Cora Gold Limited (LON:CORA), the West African focused gold company, has announced its unaudited interim results for the six months ended 30 June 2025.
Highlights
Operational and Project Development
● +1 million ounce Mineral Resource Estimate (‘MRE’) announced for the flagship Sanankoro Gold Project (‘Sanankoro’) in southern Mali in January 2025, totalling 31.4 Mt at 1.04 g/t gold (‘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). 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.
● Optimisation test work completed in May 2025 demonstrated potential benefits of a two-stage processing strategy which would be optimal for gold recovery at Sanankoro and may also offer a reduction in operating costs.
Corporate Updates
● Board strengthened with the January 2025 appointment of Adam Davidson as Non-Executive Director. Mr Davidson brings extensive mining industry experience, having founded and led Trident Royalties plc, a diversified mining royalty and streaming company acquired by Deterra Royalties Limited in 2024. His earlier career includes 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 a technical adviser. A mineral geologist with over 40 years’ global exploration experience, Mr Pelham played a key role in defining and prioritising early-stage work programmes at Sanankoro.
● Completed a fundraise of GBP£1.550 million (gross proceeds before expenses; equivalent to US$2.005 million) in April 2025 to advance Sanankoro towards construction readiness.
● Cash and cash equivalents as at 30 June 2025 stood at US$1.648 million, primarily denominated in GBP£, reflecting the April 2025 fundraise.
Post Period-End
● Ongoing engagement with Mali’s mining administration regarding the issuance of a mining permit for Sanankoro.
● Updated DFS for Sanankoro on track for completion in Q3 2025, incorporating the 2024 MRE and optimisation work. With gold recently trading at record highs and the 2022 DFS based on a US$1,750/oz gold price, significant upside to project economics is anticipated.
● Sterilisation drilling completed in July 2025 at the proposed plant site as part of DFS workstreams. Results are pending ahead of commencing Front-End Engineering and Design (‘FEED’) in preparation for construction.
Bert Monro, Chief Executive Officer of Cora Gold, commented, “The first half of 2025 has been a period of meaningful progress for Cora, both in advancing our flagship Sanankoro Gold Project and in strengthening the foundations of the Company. Our announcement in January of a +1 million ounce Mineral Resource Estimate at Sanankoro marked a major milestone. This upgrade – a 13% increase in contained gold compared to the 2022 MRE – is the direct result of disciplined exploration and highlights the future upside potential of Sanankoro.
“Our primary focus continues to lie in Sanankoro’s near term production potential. As such, the partial lifting of the Malian government’s moratorium on new mining permits in March was a significant event, allowing us to move forward with the permitting process for Sanankoro. We have maintained a constructive dialogue with the mining administration, and securing the mining permit remains our highest priority.
“In April, we appointed SENET to oversee the updated Definitive Feasibility Study. Their proven track record in delivering gold projects in Africa will be instrumental in optimising our development plans and ensuring operational readiness. Already, the results of recent optimisation test work point to the potential for a two-stage processing strategy, which could improve gold recovery rates and lower operating costs. Combined with a stronger gold price environment than was assumed in the 2022 DFS, we anticipate that the updated study will highlight even more compelling project economics.
“From a corporate perspective, the addition of Adam Davidson to our Board brings significant strategic insight and mining finance expertise. At the same time, we are pleased to retain the technical guidance of David Pelham, whose deep geological knowledge has been central to Sanankoro’s progress. Our GBP£1.550 million fundraise in April has provided the resources to maintain momentum as we work towards construction readiness, with cash and cash equivalents of US$1.648 million at the end of June.
“Looking ahead, we are well positioned for a transformative period. With the updated DFS on track for Q3 2025 completion, sterilisation drilling at the plant site completed and FEED preparation underway, we are making the right steps towards building a high-quality, long-life gold mine that can deliver substantial value to our shareholders, stakeholders and the communities in which we operate.”
