Cora Gold Limited (LON:CORA), the West African focused gold company, has announced its unaudited interim results for the six months ended 30 June 2026.
Highlights
Operational & Corporate Development
● £15.707 million equity fundraise completed in March 2026, including a £13.707 million strategic investment by Eagle Eye Asset Holdings Pte. Ltd. (‘Eagle Eye’) together with a £2 million retail offer.
● Eagle Eye, a Singapore-based single-family office, became the Company’s largest shareholder and currently holds 29.85% of ordinary shares in issue.
● Eagle Eye is a major strategic shareholder and funding partner for Toubani Resources Limited (ASX:TRE), backing the development of the Kobada Gold Project in Mali, and is also an investor in other African infrastructure and mining projects.
● Alongside the strategic investment, Eagle Eye’s appointee Aryann Gupta joined the Board as a Non-Executive Director. Mr Gupta is Head of Mergers & Acquisitions at A2MP Investments FZCO, a platform dedicated to unlocking Africa’s potential in minerals and metals processing.
● Binding term sheet signed in April 2026 with Eagle Eye for a US$120 million gold stream to fund Sanankoro through to production.
● Commencement of the Front-End Engineering Design (‘FEED’) process at Sanankoro – a key element in readying the project for full construction.
● 12,000 metre drilling campaign launched at Sanankoro to target both extensions to existing deposits and a number of highly prospective near-mine greenfield targets, offering the potential for rapid conversion into future mine plan feed.
● H&P Advisory Limited appointed as financial adviser and broker alongside Nominated Adviser and broker Cavendish Capital Markets Limited.
● In March 2026 Adam Davidson (Non-Executive Director of the Company) took over the role of Chair of the Board of Directors from Edward Bowie, who remains Non-Executive Director of the Company.
Post Period-End Developments
● Sanankoro II exploration permit renewal approved by Mali’s Council of Ministers on 21 August 2026 – a key development in the permitting process ahead of planned construction at Sanankoro.
● Deadline to replace 50% of the gold stream with senior debt extended to the later of 30 October 2027 or six months after grant of mining permit.
● Russell White appointed Non-Executive Director, bringing over 40 years’ West African gold mining experience.
Bert Monro, Chief Executive Officer of Cora, commented, “This has been a truly transformational period for Cora as Sanankoro has transitioned from an advanced development asset into a fully funded gold project approaching construction. In the space of a few months we have secured the funding to build the mine, commenced Front-End Engineering Design, launched a major resource growth drilling programme and made tangible progress on the permitting pathway. The pace of advancement reflects both the quality of the project and the focus of the team delivering it.
“The FEED process, announced in May 2026, is progressing well and will allow us to make key decisions on long lead items with a view to potentially compressing the delivery timeline and expedite production, once the necessary permitting is received. Alongside this, our 12,000-metre drill programme is targeting extensions to existing deposits and near-mine greenfield targets, reinforcing our belief that the current MRE of 1,044 koz is just the starting point for Sanankoro.
“We continue to be encouraged by the positive appetite shown by a number of West African focused banks to provide traditional senior debt for Sanankoro. Blending senior debt alongside the stream from Eagle Eye is expected to enhance Sanankoro’s economics further, and we are grateful for Eagle Eye’s ongoing support and flexibility in extending the period in which we may exercise our right to introduce that debt.
“The recent renewal of the Sanankoro II exploration permit by Mali’s Council of Ministers is a significant step in the ongoing permit reshaping exercise needed to consolidate all mining infrastructure under a single mining permit area. We continue to work closely with the Government of Mali to have the Project fully permitted as quickly as possible. Sanankoro is now on the cusp of construction, and we look forward to sharing further progress in the near future.”
