REG - Cora Gold Limited - Fundraise and Strategic Investor

Cora GoldAnnouncement

09/02/2026 07:00

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RNS Number : 1362S  Cora Gold Limited  09 February 2026

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OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA,
CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN, OR ANY MEMBER STATE OF THE EEA,
OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO
MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION.

 

THE COMMUNICATION OF THIS ANNOUNCEMENT AND ANY OTHER DOCUMENTS OR MATERIALS
RELATING TO THE RETAIL OFFER AS A FINANCIAL PROMOTION IS ONLY BEING MADE TO,
AND MAY ONLY BE ACTED UPON BY, THOSE PERSONS IN THE UNITED KINGDOM FALLING
WITHIN ARTICLE 43 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005, AS AMENDED (WHICH INCLUDES AN EXISTING MEMBER OF CORA
GOLD LIMITED). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO SUCH PERSONS AND WILL BE ENGAGED IN
ONLY BY SUCH PERSONS. THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY AND
DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE,
OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES
OF CORA GOLD LIMITED.

 

 

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

9 February 2026

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

Fundraise and Strategic Investor

 

Cora Gold Limited, the West African focused gold company, is pleased to
announce that it has conditionally raised a minimum of £12,854,074.26 and up
to £13,707,141.36 before expenses through a subscription (the 'Subscription')
for up to 228,452,356 new ordinary shares of no par value in the Company
('Subscription Shares') at a price of 6 pence per ordinary share (the 'Issue
Price').

 

Concurrent with the Subscription, and to enable other shareholders of the
Company to have an opportunity to subscribe for additional ordinary shares in
the capital of the Company ('Ordinary Shares'), the Company is proposing to
raise up to £1,999,999.98 (before expenses) by way of a retail offer to its
existing shareholders (the 'Retail Offering') of up to 33,333,333 new Ordinary
Shares (the 'Retail Offer Shares'; and together with the Subscription Shares,
the 'New Ordinary Shares') at the Issue Price. A separate announcement will be
made shortly regarding the Retail Offering and its terms.

 

The Subscription and Retail Offering (together the 'Fundraise') are
conditional on (amongst other matters): (i) the provision of a title opinion
on the Company's assets in Mali satisfactory to the subscriber to the
Subscription; (ii) the passing of the necessary resolutions at a general
meeting of the shareholders of the Company (the 'Extraordinary General
Meeting'); and (iii) admission of the new Ordinary Shares to trading on AIM
taking place no later than 8 April 2026.

 

A Notice of Extraordinary General Meeting of the Company is to be posted to
shareholders shortly. The Extraordinary General Meeting will be held at 12
p.m. on 24 March 2026 at the offices of Hannam & Partners, 3rd Floor, 7-10
Chandos Street, London, W1G 9DQ, United Kingdom and online. A copy of the
Notice of Extraordinary General Meeting will be made available on the
Company's website (www.coragold.com (http://www.coragold.com) ).

 

Details of the Fundraise

 

The Subscription comprises a strategic investment by Eagle Eye Asset Holdings
Pte. Ltd. ('Eagle Eye') for up to 228,452,356 Subscription Shares at the Issue
Price, raising up to £13,707,141.36. Alongside the Subscription, the Retail
Offering will enable retail investors who are existing shareholders of the
Company to subscribe for up to 33,333,333 Retail Offer Shares at the Issue
Price, raising additional gross proceeds of up to £1,999,999.98.

 

For the avoidance of doubt, completion of the Retail Offering is conditional
upon completion of the Subscription. Completion of the Subscription is not
conditional on the Retail Offering (or any take up of the Retail Offer
Shares).

 

The Company will publish an announcement regarding the Retail Offering and its
terms. The Retail Offering will not be underwritten.

 

The Issue Price of 6 pence represents a discount of approximately 44 per cent.
to the closing mid-market price of 10.75 pence on 6 February 2026, being the
latest practicable date prior to publication of this announcement. Cora's most
recent fundraise, which was priced at 6 pence per ordinary share, closed on 22
December 2025.

 

Following completion of the Fundraise, Eagle Eye will hold a maximum of 29.90%
of the enlarged issued share capital of the Company and the precise amount of
the Subscription will be adjusted to reflect take-up of the Retail Offer
Shares to achieve this. Eagle Eye, a Singapore-based single-family office, is
a major strategic shareholder and funding partner for Toubani Resources
Limited (ASX:TRE), backing the development of the Kobada Gold Project in Mali
as well as an investor in other African infrastructure and mining projects.

 

Use of proceeds

 

The net proceeds of the Fundraise will principally be used to advance Cora's
flagship Sanankoro Gold Project in southern Mali towards production, as well
as continued exploration of the Company's permits and for general working
capital purposes.

 

Bert Monro, Chief Executive Officer of Cora, commented, "The Fundraise marks
an important milestone for Cora as we continue to advance our flagship
Sanankoro Gold Project towards production. The participation of Eagle Eye as a
strategic investor provides a significant portion of the equity funding
required for Sanankoro's development and, together with the continued support
of existing shareholders, underscores confidence in the quality of the asset
and the Company's development strategy.

 

"With a robust Definitive Feasibility Study completed in Q3 2025 and a clear
execution pathway in place, the Company is well positioned to unlock the next
phase of value at Sanankoro.

 

"In parallel, permitting continues to progress well, supported by ongoing
constructive engagement with the Government of Mali. As the final key
regulatory step ahead of construction, permitting represents one of the last
stages of de-risking as Sanankoro moves towards development."

 

Aryann Gupta, Representative of Eagle Eye and proposed new Non-Executive
Director of Cora, commented, "Sanankoro is a high-quality gold development
project with a strong technical and economic foundation and a clear pathway to
production. Our investment in Cora reflects our conviction in both the asset
and the management team's ability to execute.

 

"We are pleased to be in discussions with the Company on a fully funded
project finance solution, which we believe would meaningfully de-risk the
transition to construction and production, and support the delivery of
long-term value for shareholders."

 

Posting of Circular and Extraordinary General Meeting

 

A circular containing further details of the Fundraise and convening an
Extraordinary General Meeting of the Company to seek shareholder approval to
provide authority for the issue of the New Ordinary Shares will be posted to
shareholders shortly. A copy of the Notice of Extraordinary General Meeting
will be made available on the Company's website (www.coragold.com
(http://www.coragold.com) ). The Extraordinary General Meeting is expected to
be held at 12 p.m. on 24 March 2026 at the offices of Hannam & Partners,
3rd Floor, 7-10 Chandos Street, London, W1G 9DQ, United Kingdom and online.
The Subscription and Retail Offering are conditional, inter alia, upon
satisfaction of the conditions set out in paragraph two of this announcement
which, for the avoidance of doubt, includes the passing of the resolutions at
the Extraordinary General Meeting.

 

Relationship Agreement

 

Following the issue of the New Ordinary Shares, it is anticipated that Eagle
Eye will be the Company's largest shareholder. The Company has entered into a
Relationship Agreement with Eagle Eye to regulate the relationship between
Eagle Eye and the Company on an arm's length and normal commercial basis.
Pursuant to the agreement, Eagle Eye is entitled to appoint one non-executive
director to the board of directors of Cora. In the event that Eagle Eye's
shareholding falls below 10% the Relationship Agreement will terminate.

 

Proposed Board Change

 

Upon completion of the Fundraise, it is intended that Aryann Gupta will be
appointed to the Board of Cora as a non-executive director, representing Eagle
Eye, subject to the completion of satisfactory due diligence pursuant to the
requirements set out in the AIM Rules for Companies.

 

Adviser

 

H&P Advisory Limited ('Hannam & Partners') has acted as the adviser to
the Company with regard to the Subscription.

 

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
(http://www.coragold.com/) 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                  +44 (0) 207 907 8500

(Adviser to the Subscription)
 Franck Nganou
 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 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.

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