REG - Cora Gold Limited - Sanankoro Resource Growth Drill Programme

Cora GoldAnnouncement

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RNS Number : 2772H  Cora Gold Limited  08 June 2026

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

 8 June 2026

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

 

Sanankoro Resource Growth Drill Programme:

Major Drill Campaign to Support Long-Term Growth Strategy

 

Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on its growth strategy at the Company's flagship Sanankoro
Gold Project ('Sanankoro' or the 'Project') in southern Mali, as the Project
advances towards construction and first gold production.

 

Following the successful financing activities in H1 2026, which ensure
Sanankoro is fully funded to production, Cora is now focused on unlocking the
broader long-term potential of the Project through an extensive resource
growth and exploration programme, designed to expand the current JORC
compliant mineral resource estimate ('MRE') of 1,044 koz at 1.04 g/t Au,
extend Reserve mine life beyond the current 10.2 years outlined in the 2025
definitive feasibility study ('DFS') and support future production growth.

 

The 2026 drill programme will target both extensions to existing deposits and
a number of highly prospective near-mine greenfield targets, offering the
potential for rapid conversion into future mine plan feed.

 

Highlights

 

●    12,000+ metres of reverse circulation ('RC') and diamond drilling
planned across four existing deposits and high priority greenfield targets.
Drill metre allocation as follows:

o  40% at Zone B (current JORC compliant MRE of 9 Mt at 0.85 g/t Au for 250
koz)

o  30% at Selin (current JORC compliant MRE of 12 Mt at 1.11 g/t Au for 430
koz)

o  25% at Zone A and C (current JORC compliant MRE of 7.8 Mt at 1.11 g/t Au
for 275 koz)

o  5% to greenfield targets

●    Zone B expected to be a major focus due to extensive strike length
(>2 km, excluding the additional 1.7 km Zone B North trend), broad
mineralised widths, extensive artisanal mining activity, limited deeper
drilling and significant potential to improve continuity within the existing
resource model.

●    Greenfield drilling will test several undrilled targets situated
near existing and planned infrastructure, where successful drilling could
support rapid resource growth and incorporation into future mine plans.

●    Updated MRE planned following completion of the programme and
receipt of all assay results.

●    Exploration activities will continue across the wider Sanankoro
permit package, which hosts five major gold-bearing structures and numerous
emerging exploration targets.

 

Bert Monro, Chief Executive Officer of Cora, commented: "Our 2025 DFS
demonstrated that Sanankoro is a robust, high-margin gold project with a
10-year mine life and compelling economics. As we move towards construction
and production, the objective of this drill campaign is to expand beyond the
initial mine plan to unlock the much larger long-term opportunity across the
wider project area we believe is there to be drilled out.

 

"With full construction funding now secured, Cora is in the positive position
of being able to advance mine development while simultaneously investing in
resource growth and new discoveries. We believe the current resource base is
just the starting point and, as evidenced in previous drill campaigns,
Sanankoro will increase in size significantly with more drilling in the coming
years with this being the first phase of that plan.

 

"This programme is designed not only to extend mine life, but also to create
the foundation for a larger-scale operation over time through additional
resources and higher production potential with continued exploration success."

 

MRE Growth Drilling Programme

 

The 2026 MRE growth drilling programme is expected to comprise more than
12,000m of drilling, predominantly RC drilling.

 

Initial drilling will focus on four of the five existing deposits at
Sanankoro, with Zone B receiving the largest allocation of metres due to its
significant growth potential due to the MRE model being predominantly
constrained by a lack of drill coverage along strike and at depth.

 

The Company believes there is strong potential to increase both the scale and
continuity of mineralisation at Zone B through additional drilling and while
not the primary objective of the programme, sections of the drilling are also
expected to convert additional mineral resources into the Indicated category,
supporting future ore reserve growth.

 

Cora views this programme as the first phase of a broader long-term resource
growth strategy across the Sanankoro project area. Success from the programme
has the potential to support a materially extended mine life and increased
production capacity beyond the levels currently contemplated in the 2025 DFS.

 

Zone B

 

Figure 1. Zone B MRE model, coloured by gold grades (g/t) with planned drill
holes layout and reserve pit designs for Zone B South and Central.

 

Zone B comprises three separate deposits: Zone B South, Zone B Central and
Zone B North; all hosted along the same mineralised structural corridor
associated with the Sanankoro Structure, located within the hanging wall of
the Sanankoro Main Shear Zone ('SMSZ'). Collectively, the three deposits
extend over approximately 3.7 km of strike length.

 

No drilling is currently planned at Zone B North as part of this programme
(current JORC compliant MRE of 2.6 Mt at 0.93 g/t Au for 78 koz), with the
initial focus directed towards expanding and improving the continuity of
mineralisation at Zone B South and Central, where the Company believes there
is strong potential for near-term resource growth.

 

The planned drilling programme at Zone B is designed to:

1.    improve resource continuity at depth and reduce irregularities along
the lower boundaries of the current MRE model;

2.    extend shallow Inferred mineral resources down dip beyond the current
base of the MRE pit shells;

3.    test for additional mineralisation along strike at both the northern
and southern extents of the deposit, where mineralisation remains open; and

4.    assess continuity within the transitional and fresh rock domains,
supporting the potential for future mine life extensions beyond the current
oxide-dominated mine plan.

 

A representative drill section between Zone B South and Zone B Central
highlights the scale and continuity potential of the mineralised system. The
mineralised zone is approximately 80m wide and remains open down dip, with
current drilling only partially constraining the deeper extent of the system.
The section also demonstrates the significant oxide-hosted mineralisation
located between the existing reserve pits, further supporting the potential
for future resource growth and mine plan optimisation.

Figure 2. Zone B MRE section demonstrating the broad widths and planned drill hole to extend the MRE adding new resources. Stacked pit shells indicate the likely economic viability of extending the resources.

 

Selin

 

Selin is the largest individual mineral resource at Sanankoro, currently
hosting a JORC compliant MRE of 430 koz (12 Mt at 1.1 g/t Au), and remains a
key focus for future resource growth.

 

Importantly, Selin already contains significant mineralisation extending below
the base of the current MRE pit shells generated using a gold price assumption
of US$2,400/oz under the JORC Reasonable Prospects for Eventual Economic
Extraction ('RPEEE') criteria. The Company believes there remains substantial
scope to expand mineral resources both along strike and at depth.

 

The planned drilling programme at Selin will primarily focus on the southern
portion of the deposit, where historical drilling remains relatively shallow
and widely spaced, limiting the current interpretation of mineralisation
continuity and overall scale potential.

 

In addition, drilling will target a separate western mineralised zone located
outside the current reserve pits, but within the broader US$2,400/oz MRE RPEEE
pit shell. Continued definition of this parallel zone has the potential to
deliver additional near-pit mineral resources and further enhance the
long-term development potential of the deposit.

 

The planned drilling at Selin is designed to:

1.    improve continuity at depth within the current MRE model;

2.    extend shallow Inferred mineral resources down dip beyond the current
base of the MRE pit shells;

3.    test for additional mineralisation at the southern extent of the
deposit, with drilling optimally positioned across the main structure; and

4.    define the strike and depth extent of the western mineralised zone
(see figure 4 below).

 

Historical drilling demonstrated the growth potential of the western zone.
Drill hole SC1032 intersected 18 metres at 2.29 g/t Au and terminated in
mineralisation at 146 metres depth, indicating the system remains open. The
upcoming programme will target extensions to this mineralised zone both along
strike and down dip.

 

Figure 3. Selin MRE model, coloured by gold grades (g/t Au) with planned drill
holes (red lines) and reserve pit designs (North and South pits).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 4. Selin MRE section demonstrating the broad widths and planned drill
hole to extend the MRE adding new resources. Stacked pit shells indicate the
likely economic viability of extending the resources.

 

Zone A

 

Zone A is the southernmost deposit located along the main Sanankoro structural
corridor, a major mineralised trend that controls gold mineralisation over
more than 5 km of strike length from Zone A through the Zone B deposits,
connecting into the greenfield target of Dakounkoura. The deposit currently
hosts a JORC compliant MRE of 210 koz (6 Mt at 1.1 g/t Au).

 

The planned drilling programme at Zone A is designed to improve the continuity
and overall confidence of the existing MRE model, with a particular focus on
the southern area of the deposit where mineralisation remains open and current
drilling density is relatively limited. The Company believes this work has the
potential to support future ore reserve growth through improved resource
continuity and additional mineral resource expansion.

 

 

 

 

 

 

 

 

Figure 5. Zone A MRE coloured by gold grade (g/t), planned MRE growth drill
holes and reserve pit design.

 

The planned drilling programme at Zone A will focus on:

1.    extending higher-grade mineralisation down dip within the central
portion of the deposit;

2.    improving geological modelling and resource continuity at the
southern end of the existing ore reserve pit design; and

3.    testing for additional mineralisation along strike at both the
northern and southern extents of the deposit, where mineralisation remains
open.

 

A representative drill section at Zone A (see figure 6) highlights the strong
continuity of mineralisation and demonstrates that the current MRE model
remains constrained by limited deeper drilling. The existing MRE pit shell
currently extends to the base of drilling in several areas, indicating
potential for further resource growth at depth with additional deeper drilling
as shown below.

 

 

 

Figure 6. Zone A MRE coloured by gold grade (g/t) with planned drill hole to
test for extents to high grade mineralisation.

 

Zone C

 

Zone C is currently the only defined deposit located along the footwall of the
SMSZ, hosted within the Bokoro or footwall structure. The deposit currently
hosts an entirely Inferred JORC compliant MRE of 65 koz (1.8 Mt at 1.1 g/t Au)
due to the current drill spacing and therefore does not yet contain ore
reserves.

 

The planned drilling programme at Zone C will focus on the central portion of
the deposit, where infill drilling at approximately 50 m spacing is designed
to improve geological confidence, strengthen mineral resource continuity and
support future resource classification upgrades.

 

 

 

 

Figure 7. Zone C MRE coloured by gold grade (g/t Au), planned MRE growth drill
holes and management case US$2,200/oz pit shells of Inferred mineral resources
(not ore reserves)

 

The planned drilling programme at Zone C will focus on:

1.    infill drilling within the central portion of the deposit between the
currently modelled northern and southern zones;

2.    testing for additional mineralisation along strike at both ends of
the deposit, where mineralisation remains open; and

3.    extending the higher-grade mineralised zone down dip in the northern
portion of the deposit.

 

The Company believes Zone C represents an important opportunity to both expand
the existing mineral resource base and potentially convert portions of the
deposit into future ore reserves through improved drill density and enhanced
confidence in the continuity of mineralisation.

 

 

 

 

 

 

 

 

Figure 8. Zone C MRE section coloured by gold grade (g/t Au) with planned
drill hole to test for extents to high grade mineralisation.

 

The drill section above highlights both the higher-grade nature of the deposit
and the limited extent of deeper drilling completed to date. The current
US$2,200/oz Inferred management case pit shell (light pink line) extends close
to the base of the existing MRE model, while the broader US$2,400/oz MRE pit
shell also bottoms out at the limit of current drilling.

 

This indicates that the current MRE remains constrained by a lack of deeper
drilling and supports the potential for further resource growth at depth
through additional drilling and not by economics.

 

Greenfields drilling

Approximately 5% of the drill programme budget has been allocated to testing
three high-priority greenfield targets for their potential to host shallow,
open-pitable oxide gold mineralisation.

 

The three targets selected for initial evaluation are TRA07, Dakounkoura and
Zone B West, all of which are located close to existing defined deposits and
planned project infrastructure and could provide a rapid pathway to future
resource growth and mine plan expansion if drilling is successful.

 

Competent Person's statement

The technical information in this release that relates to Exploration Results
was reviewed and approved by Mr Murray Paterson, in his capacity as a
Competent Person, as required under the AIM Rules for Companies. Murray
Paterson is the Head of Geology for the Company and is a member of good
standing with the Australasian Institute of Mining and Metallurgy ('MAusIMM').
Mr Paterson has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration, and to the activity
which he is undertaking, to qualify as a Competent Person as defined in the
2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves'. Mr Paterson consents to the inclusion in
this release of the Exploration Results in the form and context in which it
appears.

 

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

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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