Cora Gold Limited - Results of Oversubscribed Retail Offer

Cora Gold

17/02/2026 07:00

RNS Number : 2451T

Cora Gold Limited

17 February 2026

 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

17 February 2026

 

Cora Gold Limited ('Cora' or 'the Company')

Results of Oversubscribed Retail Offer

 

Further to the announcement by the Company in respect of the Retail Offer dated 10 February 2026 (the "Retail Offer Announcement"), Cora Gold Limited, is pleased to announce that following the closing of the Retail Offer on the BookBuild platform, the Company has conditionally raised gross proceeds of c.£2 million (the "Retail Offer") by way of a successful subscription for 33,333,333 Retail Offer Shares at the Issue Price of 6 pence per share in connection with the Retail Offer, which was significantly oversubscribed.

 

Allocations were made to existing Shareholders, applying the principles of soft pre-emption.  Given the significant demand, existing Shareholders received 100 per cent. of their soft pre-emptive allowance, when their order matched or exceeded their soft pre-emptive allowance. Where the order was greater than the soft pre-emptive allowance shareholders received c.36% of their additional demand [1].

 

The Subscription and Retail Offering (together the "Fundraise") will raise gross proceeds of c.£15.7 million which will primarily be used to advance Cora's flagship Sanankoro Gold Project in southern Mali towards production, as well as continued exploration of the Company's permits and for general working capital purposes.

 

Completion of the Fundraise is conditional on (amongst other matters): (i) the provision of a title opinion on the Company's assets in Mali satisfactory to the subscriber to the Subscription; (ii) the passing of the necessary resolutions at a general meeting of the shareholders of the Company (the "EGM"); and (iii) admission of the Retail Offer Shares and Subscription Shares to trading on AIM ("Admission") taking place no later than 8 April 2026.

 

The EGM will be held at 12 p.m. on 24 March 2026 at the offices of Hannam & Partners, 3rd Floor, 7-10 Chandos Street, London, W1G 9DQ, United Kingdom and online. Details on how shareholders can vote and attend the EGM are set out in the announcement made by the Company on 13 February 2026.

 

Upon all conditions becoming satisfied an application will be made to the London Stock Exchange for the Retail Offer Shares and Subscription Shares to be admitted to trading on AIM.  The date of Admission may be accelerated subject to all conditions being satisfied. Should this occur, the Company will notify the new date of Admission.

 

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Retail Offer Announcement.

 

Market Abuse Regulation ('MAR') Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.

 

For further information, please visit http://www.coragold.com or contact:

Bert Monro
 Craig Banfield
Cora Gold Limited
info@coragold.com
Derrick Lee
 Pearl Kellie
Cavendish Capital Markets Limited
 (Nomad and Broker)
+44 (0)20 7220 0500
Matt Hasson
Franck Nganou
Hannam & Partners
 (Adviser to the Subscription)
+44 (0)207 907 8500
Susie Geliher
 Charlotte Page
St 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 65% IRR post tax, US$221 million NPV8 post tax, US$479 million Free Cash Flow over life of mine and all-in sustaining costs of US$1,478/oz based on a gold price of US$2,750/oz. The Company is working to finalise the permitting process and conclude project financing so that mine construction can commence. Alongside this, the Company continues to seek value opportunities across its portfolio and has identified large scale gold mineralisation potential at the Madina Foulbé exploration permit within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in east Senegal.

[1]Soft Pre-emptive allowance Calculation: Existing shares X 52.121% (Dilution from total new shares being issued) = Soft Pre-emptive allowance allocation shares.

Additional Demand: (Total Order shares - Soft Pre-emptive allowance allocation shares) x c.36% = Additional demand allocation shares

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