REG - Cora Gold Limited - US$120m Stream Financing to Fully Fund Sanankoro

Cora GoldAnnouncement

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RNS Number : 8404A  Cora Gold Limited  17 April 2026

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

17 April 2026

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

 

US$120m Gold Stream Financing to Fully Fund Sanankoro to Production

 

Cora Gold Limited, the West African focused gold company, is pleased to
announce that it has signed a binding term sheet for a US$120 million gold
stream with Eagle Eye Asset Holdings Pte. Ltd. ('EEA') (the 'Stream') to
support development of the Sanankoro Gold Project in south Mali ('Sanankoro'
or the 'Project').

 

Overview of Stream

 

●    Binding US$120 million gold stream (subject to certain conditions
precedent), removes future funding requirement for the Project, enabling the
Company to move forward with pre-production workstreams with confidence.

●    Combined with existing equity funding following recent £15.7m
fundraise, cornerstoned by EEA, the Stream fully funds Sanankoro to
production, subject to permitting.

●    Cora retains the right to replace 50% of the Stream (US$60 million)
with traditional senior debt for up to 240 days following approvals, enabling
Cora to optimise the financing structure.

●    Under the Stream, EEA is entitled to purchase 30.44% (or 15.22% if
reduced by 50%) of gold produced at Sanankoro at a price equal to 20% of the
prevailing spot gold price ('Stream Gold').

●    Stream funding solution expected to materially accelerate
construction timeline once permits are secured.

 

Highlights of 2025 Definitive Feasibility Study (US$2,750/oz gold price)

 

●    Low capital intensity - initial development CAPEX of US$124 million.

●    Competitive opex - AISC of US$1,478/oz driven by low strip ratios,
soft ore and simple processing.

●    Compelling economics - post-tax NPV8 of US$221 million and post-tax
IRR of 65%.

●    Production - 64koz average annual gold production for the first five
years.

●    At US$3,250/oz gold price the post-tax NPV8 is US$319m, post-tax IRR
of 88% and AISC of US$1,568/oz

 

Related Party Transaction

The agreement between the Company and EEA regarding the Stream constitutes a
related party transaction pursuant to Rule 13 of the AIM Rules. Having
consulted with the Company's Nominated Adviser, Cavendish Capital Markets
Limited, the Directors of the Company (with the exception of Aryann Gupta
(Non-Executive Director), who is involved in the transaction as the appointed
representative of EEA on the Board of Cora) consider that the terms of the
transaction are fair and reasonable insofar as its shareholders are concerned.

 

EEA is interested in 228,452,356 ordinary shares of Cora, representing 29.90%
of the issued share capital of the Company.

 

Bert Monro, Chief Executive Officer of Cora, commented, "This US$120 million
gold stream is a transformational milestone for Cora, significantly de-risking
Sanankoro, providing a fully funded development Project alongside our existing
equity. Importantly, the flexibility within the stream structure allows us to
optimise the financing package through the introduction of traditional debt,
while retaining the Stream as a committed fully funded construction solution.

 

"Our September 2025 DFS, demonstrated the compelling economics of the
Sanankoro Project, and we are now focused on advancing the Project into
construction and ultimately delivering first gold.  In parallel, we remain
highly encouraged by the broader resource and greenfield upside across the
project area and will continue to pursue a dual-track strategy of advancing
development while systematically growing the resource base to support
long-term production.

 

"EEA has proven to be a highly supportive and knowledgeable partner, following
its recent £13.7 million equity investment and this Stream transaction, and
we look forward to continuing this relationship as we progress permitting and
advance the Project toward construction.

 

"As previously reported, 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."

 

Gold Stream

 

 Stream amount    ●    US$120 million (reduceable to US$60 million if replacement senior
                  debt or other funding is obtained).
 Parties          ●    EEA

                  ●    Cora Gold Limited
 Structure        ●    EEA entitled to purchase 30.44% (if 100% of the Stream Amount is
                  drawn) or 15.22% (if 50% of the Stream Amount is drawn) of gold produced at
                  Sanankoro at a price equal to 20% of the prevailing spot gold price ('Stream
                  Gold') for the life of mine.

                  ●    Cora required to deliver minimum amount of Stream Gold per year and
                  per quarter.

                  ●    In the event the Stream does not complete, EEA shall be entitled to
                  a residual stream equal to 2.5% of all gold produced by the mine and the
                  related process plant.
 Use of Proceeds  ●    Stream funding to be used for the construction and development of
                  the Sanankoro mine and the mineral processing facilities and general working
                  capital purposes reasonably allocable to the mine.
 Security         ●    EEA will be granted first ranking security over the shareholdings
                  and assets of Cora (and its subsidiaries). Cora will provide a parent company
                  guarantee in favour of EEA.

                  ●    Subject to intercreditor terms that will be agreed as part of
                  definitive documentation, EEA's first ranking security will be subordinate to
                  any senior debt facility once introduced.
 Conditions       ●    The binding term sheet is conditional upon certain conditions
                  including long-form documentation being agreed between and executed by the
                  parties and any regulatory approvals identified during due diligence.

 

 

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      H&P Advisory Limited               +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

 

About Cora

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 advancing the permitting process with the Government of Mali
such that having secured binding finance agreement to fully fund the mine
development then transition into construction can happen as quickly as
possible. In parallel, the Company continues to pursue value-enhancing
opportunities across its portfolio and has identified 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.

 

About EEA

EEA is a Monetary Authority of Singapore registered single-family office. EEA
aims to build and develop an extensive investment portfolio in the Mining,
Clean Energy, Infrastructure, E-mobility and Logistic sectors.

 

EEA currently manages multiple mining and mineral assets located in various
geographies. EEA has a long and successful track record in identifying and
investing in high-quality projects in Africa (including Toubani Resources'
Kobada Project, FG Gold, Canyon Resources and Prospect Resources) and
significant experience operating in West Africa.

 

In March 2026, Cora completed a strategic investment by EEA totalling £13.7m
and EEA is currently a 29.90% shareholder in the Company.

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