Cora Gold has established a West African gold portfolio that combines an advanced development project in southern Mali with an earlier-stage exploration opportunity in eastern Senegal. The structure gives the company a defined route towards potential production at Sanankoro, while retaining additional discovery potential through the Madina Foulbé project area.
Sanankoro is the central asset in the portfolio. Located within the Yanfolila Gold Belt, the project area consists of five contiguous permits covering approximately 342 square kilometres. Gold mineralisation has been identified in oxide material to depths of up to 207 metres, alongside higher-grade sulphide mineralisation at depth.
A definitive feasibility study completed in 2025 set out the proposed development framework for the Sanankoro Gold Project. Based on a gold price of US$2,750 per ounce, the study outlined average annual production of 64,000 ounces during the first five years and total life-of-mine production of 482,000 ounces. The project was assigned a reserve mine life of 10.2 years, with estimated pre-production capital of US$124 million and a payback period of 1.1 years.
The study also estimated an average all-in sustaining cost of US$1,478 per ounce. Forecast free cash flow was US$479 million over the life of the mine, including an annual average of US$67 million during the first five years. These projections provide a clearer view of the project’s proposed capital requirements, operating margins and development timetable.
Sanankoro’s updated 2025 ore reserve totals 14.6 million tonnes grading 1.13 grams per tonne of gold for 531,000 ounces. This estimate was calculated using a gold price of US$2,200 per ounce. The wider 2024 mineral resource estimate contains 31.4 million tonnes grading 1.04 grams per tonne for 1.044 million ounces of gold. This includes an indicated resource of 19 million tonnes grading 1.13 grams per tonne for 689,000 ounces and an inferred resource of 12.4 million tonnes grading 0.89 grams per tonne for 354,000 ounces.
An additional exploration target of between 490,000 and 1.37 million ounces indicates that Sanankoro may offer scope for further resource definition. Exploration targets remain conceptual, but they provide context for the possible scale beyond the current mineral resource and ore reserve.
Cora has also taken steps to address the financing required to move Sanankoro towards production. In April 2026, the company entered into a binding term sheet with its largest shareholder, Eagle Eye Asset Holdings, for a US$120 million gold stream. The proposed funding is intended to support development through to production.
Under the arrangement, Eagle Eye would be entitled to purchase 30.44 per cent of life-of-mine gold production at 20 per cent of the prevailing spot gold price. That entitlement would reduce to 15.22 per cent if Cora draws only half of the stream. The company also retains the right, for up to 240 days after receiving the required approvals, to replace 50 per cent of the stream with traditional senior debt.
This funding structure could reduce the immediate financing gap around Sanankoro, while the option to introduce senior debt gives Cora some flexibility over the final capital mix. The principal considerations are the completion of the outstanding conditions and the long-term proportion of production committed under the stream.
Alongside Sanankoro, Cora holds the Madina Foulbé project area within the Mako Gold Belt in eastern Senegal. The project, formerly known as Kenieba, was awarded in January 2018 and originally covered 260 square kilometres. Its area has subsequently reduced by 25 per cent at each of two interim renewals in accordance with local regulations.
Drilling completed in 2020 and 2024 identified several broad zones of elevated gold mineralisation, together with a number of higher-grade intervals. Reported results include 10 metres grading 4.41 grams per tonne of gold from a depth of 41 metres, 16 metres grading 0.97 grams per tonne from 38 metres and 29 metres grading 0.71 grams per tonne from one metre. Further intersections included 47 metres grading 0.63 grams per tonne, containing one metre at 16.4 grams per tonne, and 36 metres grading 0.53 grams per tonne, containing three metres at 3.78 grams per tonne.
