The latest research note from Hannam & Partners on Cora Gold Limited (LON:CORA) highlights that the company is approaching a significant milestone in its journey from explorer to producer, with the company’s flagship Sanankoro gold project in southern Mali poised to enter construction once permitting and financing are finalised. Backed by a comprehensive Definitive Feasibility Study (DFS) released in late 2025, the project offers strong economic fundamentals, robust resource upside, and the potential to emerge as one of West Africa’s long-life gold operations.
Cora’s Sanankoro project boasts a current gold reserve of 531koz, set to deliver average annual production of 47koz over 10.25 years via a conventional open-pit and carbon-in-leach (CIL) processing operation. Importantly, the project focuses on mining the softer oxide ore, which keeps energy costs lower and contributes to a projected All-In Sustaining Cost (AISC) of US$1,530/oz at a gold price of US$3,000/oz.
India Fitzpatrick, Research Analyst at Hannam & Partners, notes that Cora’s strategic choice to mine oxides gives it a financial and operational edge:
“We believe Sanankoro is an executable project for Cora from both a technical and financial perspective and, once the permitting process has been successfully navigated, should move forward to development.”
In an expanded scenario where 173koz of inferred material is upgraded and incorporated into the mine plan, the mine life extends to 13.5 years, with average production increasing to 48koz per year and a reduced AISC of US$1,428/oz. Under this case, Hannam & Partners assigns the Sanankoro project a Net Asset Value (NAV8%) of US$348 million, translating into a target price of GBp17/share, representing 119% upside from the current market price.
Cora’s broader exploration efforts further bolster its growth story. Within its Sanankoro lease, the company has outlined 20 oxide exploration targets, all within trucking distance of the planned plant. A JORC-compliant Exploration Target of 490koz to 1.37Moz has been established, with Hannam & Partners assigning a value of US$27.9 million to the mid-point of this potential.
Meanwhile, Cora’s Madina Foulbé project in Senegal is making early progress in one of the world’s most prospective gold belts. Recent drilling returned 10m at 4.41g/t, with multiple targets now under evaluation. According to the report, six out of ten targets delivered anomalous or potentially economic gold mineralisation, positioning the asset as a future value driver.
FY25 Sanankoro Highlights:
- Reserve: 14.6Mt @ 1.13g/t for 531koz (26% larger than prior estimate)
- Initial Capex: US$124m
- Production: 47koz/year for 10.25 years (Expanded case: 48koz/year for 13.5 years)
- AISC: US$1,530/oz (Expanded case: US$1,428/oz)
- EBITDA: US$55m average per year, 55% EBITDA margin
- Cumulative FCF: US$624m over the life of mine
- NAV(8%): US$348m (expanded case) based on US$3,000/oz gold
Cora is one of the few remaining independent gold developers in West Africa, with the DFS, strong shareholder backing, and favourable jurisdictional changes positioning it as a likely M&A target in a consolidating market. Notably, neighbouring projects such as Kobada have recently secured substantial funding, suggesting a constructive stance by the Malian government toward new mining ventures.
Final Thoughts
With permitting expected imminently and financing potentially secured within the year, Cora Gold is nearing a transformational phase. The strength of the Sanankoro project, combined with exploration upside in both Mali and Senegal, makes the company well placed to deliver long-term value. As India Fitzpatrick puts it, “We expect the shares to rerate as the permitting and funding process is completed at Sanankoro, and as results are released from the next phase of exploration at Madina Foulbé.”
