Cora Gold Limited Di — Grant of Share Options

Cora Gold grants options to new director and details robust project economics and funding.

What the company is saying

Cora Gold Limited announces the grant of 1,000,000 share options, representing 0.13% of issued share capital, to Russell White following his appointment as Non-Executive Director on 01 September 2026. The company specifies a 10 pence exercise price, a 4.82% premium to the recent average share price, and a vesting schedule extending to March 2028, with expiry in September 2031. The announcement highlights the company's capital structure, now including 65,700,000 options (8.58% of capital), 765,296,805 shares outstanding, and multiple tranches of options and warrants with varying expiry dates and strike prices. Cora reiterates its focus on the Sanankoro Gold Project, disclosing a Probable Reserve of 531 koz at 1.13 g/t Au and referencing a 2025 Definitive Feasibility Study showing a 98% post-tax IRR, US$365 million NPV8, and all-in sustaining costs of US$1,623/oz at a US$3,500/oz gold price. The company claims full funding for Sanankoro's development via a US$120 million gold stream secured in April 2026, with the right to replace 50% of this with senior debt by late 2027 or six months after permitting. The tone is factual and confident, emphasizing both the director appointment and the company's strong project fundamentals and funding position.

What the data suggests

The grant of 1,000,000 options to Russell White is precisely quantified, equating to 0.13% of Cora's issued capital, with a 10 pence strike price at a 4.82% premium to the recent average. The total option pool now stands at 65,700,000 options or 8.58% of capital, with 765,296,805 shares outstanding and a detailed breakdown of warrants and option tranches by price and expiry. Project-level data for Sanankoro is robust: 531,000 ounces Probable Reserve at 1.13 g/t Au, a US$2,200/oz pit shell, and 2025 DFS metrics of 98% IRR, US$365 million NPV8, and US$1,623/oz AISC (using a US$3,500/oz gold price). The company secured a binding US$120 million gold stream in April 2026, which it claims fully funds Sanankoro to production, with a right to replace half with senior debt by 30 October 2027 or six months post-permit. No realised operational or financial results are disclosed; all project economics are from feasibility studies. The permitting process for Sanankoro is ongoing, and no definitive construction or production start date is provided. The announcement provides no new exploration results but mentions ongoing portfolio work in Senegal.

Analysis

The announcement is primarily a factual disclosure of a share option grant to a new Non-Executive Director, with detailed terms, vesting schedule, and capital structure impact. The tone is positive but proportionate, and the majority of claims are realised facts (option grant, capital structure, feasibility study results, and funding secured). While there are some forward-looking statements regarding permitting, mine construction, and exploration, these are presented as ongoing processes rather than imminent or guaranteed outcomes. No exaggerated or promotional language is used, and all key figures are supported by the disclosed data. There is no evidence of narrative inflation or overstatement relative to the actual progress reported. The announcement does not disclose a new large capital outlay without immediate benefit, nor does it make long-dated, uncertain projections without supporting evidence.

Risk flags

• ●Permitting risk is material, as the company is still finalising approvals with the government of Mali before mine construction can begin. Delays or complications in permitting could postpone project advancement and value realisation.
• ●Funding structure risk exists despite the US$120 million gold stream, as the claim of being 'fully funded' assumes no cost overruns or unforeseen capital needs. The right to replace 50% of the stream with debt adds flexibility but also introduces refinancing and execution risk if debt markets tighten.
• ●Project execution risk remains, as all disclosed project economics are based on feasibility study assumptions rather than realised operational results. Any deviation in grade, recovery, or cost during development could materially affect returns.

Bottom line

This announcement formalises the appointment of Russell White as Non-Executive Director with a precisely quantified option grant, while also providing a comprehensive snapshot of Cora Gold's capital structure and the economics of its flagship Sanankoro project. The company presents strong feasibility study metrics—98% IRR, US$365 million NPV8, and US$1,623/oz AISC—but these are projections, not realised results. The US$120 million gold stream secured in April 2026 is a significant funding milestone, but actual value delivery depends on securing permits and moving into construction, for which no firm timeline is given. Investors should focus on permitting progress and evidence of transition from feasibility to execution. The most important takeaway is that Cora Gold is well-funded on paper and has strong project economics, but the path to production and cash flow still hinges on regulatory and operational milestones.

Announcement summary

(LSE:CORA) Cora Gold Limited has granted and approved share options over 1,000,000 ordinary shares, equivalent to 0.13% of the issued share capital, to Russell White following his appointment as Non-Executive Director on 01 September 2026. The exercise price of the options is 10 pence per ordinary share, representing a premium of 4.82% to the average closing mid-market price over the 10 trading days prior to the grant date. The options expire on 07 September 2031, with one quarter vesting immediately, one quarter on 07 March 2027, one quarter on 07 September 2027, and one quarter on 07 March 2028. Following this grant, the total number of share options over ordinary shares is 65,700,000, representing 8.58% of the current ordinary issued share capital. The company's issued and outstanding capital structure now comprises 765,296,805 ordinary shares, warrants to subscribe for 32,382,100 ordinary shares at 7 pence per share expiring on 01 April 2027, share options over 5,050,000 ordinary shares at 10.5 pence expiring on 08 December 2026, share options over 12,350,000 ordinary shares at 4 pence expiring on 13 March 2028, share options over 19,150,000 ordinary shares at 6.25 pence expiring on 01 April 2030, share options over 28,150,000 ordinary shares at 8 pence expiring on 31 March 2031, and share options over 1,000,000 ordinary shares at 10 pence expiring on 07 September 2031. Sanankoro 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 a 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. Cora has the right to replace 50% of the stream with traditional senior debt until the later of 30 October 2027 and 6-months after the date on which the mining permit is granted. The company is advancing the finalisation of the permitting process with the government of Mali to enable a swift transition into mine construction. Cora 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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