price (US$/oz) | 2,750 | 3,500 | 4,000 |
| IRR (%) | 65 | 98 | 119 |
| NPV8 (US$m) | 221 | 365 | 461 |
| AISC (US$/oz) | 1,478 | 1,623 | 1,721 |
The updated outputs have been reviewed and confirmed by Infinity Corporate Finance, which completed the financial modelling for the 2025 DFS.
This sensitivity analysis highlights the strong leverage of Sanankoro to higher gold prices, with significant increases in both IRR and NPV under higher pricing scenarios.
Bert Monro, Chief Executive Officer of Cora Gold, commented, “We are building strong momentum at Sanankoro across multiple fronts. The commencement of the FEED process marks a key milestone in the construction timeline and positions us to move swiftly into development once the mining permit is awarded. We are pleased to be working with SENET again; their extensive experience in West African oxide gold projects, and prior involvement in two DFS studies at Sanankoro, is invaluable.
“I am pleased that our camp is undergoing an upgrade so that it’s ready for this phase of work. This upgrade will also allow the camp to house the construction team in advance of the new mine camp being built during the construction phase.
“Sanankoro is fully funded following the recent signing of a binding term sheet for a US$120m gold stream with Eagle Eye and the equity raise completed in March 2026, enabling us to progress with confidence towards construction. In line with this, we are working on additional preparatory workstreams, including land compensation, to ensure we are construction ready once the permitting is finalised.
“We are at a pivotal stage in the Project’s development, and I look forward to providing further updates as we advance the Project.”
