REG - Cora Gold Limited - Interim Results for the Six Months to 30 June 2022
05/09/2022 07:00
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RNS Number : 1834Y Cora Gold Limited 05 September 2022
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
5 September 2022
Cora Gold Limited ('Cora' or 'the Company')
Interim Results for the Six Months Ended 30 June 2022
Cora Gold Limited, the West African focused gold company, is pleased to
announce its unaudited interim results for the six months ended 30 June 2022.
Highlights
● In H1 2022:
● a drill programme at the Sanankoro Gold Project ('Sanankoro' or
'the Project') in southern Mali was completed, which focused on converting
additional ounces ('oz') from the Inferred to the Indicated category
● the updated Mineral Resource Estimate ('MRE') for Sanankoro
announced in July 2022 reported:
● 14% increase in total MRE ounces compared to the previous MRE
(November 2021)
● 22% increase in oxide Indicated Mineral Resources
● comprised 24.9 Mt of material at a grade of 1.15 g/t Au (at a
cut-off grade of 0.4 g/t Au), of which 16.1 Mt are Indicated Mineral Resources
and 8.7 Mt are Inferred Mineral Resources for a total 920 koz Au:
● 657 koz @ 1.27 g/t Au Indicated category
● 263 koz @ 0.94 g/t Au Inferred category
● two new discoveries made in close proximity to existing resources
at Sanankoro
● geological field work was carried out on a number of Cora's other
permits in southern Mali
● The ongoing Definitive Feasibility Study ('DFS') for Sanankoro is
expected to be completed in Q3 2022
● Cash at end of June 2022 of over US$2 million
Bert Monro, Chief Executive Officer of Cora, commented, "The first six months
of this year has once again been successful for the Company, with the focus of
work being principally on Cora's flagship Sanankoro Gold Project where the
ongoing DFS is nearing completion. The objective of the 2022 drill programme
at Sanankoro was to add oxide Indicated ounces, so as to enhance the Reserve
potential in the upcoming DFS. The resulting MRE delivered on that plan,
reporting an Indicated Mineral Resource of 16.1 Mt @ 1.27 g/t Au for 657 koz.
The drill programme had a very good conversion from Inferred to Indicated
which also bodes well for future infill programmes on the 263 koz of Inferred
material.
"New discoveries made during H1 2022 in close proximity to existing resources
at Sanankoro also show that there is plenty of potential to find new deposits
in the future as we remain in the early stages of developing the exploration
potential across the Sanankoro area.
"All work is now focused on completing the Sanankoro DFS and we look forward
to updating the market on this in due course."
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) No 596/2014 ('MAR'), 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
(http://www.coragold.com/) or contact:
Bert Monro Cora Gold Limited info@coragold.com (mailto:info@coragold.com)
Craig Banfield
Christopher Raggett finnCap Ltd +44 (0)20 7220 0500
Charlie Beeson (Nomad & Joint Broker)
Andy Thacker Turner Pope Investments +44 (0)20 3657 0050
James Pope (Joint Broker)
Susie Geliher St Brides Partners pr@coragold.com (mailto:pr@coragold.com)
Charlotte Page (Financial PR)
Notes
Cora is an emerging West African gold developer with three principal de-risked
project areas within two known gold belts in Mali and Senegal covering c.1,000
sq km. Led by a team with a proven track record in making multi-million-ounce
gold discoveries that have been developed into operating mines, its primary
focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt,
southern Mali, where Cora aims to commence construction of an open pit oxide
focused gold mine. An updated mineral resource estimate on the Project was
published in July 2022 which increased the Resources to 920,000 oz Au. A
Definitive Feasibility Study is expected to be completed in Q3 2022.
Consolidated Statement of Financial Position
as at 30 June 2022 and 2021,
and 31 December 2021
All amounts stated in thousands of United States dollar
30 June 30 June 31 December
2022 2021 2021
Note(s) US$'000 US$'000 US$'000
Unaudited Unaudited
Non-current assets
Intangible assets 3 23,954 16,974 21,574
________ ________ ________
Current assets
Trade and other receivables 4 143 46 208
Cash and cash equivalents 5 2,022 5,676 5,376
________ ________ ________
2,165 5,722 5,584
________ ________ ________
Total assets 26,119 22,696 27,158
________ ________ ________
Current liabilities
Trade and other payables 6 (407) (846) (570)
________ ________ ________
Total liabilities (407) (846) (570)
________ ________ ________
Net current assets 1,758 4,876 5,014
________ ________ ________
Net assets 25,712 21,850 26,588
________ ________ ________
Equity and reserves
Share capital 7 28,202 22,543 28,202
Retained deficit (2,490) (693) (1,614)
________ ________ ________
Total equity 25,712 21,850 26,588
________ ________ ________
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2022 and 2021,
and the year ended 31 December 2021
All amounts stated in thousands of United States dollar (unless otherwise
stated)
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
Note(s) US$'000 US$'000 US$'000
Unaudited Unaudited
Overhead costs (951) (716) (1,296)
Impairment of intangible assets 3 (3) - (466)
________ ________ ________
Loss before income tax (954) (716) (1,762)
Income tax - - -
________ ________ ________
Loss for the period (954) (716) (1,762)
Other comprehensive income - - -
________ ________ ________
Total comprehensive loss for the period (954) (716) (1,762)
________ ________ ________
Earnings per share from continuing operations attributable to owners of the
parent
Basic earnings per share
(United States dollar) 2 (0.0033) (0.0034) (0.0076)
________ ________ ________
Fully diluted earnings per share
(United States dollar) 2 (0.0033) (0.0034) (0.0076)
________ ________ ________
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2022 and 2021,
and the year ended 31 December 2021
All amounts stated in thousands of United States dollar
Retained
Share (deficit) / earnings Total
capital US$'000 equity
US$'000 US$'000
As at 01 January 2021 18,118 (96) 18,022
________ ________ ________
Loss for the year - (1,762) (1,762)
________ ________ ________
Total comprehensive loss for the year - (1,762) (1,762)
________ ________ ________
Proceeds from shares issued 10,063 - 10,063
Issue costs (126) - (126)
Proceeds from share options exercised 147 - 147
Share based payments - share options - 244 244
________ ________ ________
Total transactions with owners, recognised directly in equity
10,084 244 10,328
________ ________ ________
As at 31 December 2021 28,202 (1,614) 26,588
________ ________ ________
Unaudited
As at 01 January 2021 18,118 (96) 18,022
________ ________ ________
Loss for the period - (716) (716)
________ ________ ________
Total comprehensive loss for the period - (716) (716)
________ ________ ________
Proceeds from shares issued 4,433 - 4,433
Issue costs (8) - (8)
Share based payments - share options - 119 119
________ ________ ________
Total transactions with owners, recognised directly in equity
4,425 119 4,544
________ ________ ________
As at 30 June 2021 Unaudited 22,543 (693) 21,850
________ ________ ________
Retained
Share (deficit) / earnings Total
capital US$'000 equity
US$'000 US$'000
Unaudited
As at 01 January 2022 28,202 (1,614) 26,588
________ ________ ________
Loss for the period - (954) (954)
________ ________ ________
Total comprehensive loss for the period - (954) (954)
________ ________ ________
Share based payments - share options - 78 78
________ ________ ________
Total transactions with owners, recognised directly in equity
- 78 78
________ ________ ________
As at 30 June 2022 Unaudited 28,202 (2,490) 25,712
________ ________ ________
Consolidated Statement of Cash Flows
for the six months ended 30 June 2022 and 2021,
and the year ended 31 December 2021
All amounts stated in thousands of United States dollar
Six months ended Six months Year
30 June 2022 ended ended
US$'000 30 June 31 December
Unaudited 2021 2021
Note(s) US$'000 US$'000
Unaudited
Cash flows from operating activities
Loss for the period (954) (716) (1,762)
Adjustments for:
Share based payments - share options 78 119 244
Impairment of intangible assets 3 3 - 466
Decrease / (increase) in trade and other receivables 65 13 (149)
(Decrease) / increase in trade and other payables (163) 630 354
________ ________ ________
Net cash (used in) / generated from operating activities (971) 46 (847)
________ ________ ________
Cash flows from investing activities
Additions to intangible assets 3 (2,383) (3,309) (8,375)
________ ________ ________
Net cash used in investing activities (2,383) (3,309) (8,375)
________ ________ ________
Cash flows from financing activities
Proceeds from shares issued 7 - 4,433 10,063
Issue costs 7 - (8) (126)
Proceeds from share options exercised 7 - - 147
________ ________ ________
Net cash generated from financing activities - 4,425 10,084
________ ________ ________
Net (decrease) / increase in cash and cash equivalents (3,354) 1,162 862
Cash and cash equivalents at beginning of period 5 5,376 4,514 4,514
________ ________ ________
Cash and cash equivalents at end of period 5 2,022 5,676 5,376
________ ________ ________
Notes to the Condensed Consolidated Financial Statements
for the six months ended 30 June 2022 and 2021,
and the year ended 31 December 2021
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 2022 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 2022 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 2021 and extracts from the audited consolidated financial statements
for the year ended 31 December 2021.
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 2021 and the accounting policies adopted are
consistent with those used in the preparation of its financial statements for
the year ended 31 December 2021.
As at 30 June 2022 and 2021, and 31 December 2021 the Company held:
● a 100% shareholding in Cora Gold Mali SARL (registered in the Republic
of Mali; the address of its registered office is Rue 224 Porte 1279,
Hippodrome 1, BP 2788, Bamako, Republic of Mali);
● a 100% shareholding in Cora Exploration Mali SARL (the address of its
registered office is Rue 224 Porte 1279, Hippodrome 1, BP 2788, Bamako,
Republic of Mali); and
● a shareholding in Sankarani Ressources SARL (the address of its
registered office is Rue 841 Porte 202, Faladiè SEMA, BP 366, Bamako,
Republic of Mali);
and Cora Resources Mali SARL (registered in the Republic of Mali; the address
of its registered office is Rue 841 Porte 202, Faladiè SEMA, BP 366, Bamako,
Republic of 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$1,000,000.
2. Earnings per share
The calculation of the basic and fully diluted earnings per share attributable
to the equity shareholders is based on the following data:
Six months ended Six months Year
30 June ended ended
2022 30 June 2021 31 December 2021
US$'000 US$'000 US$'000
Unaudited Unaudited
Net loss attributable to equity shareholders (954) (716) (1,762)
_______ _______ _______
Weighted average number of shares for the purpose of
basic earnings per share (000's) 289,557 210,296 231,393
_______ _______ _______
Weighted average number of shares for the purpose of
fully diluted earnings per share (000's) 289,557 210,296 231,393
_______ _______ _______
Basic earnings per share
(United States dollar) (0.0033) (0.0034) (0.0076)
_______ _______ _______
Fully diluted earnings per share
(United States dollar) (0.0033) (0.0034) (0.0076)
_______ _______ _______
As at 30 June 2022, 2021 and 31 December 2021 the Company's issued and
outstanding capital structure comprised a number of ordinary shares and share
options (see Note 7).
3. Intangible assets
Intangible assets relate to exploration and evaluation project costs
capitalised as at 30 June 2022 and 2021, and 31 December 2021, less
impairment.
Six months Six months ended Year
ended 30 June ended
30 June 2021 31 December
2022 US$'000 2021
US$'000 Unaudited US$'000
Unaudited
As at 01 January 21,574 13,665 13,665
Additions 2,383 3,309 8,375
Impairment (3) - (466)
_______ _______ _______
As at period end 23,954 16,974 21,574
_______ _______ _______
Additions to project costs during the six months ended 30 June 2022 and 2021,
and the year ended 31 December 2021 were in the following geographical areas:
Six months Six months ended Year
ended 30 June ended
30 June 2021 31 December
2022 US$'000 2021
US$'000 Unaudited US$'000
Unaudited
Mali 2,376 3,286 8,292
Senegal 7 23 83
_______ _______ _______
Additions to project costs 2,383 3,309 8,375
_______ _______ _______
Impairment of project costs during the six months ended 30 June 2022 and 2021,
and the year ended 31 December 2021 relate to the following terminated
projects:
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Unaudited Unaudited
Winza (Yanfolila Project Area, Mali) 2 - 193
Kakadian (Diangounté Project Area, Mali) 1 - 145
Satifara Ouest (Diangounté Project Area, Mali) - - 79
Karan Ouest (Sanankoro Project Area, Mali) - - 49
_______ _______ _______
Impairment of project costs 3 - 466
_______ _______ _______
Those projects which were terminated were considered by the directors to be no
longer prospective.
Project costs capitalised as at 30 June 2022 and 2021, and 31 December 2021
related to the following geographical areas:
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Unaudited Unaudited
Mali 23,447 16,534 21,074
Senegal 507 440 500
_______ _______ _______
As at period end 23,954 16,974 21,574
_______ _______ _______
4. Trade and other receivables
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Unaudited Unaudited
Other receivables 107 21 113
Prepayments 36 25 95
_______ _______ _______
143 46 208
_______ _______ _______
5. Cash and cash equivalents
Cash and cash equivalents held as at 30 June 2022 and 2021, and 31 December
2021 were in the following currencies:
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Unaudited Unaudited
British pound sterling (GBP£) 1,800 3,403 5,358
CFA franc (XOF) 214 174 8
United States dollar (US$) 7 2,087 7
Euro (EUR€) 1 12 3
_______ _______ _______
2,022 5,676 5,376
_______ _______ _______
6. Trade and other payables
30 June 30 June 31 December
2022 2021 2021
US$'000 US$'000 US$'000
Unaudited Unaudited
Trade payables 215 434 408
Other payables 34 - -
Accruals 158 412 162
_______ _______ _______
407 846 570
_______ _______ _______
7. Share capital
The Company is authorised to issue an unlimited number of no par value shares
of a single class.
As at 31 December 2020 the Company's issued and outstanding capital structure
comprised:
● 205,382,159 ordinary shares;
● share options over 1,900,000 ordinary shares in the capital of the
Company exercisable at 16.5 pence (British pound sterling) per ordinary share
expiring on 18 December 2022;
● share options over 6,200,000 ordinary shares in the capital of the
Company exercisable at 8.5 pence (British pound sterling) per ordinary share
expiring on 09 October 2023; and
● share options over 7,200,000 ordinary shares in the capital of the
Company exercisable at 10 pence (British pound sterling) per ordinary share
expiring on 12 October 2025.
During the six months ended 30 June 2021:
● on 09 June 2021 the Company closed a subscription for 40,425,000
ordinary shares in the capital of the Company at a price of 7.75 pence
(British pound sterling) per ordinary share for total gross proceeds of
GBP£3,132,937.50 - certain directors of the Company participated in this
subscription;
● on 15 June 2021 share options over 275,000 ordinary shares in the
capital of the Company exercisable at 16.5 pence (British pound sterling) per
ordinary share expiring on 18 December 2022 were cancelled;
● on 30 June 2021 share options over 100,000 ordinary shares in the
capital of the Company exercisable at 10 pence (British pound sterling) per
ordinary share expiring on 12 October 2025 were cancelled.
As at 30 June 2021 the Company's issued and outstanding capital structure
comprised:
● 245,807,159 ordinary shares;
● share options over 1,625,000 ordinary shares in the capital of the
Company exercisable at 16.5 pence (British pound sterling) per ordinary share
expiring on 18 December 2022;
● share options over 6,200,000 ordinary shares in the capital of the
Company exercisable at 8.5 pence (British pound sterling) per ordinary share
expiring on 09 October 2023; and
● share options over 7,100,000 ordinary shares in the capital of the
Company exercisable at 10 pence (British pound sterling) per ordinary share
expiring on 12 October 2025.
During the six months ended 31 December 2021:
● on 06 September 2021 share options were exercised over 1,250,000
ordinary shares in the capital of the Company at a price of 8.5 pence (British
pound sterling) per ordinary share expiring on 09 October 2023 for total gross
proceeds of GBP£106,250;
● on 08 December 2021:
○ the Company closed a placing and subscription for 42,500,000 ordinary
shares in the capital of the Company at a price of 10 pence (British pound
sterling) per ordinary share for total gross proceeds of GBP£4,250,000 -
certain directors of the Company participated in this subscription;
○ the board of directors granted and approved share options over 7,850,000
ordinary shares in the capital of the Company exercisable at 10.5 pence
(British pound sterling) per ordinary share expiring on 08 December 2026;
● on 31 December 2021:
○ share options over 400,000 ordinary shares in the capital of the Company
exercisable at 16.5 pence (British pound sterling) per ordinary share expiring
on 18 December 2022 were cancelled; share options over 2,500,000 ordinary
shares in the capital of the Company exercisable at 10 pence (British pound
sterling) per ordinary share expiring on 12 October 2025 were cancelled;
○ share options over 1,200,000 ordinary shares in the capital of the
Company exercisable at 10.5 pence (British pound sterling) per ordinary share
expiring on 08 December 2026 were cancelled.
As at 31 December 2021 the Company's issued and outstanding capital structure
comprised:
● 289,557,159 ordinary shares;
● share options over 1,225,000 ordinary shares in the capital of the
Company exercisable at 16.5 pence (British pound sterling) per ordinary share
expiring on 18 December 2022;
● share options over 4,950,000 ordinary shares in the capital of the
Company exercisable at 8.5 pence (British pound sterling) per ordinary share
expiring on 09 October 2023;
● share options over 4,600,000 ordinary shares in the capital of the
Company exercisable at 10 pence (British pound sterling) per ordinary share
expiring on 12 October 2025; and
● share options over 6,650,000 ordinary shares in the capital of the
Company exercisable at 10.5 pence (British pound sterling) per ordinary share
expiring on 08 December 2026.
During the six months ended 30 June 2022:
● on 14 May 2022 share options over 100,000 ordinary shares in the
capital of the Company exercisable at 10.5 pence (British pound sterling) per
ordinary share expiring on 08 December 2026 were cancelled.
As at 30 June 2022 the Company's issued and outstanding capital structure
comprised:
● 289,557,159 ordinary shares;
● share options over 1,225,000 ordinary shares in the capital of the
Company exercisable at 16.5 pence (British pound sterling) per ordinary share
expiring on 18 December 2022;
● share options over 4,950,000 ordinary shares in the capital of the
Company exercisable at 8.5 pence (British pound sterling) per ordinary share
expiring on 09 October 2023;
● share options over 4,600,000 ordinary shares in the capital of the
Company exercisable at 10 pence (British pound sterling) per ordinary share
expiring on 12 October 2025; and
● share options over 6,550,000 ordinary shares in the capital of the
Company exercisable at 10.5 pence (British pound sterling) per ordinary share
expiring on 08 December 2026.
Movements in capital during the six months ended 30 June 2022 and 2021, and
the year ended 31 December 2021 were as follows:
Share options
over number of ordinary shares
Number of ordinary shares (exercise price per ordinary share; expiring date)
Proceeds
US$'000
16.5 pence; 8.5 pence; 10 pence; 10.5 pence;
18 December 2022 09 October 2023 12 October 2025 08 December 2026
As at 01 January 2021 205,382,159 1,900,000 6,200,000 7,200,000 - 18,118
Subscription 40,425,000 - - - - 4,433
Cancellation of share options - (275,000) - (100,000) - -
Issue costs - - - - - (8)
__________ _________ _________ _________ _________ _______
As at 30 June 2021 Unaudited 245,807,159 1,625,000 6,200,000 7,100,000 - 22,543
Placing and subscription 42,500,000 - - - - 5,630
Exercise of share options 1,250,000 - (1,250,000) - - 147
Granting of share options - - - - 7,850,000 -
Cancellation of share options - (400,000) - (2,500,000) (1,200,000) -
Issue costs - - - - - (118)
__________ _________ _________ _________ _________ _______
As at 31 December 2021 289,557,159 1,225,000 4,950,000 4,600,000 6,650,000 28,202
Cancellation of share options - - - - (100,000) -
__________ _________ _________ _________ _________ _______
As at 30 June 2022 Unaudited 289,557,159 1,225,000 4,950,000 4,600,000 6,550,000 28,202
__________ _________ _________ _________ _________ _______
8. Ultimate controlling party
The Company does not have an ultimate controlling party.
As at 30 June 2022 the Company's largest shareholder was Brookstone Business
Inc ('Brookstone') which held 82,796,025 ordinary shares, being 28.59% 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.
Brookstone, Key Ventures Holding Ltd ('KVH') and Paul Quirk (Non-Executive
Director of the Company) (collectively the 'Investors'; as at 30 June 2022
their aggregated shareholdings being 33.32% of the total number of ordinary
shares issued and outstanding) have 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. 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.
9. Contingent liabilities
On 07 September 2021 the Company entered into a US$25 million mandate and term
sheet (the 'Term Sheet') with investment firm Lionhead Capital Advisors
Proprietary Limited ('Lionhead') to fund the development of the Company's
Sanankoro Gold Project in southern Mali (the 'Project Financing'). This is
conditional on, among other matters, the completion of a Definitive
Feasibility Study ('DFS') on the Sanankoro Gold Project. Paul Quirk
(Non-Executive Director of the Company) is a director of Lionhead. The Project
Financing comprises US$12.5 million equity ('Equity Financing') and US$12.5
million convertible loan note ('Convertible Financing'). Lionhead acknowledges
that the Company intends to undertake private placements to enable existing
shareholders to subscribe for up to US$3.75 million in the Equity Financing
and up to US$3.75 million in the Convertible Financing such that Lionhead's
participation in the Project Financing may be reduced by such amounts. A fee
equal to 3% on up to US$25 million Project Financing shall be paid by the
Company to Lionhead on receipt of the proceeds in respect of the Equity
Financing and Convertible Financing participated by Lionhead.
A number of the Company's project areas have potential net smelter return
royalty obligations, together with options for the Company to buy out the
royalty. 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.
10. Capital commitments
The Company has entered into contracts with a number of contractors in respect
of the DFS for the Sanankoro Gold Project. The DFS contractors include, among
others:
● New SENET (Pty) Ltd, independent project manager;
● CSA Global (UK) Ltd, geological and mining consultants;
● Epoch Resources (Pty) Ltd, tailings storage facility consultants; and
● Digby Wells Environmental (Jersey) Limited, environmental and social
impact assessment ('ESIA') consultants.
As at 30 June 2022 total estimated costs in respect of the DFS contractors are
approximately US$2,067,000. As at 30 June 2022, 2021 and 31 December 2021
under the terms of the contracts the Company had incurred costs of
approximately US$1,990,000, approximately US$75,000 and approximately
US$1,080,000 respectively. The DFS is expected to be completed in the third
quarter of 2022.
11. Events after the reporting date
In July 2022 the ESIA was completed and formally submitted to the Mali
authorities. In due course, further material to address any matters raised by
the Mali authorities, and an updated and final ESIA submission will be
tendered.
In August 2022 the Company entered into additional contracts in respect of the
DFS for the Sanankoro Gold Project. Total estimated costs in respect of these
additional DFS contracts are approximately US$39,000.
12. 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 02
September 2022.
**ENDS**
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. END IR KZGGLNZVGZZMRecent news on Cora Gold
See all newsREG - Cora Gold Limited - Key DFS Consultant Appointed to Lead Updated Study
AnnouncementREG - Cora Gold Limited - Update on Capital Structure & Granting of Options
AnnouncementREG - Cora Gold Limited - Fundraise
AnnouncementREG - Cora Gold Limited - Permit Moratorium Partially Lifted in Mali
AnnouncementREG - Cora Gold Limited - +1 Million Ounce Mineral Resource Estimate
Announcement