Cora Gold Limited Di — Sanankoro 2026 MRE Update Drilling

High-grade gold intercepts and full project funding advance Sanankoro toward construction.

What the company is saying

Cora Gold Limited is highlighting the first assay results from its 2026 drilling campaign at the Sanankoro Gold Project in southern Mali, emphasizing high-grade gold intercepts in Zone B outside the current mineral resource estimate (MRE) model. The company frames these results as evidence of significant resource expansion potential and future mine plan flexibility, including possible underground mining. Cora stresses that 10,656 metres have been drilled of a planned 12,000 metres, with 1,272 metres reported in this initial batch, and that further assays are pending. The narrative is reinforced by previously disclosed project economics: a 98% post-tax IRR, US$365 million NPV8, and US$1,623/oz all-in sustaining costs (AISC) at a US$3,500/oz gold price, as well as a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz pit shell). The company asserts that a US$120 million gold stream, secured in April 2026 and amended in August 2026 to allow up to 50% replacement with senior debt, fully funds Sanankoro through to production. The announcement maintains a confident and optimistic tone, with CEO Bert Monro quoted on the significance of the drill results and the potential for extended mine life.

What the data suggests

The disclosed assay results from Zone B include 22m @ 2.24 g/t Au (hole SC0712), 34m @ 6.78 g/t Au (hole SC0716, including 9m @ 23.91 g/t Au), 54m @ 1.06 g/t Au (hole SC0718, including 8m @ 5.68 g/t Au), and 7m @ 1.05 g/t Au (hole SC0709). These intercepts are broad and high-grade relative to typical open-pit gold thresholds, and are reported as being outside the 2024 MRE model, suggesting potential for resource growth. Drilling progress is advanced, with 10,656 metres completed of a planned 12,000 metres, and 1,272 metres covered in this initial assay release. The current MRE inventory is 1.044 Moz, with a 10.2-year life of mine and a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz pit shell). The 2025 Definitive Feasibility Study supports robust economics: 98% post-tax IRR, US$365 million NPV8, and US$1,623/oz AISC at a US$3,500/oz gold price. The US$120 million gold stream, with an option to replace up to 50% with senior debt by late 2027 or six months after permit grant, provides full project funding. Permitting is ongoing, with no explicit timeline for completion. The data is detailed and specific for drilling, resources, reserves, and project economics, but the realization of further resource growth and mine life extension remains contingent on future drilling and permitting outcomes.

Analysis

The announcement is generally positive and well-supported by specific technical and financial disclosures, including detailed drill intercepts, updated resource and reserve figures, and a binding US$120 million gold stream that fully funds the project through to production. However, a significant portion of the narrative is forward-looking, emphasizing potential resource expansion, future mine plan optionality, and ongoing permitting, rather than realised milestones. While the feasibility study metrics (98% IRR, US$365M NPV8) are strong, they are based on a high gold price assumption (US$3,500/oz) and are not yet translated into operational or profitability outcomes. The capital intensity is high, with large funding secured but no immediate earnings impact, as the project is still in the development and permitting phase. The language around 'potential', 'may present', and 'designed to enhance' inflates the signal relative to the current stage of progress. Overall, the gap between narrative and evidence is moderate: the technical and financial foundation is credible, but the benefits remain contingent on future milestones.

Risk flags

• ●Permitting risk is material, as the project cannot advance to construction until the mining rights permit is granted by the Government of Mali. The announcement discloses that permitting is ongoing but gives no firm timeline or indication of imminent approval.
• ●Resource conversion risk exists, as the high-grade intercepts are outside the current MRE model and require further drilling and modelling to be classified as reserves. There is no guarantee that all mineralisation encountered will be economically extractable or upgrade to higher confidence categories.
• ●Funding structure risk is present despite the US$120 million gold stream, as the amendment allowing up to 50% replacement with traditional senior debt introduces refinancing and execution complexity. The ability to secure favourable debt terms and the timing of such refinancing depend on market conditions and successful permitting.
• ●Gold price sensitivity is high, as the project's robust economics (98% IRR, US$365 million NPV8) are based on a gold price of US$3,500/oz, which is above long-term historical averages. Any sustained decline in gold prices could materially impact project returns and financing flexibility.
• ●Operational risk remains, as the transition from exploration to construction and eventual production involves execution challenges, including potential cost overruns, schedule delays, and technical uncertainties in scaling up from drilling results to mineable reserves.

Bottom line

Cora Gold Limited's first 2026 drill results at Sanankoro show high-grade, broad gold intercepts outside the current resource model, supporting the case for future resource and mine life expansion. The project is fully funded through a US$120 million gold stream, with flexibility to replace up to half with senior debt, and boasts strong feasibility metrics: 98% IRR, US$365 million NPV8, and US$1,623/oz AISC at a US$3,500/oz gold price. With 10,656 metres drilled of a planned 12,000 metres, the exploration program is nearly complete, but the transition to construction awaits final permitting from the Mali government. Key risks include permitting delays, resource conversion uncertainty, gold price volatility, and execution challenges in moving to production. Investors should focus on the timing and outcome of the permitting process, the ability to convert new intercepts into reserves, and any changes in project financing terms. The most important takeaway is that while technical and financial foundations are strong and funding is in place, the project's value realisation hinges on timely permit approval and successful resource conversion.

Announcement summary

(LSE:CORA) Cora Gold Limited reports first assay results from its 2026 MRE update drilling at the Sanankoro Gold Project in southern Mali, with high-grade gold intercepts from Zone B outside the existing MRE model. The 2026 drill programme targets both extensions to existing deposits and near-mine greenfield targets, aiming for rapid conversion into future mine plan feed. Initial assays from Zone B (central) include 22m @ 2.24 g/t Au from 12m in hole SC0712, 34m @ 6.78 g/t Au from 117m in hole SC0716 (including 9m @ 23.91 g/t Au from 128m), 54m @ 1.06 g/t Au from 144m in hole SC0718 (including 8m @ 5.68 g/t Au from 153m), and 7m @ 1.05 g/t Au from 37m in hole SC0709. To date, 10,656 metres have been drilled of a planned 12,000 metres, with 1,272 metres released in this first set of assays. The results demonstrate broad intervals of mineralisation outside the 2024 MRE model, including higher-grade zones, and may present future mining plan optionality for underground mining. The current MRE inventory stands at 1.044 Moz with a life of mine of 10.2 years, and the Probable Reserve is 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 NPV8 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, Cora secured a binding US$120 million gold stream, fully funding Sanankoro through to production, with an amendment in August 2026 allowing up to 50% of the stream to be replaced with traditional senior debt by the later of 30 October 2027 or 6 months after the mining rights permit is granted. The company is advancing permitting with the Government of Mali and continues to pursue additional opportunities, including the Madina Foulbé exploration permit in eastern Senegal.

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