Cora Gold Limited (LON:CORA), the West African focused gold company, has announced that it has signed a binding term sheet for a US$120 million gold stream with Eagle Eye Asset Holdings Pte. Ltd. to support development of the Sanankoro Gold Project in south Mali.Â
Overview of Stream
â—Ź Binding US$120 million gold stream (subject to certain conditions precedent), removes future funding requirement for the Project, enabling the Company to move forward with pre-production workstreams with confidence.
â—Ź Combined with existing equity funding following recent ÂŁ15.7m fundraise, cornerstoned by EEA, the Stream fully funds Sanankoro to production, subject to permitting.
â—Ź Cora retains the right to replace 50% of the Stream (US$60 million) with traditional senior debt for up to 240 days following approvals, enabling Cora to optimise the financing structure.
â—Ź Under the Stream, EEA is entitled to purchase 30.44% (or 15.22% if reduced by 50%) of gold produced at Sanankoro at a price equal to 20% of the prevailing spot gold price (‘Stream Gold’).
â—Ź Stream funding solution expected to materially accelerate construction timeline once permits are secured.
Highlights of 2025 Definitive Feasibility Study (US$2,750/oz gold price)
â—Ź Low capital intensity – initial development CAPEX of US$124 million.
â—Ź Competitive opex – AISC of US$1,478/oz driven by low strip ratios, soft ore and simple processing.
â—Ź Compelling economics – post-tax NPV8 of US$221 million and post-tax IRR of 65%.
â—Ź Production – 64koz average annual gold production for the first five years.
â—Ź At US$3,250/oz gold price the post-tax NPV8 is US$319m, post-tax IRR of 88% and AISC of US$1,568/oz
Related Party Transaction
The agreement between the Company and EEA regarding the Stream constitutes a related party transaction pursuant to Rule 13 of the AIM Rules. Having consulted with the Company’s Nominated Adviser, Cavendish Capital Markets Limited, the Directors of the Company (with the exception of Aryann Gupta (Non-Executive Director), who is involved in the transaction as the appointed representative of EEA on the Board of Cora) consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
EEA is interested in 228,452,356 ordinary shares of Cora, representing 29.90% of the issued share capital of the Company.
Bert Monro, Chief Executive Officer of Cora Gold, commented, “This US$120 million gold stream is a transformational milestone for Cora, significantly de-risking Sanankoro, providing a fully funded development Project alongside our existing equity. Importantly, the flexibility within the stream structure allows us to optimise the financing package through the introduction of traditional debt, while retaining the Stream as a committed fully funded construction solution.
“Our September 2025 DFS, demonstrated the compelling economics of the Sanankoro Project, and we are now focused on advancing the Project into construction and ultimately delivering first gold. In parallel, we remain highly encouraged by the broader resource and greenfield upside across the project area and will continue to pursue a dual-track strategy of advancing development while systematically growing the resource base to support long-term production.
“EEA has proven to be a highly supportive and knowledgeable partner, following its recent ÂŁ13.7 million equity investment and this Stream transaction, and we look forward to continuing this relationship as we progress permitting and advance the Project toward construction.
“As previously reported, permitting continues to progress well, supported by ongoing constructive engagement with the Government of Mali. As the final key regulatory step ahead of construction, permitting represents one of the last stages of de-risking as Sanankoro moves towards development.”
Gold Stream
| Stream amount | â—Ź US$120 million (reduceable to US$60 million if replacement senior debt or other funding is obtained). |
| Parties | â—Ź EEAâ—Ź Cora Gold Limited |
| Structure | â—Ź EEA entitled to purchase 30.44% (if 100% of the Stream Amount is drawn) or 15.22% (if 50% of the Stream Amount is drawn) of gold produced at Sanankoro at a price equal to 20% of the prevailing spot gold price (‘Stream Gold’) for the life of mine.â—Ź Cora required to deliver minimum amount of Stream Gold per year and per quarter.â—Ź In the event the Stream does not complete, EEA shall be entitled to a residual stream equal to 2.5% of all gold produced by the mine and the related process plant. |
| Use of Proceeds | â—Ź Stream funding to be used for the construction and development of the Sanankoro mine and the mineral processing facilities and general working capital purposes reasonably allocable to the mine. |
| Security | â—Ź EEA will be granted first ranking security over the shareholdings and assets of Cora (and its subsidiaries). Cora will provide a parent company guarantee in favour of EEA.â—Ź Subject to intercreditor terms that will be agreed as part of definitive documentation, EEA’s first ranking security will be subordinate to any senior debt facility once introduced. |
| Conditions | â—Ź The binding term sheet is conditional upon certain conditions including long-form documentation being agreed between and executed by the parties and any regulatory approvals identified during due diligence. |
