Name of the Project
Sanankoro gold project.

Location
Yanfolila gold belt, Mali.

Project Owner/s
West Africa-focused gold miner Cora Gold.

Project Description
An updated definitive feasibility study (DFS), released in September 2025, has determined that Sanankoro is an exceptional project and well positioned to become a significant new high-margin openpit oxide gold mine.

The updated DFS reports – based on the Selin, Zone A and Zone B deposits – a probable reserve of 14.6-million tonnes for 531 000 oz at 1.13 g/t gold using a gold price of $2 200/oz.

The mining of Selin, Zone A and Zone B is well suited to typical openpit methods using a backhoe configured excavator and truck fleet, which will be operated by a mining contractor.

Average production over the project’s 10.2-year mine life is estimated at 482 000 oz, with average gold production a year estimated at 47 000 oz.

Metallurgical test work has confirmed an average LoM gold recovery of 90.7% through a conventional 1.5-million-tonne-a-year carbon-in-leach processing plant.

The management plan shows the potential for an additional 173 000 oz of gold to be mined from current inferred resources. Cora Gold will target these ounces using more drilling to convert to reserves. 

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The updated DFS estimates a pretax net present value of $302.1-million, at an 8% discount rate, and an internal rate of return of 74.5%, with a payback of 1.1 years from the start of operations.

Capital Expenditure
Preproduction capital costs are estimated $124-million.

Planned Start/End Date
The project will take 21 months to completed.

Latest Developments
Cora Gold has conditionally secured at least £12.85-million and up to £13.71-million (before costs) through a subscription of up to 228.45-million new shares at 6p each. The company is also preparing a retail offer to existing shareholders of up to 33.33-million shares to raise as much as £2-million, subject to completion of the main subscription.

The funding is primarily aimed at advancing the Sanankoro towards production, with additional allocation for exploration across Cora’s permits and general working capital. Cora has said that the terms of the retail component will be announced separately and that the offer will not be underwritten.

The subscription is supported by Eagle Eye Asset Holdings, whose final participation will be adjusted so that, after the fundraise, it holds up to 29.9% of Cora’s enlarged share capital. At that level, Eagle Eye is expected to become Cora’s largest shareholder. Cora has also entered into a relationship agreement with Eagle Eye, including the right to appoint one nonexecutive director while its shareholding remains at or above 10%.

Meanwhile, Sanankoro is progressing through late-stage development following completion of the DFS in the third quarter of 2025. Permitting is also progressing and is described as one of the final regulatory steps before construction. Cora has further indicated that the new capital materially strengthens the equity side of the project’s development plan, while discussions on a fully funded project-finance package are ongoing to support the transition into construction and production.

Key Contracts, Suppliers and Consultants
DRA Global group company New Senet (updated feasibility study).

Contact Details for Project Information
Cora Gold, email info@coragold.com.