Cora Gold Ltd (LON:CORA), the West African focused gold company, has announced its final audited results for the year ended 31 December 2024. The Company also gives notice of its 2025 Annual General Meeting, which will be held at 12.00 p.m. (United Kingdom time) on 25 June 2025 at the offices of Hannam & Partners, 3rd Floor, 7-10 Chandos Street, London, W1G 9DQ, United Kingdom and online.
Operational Highlights
● Transitioning the flagship Sanankoro Gold Project in south Mali (‘Sanankoro’ or the ‘Project’) into a producing mine.
● Completed strategic work programmes to maximise the commercial value and life of mine:
○ sampling identified 4 primary and 4 secondary gold bearing structures, representing approximately 50 km (cumulative strike length) of highly prospective terrain for exploration targeting, giving good confidence on the ability to extend the resource inventory and life of mine at Sanankoro.
● Delineated a +1 million ounce Mineral Resource Estimate (the ‘2024 MRE’), marking a 26% increase in tonnage and a 13% increase in contained metal compared to the 2022 MRE.
○ The 2024 MRE delineated a total of 31.4 Mt at 1.04 g/t gold (‘Au’) for 1,044 koz, comprising Indicated 19.0 Mt at 1.13 g/t Au for 689 koz plus Inferred 12.4 Mt at 0.89 g/t Au for 354 koz.
● An updated Definitive Feasibility Study (‘DFS’) is scheduled for completion later in 2025.
○ The 2024 MRE and ongoing optimisation work is being used to update the 2022 DFS. With the gold price recently trading at new record highs, and the 2022 DFS based on a US$1,750/oz gold price, significant improvements in the Project’s economics are anticipated.
● Ongoing active engagement with the mining administration in Mali with a view to being issued a mining permit for Sanankoro.
○ Post year end on 15 March 2025 the moratorium on issuing permits in the mining sector was partially lifted by the Mali government.
● Additional upside available from wider development portfolio.
○ During H1 2024 Cora completed a 2,018 metres reconnaissance drill programme over the Tambor gold prospect at Madina Foulbé in the Kenieba Window, east Senegal, which confirmed large scale gold mineralisation potential.
Corporate Highlights:
● Strengthened working capital position with strong investor support.
○ In Q1 2024 certain holders of outstanding convertible loan notes issued on 13 March 2023 converted an aggregate amount of US$2,278,500 of CLN for 81,960,427 ordinary shares at the Voluntary Conversion Price of US$0.0278 per ordinary share.
● Post period end, on 13 January 2025 Cora bolstered and restructured its Board and management team:
○ Adam Davidson joined the Board as a Non-Executive Director, bringing a wealth of experience in the mining industry. He was the founder and Chief Executive Officer of Trident Royalties plc, a diversified mining royalty and streaming company which was acquired by Deterra Royalties Limited in 2024. Prior to that Mr Davidson spent six years as an investment manager with Resource Capital Funds before which he worked with BMO Capital Markets and Orica Mining Services. Adam Davidson is a welcome addition to the Board as the Company transitions towards development and future mining operations.
○ David Pelham resigned as a Non-Executive Director of the Company. Mr Pelham joined Cora in 2017 and was a key member of the team which took Cora public later that year. His background as a mineral geologist with over 40 years’ global exploration experience was invaluable in helping to select and prioritise the early-stage work programmes at Sanankoro Gold Project. David Pelham continues to act as a technical adviser to the Company.
● Post period end, on 01 April 2025 Cora raised £1,549,649.74 before expenses through a subscription for 32,624,205 ordinary shares at a price of 4.75 pence per ordinary share (the ‘2025 Fundraise’). The 2025 Fundraise is intended to support the Company as it looks to bring Sanankoro to construction readiness.
○ Each ordinary share subscribed in the 2025 Fundraise has a warrant attached to subscribe for one new ordinary share at a price of 7 pence per ordinary share expiring on 01 April 2027.
Bert Monro, Chief Executive Officer of Cora Gold, commented, “Our focus at Sanankoro is on its transition into a producing mine. With the gold price recently trading at new record highs this is an opportune time to be developing the Sanankoro Gold Project.
“We have worked hard this past year to build the resource and, in turn, the life of mine potential at Sanankoro, which will feed into an updated DFS due later this year. This is expected to confirm significant improvements in the Project’s already robust economics. Our key objectives now are to complete the updated DFS and concurrently complete the mine permitting process, so that mine finance can be concluded and construction can commence. We are delighted with the strong support we have already received in support of this and we are confident that the year ahead will be a significant one for Cora.
“We look forward to providing further updates on progress at Sanankoro, as well as updates on wider exploration activities across our permits as we continue to maximise the inherent value of our portfolio. Finally, I’d like to thank both Cora’s shareholders and stakeholders for their continued strong support and patience throughout 2024. We look forward to the year ahead with much optimism.”
2025 Annual General Meeting
The AGM will be held 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 attend, the AGM will also take place online. There are two ways in which attendees may join the AGM online:
| Option 1 | By dial in. Use one of the telephone numbers and Meeting ID set out below: | |
| ● telephone number: | +44-(0)20-3481-5240 | |
| +44-(0)131-460-1196 | ||
| +44-(0)330-088-5830 | ||
| ● other local telephone numbers | https://us02web.zoom.us/u/keu72Ru79W | |
| ● Meeting ID: | 859 8061 2134 # | |
| Option 2 | Over the internet. This requires the use of a device (computer, laptop, tablet or smartphone) connected to the internet. The device will need to have video switched on for the attendee to be seen, and speakers and microphone capability activated in order to be able to speak. Use the hyperlink set out below: | |
| ● hyperlink: | https://us02web.zoom.us/j/85980612134 | |
Shareholders should note that if they elect to attend the AGM online using Option 1 above they will not, in accordance with the articles of association of the Company, be counted as being present at the meeting and will not be entitled to vote. The board of directors of the Company (the ‘Board’ or the ‘Board of Directors’) strongly advises shareholders who wish to attend online to use Option 2 above and ensure their video, microphone and speakers are switched on.
The Board strongly advises shareholders to submit their votes by proxy prior to the AGM. Shareholders who have submitted a proxy may still attend the AGM. However, submitting a proxy means shareholders know that their vote 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.
The Company always welcomes questions from its shareholders at its general meetings. On this occasion the Board would rather shareholders submit their questions beforehand in order that the Board may ensure questions are answered either at the AGM or afterwards. Questions should be submitted by email to [email protected] no later than 12.00 p.m. (United Kingdom time) on 20 June 2025.
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.
CHAIR’S STATEMENT
I am pleased to present the Annual Report of Cora Gold Limited (‘Cora’ or ‘the Company’) and its subsidiaries (together the ‘Group’) for the year ended 31 December 2024.
Cora is a gold company focused on two world class gold regions in Mali and Senegal in West Africa, being the Yanfolila Gold Belt (south Mali) and the Kédougou-Kéniéba Inlier gold belt (also known as the ‘Kenieba Window’; west Mali / east Senegal).
The strategy of the Company is, through systematic exploration, to discover, delineate and develop economic ore bodies. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery (‘Sanankoro’, ‘Sanankoro Gold Project’ or the ‘Project’) in the Yanfolila Gold Belt. Cora’s highly experienced and successful management team has a proven track record in making multi-million ounce gold discoveries which have been developed into operating mines. Cora’s primary focus is on further developing its flagship Sanankoro Gold Project, which the Company believes has the potential for a standalone mine development.
Highlights
2024 saw another year of progress for the Company, with highlights including:
· Cora remains focused on transitioning its Sanankoro Gold Project into a producing mine and in support of this during 2024:
o sampling was completed as part of an exploration programme, aimed at identifying priority targets to expand Sanankoro’s resource and reserve inventory. This work identified 4 primary and 4 secondary gold bearing structures, representing approximately 50 km (cumulative strike length) of highly prospective terrain for exploration targeting. Twenty new and existing greenfield exploration targets have been outlined within these 8 gold bearing structures. These greenfield exploration targets will be ranked to prioritise future drill programmes. The 2024 exploration results provide good confidence on the ability to extend the resource inventory and life of mine at Sanankoro.
o with a view to updating the 2022 Definitive Feasibility Study (the ‘2022 DFS’), Cora commissioned an updated Mineral Resource Estimate (the ‘2024 MRE’), incorporating the results from fieldwork and drilling carried out post completion of the 2022 DFS. The 2024 MRE was announced in January 2025 for a total of 31.4 Mt at 1.04 g/t Au for 1,044 koz, comprising Indicated 19.0 Mt at 1.13 g/t Au for 689 koz plus Inferred 12.4 Mt at 0.89 g/t Au for 354 koz. The Company is working to update the 2022 DFS. It is anticipated that an announcement on the updated DFS will be made later in 2025.
· In Q1 2024 certain holders of outstanding convertible loan notes (‘CLN’) issued on 13 March 2023 converted an aggregate amount of US$2,278,500 of CLN for 81,960,427 ordinary shares at the Voluntary Conversion Price of US$0.0278 per ordinary share.
· During H1 2024 Cora completed a 2,018 metres reconnaissance drill programme over the Tambor gold prospect at Madina Foulbé in the Kenieba Window, east Senegal. The positive results from the drill programme have further enhanced our understanding of the significant gold mineralisation spread out over a large area within the bedrock at Tambor. We look forward to conducting further exploration to unlock the excellent exploration potential at Tambor and deliver value to our shareholders.
Future Potential at Sanankoro
Beyond the results of Sanankoro’s 2022 Optimised Project Economics, the process flow sheet is undergoing additional optimisation with the aim of further improving the economics. The optimisations being considered include taking greater advantage of the oxide nature of the ore at the front end of the process flow sheet that could lead to cost savings. The Company will look to conclude this process before commencing the front-end engineering design prior to construction.
Subsequent to the announcement of the 2022 MRE for a total of 24.9 Mt at 1.15 g/t Au for 920 koz, an exploration target estimate (‘Exploration Target’) for the wider Sanankoro Gold Project was completed in 2022. The Exploration Target comprises a total of 12 areas, all within 8 km of existing pits, with three areas (being Target 3, Target 5 & 6, and Selin-Bokoro West Extension) responsible for over 50% of the Exploration Target. The Exploration Target, which is in addition to the 2022 MRE, is estimated to contain between 26.0 Mt and 35.2 Mt with a grade range of 0.58 g/t Au – 1.21 g/t Au for a potential gold content of 490 koz – 1,370 koz. Proving up this Exploration Target has the potential to add significantly to the resource and possible mining inventory.
Outlook for 2025
Subsequent to the year end, on 13 January 2025:
· the board of directors of the Company (the ‘Board’ or the ‘Board of Directors’) appointed Adam Davidson as a Non-Executive Director. Adam offers a wealth of experience in the mining industry. He was the founder and Chief Executive Officer of Trident Royalties plc, a diversified mining royalty and streaming company which was acquired by Deterra Royalties Limited in 2024. Prior to that Adam spent six years as an investment manager with Resource Capital Funds before which he worked with BMO Capital Markets and Orica Mining Services. Adam is a welcome addition to the Board as the Company transitions towards development and future mining operations.
· David Pelham resigned as a Non-Executive Director of the Company. David joined Cora in 2017 and was a key member of the team which took Cora public later that year. David’s background as a mineral geologist with over 40 years’ global exploration experience was invaluable in helping to select and prioritise the early-stage work programmes at the Sanankoro Gold Project. On behalf of Cora’s directors, I’d like to offer our sincere thanks to David for his input over the years and we are pleased that, going forward, he has agreed to continue to act as a technical adviser to the Company.
On 15 March 2025 the moratorium on issuing permits in the mining sector was partially lifted by the Mali government. Following this positive news Cora is actively engaging with the mining administration in Mali with a view to ultimately being issued a mining permit for Sanankoro.
On 01 April 2025 Cora closed a subscription for 32,624,205 ordinary shares at a price of 4.75 pence per ordinary share for total gross proceeds of GBP£1,549,649.74 (the ‘2025 Fundraise’). Each ordinary share subscribed in the 2025 Fundraise has a warrant attached to subscribe for one new ordinary share at a price of 7 pence per ordinary share expiring on 01 April 2027. The 2025 Fundraise is intended to support the Company as it looks to bring Sanankoro to construction readiness.
Ongoing optimisation studies along with work on updating the ore reserves to support an updated Definitive Feasibility Study at Sanankoro are well underway and scheduled for completion later in 2025. With the gold price recently trading at new record highs, and the previously completed 2022 Definitive Feasibility Study based on a US$1,750/oz gold price, we are hoping for significant improvements in the Project’s economics. We look forward to providing further updates on progress at Sanankoro, including the updated Definitive Feasibility Study and permitting for a mining permit. We also look forward to sharing updates on wider exploration activities across our permits.
Finally, I’d like to take this opportunity to thank the Cora Gold team for their hard work, and thank both Cora’s shareholders and stakeholders for their continued strong support and patience throughout 2024.
Edward Bowie
Non-Executive Director & Chair of the Board of Directors
16 May 2025
