REG - Cora Gold Limited - Completion of Fundraise, Board Change & New Broker

Cora GoldAnnouncement

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RNS Number : 4448Y  Cora Gold Limited  27 March 2026

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

27 March 2026

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

Completion of Fundraise, Board Changes and Appointment of Joint Broker

Cora Gold Limited, the West African focused gold company, is pleased to
announce that following the satisfaction of certain conditions, including the
passing of the necessary resolutions at the Extraordinary General Meeting of
the Company held on 24 March 2026, the Company can now proceed to close the
Fundraise announced on 9 February 2026.

 

The Fundraise will raise gross proceeds of £15,707,141.34 for the Company,
through the issue of 261,785,689 new ordinary shares of no par value in the
Company ('New Ordinary Shares') at a price of 6 pence per ordinary share (the
'Issue Price'), comprising:

●     a Subscription to raise £13,707,141.36 through the issue of
228,452,356 New Ordinary Shares at the Issue Price; and

●    a Retail Offering to raise £1,999,999.98  from existing
shareholders of the Company through the issue of 33,333,333 New Ordinary
Shares at the Issue Price.

 

With effect from the closing of the Fundraise:

●     Aryann Gupta will be appointed Non-Executive Director of the
Company and a member of the audit committee of the Board of Directors of the
Company (the 'Board' or the 'Board of Directors');

●     Adam Davidson (Non-Executive Director of the Company) will be
appointed Chair of the Board of Directors, replacing Edward Bowie who remains
Non-Executive Director of the Company; and

●     H&P Advisory Limited will be appointed as Joint Broker to the
Company.

 

Details of the Subscription

The Subscription comprises a strategic investment by Eagle Eye Asset Holdings
Pte. Ltd. ('Eagle Eye'). Following Admission, Eagle Eye will hold 29.90% of
the enlarged issued share capital of the Company and Eagle Eye's
representative Aryann Gupta will be appointed to the Board of the Company as a
Non-Executive Director, and to the audit committee of the Board.

 

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.

 

Use of proceeds

 

The net proceeds of the Fundraise will principally 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.

 

Admission and Total Voting Rights

 

Application has been made for the New Ordinary Shares to be to be issued
pursuant to the Fundraise to be admitted to trading on AIM ('Admission'). It
is expected that Admission will become effective and dealing in the New
Ordinary Shares will commence on or around 8:00 a.m. on 31 March 2026. The New
Ordinary Shares will rank pari passu with the existing Ordinary Shares.

 

Following Admission, the share capital of the Company will be comprised of
764,054,700 ordinary shares. The above figure of 764,054,700 may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in Cora under the
Financial Conduct Authority's Disclosure and Transparency Rules.

 

Schedule 2(g)

 

The following disclosures are made pursuant to Schedule 2(g) of the AIM Rules
for Companies:

 

Aryann Gupta, aged 21, currently holds or has held the following directorships
or partnerships in the past five years:

 Current                                        Past five years
 Arise Integrated Industrial Platforms Limited  Digiminega Limited
 FG Gold Limited

 

Mr Gupta is an appointed representative of Eagle Eye which, following
Admission, will hold 228,452,356 ordinary shares representing 29.90% of the
issued share capital of the Company.  Eagle Eye is established as a trust, of
which Aryann Gupta is a beneficiary.

 

Revised shareholdings following Admission

 

On Admission, the revised shareholdings of substantial and significant
shareholders, plus directors will be:

                                                                            Current shareholding  New Ordinary Shares  Shareholding on Admission  Percentage of enlarged issued share capital
 Eagle Eye Asset Holdings Pte. Ltd. (a)                                     -                     228,452,356          228,452,356                29.90%
 Brookstone Business Inc (b)                                                156,169,865           -                    156,169,865                20.44%
 Lord Farmer                                                                96,860,842            -                    96,860,842                 12.68%
 First Island Trust Company Ltd as Trustee of The Marlborough Trust (c)     33,055,757            -                    33,055,757                 4.33%
 Maggianda Foundation (d)                                                   26,278,206            2,500,081            28,778,287                 3.77%
 Paul Quirk (e)                                                             14,612,599            -                    14,612,599                 1.91%

 Non-Executive Director
 Robert Monro                                                               2,805,537             -                    2,805,537                  0.37%

 Chief Executive Officer and Director
 Edward Bowie                                                               1,003,591             -                    1,003,591                  0.13%

 Non-Executive Director (independent)
 Adam Davidson                                                              570,876               -                    570,876                    0.07%

 Non-Executive Director (independent) and Chair of the Board of Directors
 Andrew Chubb                                                               539,006               -                    539,006                    0.07%

 Non-Executive Director (independent)
 Aryann Gupta (a)                                                           -                     -                    -                          nil%

 Non-Executive Director

a    Eagle Eye Asset Holdings Pte. Ltd. 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 Asset Holdings Pte.
Ltd. is established as a trust, of which Aryann Gupta (Non-Executive Director
of the Company) is a beneficiary.

b    Wholly owned and controlled by First Island Trust Company Limited 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.

c     A discretionary trust with a board class of potential beneficiaries.

d    A non-grantor trust of which Jeremy Block is the first beneficiary.

e    Held personally and through Key Ventures Holding Ltd which 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.

 

Relationship Agreements

 

On 18 March 2020 Brookstone, Key Ventures Holding Ltd (which is wholly owned
and controlled by First Island Trust Company Limited as Trustee of The Sunnega
Trust, being a discretionary trust of which Paul Quirk (Non-Executive Director
of the Company)) and Paul Quirk (collectively the 'Investors') entered into a
relationship agreement with the Company to regulate the relationship between
the Investors and the Company on an arm's length and normal commercial basis.
In the event that Investors' aggregated shareholdings becomes less than 30%
then the relationship agreement shall terminate. As at the date of this
notification the Investors' aggregated shareholding was 34.00% of the issued
share capital of the Company. On Admission, the Investors' aggregated
shareholdings will reduce to 22.35% of the enlarged issued share capital of
the Company. Accordingly, the Investors will enter into a new relationship
agreement with the Company to regulate the relationship between the Investors
and the Company on an arm's length and normal commercial basis (the
'Investors' Relationship Agreement'). The Investors' Relationship Agreement
will replace the relationship agreement entered into by the Investors and the
Company on 18 March 2020. If Investors' aggregated shareholding in the Company
falls below 10% the Investors' Relationship Agreement shall terminate.

 

On Admission, Eagle Eye's shareholding will be 29.90% of the enlarged issued
share capital of the Company. Eagle Eye will enter into a relationship
agreement with the Company to regulate the relationship between Eagle Eye and
the Company on an arm's length and normal commercial basis (the 'Eagle Eye
Relationship Agreement'). If Eagle Eye's shareholding in the Company falls
below 10% the Eagle Eye Relationship Agreement shall terminate.

 

Board Changes

 

With effect from the date of Admission:

●     Aryann Gupta will be appointed to the Board as a Non-Executive
Director of the Company, and to the audit committee of the Board;

●     Adam Davidson (Non-Executive Director of the Company) will be
appointed Chair of the Board of Directors, replacing Edward Bowie who remains
Non-Executive Director of the Company; and

●     the members of the committees of the Board will be as follows:

●     AIM compliance & corporate governance committee: Edward Bowie
(chair of the committee), Andrew Chubb and Adam Davidson;

●     audit committee: Adam Davidson (chair of the committee), Edward
Bowie and Aryann Gupta; and

●     remuneration & nominations committee: Adam Davidson (chair of
the committee), Edward Bowie and Paul Quirk.

 

Appointment of Joint Broker

 

H&P Advisory Limited will be appointed as joint Broker to the Company with
effect from 31 March 2026, alongside Cavendish Capital Markets Limited.
Cavendish Capital Markets Limited will continue to act as Nominated Adviser
and Broker to the Company.

 

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.

 

**ENDS**

 

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

 Bert Monro       Cora Gold Limited                  info@coragold.com (mailto:info@coragold.com)

Craig Banfield
 Derrick Lee      Cavendish Capital Markets Limited  +44 (0)20 7220 0500

Pearl Kellie
(Nomad and Broker)
 Matt Hasson      H&P Advisory Limited               +44 (0)20 7907 8500

 Franck Nganou    (Adviser to the Subscription)
 Susie Geliher    St Brides Partners                 cora@stbridespartners.co.uk (mailto:cora@stbridespartners.co.uk)

Charlotte Page
(Financial PR)

 

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
NPV(8) 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.

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