REG - Cora Gold Limited - Lower-Cost Processing Opportunity at Sanankoro

Cora GoldAnnouncement

28/05/2025 07:00

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RNS Number : 3089K  Cora Gold Limited  28 May 2025

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

28 May 2025

Cora Gold Limited

('Cora' or 'the Company')

 

Optimisation Test Work Identifies Lower-Cost Processing Opportunity at
Sanankoro

 

Cora Gold Limited (AIM: CORA), the West African focused gold company, is
pleased to announce the results of recent metallurgical test work undertaken
with a view to achieving process flow sheet optimisation at its flagship
Sanankoro Gold Project in south Mali ('Sanankoro' or 'the Project'). The
objective of the test work has been to identify improvements to the processing
flow sheet and, as a consequence, reduce operating costs over the life of
mine. These efforts form part of Cora's ongoing strategy to enhance project
economics through operational efficiency.

 

The 2022 Definitive Feasibility Study ('DFS') planned for all gold bearing ore
to pass through a ball mill.  The results of the metallurgical test work have
confirmed that a scrubbing circuit can now be effectively integrated upstream
of the ball mill, reducing the size of the required ball mill and with
expected positive implications predominantly around power consumption over the
life of mine.  These results form part of the ongoing exercise of updating
the 2022 DFS, to optimise the flow sheet and the overall mine plan at
Sanankoro.  The Company will continue to look for further optimisation
opportunities in the Project. Any improvements that cannot be included in the
upcoming updated DFS will be incorporated during the follow-on Front-End
Engineering and Design ('FEED') stage, leading into construction.

 

The ongoing work to update the 2022 DFS, including updated Probable Reserves,
continues to progress well and is due to be completed during Q3 2025.

 

Bert Monro, Chief Executive Officer of Cora, commented, "Our focus at
Sanankoro is on expediting the Project to mine construction phase.  Multiple
work programmes are underway in support of this, and we are pleased this
optimisation test work has identified another potential positive for the
Project. The 2022 DFS based on a US$1,750 gold price showed a +50% IRR so
further operational improvements coupled with a significantly higher gold
price is an exciting prospect. This two-stage processing plan will feed into
the updated DFS currently being completed, which we look forward to sharing
the results of in Q3 2025."

 

Further Information:

 

The results of the test work confirmed a two-stage processing strategy would
be optimal for gold recovery at Sanankoro:

 

1.   Fine material (<1 mm focussing on <0.212 mm) responds well to drum
scrubbing, which is effective in liberating gold from the softer, clay-bound
ore at Sanankoro. As a result, this fraction can potentially bypass the
milling stage and proceed directly to leaching, thereby reducing energy
consumption, increasing overall throughput for finer material, and preventing
potential over-grinding of finer material.

 

2.    Coarse material (>1 mm) to proceed to the ball mill for grinding
to achieve optimal liberation for carbon-in-leach ('CIL') processing.

 

This two-stage strategy is well-proven for saprolite/oxide gold systems in
Africa, especially where clay content is high and gold occurs in both
liberated fines and embedded in quartz, as is the case with Sanankoro.  This
recovery process was not included in the 2022 DFS but will be incorporated
into the updated DFS currently being completed.  It offers the potential for
a reduced power requirement for processing and downsized mill requirement
(given that only the coarse fraction will need milling), which alongside an
enhanced +1-million-ounce Mineral Resource Estimate ('MRE') and strengthened
gold price is expected to significantly enhance the commercial value of
Sanankoro since the 2022 DFS.

 

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.

 

**ENDS**

 

For further information, please visit www.coragold.com, follow us on social
media (LinkedIn:  www.linkedin.com/company/cora-gold/; and X: @cora_gold) or
contact:

 

 Bert Monro       Cora Gold Limited                  info@coragold.com

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

 Pearl Kellie     (Nomad & Broker)
 Susie Geliher    St Brides Partners                 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, its primary focus is on developing the Sanankoro Gold Project
in the Yanfolila Gold Belt, south Mali, into an open pit oxide mine. Based on
a gold price of US$1,750/oz and a Maiden Probable Oxide Reserve of 422 koz at
1.3 g/t Au, the 2022 Definitive Feasibility Study showed that the Project has
strong economic fundamentals, including 52% IRR, US$234 million Free Cash Flow
over life of mine and all-in sustaining costs of US$997/oz. The Company is
working to update the 2022 DFS and anticipates making an announcement on the
updated DFS, including updated Probable Reserves, during Q3 2025. 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 Kenieba Project Area of east Senegal.

 

 

 

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