Cora Gold Limited Di — Interim Results for Six Months Ended 30 June 2026

Cora Gold is fully funded for Sanankoro, but construction awaits final permits.

What the company is saying

Cora Gold frames this as a transformational period, emphasizing that Sanankoro has moved from advanced development to a fully funded gold project nearing construction. The company highlights a £15.707 million equity raise in March 2026, with £13.707 million from Eagle Eye Asset Holdings, which now owns 29.85% of Cora and has placed Aryann Gupta on the board. A binding US$120 million gold stream with Eagle Eye was signed in April 2026 to fund Sanankoro through to production, with flexibility to replace up to 50% of the stream with senior debt by late 2027 or six months after the mining permit is granted. The FEED process has started, and a 12,000 metre drill campaign is underway targeting resource expansion. The company stresses progress on permitting, citing the August 2026 renewal of the Sanankoro II exploration permit by Mali's Council of Ministers. Key board changes are disclosed, including Adam Davidson becoming Chair and Russell White joining as a Non-Executive Director with over 40 years of West African gold mining experience. Management repeatedly asserts that funding is secured and that the project is on the cusp of construction, using confident and forward-looking language.

What the data suggests

The company raised £15.707 million in March 2026, including £13.707 million from Eagle Eye and £2 million from a retail offer. As of 30 June 2026, Cora reports US$47.918 million in total assets, US$14.596 million in cash, and US$47.251 million in equity. The six-month loss was US$1.139 million, with overhead costs of US$1.23 million and interest income of US$91,000. Net cash from financing was US$19.963 million, offset by US$6.596 million invested in intangible assets and US$304,000 used in operations. The 2025 DFS for Sanankoro shows a 98% post-tax IRR, US$365 million NPV8, and all-in sustaining costs of US$1,623/oz at a gold price of US$3,500/oz. The project has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz pit shell). The US$120 million gold stream is in place, and the company claims this, combined with equity, fully funds Sanankoro through to production, though no capex breakdown is provided. The 12,000 metre drill program and FEED process are underway, but construction is contingent on final permitting. The Sanankoro II exploration permit was renewed in August 2026, but the mining permit is still pending. No revenue or production is reported, consistent with the pre-production stage.

Analysis

The announcement is upbeat, highlighting a completed £15.707 million equity raise, a binding US$120 million gold stream, and the commencement of FEED and drilling at Sanankoro. These are concrete milestones, and the company discloses detailed financials, including a modest loss (US$1.139 million) and strong cash position (US$14.596 million). However, the narrative inflates progress by repeatedly referencing the project as 'fully funded through to production' without disclosing total capex or a construction start date, and by projecting rapid advancement once permitting is complete. The 98% IRR and US$365 million NPV8 are based on a DFS using a high gold price (US$3,500/oz), which may not be sustainable. Several forward-looking statements (e.g., 'on the cusp of construction', 'expedite production') are not yet realised, as permitting and mine build have not commenced. The capital intensity is high, with large funds raised but no immediate earnings impact, and the timeline to production remains at least 12-24 months away. Overall, the tone is moderately hyped relative to the actual stage of progress.

Risk flags

• ●Permitting risk remains high: construction at Sanankoro cannot commence until the mining permit is granted by the Government of Mali. The company has only recently secured renewal of the Sanankoro II exploration permit, and the timeline for the mining permit is undefined.
• ●Funding structure complexity: while the US$120 million gold stream and equity raise are in place, the flexibility to replace up to 50% with senior debt introduces refinancing and execution risk. If senior debt is not secured on favorable terms, project economics could be impacted.
• ●Project economics are based on aggressive assumptions: the DFS headline figures (98% IRR, US$365 million NPV8) use a gold price of US$3,500/oz, well above historical averages. If gold prices revert, project returns may be materially lower.
• ●No capex breakdown or construction schedule is disclosed: the claim that the project is 'fully funded through to production' cannot be independently verified without detailed cost estimates and a construction timeline.
• ●Operational execution risk: the FEED process and 12,000 metre drill program are ongoing, and any delays or negative results could push back the project schedule and affect resource estimates.

Bottom line

Cora Gold has secured major funding for Sanankoro, with a US$120 million gold stream and a recent £15.7 million equity raise, leaving the company with US$14.6 million in cash as of June 2026. The project shows robust economics on paper, but these are based on a high gold price assumption of US$3,500/oz. Construction is not imminent, as the mining permit is still pending and no start date is given. The company is advancing FEED and drilling, but all progress depends on final government approvals in Mali. Investors should focus on the timing and outcome of the mining permit process, as this is the key gating item for value realisation. The most important takeaway is that while Cora is well-funded and progressing, the transition to construction and eventual production remains subject to permitting and execution risks.

Announcement summary

Cora Gold Limited completed a £15.707 million equity fundraise in March 2026, including a £13.707 million strategic investment by Eagle Eye Asset Holdings Pte. Ltd. and a £2 million retail offer. Eagle Eye became the Company's largest shareholder, holding 29.85% of ordinary shares in issue, and its appointee Aryann Gupta joined the Board as a Non-Executive Director. In April 2026, Cora signed a binding term sheet with Eagle Eye for a US$120 million gold stream to fund Sanankoro through to production, with the agreement amended in August 2026 to allow up to 50% of the stream to be replaced with senior debt by the later of 30 October 2027 or six months after the mining permit is granted. The Front-End Engineering Design process commenced at Sanankoro, and a 12,000 metre drilling campaign was launched targeting both extensions to existing deposits and near-mine greenfield targets. H&P Advisory Limited was appointed as financial adviser and broker alongside Cavendish Capital Markets Limited. Adam Davidson became Chair of the Board in March 2026, succeeding Edward Bowie, who remains a Non-Executive Director. Post period-end, the Sanankoro II exploration permit renewal was approved by Mali's Council of Ministers on 21 August 2026. Russell White was appointed Non-Executive Director, bringing over 40 years' West African gold mining experience. The 2025 Definitive Feasibility Study for Sanankoro showed a 98% IRR post tax, US$365 million NPV8 post tax, and all-in sustaining costs of US$1,623/oz based on a gold price of US$3,500/oz. As at 30 June 2026, Cora reported total assets of US$47,918,000, cash and cash equivalents of US$14,596,000, and total equity of US$47,251,000. For the six months ended 30 June 2026, the Company reported a loss of US$1,139,000 and overhead costs of US$1,230,000. The Company continues to pursue additional value-enhancing opportunities, including the Madina Foulbé exploration permit in Senegal.

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