REG - Cora Gold Limited - Updated Reserves and Definitive Feasibility Study
03/09/2025 07:00
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RNS Number : 7334X Cora Gold Limited 03 September 2025
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
3 September 2025
Cora Gold Limited ('Cora' or 'the Company')
Sanankoro Gold Project: Updated Reserves and Definitive Feasibility Study
Cora Gold Limited, the West African focused gold company, is pleased to
announce Updated Reserves and the results of an updated Definitive Feasibility
Study ('DFS') for its flagship Sanankoro Gold Project ('Sanankoro' or the
'Project') in southern Mali.
Highlights
● Updated Probable Reserve of 531 koz at 1.13 g/t gold ('Au') based on
a gold price of US$2,200/oz (a 26% increase over the Maiden Probable Reserve
of 422 koz at 1.30 g/t Au based on a gold price of US$1,650/oz (see
announcement dated 21 November 2022)).
● 2025 DFS economics (post tax, based on a gold price of US$2,750/oz)
○ 65% internal rate of return ('IRR')
○ 1.1 year payback period
○ US$479m free cash flow ('FCF') over life of mine ('LOM')
○ US$67m pa average FCF in first 5 years
○ US$221m NPV(8)
○ US$948/oz LOM cash cost and US$1,478/oz LOM all-in sustaining costs
('AISC')
○ 10.2 years Reserve mine life
○ 47 koz pa average production LOM
○ 64 koz pa average production in first 5 years
○ US$124m pre-production capital cost (including mining pre-production
& contingencies)
● Metallurgical test work confirmed an average LOM gold recovery of
90.7% through a conventional 1.5 Mtpa Carbon in Leach ('CIL') processing
plant.
● Solar hybrid power option incorporated into the plant design,
delivering savings in both operating costs at current fuel prices and carbon
emissions by reducing consumption of 40 million litres diesel over LOM.
● As part of the 2025 DFS various optimisations have been
incorporated taking greater advantage of the oxide nature of the ore at the
front end of the process flow sheet.
● Management Plan, including pit optimised Inferred Resources, based
on the same parameters as the Reserves, offers the potential for an additional
173 koz gold produced, adding 5 years to the mine life. Further drilling
should enable the conversion of these Inferred Resources to Reserves.
● Sanankoro has excellent exploration and resource growth potential
providing the opportunity to significantly add to the current resource base of
1.04 Moz, as optimised pits bottomed out due to lack of deeper drilling and
mineralisation is open along strike and at depth. Additionally, there are
undrilled artisanal workings, and 19 new exploration targets identified, the
majority of which are within 3-4 km from the process plant and the oxide
nature of the ore offers further upside.
Bert Monro, Chief Executive Officer of Cora, commented, "Sanankoro is an
exceptional project well positioned to become a significant new high margin
open pit oxide gold mine. We are delighted to have meaningfully increased the
Project's Reserves, with an initial 10 year mine life, from minimal
drilling. The updated Reserves and enhanced DFS significantly improve upon
the previous 2022 study, highlighting both the progress we have made in
advancing the asset, as well as the opportune time to be developing a gold
project of Sanankoro's calibre.
"In the first 5 years, the Project will average 64 koz of gold production and
US$67m of FCF per year, delivering a 1.1 year pay back period and US$479m of
FCF over the LOM at a gold price of US$2,750/oz.
"Additionally, significant upside remains as pit optimised Inferred Resources
were used to produce a Management Plan, by modelling them using the same
parameters as the reserves, indicating an additional 173 koz gold could be
added to the life of mine. These ounces will require infill drilling to be
classified as Reserves and there remains significant exploration potential
outside of current Resources at Sanankoro.
"This study fully incorporates the impact of the new 2023 Mining Code to both
the Capex, Opex and local content conformity. Amongst other factors, we made
design modifications to the tailings storage facility impacting the Capex.
The impact on the AISC in tax and royalty changes was approximately US$290/oz
at US$2,750/oz gold price. In light of these factors, it is a strong
testament to the robustness of the Project that it is delivering such strong
returns.
"Looking ahead, our focus is on concluding the permitting process for the mine
so that we can complete financing and begin mine construction. I look
forward to updating investors on progress with this in the near future.
"Finally, I'd like to take this opportunity to thank Cora's technical team and
all the DFS consultants for their work on the Project."
Updated Definitive Feasibility Study - Summary of Results
The key results and financial outcomes of the 2025 DFS are set out in the
table below:
Parameters Values
based on a gold price of US$2,750/oz
Construction period (1) (months) 21
Life of Mine ('LOM') (years) 10.2
LOM waste mined (kt) 71,520
LOM ore mined (kt) 14,603
Strip ratio (waste : ore) 4.90 : 1
LOM grade processed (g/t Au) 1.13
Average gold recovery 90.7%
LOM production (koz) 482
Average production (koz pa) 47
Average production first 5 years (koz pa) 64
LOM FCF post tax (US$m) 479
Average FCF post tax (US$ pa) 47
Average FCF post tax first 5 years (US$m pa) 67
Mining costs (US$/t ore) 16.5
Processing & maintenance costs (US$/t ore) 11.1
General & administration plus other costs to mine gate (US$/t ore) 3.3
Payback period from start of operations (years) 1.1
Pre-production capital (US$m) 124
(including US$5m mining pre-production & US$8m contingency)
Sustaining capital (US$m)(2) 57
Average cash cost (US$/oz Au) 948
Average AISC (US$/oz Au) 1,478
IRR pre-tax 74.5%
IRR post tax 64.9%
NPV(8) pre-tax (US$m) 302.1
NPV(8) post tax (US$m) 220.8
(1) includes pre-construction engineering work and commissioning the plant
(2) includes closure costs
Gold Price Sensitivity on Key Financial Metrics
Gold price US$2,250/oz US$2,500/oz US$2,750/oz US$3,000/oz US$3,250/oz
IRR post tax 40.9% 53.5% 64.9% 75.9% 87.5%
LOM FCF post tax (US$m) 336 410 479 547 620
NPV(8) post tax (US$m) 121.4 172.8 220.8 268.3 318.9
AISC (US$/oz Au) 1,393 1,429 1,478 1,530 1,568
Updated Definitive Feasibility Study - Capital and Operating Costs
A pre-production initial capital cost of US$124m, including US$5m mining
pre-production and US$8m contingency.
The pre-production capital cost estimate is based on a contractor mining
scenario and therefore excludes capital costs associated with a mining fleet.
Capital items US$m
Civil works 6.9
Earth works 3.8
Machinery & equipment 47.6
Infrastructure 1.4
Transport 7.5
First fills 0.9
Mine camp 2.8
Project management 10.3
Insurance & guarantees 0.8
Tailings storage facility ('TSF'; phase 1) 23.5
Owner's costs 5.2
Mining pre-production 5.2
Contingency 8.1
Total pre-production capital 124.0
Sustaining & closure capital 57.0
Total LOM capital 181.0
A solar hybrid power option has been incorporated into the plant design,
delivering savings in both operating costs and carbon emissions. The hybrid
power generation solution, combining thermal and solar power with a battery
energy storage system, anticipates a substantial reduction in diesel fuel
consumption saving approximately 4 million litres annually and 40 million
litres over the processing period during the mine-life. Reducing diesel use
lowers emissions, improving community health, complying with regulations and
is a sign of our responsible governance.
Operating / unit costs (US$/oz of gold) Values
based on a gold price of US$2,750/oz
Mining 499.8
Processing 322.9
Maintenance 14.8
General & administration 101.0
Total cost to mine gate 938.5
Transport, insurance & refining 9.1
Total cash cost ('C1') 947.6
Royalties & statutory 411.7
All-in sustaining cost ('AISC') 1,478
Updated Ore Reserves
The 2025 Ore Reserves for the Selin, Zone A and Zone B deposits have been
reported according to the JORC (2012) Code.
The estimation of the Ore Reserves followed a process of pit optimisation,
design and scheduling:
● The Mineral Resource models were prepared by ERM Australia
Consultants Pty Ltd ('ERM'; formerly CSA Global).
● The mining models were derived from the Mineral Resource models
modified for dilution and mining losses through application of Mineable Shape
Optimiser ('MSO') to determine appropriate factors.
● Using the mining models, pit optimisations were completed in Studio
NPVS software (Datamine).
● Using the selected pit shells as templates, pit designs for the
final pits and push backs were developed in Deswik CAD. The pit designs and
pushbacks considered practical access and geotechnical parameters.
● Based on these designs, a monthly LOM schedule was completed in
Deswik IS (Interactive Scheduler) software.
● The schedule economics was verified through a financial analysis and
proved to be economically viable.
The 2025 Ore Reserve is stated in Table 1 and the breakdown of the 2025 Ore
Reserve by zones is presented in Table 2. An Ore Reserve comparison between
2022 and 2025 by classification and zone is shown in Table 3.
The independent Competent Person for Mineral Reserve estimates is Frikkie
Fourie (BEng, Pr. Eng, MSAIMM) of Moletech SA (Pty) Ltd ('Moletech').
Table 1: Sanankoro Ore Reserve
Classification Oxidation Zone Tonnage Grade Contained metal (koz Au)
(Mt)
(g/t Au)
Proved Oxide - - -
Transitional - - -
Fresh - - -
All Zones - - -
Probable Oxide 13.7 1.08 476
Transitional 0.9 1.86 55
Fresh - - -
All Zones 14.6 1.13 531
Total 14.6 1.13 531
Notes:
● Figures have been rounded to the appropriate level of precision
for the reporting of Ore Reserves.
● Due to rounding, some columns or rows may not compute exactly as
shown.
● Ore Reserves are stated as in situ dry tonnes; figures are
reported in metric tonnes.
● The Ore Reserve is classified in accordance with the guidelines
of the Australian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (JORC 2012 Edition). Probable Ore Reserves converted from
Indicated Mineral Resources.
● The Ore Reserve is reported at a gold price of US$2,200 per troy
ounce.
● All Ore Reserves are reported above 0.3 g/t Au cut-off grades
and constrained within detailed mine designs derived from mining (including
dilution and mining recovery), haulage and processing costs and metallurgical
recovery and geotechnical parameters as defined in the study.
● Modifying factors applied:
o Mining recovery and dilution:
▪ Selin: Mining
recovery 97.7%, Dilution 6.8%
▪ Zone A: Mining recovery
97.7%, Dilution 6.6%
▪ Zone B: Mining recovery
99.5%, Dilution 8.0%
▪ Zone B North: Mining recovery 97.6%, Dilution
10.1%
o Processing recovery:
▪ Selin: Oxides 93.6%,
Transitional 65.6%
▪ Zone A: Oxides 93.6%,
Transitional 65.6%
▪ Zone B: Oxides 93.6%,
Transitional 65.6%
▪ Zone B North: Oxides 93.6%, Transitional 65.6%
● There are no known legal, political, environmental, or other
risks that could materially affect the potential Ore Reserves.
Table 2: Sanankoro Ore Reserve by Zone
Zone Classification Tonnage Grade Contained metal (koz Au)
(Mt)
(g/t Au)
A Proved - - -
Probable 3.7 1.17 140
Total 3.7 1.17 140
B Proved - - -
Probable 3.1 1.10 111
Total 3.1 1.10 111
B North Proved - - -
Probable 1.6 0.85 43
Total 1.6 0.85 43
C Proved - - -
Probable - - -
Total - - -
Selin Proved - - -
Probable 6.2 1.19 237
Total 6.2 1.19 237
Total Proved - - -
Probable 14.6 1.13 531
Total 14.6 1.13 531
Notes:
● Figures have been rounded to the appropriate level of precision
for the reporting of Ore Reserves.
● Due to rounding, some columns or rows may not compute exactly as
shown.
● Ore Reserves are stated as in situ dry tonnes; figures are
reported in metric tonnes.
● The Ore Reserve is classified in accordance with the guidelines
of the Australian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (JORC 2012 Edition). Probable Ore Reserves converted from
Indicated Mineral Resources.
● The Ore Reserve is reported at a gold price of US$2,200 per troy
ounce.
● All Ore Reserves are reported above 0.3 g/t Au cut-off grades
and constrained within detailed mine designs derived from mining (including
dilution and mining recovery), haulage and processing costs and metallurgical
recovery and geotechnical parameters as defined in the study.
● Modifying factors applied:
o Mining recovery and dilution:
▪ Selin: Mining
recovery 97.7%, Dilution 6.8%
▪ Zone A: Mining recovery
97.7%, Dilution 6.6%
▪ Zone B: Mining recovery
99.5%, Dilution 8.0%
▪ Zone B North: Mining recovery 97.6%, Dilution
10.1%
o Processing recovery:
▪ Selin: Oxides 93.6%,
Transitional 65.6%
▪ Zone A: Oxides 93.6%,
Transitional 65.6%
▪ Zone B: Oxides 93.6%,
Transitional 65.6%
▪ Zone B North: Oxides 93.6%, Transitional 65.6%
● There are no known legal, political, environmental, or other
risks that could materially affect the potential Ore Reserves.
Table 3: Comparison 2022 Ore Reserve vs 2025 Ore Reserve by Zone
Classification Zone 2022 Ore Reserve 2025 Ore Reserve Difference % difference
Tonnage (Mt) Au Au Tonnage (Mt) Au Au Tonnage (Mt) Au Au Tonnage (Mt) Au Au
(g/t) (koz) (g/t) (koz) (g/t) (koz) (g/t) (koz)
Probable A 2.8 1.32 117 3.7 1.17 140 1.0 -0.15 23 35% -11% 20%
B 2.0 1.24 81 3.1 1.10 111 1.1 -0.14 30 55% -12% 37%
B Nth 1.0 0.91 30 1.6 0.85 43 0.5 -0.06 13 54% -7% 43%
Selin 4.3 1.41 194 6.2 1.19 237 1.9 -0.21 43 44% -15% 22%
Total 10.1 1.30 422 14.6 1.13 531 4.5 -0.17 109 45% -13% 26%
Notes:
● The 2022 Ore Reserves are at a 0.35 g/t Au cut-off and pits
designed based on US$1,650/oz gold price. The 2025 Ore Reserves are at a 0.3
g/t Au cut-off and pits designed based on US$2,200/oz gold price.
Mining
The mining of Selin, Zone A and Zone B is well-suited to typical open pit
methods using a backhoe configured excavator and truck fleet which will be
operated by a mining contractor. Considering the highly-weathered nature of
the orebody, both the oxide and transitional material are viewed as 'free-dig'
with no need for drill and blast activities. Open pit operations will be
undertaken using 5 metre benches which will be stacked to 10 metres at final
limits. It is the intention that topsoil (initial 30cm) be stripped initially
over the area of both the open pit and waste rock dumps ('WRDs') and
stockpiled in a suitable allocated area proximal to each of the pits. Clearing
and grubbing costs have been provisioned and this material will be used in
remediation work as part of the mine closure.
Waste material will be dumped onto designated waste dumps. Dumping will take
place in 10 metre layers to a general maximum of 50 metres in height. Run of
mine ('ROM') material destined for the processing plant will be sent straight
to the stockpile area. Stockpiling and blending may be necessary to optimise
the head grade with feed constraints on transitional material. Sufficient
space will be provided for several separate stockpiles. All process feed will
be re-handled by a wheel loader from the stockpile straight into the crusher.
Plant Feed by Ore Type (kt) and Grade (g/t Au)
Au Recovered (Oz) and Recovery (%)
Processing
The proposed process plant design was initially based on a well-known and
established gravity/CIL technology, which consisted of conventional crushing,
milling, and gravity recovery of free gold, followed by leaching/adsorption of
gravity tailings, elution, gold smelting, and tailings disposal with a cyanide
detoxification plant.
The presence of fines (near product size material) in the ore body led to
scrubbing testwork being conducted, which resulted in a modified front end for
the process plant by replacing the jaw crusher with a mineral sizer; scrubber;
cone crusher to treat scrubber oversize and a downsized ball mill. Transition
ore, scheduled to be mined during year three of production, will be treated by
initial mobile hard rock crushing facility for the limited transition ore
mining period.
The process plant will cater for reagent mixing, storage and distribution,
water and air services. A water treatment plant is included to manage any
potential water discharge from the TSF and mining pits.
The plant will treat 1.5 Mtpa of oxide ore or 1.1 Mtpa of transition ore if
treated independently, although oxide and transition ore blending is more
likely during the period of processing transition ore, resulting in 1.2 Mtpa
throughput at that time.
The process plant design incorporates the following unit process operations:
● Primary particle reduction by mineral sizer and jaw crusher - to
crush the oxide and transition ores respectively.
● Milling - product from mineral sizer (oxide ore) will be fed into a
rotary scrubber and screened by double deck vibrating screen. Oversized
material will be conveyed to a cone crusher for further particle reduction and
milled in a single-stage ball mill in closed circuit with hydro-cyclones to
produce a P(80) of 150 µm reporting to the CIL circuit. For the transition
ore, the mobile crushing facility will reduce the ore to size adequate to feed
the mill which is also in closed circuit with hydro-cyclones, to produce P(80)
grind size of 75 µm before reporting to the CIL circuit. Scrubber screen
undersize product (<150 µm) will bypass the mill.
● Gravity Concentration - recovery of coarse gold from the milling
circuit recirculating load and treatment of gravity concentrates by intensive
cyanidation and electrowinning to recover gold to doré.
● Leach/CIL circuit - for gold dissolution and adsorption onto carbon
incorporating six CIL tanks.
● Loaded Carbon Desorption - elution circuit, electrowinning, and gold
smelting to recover gold from the loaded carbon to produce doré.
● Detoxification - an INCO air / SO(2) cyanide detoxification facility
for the CIL tails slurry, which will be used only when required as test work
has shown that the weak acid dissociable cyanide levels in the leached tails
are less than 50 ppm.
● Tailings Storage Facility ('TSF') - tailings pumping to the TSF.
Site Layout
Process Flow Sheet
Management Plan
The Company's independent mining engineer designed a Management Plan based on
pit optimised Resources. These Resources were run through mine scheduling
software using the same parameters as the Reserves to develop a theoretical
mine plan. The Management Plan shows the potential for an additional 173 koz
of gold to be mined from current Inferred Resources. The Company will in the
future target these ounces with more drilling to convert to Reserves.
Permitting
In October 2022 Cora announced the award of an Environmental Permit for the
Sanankoro Gold Project (see announcement dated 18 October 2022).
On 28 November 2023 the Mali government announced the suspension of issuing
permits in the mining sector. On 15 March 2025 this moratorium was partially
lifted by the government such that, in accordance with the provisions of the
2023 Mining Code and its implementing texts, the mining administration can
receive for processing:
● applications to renew exploration permits and mining permits;
● applications for transition from the exploration phase to the mining
phase; and
● applications for the transfer of mining permits.
This partial lifting of the moratorium does not apply to:
● applications for the issuance of new permits; or
● applications for the transfer of exploration permits.
During the period of the moratorium the processes for submission of
applications both for new permits and for interim renewals, and for the
issuance of new permits and interim renewals have been affected. With regards
to Cora's five contiguous permits in the Sanankoro Project area, the
moratorium impacted the interim renewals of the Bokoro Est, Dako II and
Sanankoro II exploration permits, and applications for new permits in relation
to the Bokoro II and Kodiou exploration permits, the respective expiry dates
of which were in the moratorium period. Cora is actively engaging with the
mining administration in Mali regarding these matters and being issued a
mining permit for Sanankoro. The area of the mining permit will include parts
of each of the Bokoro II, Kodiou and Sanankoro II exploration permits.
In accordance with the 2023 Mining Code:
● the granting of a mining permit entitles the State to hold a 10%
free carried shareholding in the capital of the operating company;
● the State also has the option of increasing its participation in the
operating company by purchasing an additional shareholding of up to 20% - this
option can be exercised by the State within 12 months following the date of
issue of the mining permit; and
● the operating company is required to transfer 5% of its shares to
Malian national investors through the State-owned mining company, with Malian
national investors purchasing such shares on the same basis as the State's
purchase of its additional shareholding of up to 20%.
In summary, therefore, the total shareholdings of the State and Malian
national investors in operating companies may be up to 35%.
Qualified Person Statements
Scientific or technical information in this disclosure that relates to mining
results was reviewed by Mr Frikkie Fourie (BEng, Pr. Eng, MSAIMM), an
independent consultant for Moletech. Mr Fourie is a Professional Engineer
('Pr. Eng') in good standing with the Engineering Council of South Africa, is
a Member of the South African Institute of Mining and Metallurgy ('MSAIMM')
and has sufficient experience that is relevant to the project under
consideration which he is undertaking to qualify as a Competent Person under
the JORC code.
The contents of this press release have been reviewed and approved by Philemon
Bundo (BSc Eng (Metallurgy), FSAIMM, FAusIMM, MIMMM) Senior Vice President -
Process Engineering & Studies of New SENET (Pty) Ltd with respect to
processing and infrastructure.
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.
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 64.9% IRR post tax, US$220.8m
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 Kenieba Project Area of east Senegal.
JORC Code, 2012 Edition - Table 1
Section 4 Estimation and Reporting of Ore Reserves (Sections 1-3 were published with an updated MRE by RNS on 19 July 2022)
The following information provided complies with the 2012 JORC Code
requirements specified by 'Table-1 Section 4' of the Code. Each item in this
table has been summarised as the basis for the assessment of overall Ore
Reserves risk in the table below, with each of the risks related to confidence
and/or accuracy of the various inputs into the Ore Reserves qualitatively
assessed.
JORC 2012 Code Table 1 Assessment and Reporting for the Sanankoro Ore Reserves
2024
Criteria JORC Code explanation Supplementary Commentary
Mineral Resource estimate for conversion to Ore Reserves ● Description of the Mineral Resource estimate used as a basis for the ● The Mineral Resource models were prepared by ERM Australia
conversion to an Ore Reserve. Consultants Pty Ltd ('ERM'; formerly CSA Global).
● Clear statement as to whether the Mineral Resources are reported ● The Ore Reserves, including adjustment for ore loss and dilution
additional to, or inclusive of, the Ore Reserves. factors, are included within the declared Mineral Resources
Site visits ● Comment on any site visits undertaken by the Competent Person and ● Independent consultant F. Fourie the Competent Person for the Ore
the outcome of those visits. Reserves has not visited the site due to security reasons at the time, but a
site visit is planned for the future.
● If no site visits have been undertaken indicate why this is the
case.
Study status ● The type and level of study undertaken to enable Mineral Resources ● A feasibility level study (FS) has been completed for the Project in
to be converted to Ore Reserves. 2022, with an update completed in September 2025 to incorporate the new Malian
Mining Code of 2023 (and its related effects), natural inflation escalation
● The Code requires that a study to at least Pre-Feasibility Study and an update to the MRE due to additional 2,669m of drilling at the Sanankoro
level has been undertaken to convert Mineral Resources to Ore Reserves. Such Project.
studies will have been carried out and will have determined a mine plan that
is technically achievable and economically viable, and that material Modifying ● A detailed mine plan that is technically achievable and economically
Factors have been considered. viable has been completed.
Cut-off parameters ● The basis of the cut-off grade(s) or quality parameters applied. ● A financial assessment was undertaken to ascertain whether the
Cut-off grade fulfil the criteria of 'reasonable prospects for eventual
economic extraction' using detailed costs
● To complete pit optimisation, which forms the basis of the final pit
designs, a cut-off grade estimate was performed. The cost per tonne for
mining, processing and overhead costs, mining dilution and loss factors,
processing plant recoveries and net payable gold, were used to determine the
cut-off grade.
● A cut-off grade of 0.3 g/t Au was used.
● The cut-off grade being used for the Project is considered by the CP
to be appropriate for the operation, considering the nature of the deposit,
and the associated project economics.
Mining factors or assumptions ● The method and assumptions used as reported in the Pre-Feasibility ● A method of re-blocking was used on the Mineral Resource model to
or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. account for dilution and ore losses.
either by application of appropriate factors by optimisation or by preliminary
or detailed design). ● Using the re-blocked Mineral Resource model, which accounts for
modifying factors, pit optimisations where completed.
● The choice, nature and appropriateness of the selected mining
method(s) and other mining parameters including associated design issues such ● The pits selected for each deposit formed the basis of final pit and
as pre-strip, access, etc. pushback designs, which were used in the life of mine schedule. The CP
considers the LOM to be appropriate and practically achievable.
● The assumptions made regarding geotechnical parameters (eg pit
slopes, stope sizes, etc), grade control and pre-production drilling. ● The mining of Selin, Zone A and Zone B is well suited to typical
open pit methods using a backhoe configured excavator and truck fleet which
● The major assumptions made and Mineral Resource model used for pit will be operated by a mining contractor.
and stope optimisation (if appropriate).
● Allowance was made for bush clearing and topsoil removal before the
● The mining dilution factors used. start of any pit being mined.
● The mining recovery factors used. ● Geotechnical assumptions were based on the various geotechnical
drilling and analysis completed by OHMS.
● Any minimum mining widths used.
● Modifying factors applied:
● The manner in which Inferred Mineral Resources are utilised in
mining studies and the sensitivity of the outcome to their inclusion. o Mining recovery and dilution:
● The infrastructure requirements of the selected mining methods. ▪ Selin: Mining recovery 97.7%, Dilution 6.8%
▪ Zone A: Mining recovery 97.7%, Dilution 6.6%
▪ Zone B: Mining recovery 99.5%, Dilution 8.0%
▪ Zone B North: Mining recovery 97.6%, Dilution 10.1%
● In the pit, the minimum mining width applied as far as
practically possible was 35m, which is appropriate for the envisioned type of
equipment to be used. The selected SMU has been set at 5m x 5m x 5m.
● Inferred Mineral Resource material has not been included in the
pit optimisation or in the Ore Reserves estimation.
● The final designed pits incapsulates 30 koz of Inferred Mineral
Resources, which was not included in the LOM schedule used for financial
modelling. At this stage the Inferred Mineral Resources were considered to be
waste material.
● The main mining infrastructure includes crusher, tailings and
waste storage facilities, stockpiles, roadways/ramps, workshops and so forth.
Metallurgical factors or assumptions ● The metallurgical process proposed and the appropriateness of that ● The Sanankoro optimised gold processing plant is designed to
process to the style of mineralisation. process oxide and transition ores from the three main deposits: Selin, Zone A
and Zone B ores.
● Whether the metallurgical process is well-tested technology or novel
in nature. ● The proposed process gravity/carbon-in-leach (CIL) technology,
which consists of mineral sizing and scrubbing for oxide ore and crushing for
● The nature, amount and representativeness of metallurgical test work transition material, milling, and gravity recovery of free gold, followed by
undertaken, the nature of the metallurgical domaining applied and the leaching/adsorption of gravity tailings, elution and gold smelting, and
corresponding metallurgical recovery factors applied. tailings disposal. The process is well suited to the style of mineralisation.
● Any assumptions or allowances made for deleterious elements. ● The proposed process plant design is based on a well-proven and
established gravity/CIL technology.
● The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the orebody as a ● Extensive test work on oxide ores have been completed on samples
whole. from the Selin, Zone A and Zone B to cover the entire deposit laterally and at
depth, which are considered representative. Additional metallurgical test work
● For minerals that are defined by a specification, has the ore was done earlier in 2025 from various drill holes at Selin, Zones A & B to
reserve estimation been based on the appropriate mineralogy to meet the complement previous metallurgical testing and confirm the concept of
specifications? introducing a scrubber and downsized mill circuit.
Gold is expected to be extracted from each ore type at the following average
recoveries:
● Oxides 93.6%, Transitional 65.6%.
● No deleterious elements are indicated in the ore head grade
assayed.
● A bulk sample composite was taken per domain and per weathering
zone (and at depth), which are considered representative of the individual
domains and zones.
● Specifications are not applicable. The product will be in the
form of gold doré. The doré bars will be weighed, sampled and assayed before
being sent to the precious metal refinery.
Environmental ● The status of studies of potential environmental impacts of the ● The Company commissioned Digby Wells to complete an ESIA to both
mining and processing operation. Details of waste rock characterisation and Malian and International standards. On completion of the ESIA an application
the consideration of potential sites, status of design options considered and, for Environmental Permit was lodged with the Mali government and subsequently
where applicable, the status of approvals for process residue storage and the permit was received, in October 2022, so the Project is fully permitted
waste dumps should be reported. from an environmental perspective.
Infrastructure ● The existence of appropriate infrastructure: availability of land ● The Sanankoro Project is a Greenfields project - minimal
for plant development, power, water, transportation (particularly for bulk infrastructure has been established on the project site. The on-site
commodities), labour, accommodation; or the ease with which the infrastructure infrastructure required will be related to the processing plant and the
can be provided or accessed. supporting facilities as follows:
● In-plant access roads
● Plant buildings
● Plant reagents and consumables stores
● Process plant site drainage
● Sewage disposal
● Security
● Water supply and treatment
● Communications
● Power supply
● Fuel supply and storage
● There is sufficient land available for the development of and access
to these items.
● The main off-site infrastructure required for the development of the
project will be the following:
⮚ Mining infrastructure and buildings
⮚ Camp and catering facilities
⮚ Medical facilities
⮚ Power supply and distribution
⮚ Fuel storage
⮚ Communication
⮚ Potable water supply system
Costs ● The derivation of, or assumptions made, regarding projected capital The capital cost estimate for the project has been derived from information
costs in the study. collated from the following:
● The methodology used to estimate operating costs. ● Life of Mine (LOM) pit production schedule, including stockpiling
operations
● Allowances made for the content of deleterious elements.
● LOM processing plan
● The derivation of assumptions made of metal or commodity price(s),
for the principal minerals and co- products. ● Mine haul road designs and layouts
● The source of exchange rates used in the study. ● Process plant design criteria
● Derivation of transportation charges. ● General layouts of the process plant and related infrastructure
● The basis for forecasting or source of treatment and refining ● Tailings Storage Facility (TSF) development schedule and operations
charges, penalties for failure to meet specification, etc.
● Process flow diagrams
● The allowances made for royalties payable, both Government and
private. ● Process plant equipment data sheets and lists
● Process plant piping and instrumentation diagrams
● Process plant line, valve, and instrument lists
● Electrical single-line diagrams and motor lists
● Electrical reticulation routes
● Various discipline material take-offs
● Quotations from vendors on mechanical and/or process equipment
● Quotations from vendors on main construction contracts
● EPCM schedules
● In-house historical databases
● The mining operating costs were obtained from contractor quotations.
● General and Administration costs were determined from first
principles and by using information from SENET's in-house database for similar
projects from the same locality.
● The process plant operating costs were compiled from a variety of
sources:
⮚ First principles, where applicable
⮚ Supplier quotations on reagents and consumables
⮚ SENET's in-house experience and database where applicable
⮚ Allowances have been made for royalties and taxes based on the
current applicable mining laws
Revenue factors ● The derivation of, or assumptions made regarding revenue factors ● A life-of-mine production schedule was derived from the mine designs
including head grade, metal or commodity price(s) exchange rates, and the geological block model. The production schedule was used to generate
transportation and treatment charges, penalties, net smelter returns, etc. monthly estimates of the mined tonnes and grade.
● The derivation of assumptions made of metal or commodity price(s), ● The gold price used for Ore Reserve declaration is US$2,200/oz and
for the principal metals, minerals and co-products. the financial model completed at US$2,750/oz for the base case.
● All cost inputs are based on tenders, quote estimates or calculated
from first principal.
Market assessment ● The demand, supply and stock situation for the particular commodity, ● Based on market and operation requirements
consumption trends and factors likely to affect supply and demand into the
future.
● A customer and competitor analysis along with the identification of
likely market windows for the product.
● Price and volume forecasts and the basis for these forecasts.
● For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract.
Economic ● The inputs to the economic analysis to produce the net present value ● Based on assumptions that built the financial model in line with
(NPV) in the study, the source and confidence of these economic inputs existing industry norm assumptions around gold price, discount rate and other
including estimated inflation, discount rate, etc. factors.
● NPV ranges and sensitivity to variations in the significant ● The financial model of the Ore Reserves mine plan shows that the
assumptions and inputs. mine has a positive NPV. The discount rate is in line with Cora's corporate
economic assumptions.
● Various sensitivity analyses on the key input assumptions were
undertaken during mine optimisations and financial modelling. All produce
robust positive NPVs.
Social ● The status of agreements with key stakeholders and matters leading ● An ESIA has been completed that has given guidance which will be
to social licence to operate. reviewed and implemented as appropriate when Project execution commences.
Other ● To the extent relevant, the impact of the following on the project ● As required by laws and or regulation of the country. A mining
and/or on the estimation and classification of the Ore Reserves: permit is required for the Project, but the Company sees no reasons that this
would not be granted.
● Any identified material naturally occurring risks.
● Cora is fully committed to comply with the Mining Code that the Mali
● The status of material legal agreements and marketing arrangements. government implemented in 2023.
● The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification ● The basis for the classification of the Ore Reserves into varying ● The classification of Ore Reserves is based on the requirements set
confidence categories. out in the JORC code 2012, based on the classification of Mineral Resources
and the cut-off grade. The material classified as Measured and Indicated
● Whether the result appropriately reflects the Competent Person's Mineral Resources is within the final pits and is above the cut-off (US$/t)
view of the deposit. value, classified as Proved and Probable Ore Reserves, respectively.
● The proportion of Probable Ore Reserves that have been derived from ● Indicated Mineral Resources within the pit designs and which are
Measured Mineral Resources (if any). above the nominated cut-off grade, have been classified as Probable Ore
Reserves.
● The Competent Person considers this appropriate for the Sanankoro
Ore Reserves estimate.
● No Probable Ore Reserves have been derived from Measured Mineral
Resources.
Audits or reviews ● The results of any audits or reviews of Ore Reserve estimates. ● No external audits or reviews of the Ore Reserve has been completed
Discussion of relative accuracy/ confidence ● Where appropriate a statement of the relative accuracy and ● The Ore Reserve has been completed to feasibility level with the
confidence level in the Ore Reserve estimate using an approach or procedure data being generated from a tightly spaced drilling grid, thus confidence in
deemed appropriate by the Competent Person. For example, the application of the resultant figures is considered high.
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not ● The most significant factors affecting confidence in the Ore
deemed appropriate, a qualitative discussion of the factors which could affect Reserves are:
the relative accuracy and confidence of the estimate.
● Mining Dilution and Ore Loss are a best estimate at this stage
● The statement should specify whether it relates to global or local but could have an impact if reality does not match the estimation.
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include ● Increase in operating costs for mining and processing due to
assumptions made and the procedures used. external factors.
● Accuracy and confidence discussions should extend to specific ● Geotechnical risk related to slope stability.
discussions of any applied Modifying Factors that may have a material impact
on Ore Reserve viability, or for which there are remaining areas of ● The Malian governance.
uncertainty at the current study stage.
● It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
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