Cora Gold Limited - Interim Results for Six Months Ended 30 June 2026
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
4 September 2026
Cora Gold Limited
('Cora' or 'the Company')
Interim Results for the Six Months Ended 30 June 2026
Cora Gold Limited, the West African focused gold company, is pleased to announce 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."
For further information, please visit http://www.coragold.com or contact:
Bert Monro
Craig BanfieldCora Gold Limited
info@coragold.com
Derrick Lee
Pearl KellieCavendish Capital Markets Limited
(Nomad and Broker)+44 (0)20 7220 0500
Matt Hasson
Andrew Chubb
Hannam & Partners
(Broker)
+44 (0)20 7907 8500
Susie Geliher
Charlotte PageSt Brides Partners
(Financial PR)cora@stbridespartners.co.uk
Notes
Cora is a West African gold developer with de-risked project areas within two known gold belts in Mali and Senegal. Led by a team with a proven track-record in making multi-million-ounce gold discoveries that have been developed into operating mines, Cora's primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt in south Mali into an open pit oxide mine.
Cora has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz Au pit shell design). The 2025 Definitive Feasibility Study showed that the Project has strong economic fundamentals, including 98% IRR post tax, US$365 million NPV8 post tax and all-in sustaining costs of US$1,623/oz based on a gold price of US$3,500/oz.
In April 2026, the Company secured a binding US$120 million gold stream which, together with existing equity, fully funds the development of Sanankoro through to production. The agreement also provides flexibility and was amended in August 2026 to allow up to 50% of the stream to be replaced with traditional senior debt by the later of (i) 30 October 2027; and (ii) 6 months after the date on which the mining rights permit is granted by the government of Mali, enabling optimisation of the financing structure. With funding in place, the Company is advancing the finalisation of the permitting process with the Government of Mali to enable a swift transition into mine construction.
The Company continues to pursue additional value-enhancing opportunities across its broader portfolio, including the identification of large-scale gold mineralisation potential at the Madina Foulbé exploration permit, located within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in eastern Senegal.
Consolidated Statement of Financial Position
As at 30 June 2026 and 2025, and 31 December 2025
All amounts stated in thousands of United States dollar
Note(s)
30 June
2026
US$'000
Unaudited
30 June
2025
US$'000
Unaudited
31 December
2025
US$'000
Audited
Non-current assets
Intangible assets
4
33,302
________
25,953
________
26,706
________
Current assets
Trade and other receivables
5
20
13
34
Cash and cash equivalents
6
14,596
________
1,648
________
1,533
________
14,616
________
1,661
________
1,567
________
Total assets
47,918
________
27,614
________
28,273
________
Current liabilities
Trade and other payables
7
(667)
________
(282)
________
(159)
________
Total liabilities
(667)
________
(282)
________
(159)
________
Net current assets
13,949
________
1,379
________
1,408
________
Net assets
47,251
________
27,332
________
28,114
________
Equity and reserves
Share capital
8
57,167
35,809
37,204
Retained deficit
(9,916)
________
(8,477)
________
(9,090)
________
Total equity
47,251
________
27,332
________
28,114
________
The notes below form an integral part of the Condensed Consolidated Financial Statements.
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2026 and 2025, and the year ended 31 December 2025
All amounts stated in thousands of United States dollar (unless otherwise stated)
Note(s)
Six months
ended
30 June
2026
US$'000
Unaudited
Six months
ended
30 June
2025
US$'000
Unaudited
Year
ended
31 December
2025
US$'000
Audited
Expenses
Overhead costs
2
(1,230)
________
(690)
________
(1,447)
________
(1,230)
________
(690)
________
(1,447)
________
Other income
Interest income
91
________
1
________
1
________
91
________
1
________
1
________
Loss before income tax
(1,139)
(689)
(1,446)
Income tax
-
________
-
________
-
________
Loss for the period
(1,139)
(689)
(1,446)
Other comprehensive income
-
________
-
________
-
________
Total comprehensive loss for the period
(1,139)
________
(689)
________
(1,446)
________
Earnings per share from continuing operations attributable to owners of the parent
Basic and fully diluted earnings per share
(United States dollar)
3
(0.0018)
________
(0.0015)
________
(0.0030)
________
The notes below form an integral part of the Condensed Consolidated Financial Statements.
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2026 and 2025, and the year ended 31 December 2025
All amounts stated in thousands of United States dollar
Share
capital
US$'000
Retained
deficit
US$'000
Total
equity
US$'000
As at 01 January 2025
33,813
________
(7,934)
________
25,879
________
Loss for the year
-
________
(1,446)
________
(1,446)
________
Total comprehensive loss for the year
-
________
(1,446)
________
(1,446)
________
Proceeds from shares issued
3,407
-
3,407
Issue costs
(16)
-
(16)
Share based payments - share options
-
________
290
________
290
________
Total transactions with owners, recognised directly in equity
3,391
________
290
________
3,681
________
As at 31 December 2025 Audited
37,204
________
(9,090)
________
28,114
________
As at 01 January 2025
33,813
________
(7,934)
________
25,879
________
Loss for the period
-
________
(689)
________
(689)
________
Total comprehensive loss for the period
-
________
(689)
________
(689)
________
Proceeds from shares issued
2,005
-
2,005
Issue costs
(9)
-
(9)
Share based payments - share options
-
________
146
________
146
________
Total transactions with owners, recognised directly in equity
1,996
________
146
________
2,142
________
As at 30 June 2025 Unaudited
35,809
________
(8,477)
________
27,332
________
As at 01 January 2026
37,204
________
(9,090)
________
28,114
________
Loss for the period
-
________
(1,139)
________
(1,139)
________
Total comprehensive loss for the period
-
________
(1,139)
________
(1,139)
________
Proceeds from shares issued
20,990
-
20,990
Issue costs
(1,027)
-
(1,027)
Share based payments - share options
-
________
313
________
313
________
Total transactions with owners, recognised directly in equity
19,963
________
313
________
20,276
________
As at 30 June 2026 Unaudited
57,167
________
(9,916)
________
47,251
________
The notes below form an integral part of the Condensed Consolidated Financial Statements.
Consolidated Statement of Cash Flows
For the six months ended 30 June 2026 and 2025, and the year ended 31 December 2025
All amounts stated in thousands of United States dollar
Note(s)
Six months ended
30 June
2026
US$'000
Unaudited
Six months ended
30 June
2025
US$'000
Unaudited
Year
ended
31 December
2025
US$'000
Audited
Cash flows from operating activities
Loss for the period
(1,139)
(689)
(1,446)
Adjustments for:
Share based payments - share options
8
313
146
290
Decrease in trade and other receivables
14
23
2
Increase / (decrease) in trade and other payables
508
________
66
________
(57)
________
Net cash used in operating activities
(304)
________
(454)
________
(1,211)
________
Cash flows from investing activities
Additions to intangible assets
4
(6,596)
________
(773)
________
(1,526)
________
Net cash used in investing activities
(6,596)
________
(773)
________
(1,526)
________
Cash flows from financing activities
Proceeds from shares issued
8
20,990
2,005
3,407
Issue costs
8
(1,027)
________
(9)
________
(16)
________
Net cash generated from financing activities
19,963
________
1,996
________
3,391
________
Net increase in cash and cash equivalents
13,063
769
654
Cash and cash equivalents at beginning of period
6
1,533
________
879
________
879
________
Cash and cash equivalents at end of period
6
14,596
________
1,648
________
1,533
________
The notes below form an integral part of the Condensed Consolidated Financial Statements.
Notes to the Condensed Consolidated Financial Statements
For the six months ended 30 June 2026 and 2025, and the year ended 31 December 2025
All tabulated amounts stated in thousands of United States dollar (unless otherwise stated)
1. General information
The principal activity of Cora Gold Limited ('the Company') and its subsidiaries (together the 'Group') is the exploration and development of mineral projects, with a primary focus in West Africa. The Company is incorporated and domiciled in the British Virgin Islands. The address of its registered office is Rodus Building, Road Reef Marina, P.O. Box 3093, Road Town, Tortola VG1110, British Virgin Islands.
The condensed consolidated interim financial statements of the Group for the six months ended 30 June 2026 comprise the results of the Group and have been prepared in accordance with AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 Interim Financial Reporting in preparing these interim financial statements.
The condensed consolidated interim financial statements for the period 01 January to 30 June 2026 are unaudited. In the opinion of the directors the condensed consolidated interim financial statements for the period present fairly the financial position, and results from operations and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The condensed consolidated interim financial statements incorporate unaudited comparative figures for the interim period 01 January to 30 June 2025 and extracts from the audited consolidated financial statements for the year ended 31 December 2025.
The interim report has not been audited or reviewed by the Company's auditor.
The key risks and uncertainties and critical accounting estimates remain unchanged from 31 December 2025 and the accounting policies adopted are consistent with those used in the preparation of its financial statements for the year ended 31 December 2025.
As at 30 June 2026 and 2025, and 31 December 2025:
● the Company held a 100% shareholding in Cora Exploration Mali SARL (registered in the Republic of Mali, with its registered office at Banankabougou, Rue 601, Bollé II-Zone III- SEMA, Bamako, Mali);
● the Company held a 100% shareholding in Cora Gold Mali SARL (registered in the Republic of Mali, with its registered office at Banankabougou, Rue 601, Bollé II-Zone III- SEMA, Bamako, Mali);
● the Company held a 95% shareholding in Sankarani Ressources SARL (registered in the Republic of Mali, with its registered office at Banankabougou, Rue 601, Bollé II-Zone III- SEMA, Bamako, Mali); and
● Cora Resources Mali SARL (registered in the Republic of Mali, with its registered office at Banankabougou, Rue 601, Bollé II-Zone III- SEMA, Bamako, Mali) was a wholly owned subsidiary of Sankarani Ressources SARL.
The remaining 5% of Sankarani Ressources SARL can be purchased from a third party for US$1 million.
In addition, as at 30 June 2026 the Company held a 100% shareholding in Cora Gold Senegal SUARL (registered in the Republic of Senegal, with its registered office at Sacré Cœur Pyrotechnie, Cité Keur Gorgui, Lot no. 23, Immeuble 'les Signares', Appart L11, Dakar, Senegal).
2. Expenses by nature
Six months
ended
30 June
2026
US$'000
Unaudited
Six months
ended
30 June
2025
US$'000
Unaudited
Year
ended
31 December
2025
US$'000
Audited
Employees' and directors' remuneration
641
367
768
Legal and professional
148
97
168
General administration
49
43
64
Investor relations and conferences
40
22
54
Auditor's remuneration
34
34
63
Consultants
13
73
95
Travel
10
________
8
________
11
________
935
644
1,223
Share based payments - share options
313
146
290
Foreign exchange gain
(18)
________
(100)
________
(66)
________
Overhead costs
1,230
________
690
________
1,447
________
3. Earnings per share
The calculation of the basic and fully diluted earnings per share attributable to the equity shareholders is based on the following data:
Six months ended
30 June
2026
US$'000
Unaudited
Six months ended
30 June
2025
US$'000
Unaudited
Year
ended
31 December 2025
US$'000
Audited
Net loss attributable to equity shareholders
(1,139)
________
(689)
________
(1,446)
________
Weighted average number of shares for the purpose of
basic and fully diluted earnings per share (000's)
635,733
________
468,580
________
477,237
________
Basic and fully diluted earnings per share
(United States dollar)
(0.0018)
________
(0.0015)
________
(0.0030)
________
As at 30 June 2026 and 2025, and 31 December 2025 the Company's issued and outstanding capital structure comprised a number of ordinary shares, warrants and share options (see Note 8).
4. Intangible assets
Intangible assets relate to exploration, evaluation and development project costs capitalised as at 30 June 2026 and 2025, and 31 December 2025, less impairment.
Six months
ended
30 June
2026
US$'000
Unaudited
Six months
ended
30 June
2025
US$'000
Unaudited
Year
ended
31 December
2025
US$'000
Audited
As at 01 January
26,706
25,180
25,180
Additions
6,596
________
773
________
1,526
________
As at period end
33,302
________
25,953
________
26,706
________
Additions to project costs during the six months ended 30 June 2026 and 2025, and the year ended 31 December 2025 were in the following geographical areas:
Six months
ended
30 June
2026
US$'000
Unaudited
Six months
ended
30 June
2025
US$'000
Unaudited
Year
ended
31 December
2025
US$'000
Audited
Mali
6,442
729
1,438
Senegal
154
________
44
________
88
________
Additions to project costs
6,596
________
773
________
1,526
________
Additions to project costs in Mali during the six months ended 30 June 2026 include fees and costs incurred in relation to the Stream (see Note 7).
Project costs capitalised as at 30 June 2026 and 2025, and 31 December 2025 related to the following geographical areas:
30 June
2026
US$'000
Unaudited
30 June
2025
US$'000
Unaudited
31 December
2025
US$'000
Audited
Mali
32,070
24,919
25,628
Senegal
1,232
________
1,034
________
1,078
________
As at period end
33,302
________
25,953
________
26,706
________
Project costs capitalised as at 30 June 2026 and 2025, and 31 December 2025 related to:
● in Mali, the Bokoro II, Bokoro Est, Dako II, Kodiou and Sanankoro II permits in the Sanankoro Project Area; and
● in Senegal, the Madina Foulbé permit in the Madina Foulbé Project Area.
The Company's primary focus is on further developing the Sanankoro Gold Project located within the Sanankoro Project Area in Mali.
In accordance with the regulations in Mali an exploration permit is initially awarded for a period of 3 years which, at the request of the permit holder, can subsequently be renewed twice with the duration of each renewal period being 3 years. On 28 November 2022 the Mali government announced the suspension of issuing permits in the mining sector. On 15 March 2025 this moratorium was partially lifted by the government such that, in accordance with the provisions of the 2023 Mining Code and its implementing texts, the mining administration can receive for processing:
● applications to renew exploration permits and mining permits;
● applications for transition from the exploration phase to the mining phase; and
● applications for the transfer of mining permits.
The government stated that this partial lifting of the moratorium does not apply to applications for the issuance of new permits or for the transfer of exploration permits. As regards the five contiguous permits that make up the Sanankoro Project Area the moratorium has impacted:
● the interim renewals of the Bokoro Est, Dako II and Sanankoro II exploration permits; and
● applications for new permits in relation to the Bokoro II and Kodiou exploration permits, the respective expiry dates of which were in the moratorium period.
The Company is actively engaging with the mining administration regarding these matters and being issued a mining permit for the Sanankoro Gold Project, covering the area of the Sanankoro II exploration permit plus parts of the areas covered by the Bokoro II and Kodiou exploration permits.
See Note 12 for permitting related events after the reporting date.
5. Trade and other receivables
30 June
2026
US$'000
Unaudited
30 June
2025
US$'000
Unaudited
31 December
2025
US$'000
Audited
Other receivables
4
4
10
Prepayments and accrued income
16
________
9
________
24
________
20
________
13
________
34
________
6. Cash and cash equivalents
Cash and cash equivalents held as at 30 June 2026 and 2025, and 31 December 2025 were in the following currencies:
30 June
2026
US$'000
Unaudited
30 June
2025
US$'000
Unaudited
31 December
2025
US$'000
Audited
British pound sterling (GBP£)
13,248
1,332
1,342
United States dollar (US$)
1,202
217
111
CFA franc (XOF)
145
98
79
Euro (EUR€)
1
________
1
________
1
________
14,596
________
1,648
________
1,533
________
As at 30 June 2026 and 31 December 2025 cash and cash equivalents held included collateralised amounts totalling XOF33,042,360 (being equivalent to approximately US$58,000 as at 30 June 2026 and US$59,000 as at 31 December 2025) held by a Malian bank in relation to irrevocable guarantees issued by the bank to the State of Mali (see Note 10).
7. Trade and other payables
30 June
2026
US$'000
Unaudited
30 June
2025
US$'000
Unaudited
31 December
2025
US$'000
Audited
Trade payables
284
88
11
Other payables
41
13
9
Accruals
342
________
181
________
139
________
667
________
282
________
159
________
On 16 April 2026 the Company entered into a binding term sheet with Eagle Eye for a US$120 million gold stream (the 'Stream') to support the development of the Sanankoro Gold Project through to production. Under the Stream, Eagle Eye will be entitled, for the life of mine, to purchase 30.44% of gold production (reducing to 15.22% if 50% of the Stream is replaced with traditional senior debt) at a price equal to 20% of the prevailing spot gold price. The Company retains the right, for a period of up to 240 days following receipt of all required approvals, to replace 50% of the Stream with traditional senior debt. The binding term sheet remains subject to certain conditions, including the negotiation and execution of definitive documentation, and receipt of any regulatory approvals identified during due diligence. In the event that the Stream transaction does not complete then Eagle Eye shall be entitled to a residual stream equal to 2.5% of all gold produced by the Sanankoro mine and the related process plant. In relation to the Stream, during the six months ended 30 June 2026 the Company paid a fee of US$4.8 million to Eagle Eye and incurred costs of approximately US$214,000 reimbursable to Eagle Eye. In the event that the Company extends its right to replace 50% of the Stream with traditional senior debt beyond 120 days following receipt of all required approvals (up to a maximum of 240 days following receipt of all required approvals) then further fees for each of up to four additional periods of 30 days would become payable to Eagle Eye, with such fees being in aggregate up to US$4 million. See Note 12 for Stream related events after the reporting date.
On 22 April 2026 the Company appointed H&P Advisory Limited to act as financial adviser in relation to proposed debt raising for the purposes of the Sanankoro Gold Project. The focus of this exercise is to seek to replace 50% of the Stream with traditional senior debt.
8. Share capital
The Company is authorised to issue an unlimited number of no par value shares of a single class.
During the six months ended 30 June 2025:
● on 01 April 2025 the Company closed a subscription for 32,624,205 ordinary shares in the capital of the Company at a price of 4.75 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£1,549,649.74 (the 'April 2025 Fundraise'). Each ordinary share subscribed in the 2025 Fundraise has a warrant attached to subscribe for one new ordinary share in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027. Certain directors of the Company participated in the April 2025 Fundraise; and
● on 01 April 2025 the board of directors granted and approved share options over 19,150,000 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030.
As at 30 June 2025 the Company's issued and outstanding capital structure comprised:
● 484,802,350 ordinary shares;
● warrants to subscribe for 32,624,205 ordinary shares in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027;
● share options over 4,300,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025;
● share options over 5,050,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;
● share options over 13,350,000 ordinary shares in the capital of the Company exercisable at 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028; and
● share options over 19,150,000 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030.
During the six months ended 31 December 2025:
● on 12 October 2025 share options over 4,300,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expired; and
● on 22 December 2025 the Company closed a subscription for 17,466,661 ordinary shares in the capital of the Company at a price of 6 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£1,047,999.66 (the 'December 2025 Fundraise'). Certain directors of the Company participated in the December 2025 Fundraise.
As at 31 December 2025 the Company's issued and outstanding capital structure comprised:
● 502,269,011 ordinary shares;
● warrants to subscribe for 32,624,205 ordinary shares in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027;
● share options over 5,050,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;
● share options over 13,350,000 ordinary shares in the capital of the Company exercisable at 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028; and
● share options over 19,150,000 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030.
During the six months ended 30 June 2026:
● on 31 March 2026 the Company closed a subscription (the 'Subscription') by Eagle Eye Asset Holdings Pte. Ltd. ('Eagle Eye') for 228,452,356 ordinary shares in the capital of the Company at a price of 6 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£13,707,141.36. Concurrent with the Subscription the Company closed a retail offering for 33,333,333 ordinary shares in the capital of the Company at a price of 6 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£1,999,999.98. Upon closing of the Subscription Eagle Eye became the Company's largest shareholder, holding 228,452,356 ordinary shares (being 29.90% of the total number of ordinary shares issued and outstanding);
● on 31 March 2026 the board of directors granted share options over 28,150,000 ordinary shares in the capital of the Company exercisable at 8 pence (British pound sterling) per ordinary share expiring on 31 March 2031;
● in April 2026 share options were exercised over 1,000,000 ordinary shares in the capital of the Company at a price of 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028 for total gross proceeds of GBP£40,000; and
● in June 2026 warrants were exercised to subscribe for 242,105 ordinary shares in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027 for total gross proceeds of GBP£16,947.35.
As at 30 June 2026:
● the Company's issued and outstanding capital structure comprised:
● 765,296,805 ordinary shares;
● warrants to subscribe for 32,382,100 ordinary shares in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027;
● share options over 5,050,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;
● share options over 12,350,000 ordinary shares in the capital of the Company exercisable at 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028; and
● share options over 19,150,000 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030; and
● share options over 28,150,000 ordinary shares in the capital of the Company exercisable at 8 pence (British pound sterling) per ordinary share expiring on 31 March 2031.
● Eagle Eye, the Company's largest shareholder, held 228,452,356 ordinary shares (being 29.85% of the total number of ordinary shares issued and outstanding).
In accordance with the Company's Share Option Scheme, 25% of any share options granted vest on the later of (i) the date of grant or (ii) the date of appropriate authority provided by the shareholders, and a further 25% of the share options vest on each of the 6-month, 12-month and 18-month anniversaries thereafter. As at 30 June 2026 vested share options comprised:
● share options over 5,050,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;
● share options over 12,350,000 ordinary shares in the capital of the Company exercisable at 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028;
● share options over 14,362,500 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030, with a further 4,787,500 vesting on 01 October 2026; and
● share options over 7,037,500 ordinary shares in the capital of the Company exercisable at 8 pence (British pound sterling) per ordinary share expiring on 31 March 2031, with a further 7,037,500 vesting on each of 30 September 2026, and 31 March and 30 September 2027.
Movements in capital during the six months ended 30 June 2026 and 2025, and the year ended 31 December 2025 were as follows:
Warrants
to subscribe for number of
ordinary shares
Share options
over number of ordinary shares
(exercise price per ordinary share; expiring date)
Number of ordinary shares
7 pence;
expiring
01 April 2027
10 pence;
12 October 2025
10.5 pence;
08 December 2026
4 pence;
13 March 2028
6.25 pence;
01 April
2030
8 pence;
31 March
2031
Proceeds
US$'000
As at 01 January 2025
452,178,145
-
4,300,000
5,050,000
13,350,000
-
-
33,813
Subscription
32,624,205
32,624,205
-
-
-
-
-
2,005
Issue costs
-
-
-
-
-
-
-
(9)
Granting of share options
-
__________
-
_________
-
_________
-
_________
-
_________
19,150,000
_________
-
_________
-
________
As at 30 June 2025 Unaudited
484,802,350
32,624,205
4,300,000
5,050,000
13,350,000
19,150,000
-
35,809
Subscription
17,466,661
-
-
-
-
-
-
1,402
Issue costs
-
-
-
-
-
-
-
(7)
Expiry of share options
-
__________
-
_________
(4,300,000)
_________
-
_________
-
_________
19,150,000
_________
-
_________
-
________
As at 31 December 2025 Audited
502,269,011
32,624,205
-
5,050,000
13,350,000
19,150,000
-
37,204
Subscriptions
261,785,689
-
-
-
-
-
-
20,913
Issue costs
-
-
-
-
-
-
-
(1,027)
Exercise of warrants
242,105
(242,105)
-
-
-
-
-
23
Exercise of share options
1,000,000
-
-
-
(1,000,000)
-
-
54
Granting of share options
-
__________-
_________-
_________
-
_________
-
_________
-
_________28,150,000
_________
-
________
As at 30 June 2026 Unaudited
765,296,805
__________
32,382,100
_________
-
_________
5,050,000
_________
12,350,000
_________
19,150,000
_________
28,150,000
_________
57,167
________
The fair value of share options has been calculated using the Black-Scholes Model, the inputs into which were as follows:
● for share options granted on 01 April 2025:
● strike price 6.25 pence (British pound sterling);
● share price 6.25 pence (British pound sterling);
● volatility 31.6%;
● vesting in four tranches and expiring on 01 April 2030;
● risk free rate 4.3%; and
● dividend yield 0%.
● for share options granted on 31 March 2026:
● strike price 8 pence (British pound sterling);
● share price 7.4 pence (British pound sterling);
● volatility 20.9%;
● vesting in four tranches and expiring on 31 March 2031;
● risk free rate 4.5%; and
● dividend yield 0%.
The cost of share based payments relating to share options has been recognised in the consolidated statement of comprehensive income and in retained (deficit) / earnings for the six months ended 30 June 2026 and 2025, and the year ended 31 December 2025 as follows:
Six months
ended
30 June
2026
US$'000
Unaudited
Six months
ended
30 June
2025
US$'000
Unaudited
Year
ended
31 December
2025
US$'000
Audited
Share based payments - share options
313
________
146
________
290
________
313
________
146
________
290
________
9. Ultimate controlling party
The Company does not have an ultimate controlling party.
On 31 March 2026 Eagle Eye became the Company's largest shareholder when the Company closed the Subscription by Eagle Eye for 228,452,356 ordinary shares in the capital of the Company at a price of 6 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£13,707,141.36. As at 30 June 2026 and the date of these condensed consolidated interim financial statements the Company's largest shareholder was Eagle Eye which held 228,452,356 ordinary shares, being 29.85% of the total number of ordinary shares issued and outstanding. Eagle Eye is a Monetary Authority of Singapore registered single-family office, managing the investment portfolios of the founding and promoter family, of which Aryann Gupta (Non-Executive Director of the Company) is a family member. Eagle Eye is established as a trust, of which Aryann Gupta (Non-Executive Director of the Company) is a beneficiary.
With effect from 31 March 2026 Eagle Eye entered into a relationship agreement with the Company to regulate the relationship between the Eagle Eye and the Company (the 'Eagle Eye Relationship Agreement') on an arm's length and normal commercial basis. In the event that the Eagle Eye's shareholding becomes less than 10% then the Eagle Eye Relationship Agreement shall terminate.
As at 30 June 2025 and 31 December 2025 the Company's largest shareholder was Brookstone Business Inc ('Brookstone'). As at 30 June 2025 Brookstone held 150,836,532 ordinary shares, being 31.11% of the total number of ordinary shares issued and outstanding. As at 31 December 2025 Brookstone held 156,169,865 ordinary shares, being 31.09% of the total number of ordinary shares issued and outstanding. Brookstone is wholly owned and controlled by First Island Trust Company Ltd as Trustee of The Nodo Trust, being a discretionary trust with a broad class of potential beneficiaries. Patrick Quirk, father of Paul Quirk (Non-Executive Director of the Company), is a potential beneficiary of The Nodo Trust.
On 30 March 2026 Brookstone, Key Ventures Holding Ltd ('KVH') and Paul Quirk (Non-Executive Director of the Company) (collectively the 'Investors') entered into a new relationship agreement with the Company (the 'Investors Relationship Agreement'; replacing the relationship agreement entered into by the Investors and the Company on 18 March 2020) to regulate the relationship between the Investors and the Company on an arm's length and normal commercial basis. In the event that the Investors' aggregated shareholding becomes less than 10% then the Investors Relationship Agreement shall terminate. KVH is wholly owned and controlled by First Island Trust Company Ltd as Trustee of The Sunnega Trust, being a discretionary trust of which Paul Quirk (Non-Executive Director of the Company) is a potential beneficiary. As at 30 June 2026 and the date of these condensed consolidated interim financial statements the Investors' aggregated shareholding was 22.32% of the total number of ordinary shares issued and outstanding.
10. Contingent liabilities
In relation to the initial award or interim renewal of an exploration permit in Mali the 2023 Mining Code states that the permit holder is required to provide the State of Mali with a bond ('Exploration Bond') issued by a local financial institution. The value of the Exploration Bond must be at least 20% of the total amount of estimated costs for planned work programmes over the initial or interim 3-year term of the exploration permit (the 'Planned Costs'). In the event that:
● there are delays or failures in the completion of planned work programmes; or
● there is unrepaired environmental damage; or
● there are inaccuracies in technical reports submitted to the authorities
then the State of Mali may claim amounts in respect of such matters (the 'Shortfall') from the related Exploration Bond.
During the six months ended 31 December 2025 a number of irrevocable guarantees as Exploration Bonds were issued by a Malian bank to the State of Mali in relation to exploration permits for Sanankoro II and Bokoro II. As at the date of these condensed consolidated interim financial statements the issuance of the relevant exploration permit for Bokoro II is outstanding.
As at 30 June 2026 (unaudited) and 31 December 2025 (audited) the value of Exploration Bonds and amounts held as collateral by the Malian bank in relation to such Exploration Bonds were as follows:
3-year term
expiring ^
Planned Costs
XOF
Exploration Bond value
XOF
Collateralised amount
XOF
Sanankoro II
01 March 2027
436,856,000
87,371,200
26,211,360
Bokoro II
03 September 2028
113,850,000
__________
22,770,000
__________
6,831,000
__________
550,706,000
__________
110,141,200
__________
33,042,360
__________
^ dates to be confirmed upon issuance of the relevant exploration permits
As at 30 June 2026 (unaudited) the United States dollar equivalent of the above CFA franc (XOF) amounts is as follows:
Planned
Costs
US$'000
Unaudited
Exploration Bond value
US$'000
Unaudited
Collateralised amount
US$'000
Unaudited
Sanankoro II
760
152
46
Bokoro II
198
__________
40
__________
12
__________
958
__________
192
__________
58
__________
As at 31 December 2025 (audited) the United States dollar equivalent of the above CFA franc (XOF) amounts is as follows:
Planned
Costs
US$'000
Audited
Exploration Bond value
US$'000
Audited
Collateralised amount
US$'000
Audited
Sanankoro II
782
156
47
Bokoro II
204
__________
41
__________
12
__________
986
__________
197
__________
59
__________
The amount of any potential Shortfall cannot be determined until the related exploration permit expires. At the current stage, it is not considered that the outcome of these contingent liabilities can be considered probable or reasonably estimable and hence no provision has been recognised in the financial statements.
See Note 7 for potential obligations in relation to the Stream transaction with Eagle Eye.
A number of the Company's project areas have potential obligations, including potential net smelter return royalty obligations, together with options for the Company to buy out the royalty, and potential gold stream obligations. At the current stage of development, it is not considered that the outcome of these contingent liabilities can be considered probable or reasonably estimable and hence no provision has been recognised in the financial statements.
11. Capital commitments
In May and June 2026 the Company entered into contracts with a number of independent contractors in relation to the Front-End Engineering Design ('FEED') process and other early works at the Sanankoro Gold Project. The total estimated cost in respect of these contracts is approximately US$1,786,000 including disbursements. The FEED and other early works are expected to be completed in 2026. As at 30 June 2026 under the terms of these contracts the Company had incurred costs of approximately US$503,000.
There were no capital commitments as at 31 December 2025.
In April 2025 the Company entered into a contract with New SENET (Pty) Ltd, independent project management company, in relation to updating the 2022 Definitive Feasibility Study for the Sanankoro Gold Project. The estimated cost in respect of this contract is approximately US$214,000. The updated Definitive Feasibility Study was completed in September 2025. As at 30 June 2025 under the terms of the contract the Company had incurred costs of approximately US$151,000.
12. Events after the reporting date
On 07 August 2026 the Company elected to extend its right to replace 50% of the Stream with traditional senior debt for an additional period of 30 days, expiring on 16 September 2026. On 25 August 2026 Eagle Eye and Cora mutually agreed, by way of an addendum to the binding term sheet, to increase the maximum period for which the Company may extend its right to replace 50% of the Stream with traditional senior debt from what would have been 15 December 2026 to the later of (i) 30 October 2027 and (ii) 6-months after the date on which the mining rights permit is granted by the government of Mali. In relation to this extension of the Company's right to replace 50% of the Stream the Company paid to Eagle Eye fees totalling US$4 million (including US$800,000 paid previously in relation to the Company's election to extend its right to replace 50% of the Stream with traditional senior debt for an additional period of 30 days, expiring on 16 September 2026).
On 21 August 2026 Mali's Council of Ministers approved the first interim renewal of the Sanankoro II exploration permit that was awarded on 02 March 2021.
13. Approval of condensed consolidated interim financial statements
The condensed consolidated interim financial statements were approved and authorised for issue by the board of directors of Cora Gold Limited on 03 September 2026.
**ENDS**
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