REG - Cora Gold Limited - Sanankoro: Front-End Engineering Design Process

Cora GoldAnnouncement

26/05/2026 07:00

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RNS Number : 5572F  Cora Gold Limited  26 May 2026

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

26 May 2026

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

 

Sanankoro Update: Front-End Engineering Design Process

 

Cora Gold Limited, the West African focused gold company, is pleased to
announce further progress towards construction readiness at the Company's
flagship Sanankoro Gold Project in southern Mali ('Sanankoro' or the
'Project'), including the commencement of the Front-End Engineering Design
('FEED') process. The FEED process is a key element in readying Sanankoro for
full construction, forms part of the capital cost and is an important
milestone in the delivery timeline contemplated in the Definitive Feasibility
Study ('DFS') through to first gold pour. Completing the FEED process will
allow the Company to make decisions on long lead items, with a view to
potentially compressing the Project's delivery timeline once in receipt of the
mining permit.

 

In addition to the FEED and permitting activities, selected complementary
workstreams are planned to commence in parallel.  The Sanankoro exploration
camp is currently undergoing refurbishment as the Company prepares to commence
FEED focused field work, while also upgrading accommodation standards in
advance of construction of the permanent mine camp during development.
Alongside this, targeted land compensation activities have commenced in
priority areas to support ongoing project advancement and construction
readiness.

 

Front-End Engineering Design

The Company has appointed New SENET (Pty) Ltd ('SENET'), a DRA Global group
company, to lead the FEED process.  As an independent project management
company, SENET managed Cora's 2025 and 2022 DFSs at Sanankoro and has been
appointed to oversee the FEED process due to its established understanding of
the Project, and experience with a range of gold projects across West Africa.
Over the past 15 years SENET has worked on more than 25 African gold projects
and completed over 80 studies, including 15 projects and studies in Mali.

 

The FEED process is due to be completed in H2 2026 and, subject to the
finalisation of the relevant permitting, construction will commence
thereafter.  The Company continues to progress the permitting process for
Sanankoro through ongoing constructive engagement with the Government of Mali.
As the final key regulatory milestone ahead of construction, permitting
represents one of the last stages of de-risking the Project as Sanankoro moves
towards development.

 

Gold Price Sensitivity Analysis

The Company has undertaken sensitivity analysis on the 2025 DFS financial
model, which was based on a gold price of US$2,750/oz. In light of the
sustained strength in the gold price, the Company updated the financial
outcomes of the DFS model at gold prices of US$3,500/oz and US$4,000/oz, with
no changes to the operating, capital or production assumptions. All figures
are presented on a post-tax basis.

 

 Gold Price (US$/oz)  2,750  3,500  4,000
 IRR (%)              65     98     119
 NPV(8) (US$m)        221    365    461
 AISC (US$/oz)        1,478  1,623  1,721

The updated outputs have been reviewed and confirmed by Infinity Corporate
Finance, which completed the financial modelling for the 2025 DFS.

 

This sensitivity analysis highlights the strong leverage of Sanankoro to
higher gold prices, with significant increases in both IRR and NPV under
higher pricing scenarios.

 

Bert Monro, Chief Executive Officer of Cora, commented, "We are building
strong momentum at Sanankoro across multiple fronts. The commencement of the
FEED process marks a key milestone in the construction timeline and positions
us to move swiftly into development once the mining permit is awarded. We are
pleased to be working with SENET again; their extensive experience in West
African oxide gold projects, and prior involvement in two DFS studies at
Sanankoro, is invaluable.

 

"I am pleased that our camp is undergoing an upgrade so that it's ready for
this phase of work.  This upgrade will also allow the camp to house the
construction team in advance of the new mine camp being built during the
construction phase.

 

"Sanankoro is fully funded following the recent signing of a binding term
sheet for a US$120m gold stream with Eagle Eye and the equity raise completed
in March 2026, enabling us to progress with confidence towards construction.
In line with this, we are working on additional preparatory workstreams,
including land compensation, to ensure we are construction ready once the
permitting is finalised.

 

"We are at a pivotal stage in the Project's development, and I look forward to
providing further updates as we advance the Project."

 

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
(https://protect.checkpoint.com/v2/r01/___http:/www.coragold.com/___.YXAzOmRldGVycmFyb3lhbHRpZXM6YzpvZmZpY2UzNjVfZW1haWxzX2F0dGFjaG1lbnQ6OTZjODM1MmQ3NzBmMDQyZWU2ZDBiMjhjMWU2N2JkMjE6NzpmZTljOjA4NDdjZDQwNTAwODA4YjgzZTVhY2E4ODg1ZjYwMTY1N2Y3NWY1OTRlMmNjOTc2OTQwNTc2YzRhYjIzN2Y5Njk6cDpUOk4)
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      Hannam & Partners (Advisory) LLP      +44 (0)20 7907 8500

 Franck Nganou    (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 98% IRR post tax, US$365 million
NPV(8) post tax and all-in sustaining costs of US$1,623/oz based on a gold
price of US$3,500/oz.

 

In April 2026, the Company secured a binding US$120 million gold stream which,
together with existing equity, fully funds the development of Sanankoro
through to production. The agreement also provides flexibility, allowing up to
50% of the stream to be replaced with traditional senior debt within 240 days
of approvals, enabling optimisation of the financing structure.  With funding
in place, the Company is advancing the finalisation of the permitting process
with the Government of Mali to enable a swift transition into mine
construction.

 

The Company continues to pursue additional value-enhancing opportunities
across its broader portfolio, including the identification of large-scale gold
mineralisation potential at the Madina Foulbé exploration permit, located
within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in eastern
Senegal.

 

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