REG - Cora Gold Limited - Update: Capital Structure & Grant of Share Options

Cora GoldAnnouncement

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RNS Number : 9432Y  Cora Gold Limited  01 April 2026

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

01 April 2026

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

Update on Capital Structure and Granting of Share Options

 

Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on its capital structure and announce the granting of share
options.

 

Highlights

 

●     The Company has now closed its Fundraise for gross proceeds of
£15.707 million (British pound sterling) before expenses (see announcement
dated 27 March 2026)

 

●     Share options granted to directors and employees plus consultants
over 28,150,000 ordinary shares exercisable at 8 pence (British pound
sterling) per ordinary share expiring on 31 March 2031

 

Close of Fundraise

 

On 31 March 2026 the Company closed its Fundraise for total gross proceeds of
£15.707 million (see announcement dated 27 March 2026). After the close of
the Fundraise the Company's balance of cash and cash equivalents is in excess
of US$20.5 million.

 

Grant of Share Options

 

Following the closing of the Fundraise on 31 March 2026, in accordance with
the Company's Share Option Scheme dated 18 December 2017, the board of
directors granted and approved share options ('Options') over 28,150,000
ordinary shares, equivalent to 3.68% of the issued share capital of the
Company, to certain directors, management and consultants. The exercise price
of the Options is 8 pence (British pound sterling) per ordinary share,
representing a premium of 3.6% to the average closing mid-market price of the
ordinary shares on the 10 trading days prior to the date of grant. The Options
expire on 31 March 2031. In addition, regarding vesting:

●     one quarter of the Options vest immediately;

●     one quarter of the Options vest on 30 September 2026;

●     one quarter of the Options vest on 31 March 2027; and

●     one quarter of the Options vest on 30 September 2027.

 

Following the grant of the Options, the total number of share options over
ordinary shares is 65,700,000, equivalent to 8.60% of the current ordinary
issued share capital of the Company.

 

Immediately post granting of the above Options the Company's issued and
outstanding capital structure comprised:

●     764,054,700 ordinary shares;

●     warrants to subscribe for 32,624,205 ordinary shares in the
capital of the Company at a price of 7 pence (British pound sterling) per
ordinary share expiring on 01 April 2027;

●     share options over 5,050,000 ordinary shares in the capital of the
Company exercisable at 10.5 pence (British pound sterling) per ordinary share
expiring on 08 December 2026;

●     share options over 13,350,000 ordinary shares in the capital of
the Company exercisable at 4 pence (British pound sterling) per ordinary share
expiring on 13 March 2028;

●     share options over 19,150,000 ordinary shares in the capital of
the Company exercisable at 6.25 pence (British pound sterling) per ordinary
share expiring on 01 April 2030; and

●     share options over 28,150,000 ordinary shares in the capital of
the Company exercisable at 8 pence (British pound sterling) per ordinary share
expiring on 31 March 2031.

 

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 http://www.coragold.com
(http://www.coragold.com/) 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)
 Matt Hasson      H&P Advisory Limited               +44 (0)20 7907 8500

 Franck Nganou    (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, 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.

 

 

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

 

   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 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:  Share options over ordinary shares of no par value

        Identification code:                                          ISIN: VGG2423W1077
   b)    Nature of the transaction:                                   Grant of share options
   c)    Price(s) and volume(s):

 Price(s)    Volume(s)
                                                                      8pence     1,200,000
   d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
         Aggregated volume:                                           8pence     1,200,000

         Price:
   e)    Date of the transaction:                                     31 March 2026
   f)    Place of the transaction:                                    Outside of a trading venue

  d)

 Aggregated information:

 Aggregated volume:

 Price:

Single transaction as in 4 c) above

  Price(s)    Volume(s)
 8 pence     1,200,000

  e)

 Date of the transaction:

31 March 2026

  f)

 Place of the transaction:

Outside of a trading venue

 

 

 

   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
   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:  Share options over ordinary shares of no par value

        Identification code:                                          ISIN: VGG2423W1077
   b)    Nature of the transaction:                                   Grant of share options
   c)    Price(s) and volume(s):

 Price(s)    Volume(s)
                                                                      8pence     1,000,000
   d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
         Aggregated volume:                                           8pence     1,000,000

         Price:
   e)    Date of the transaction:                                     31 March 2026
   f)    Place of the transaction:                                    Outside of a trading venue

  d)

 Aggregated information:

 Aggregated volume:

 Price:

Single transaction as in 4 c) above

  Price(s)    Volume(s)
 8 pence     1,000,000

  e)

 Date of the transaction:

31 March 2026

  f)

 Place of the transaction:

Outside of a trading venue

 

 

 

   1.    Details of the person discharging managerial responsibilities/person closely
        associated
   a)    Name:                                                        Andrew Chubb
   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:  Share options over ordinary shares of no par value

        Identification code:                                          ISIN: VGG2423W1077
   b)    Nature of the transaction:                                   Grant of share options
   c)    Price(s) and volume(s):

 Price(s)    Volume(s)
                                                                      8pence     1,000,000
   d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
         Aggregated volume:                                           8pence     1,000,000

         Price:
   e)    Date of the transaction:                                     31 March 2026
   f)    Place of the transaction:                                    Outside of a trading venue

  d)

 Aggregated information:

 Aggregated volume:

 Price:

Single transaction as in 4 c) above

  Price(s)    Volume(s)
 8 pence     1,000,000

  e)

 Date of the transaction:

31 March 2026

  f)

 Place of the transaction:

Outside of a trading venue

 

 

 

   1.    Details of the person discharging managerial responsibilities/person closely
        associated
   a)    Name:                                                        Aryann Gupta
   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:  Share options over ordinary shares of no par value

        Identification code:                                          ISIN: VGG2423W1077
   b)    Nature of the transaction:                                   Grant of share options
   c)    Price(s) and volume(s):

 Price(s)    Volume(s)
                                                                      8pence     1,000,000
   d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
         Aggregated volume:                                           8pence     1,000,000

         Price:
   e)    Date of the transaction:                                     31 March 2026
   f)    Place of the transaction:                                    Outside of a trading venue

  d)

 Aggregated information:

 Aggregated volume:

 Price:

Single transaction as in 4 c) above

  Price(s)    Volume(s)
 8 pence     1,000,000

  e)

 Date of the transaction:

31 March 2026

  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:  Share options over ordinary shares of no par value

        Identification code:                                          ISIN: VGG2423W1077
   b)    Nature of the transaction:                                   Grant of share options
   c)    Price(s) and volume(s):

 Price(s)    Volume(s)
                                                                      8pence     10,250,000
   d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
         Aggregated volume:                                           8pence     10,250,000

         Price:
   e)    Date of the transaction:                                     31 March 2026
   f)    Place of the transaction:                                    Outside of a trading venue

  d)

 Aggregated information:

 Aggregated volume:

 Price:

Single transaction as in 4 c) above

  Price(s)    Volume(s)
 8 pence     10,250,000

  e)

 Date of the transaction:

31 March 2026

  f)

 Place of the transaction:

Outside of a trading venue

 

 

 

   1.    Details of the person discharging managerial responsibilities/person closely
        associated
   a)    Name:                                                        Paul Quirk
   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:  Share options over ordinary shares of no par value

        Identification code:                                          ISIN: VGG2423W1077
   b)    Nature of the transaction:                                   Grant of share options
   c)    Price(s) and volume(s):

 Price(s)    Volume(s)
                                                                      8pence     1,000,000
   d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
         Aggregated volume:                                           8pence     1,000,000

         Price:
   e)    Date of the transaction:                                     31 March 2026
   f)    Place of the transaction:                                    Outside of a trading venue

  d)

 Aggregated information:

 Aggregated volume:

 Price:

Single transaction as in 4 c) above

  Price(s)    Volume(s)
 8 pence     1,000,000

  e)

 Date of the transaction:

31 March 2026

  f)

 Place of the transaction:

Outside of a trading venue

 

 

 

   1.    Details of the person discharging managerial responsibilities/person closely
        associated
   a)    Name:                                                        Craig Banfield
   2.    Reason for the notification
   a)    Position/status:                                             Chief Financial Officer and Company Secretary
   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:  Share options over ordinary shares of no par value

        Identification code:                                          ISIN: VGG2423W1077
   b)    Nature of the transaction:                                   Grant of share options
   c)    Price(s) and volume(s):

 Price(s)    Volume(s)
                                                                      8pence     3,500,000
   d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
         Aggregated volume:                                           8pence     3,500,000

         Price:
   e)    Date of the transaction:                                     31 March 2026
   f)    Place of the transaction:                                    Outside of a trading venue

  d)

 Aggregated information:

 Aggregated volume:

 Price:

Single transaction as in 4 c) above

  Price(s)    Volume(s)
 8 pence     3,500,000

  e)

 Date of the transaction:

31 March 2026

  f)

 Place of the transaction:

Outside of a trading venue

 

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