Cora Gold Limited (LON:CORA), the West African focused gold company, has announced its final audited results for the year ended 31 December 2025. The Company also gives notice of its 2026 Annual General Meeting, which will be held at 12.00 p.m. (United Kingdom time) on 24 June 2026 at the offices of Hannam & Partners, 3rd Floor, 7-10 Chandos Street, London, W1G 9DQ, United Kingdom.
Highlights
2025 saw another year of progress for the Company, with highlights including:
Operational and Development Updates
● +1 million ounce Mineral Resource Estimate (‘MRE’) announced for Sanankoro in January 2025, totalling 31.4 Mt at 1.04 g/t Au for 1,044 koz (Indicated: 19.0 Mt at 1.13 g/t Au for 689 koz; Inferred: 12.4 Mt at 0.89 g/t Au for 354 koz) (the ‘2024 MRE’). This represents a 13% increase in contained metal from the 2022 MRE.
● Mali government partially lifted its moratorium on new mining permits in March 2025, enabling the processing of applications for exploration permit renewals and conversions to mining permits.
● Appointment of New SENET (Pty) Ltd in April 2025 to oversee an updated Definitive Feasibility Study (‘DFS’) at Sanankoro, underpinning Cora’s commitment to maximising the development potential of Sanankoro and ensuring operational readiness.
● As part of the 2025 DFS in September 2025 Cora announced an updated Probable Reserve of 531 koz at 1.13 g/t Au based on a gold price of US$2,200/oz. This represents a 26% increase in contained metal from the Maiden Probable Reserve announced in 2022.
● The economic highlights of the 2025 DFS (post tax, based on a gold price of US$2,750/oz) include:
● 65% internal rate of return (‘IRR’)
● US$221 million net present value with an 8% discount rate (‘NPV8‘)
● 1.1 year payback period
● 10.2 years Reserve mine life
● US$67 million pa average free cash flow (‘FCF’) in first 5 years
● US$479 million FCF over life of mine (‘LOM’)
● US$948/oz LOM cash costs
● US$1,478/oz LOM all-in sustaining costs (‘AISC’)
● 64 koz pa average production in first 5 years
● 47 koz pa average production LOM
● US$124 million pre-production capital (including mining pre-production and contingencies)
● Other 2025 DFS highlights include:
● Metallurgical test work confirmed an average LOM gold recovery of 90.7% through a conventional 1.5 Mtpa Carbon in Leach (‘CIL’) processing plant.
● Solar hybrid power option incorporated into the plant design, delivering savings in both operating costs at current fuel prices and carbon emissions by reducing consumption of 40 million litres diesel over LOM.
● As part of the 2025 DFS various optimisations have been incorporated taking greater advantage of the oxide nature of the ore at the front end of the process flow sheet.
● Exploration work at Madina Foulbé in Senegal identified four strong gold anomalies, each of which yielded positive results from early-stage work with highly encouraging signs of significant underlying gold systems.
Corporate Updates
● Adam Davidson joined the board of directors of the Company (the ‘Board’ or the ‘Board of Directors’) in January 2025 when appointed as Non-Executive Director. Adam brings extensive mining industry experience, having co-founded and led Trident Royalties plc, a diversified mining royalty and streaming company which was acquired by Deterra Royalties Limited in 2024. Adam’s earlier career included senior roles with Resource Capital Funds, BMO Capital Markets and Orica Mining Services.
● Continued access to the expertise of David Pelham, who stepped down from the Board in January 2025 but remains an adviser to the Company. A mineral geologist with over 45 years’ global exploration experience, David played a key role in defining and prioritising early-stage work programmes at Sanankoro.
● Completed two equity fundraises during the year for combined proceeds of GBP£2.598 million to advance Sanankoro towards construction readiness.
Subsequent to the year end
In March 2026, Cora completed an equity fundraise for proceeds of GBP£15.707 million, through a retail offer to existing shareholders plus a strategic investment of GBP£13.707 million by Eagle Eye Asset Holdings Pte. Ltd. (‘Eagle Eye’). As a result Eagle Eye became the Company’s largest shareholder with a holding of 29.90%. Eagle Eye, a Singapore-based single-family office, is a major strategic shareholder and funding partner for Toubani Resources Limited (ASX:TRE), backing the development of the Kobada Gold Project in Mali, as well as an investor in other African infrastructure and mining projects.
Alongside Eagle Eye’s strategic investment, its appointee Aryann Gupta was appointed as a Non-Executive Director of the Company. Aryann is Head of Mergers & Acquisitions at A2MP Investments FZCO, a pioneering platform dedicated to unlocking Africa’s potential in minerals and metals processing.
On 31 March 2026 Adam Davidson took over the role of Chair of the Board of Directors from Edward Bowie, who remains Non-Executive Director of the Company.
Having acted as adviser to the Company with regard to Eagle Eye’s strategic investment, on 31 March 2026 H&P Advisory Limited was appointed as financial adviser to the Company with regard to the provision of corporate broking and research coverage services. Accordingly, both Cavendish Capital Markets Limited (Nominated Adviser to the Company) and H&P Advisory Limited are now brokers to the Company.
In April 2026 the Company entered into a binding term sheet with Eagle Eye for a US$120 million gold stream to support the development of the Sanankoro Gold Project through to production. Under the Stream, Eagle Eye will be entitled, for the life of mine, to purchase 30.44% of gold production (reducing to 15.22% if 50% of Stream is drawn) at a price equal to 20% of the prevailing spot gold price. The Company retains the right, for a period of up to 240 days following receipt of all required approvals, to replace 50% of the Stream with traditional senior debt. Cora has appointed H&P Advisory Limited to act as financial adviser in relation to proposed debt raising, the focus of which is to seek to secure traditional senior debt to replace 50% of the Stream. The binding term sheet with Eagle Eye remains subject to certain conditions, including the negotiation and execution of definitive documentation, and receipt of any regulatory approvals identified during due diligence.
Adam Davidson, Chair of the Board of Directors, commented, “The participation of Eagle Eye as a strategic investor in the Company’s March 2026 fundraise marked an important milestone for Cora. This was subsequently followed in April 2026 by a US$120 million Stream, representing a transformational step for the Company. Together, these financings significantly de-risk Sanankoro, establishing a clear pathway to a fully funded development alongside existing equity. Importantly, the flexibility within the Stream structure provides optionality to optimise the overall financing package, including the potential introduction of traditional debt, while retaining the Stream as a committed construction funding solution. Eagle Eye has proven to be a highly supportive and knowledgeable partner, and we look forward to continuing this relationship as we progress permitting and advance the Project towards construction.
“With the robust 2025 DFS and a clear execution pathway in place, the Company is well positioned to unlock the next phase of value at Sanankoro.
“In parallel, permitting continues to advance well, supported by ongoing constructive engagement with the Government of Mali. As the final key regulatory step ahead of construction, it represents one of the last stages of de-risking as Sanankoro progresses towards development.
“We look forward to providing further updates on progress at Sanankoro and on wider exploration activities across our portfolio.
“Finally, I’d like to thank both Cora’s shareholders and stakeholders for their continued strong support and patience throughout 2025.”
2026 Annual General Meeting
The AGM will be held at 12.00 p.m. (United Kingdom time) on 24 June 2026 at the offices of Hannam & Partners, 3rd Floor, 7-10 Chandos Street, London, W1G 9DQ, United Kingdom plus, in the interest of allowing as many shareholders as possible to follow the proceedings of the AGM without attending in person, the Company will provide access online via the Investor Meet Company platform (see below). In accordance with the Company’s articles of association, shareholders following the proceedings of the AGM online will not be counted as being present at the meeting and will not be entitled to vote.
The Board strongly advises shareholders, including those intending to view the AGM remotely, to submit their votes by proxy prior to the AGM. Shareholders who have submitted a proxy may still attend the AGM in person or follow the proceedings online. By submitting a proxy shareholders know that their votes will be counted. Copies of proxy forms (both Form of Proxy and Form of Instruction) can be downloaded via the Company’s website at: www.coragold.com/category/company-reports
Shareholders who wish to view the AGM remotely should register for the event in advance.
The Board welcomes questions from the Company’s shareholders at its general meetings. Questions can be submitted up until 12.00 p.m. (United Kingdom time) on 19 June 2026 via the Investor Meet Company platform or submitted at any time during the AGM itself.
The Company’s Notice of AGM and Forms of Proxy will be dispatched to shareholders shortly and will be available on the website at www.coragold.com.
