Cora Gold (LON:CORA) is moving into an important phase at its flagship Sanankoro gold project in Southern Mali, with the latest research note from Cavendish highlighting a substantial 2026 exploration programme designed to grow resources and extend mine life.
The Cavendish note, written by Research Analyst Yuen Low, focuses on Cora’s plan for more than 12,000 metres of reverse circulation and diamond drilling. The programme will target extensions to existing deposits as well as near-mine opportunities that could potentially be added to the future mine plan. Cavendish describes Sanankoro as fully funded to production, following the binding term sheet signed in April with Eagle Eye Asset Holdings for a US$120m Gold Stream financing package.
The broker’s central point is that Cora is now able to look beyond construction funding and towards the longer-term scale of the project. Sanankoro already has a reserve life of 10.2 years under the Updated Definitive Feasibility Study published in September 2025, but Cora is now aiming to extend that life and create the foundations for a larger operation over time.
Research Analyst Yuen Low wrote: “The removal of funding risk represents a key de-risking milestone and we are hopeful that this will galvanise the issuance of the mining permit by the Mali Government.”
That sentence captures the importance of the current moment for Cora Gold. Funding is often one of the key barriers for development-stage mining companies, and Cavendish’s view is that the US$120m financing package is a notable step in reducing that uncertainty. The agreement also gives Cora flexibility, as up to 50% of the stream, equal to US$60m, can be replaced with senior debt or other funding for up to 240 days following approvals.
Key highlights
- Cora Gold plans more than 12,000 metres of reverse circulation and diamond drilling in 2026.
- The programme will target extensions to existing deposits and near-mine targets at Sanankoro.
- Sanankoro is described by Cavendish as fully funded to production.
- Cora signed a binding term sheet with Eagle Eye Asset Holdings for a US$120m Gold Stream financing package.
- The Updated Definitive Feasibility Study outlined a 10.2-year reserve life for Sanankoro.
- Cavendish notes a Sanankoro NPV8% of US$461m and IRR of 119% at a gold price of US$4,000/oz.
- Sanankoro’s current resource base is 1.04Moz.
- Cavendish has a 27.0p target price on Cora Gold, compared with a 9.5p share price in the note.
The drilling programme will focus on several key areas. Cavendish says 40% of the planned drilling will be allocated to Zone B, which has a current JORC-compliant Mineral Resource Estimate of 9Mt at 0.85g/t gold for 250koz. Another 30% will go to Selin, which has 12Mt at 1.11g/t for 430koz. Zones A and C are set to receive 25% of planned drilling, with the remaining 5% allocated to greenfield targets.
The note also highlights three shallow greenfield oxide targets, TRA07, Dakounkoura and Zone B West. These targets are close to existing deposits and planned infrastructure, which could make them relevant to future mine planning if drilling is successful.
Cavendish also points to ongoing preparatory work. Front-End Engineering Design is expected to be completed in the second half of 2026, with construction to start thereafter, subject to permitting. Cora is also progressing selected preparatory workstreams, including land compensation in priority areas and refurbishing and upgrading the existing exploration camp.
The project economics are another important part of the story. Cavendish says updated financial outcomes from the UDFS model show an NPV8% of US$461m and an IRR of 119% at a gold price of US$4,000/oz. The broker also notes that economics would be stronger at the current spot gold price referenced in the report, around US$4,340/oz.
For general investors, the appeal of this update is straightforward. Cora Gold has secured a funding pathway for Sanankoro, is preparing for construction readiness, and is now targeting resource growth that could support a longer-life or larger-scale operation. The key near-term milestones remain the mining permit, completion of FEED and results from the 2026 drilling programme.
Thoughts:
The latest research note from Cavendish presents Cora Gold as a company entering a more active development and exploration phase. With Sanankoro described as fully funded to production and a major drilling programme planned, the focus is shifting towards resource expansion, mine life extension and construction readiness. The results of the 2026 drilling campaign could be important in shaping the next stage of Sanankoro’s development.
