REG - Cora Gold Limited - Fundraise

Cora GoldAnnouncement

17/12/2025 07:00

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RNS Number : 8336L  Cora Gold Limited  17 December 2025

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

17 December 2025

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

Fundraise

Cora Gold Limited, the West African focused gold company, is pleased to
announce that it has conditionally raised GBP£1,047,999.66 before expenses
through a Subscription (as defined below) (the 'Fundraise') of 17,466,661 new
ordinary shares of no par value in the Company ('Ordinary Shares') at a price
of 6 pence (British pound sterling) per Ordinary Share (the 'New Ordinary
Shares'), representing a discount of 4% to the closing market price of the
Ordinary Shares on 16 December 2025.

 

Bert Monro, Chief Executive Officer of Cora, commented, "I am very encouraged
by the strong support shown by our existing significant shareholders in the
Fundraise, which reflects continued confidence in developing the Company's
flagship Sanankoro Gold Project in south Mali. The Fundraise is intended to
support the Company through the permitting process for Sanankoro, positioning
us to move into the construction phase and deliver the Project set out in the
very positive definitive feasibility study published in Q3 2025.

 

"During Q4 2025, I met with the Minister of Mines in Bamako and received
positive assurances regarding the progression of the Sanankoro permits. The
Company is working hard to advance Sanankoro as efficiently as possible
towards the commencement of construction with the permitting process being our
primary focus at this time."

 

Details of the Fundraise

The Fundraise is being conducted out of the authorities to issue and allot
Ordinary Shares in the capital of the Company granted to the directors by
shareholders at the Company's Annual General Meeting held on 25 June 2025.
Accordingly, the issue of the New Ordinary Shares is not subject to the
approval of shareholders.

 

The Fundraise is conditional on admission of the New Ordinary Shares to
trading on AIM ('Admission').

 

Use of proceeds

 

The net proceeds of the Fundraise will principally be used to progress the
development of the Sanankoro Gold Project in southern Mali, as well as
continued exploration of the Company's permits and for general working capital
purposes.

 

Binding commitments

 

Binding commitments to subscribe (the 'Subscription') for a total of
17,466,661 New Ordinary Shares have been received from Brookstone Business Inc
('Brookstone'; the Company's largest shareholder), Lord Farmer (a substantial
shareholder), First Island Trust Company Ltd as Trustee of The Marlborough
Trust ('The Marlborough Trust'; a substantial shareholder), Maggianda
Foundation (a substantial shareholder), certain directors of the Company and
other subscribers. Details of their participation and consequent interest in
the Company's issued share capital is described below.

 

Admission and Total Voting Rights

 

Through the Subscription the Company has conditionally raised a total of
GBP£1,047,999.66 before expenses through the proposed issue of 17,466,661 New
Ordinary Shares to certain existing shareholders and new investors.

 

As noted above, the Fundraise is subject to Admission. Application will be
made for the New Ordinary Shares to be admitted to trading on AIM and it is
expected that Admission will become effective and dealing in the New Ordinary
Shares will commence on or around 22 December 2025. 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
502,269,011 Ordinary Shares. The above figure of 502,269,011 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.

 

Related party transaction

 

The Subscription by each of Brookstone, Lord Farmer, The Marlborough Trust,
Maggianda Foundation, Edward Bowie, Adam Davidson and Robert ('Bert') Monro
constitutes related party transactions pursuant to Rule 13 of the AIM Rules.
Having consulted with the Company's Nominated Adviser, Cavendish Capital
Markets Limited, Andrew Chubb (an independent Non-Executive Director of the
Company), considers that the terms of the transaction are fair and reasonable
insofar as its shareholders are concerned.

 

The following directors of the Company or their connected parties have given a
binding commitment to subscribe for the following numbers of shares in the
Fundraise:

●     Edward Bowie (independent Non-Executive Director and Chair of the
Board of Directors) - 166,666 New Ordinary Shares;

●     Adam Davidson (independent Non-Executive Director) - 166,666 New
Ordinary Shares; and

●     Robert Monro (Chief Executive Officer and a Director) - 166,666
New Ordinary Shares.

 

On Admission certain substantial shareholders of the Company will hold the
following numbers of Ordinary Shares:

●     Brookstone will be the registered holder of 156,169,865 Ordinary
Shares, representing approximately 31.09% of the issued share capital of the
Company on Admission. Brookstone is 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;

●     Lord Farmer will be the registered holder of 96,860,842 Ordinary
Shares, representing approximately 19.28% of the issued share capital of the
Company on Admission;

●     The Marlborough Trust will be the registered holder of 33,687,336
Ordinary Shares, representing approximately 6.71% of the issued share capital
of the Company on Admission. The Marlborough Trust is a discretionary trust
with a broad class of potential beneficiaries; and

●     Maggianda Foundation will be the registered holder of 26,278,206
Ordinary Shares, representing approximately 5.23% of the issued share capital
of the Company on Admission. Maggianda Foundation is a non-grantor trust of
which Jeremy Block is the first beneficiary.

 

Revised shareholdings following Admission

 

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

                                                                            Current shareholding  New Ordinary Shares  Shareholding on Admission  Percentage of enlarged issued share capital
 Brookstone Business Inc (a)                                                150,836,532           5,333,333            156,169,865                31.09%
 Lord Farmer                                                                93,527,509            3,333,333            96,860,842                 19.28%
 First Island Trust Company Ltd as Trustee of The Marlborough Trust (b)     30,137,336            3,550,000            33,687,336                 6.71%
 Maggianda Foundation (c)                                                   25,361,540            916,666              26,278,206                 5.23%
 Robert Monro                                                               2,638,871             166,666              2,805,537                  0.56%

 Chief Executive Officer and Director
 Edward Bowie                                                               838,686               166,666              1,005,352                  0.20%

 Non-Executive Director (independent) and Chair of the Board of Directors
 Adam Davidson                                                              404,210               166,666              570,876                    0.11%

 Non-Executive Director (independent)

a    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.

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

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

 

Relationship Agreement

 

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 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 news release
the Investors' aggregated shareholdings were 34.13% of the issued share
capital of the Company. On Admission the Investors' revised aggregated
shareholdings will be 34.00% of the issued share capital of the Company.

 

Persons Discharging Management Responsibility

 

As a result of the Fundraise detailed above, the Subscriptions by persons
discharging management responsibility ('PDMR') under the Market Abuse
Regulation are detailed below.

 

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

 

  1.   Details of the person discharging managerial responsibilities/person closely
       associated
  a)   Name:                                                         Edward Bowie
  2.   Reason for the notification
  a)   Position/status:                                              Non-Executive Director and Chair of the Board of Directors
  b)   Initial notification/Amendment:                               Initial notification
  3.   Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
  a)   Name:                                                         Cora Gold Limited
  b)   LEI:                                                          213800TW2N9JJYCUDD71
  4.   Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted.
  a)   Description of the financial instrument, type of instrument:  Depositary interests of no par value

       Identification code:                                          ISIN: VGG2423W1077
  b)   Nature of the transaction:                                    a.     Issue of ordinary shares for subscription in private placement
  c)   Price(s) and volume(s):

Price(s)     Volume(s)
                                                                     a. 6 pence  a. 166,666
  d)   Aggregated information:                                       Single transactions as in 4 c) above

Price(s)     Volume(s)
       Aggregated volume:                                            a. 6 pence  a. 166,666

       Price:
  e)   Date of the transaction:                                      16 December 2025
  f)   Place of the transaction:                                     Outside of a trading venue

 d)

Aggregated information:

Aggregated volume:

Price:

Single transactions as in 4 c) above

 Price(s)     Volume(s)
 a. 6 pence  a. 166,666

 e)

Date of the transaction:

16 December 2025

 f)

Place of the transaction:

Outside of a trading venue

 

  1.   Details of the person discharging managerial responsibilities/person closely
       associated
  a)   Name:                                                         Adam Davidson
  2.   Reason for the notification
  a)   Position/status:                                              Non-Executive Director
  b)   Initial notification/Amendment:                               Initial notification
  3.   Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
  a)   Name:                                                         Cora Gold Limited
  b)   LEI:                                                          213800TW2N9JJYCUDD71
  4.   Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
  a)   Description of the financial instrument, type of instrument:  Depositary interests of no par value

       Identification code:                                          ISIN: VGG2423W1077
  b)   Nature of the transaction:                                    a.     Issue of ordinary shares for subscription in private placement
  c)   Price(s) and volume(s):

Price(s)     Volume(s)
                                                                     a. 6 pence  a. 166,666
  d)   Aggregated information:                                       Single transactions as in 4 c) above

Price(s)     Volume(s)
       Aggregated volume:                                            a. 6 pence  a. 166,666

       Price:
  e)   Date of the transaction:                                      16 December 2025
  f)   Place of the transaction:                                     Outside of a trading venue

 d)

Aggregated information:

Aggregated volume:

Price:

Single transactions as in 4 c) above

 Price(s)     Volume(s)
 a. 6 pence  a. 166,666

 e)

Date of the transaction:

16 December 2025

 f)

Place of the transaction:

Outside of a trading venue

 

  1.   Details of the person discharging managerial responsibilities/person closely
       associated
  a)   Name:                                                         Robert Monro
  2.   Reason for the notification
  a)   Position/status:                                              Chief Executive Officer and Director
  b)   Initial notification/Amendment:                               Initial notification
  3.   Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
  a)   Name:                                                         Cora Gold Limited
  b)   LEI:                                                          213800TW2N9JJYCUDD71
  4.   Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
  a)   Description of the financial instrument, type of instrument:  Depositary interests of no par value

       Identification code:                                          ISIN: VGG2423W1077
  b)   Nature of the transaction:                                    a.     Issue of ordinary shares for subscription in private placement
  c)   Price(s) and volume(s):

Price(s)     Volume(s)
                                                                     a. 6 pence  a. 166,666
  d)   Aggregated information:                                       Single transactions as in 4 c) above

Price(s)     Volume(s)
       Aggregated volume:                                            a. 6 pence  a. 166,666

       Price:
  e)   Date of the transaction:                                      16 December 2025
  f)   Place of the transaction:                                     Outside of a trading venue

 d)

Aggregated information:

Aggregated volume:

Price:

Single transactions as in 4 c) above

 Price(s)     Volume(s)
 a. 6 pence  a. 166,666

 e)

Date of the transaction:

16 December 2025

 f)

Place of the transaction:

Outside of a trading venue

 

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)
 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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