Cora Gold’s H1 2025: Bigger Resource, DFS on track, and permitting moving again
Cora Gold’s interim results show a company tightening its focus on near-term development at Sanankoro in southern Mali. The headline is clear: a +1 million ounce Mineral Resource Estimate and a Definitive Feasibility Study back in full swing with a seasoned contractor. Add in the partial lifting of Mali’s permitting moratorium and you have a busier second half shaping up.
There are still hurdles – notably the mining permit and funding to build – but the trajectory is positive, helped by a gold price environment that’s far stronger than the 2022 DFS assumption.
Sanankoro passes 1 Moz: why this upgrade matters
The January 2025 Mineral Resource Estimate (MRE) for Sanankoro came in at 31.4 Mt at 1.04 g/t Au for 1,044 koz, a 13% increase in contained metal versus 2022. Indicated resources stand at 19.0 Mt at 1.13 g/t Au for 689 koz, with a further 12.4 Mt at 0.89 g/t Au for 354 koz in the Inferred category.
In plain English: more ounces, better defined. Indicated resources are higher-confidence tonnes that typically convert more readily into reserves in a DFS. For a planned open-pit oxide operation, this matters to mine life, scale and financeability.
Permitting in Mali: moratorium partially lifted, mining permit the priority
In March 2025, the Malian government partially lifted its moratorium on new mining permits, allowing renewals, conversions to mining permits and transfers of mining permits to be processed. New exploration permits and transfers of exploration permits remain on hold.
For Sanankoro, Cora is engaging with the mining administration to secure a mining permit covering the Sanankoro II area plus parts of Bokoro II and Kodiou. The moratorium has affected interim renewals for Bokoro Est, Dako II and Sanankoro II, and applications for new permits tied to Bokoro II and Kodiou. A mining permit would be the key de-risking step – until it’s in hand, permitting risk remains.
DFS, processing optimisation and FEED: the build pathway
SENET (Pty) Ltd was appointed in April 2025 to oversee an updated Definitive Feasibility Study (DFS) at Sanankoro. A DFS is the detailed technical and economic plan for building a mine. Optimisation test work completed in May suggests a two-stage processing strategy could boost gold recoveries and lower operating costs – potentially valuable tweaks in an oxide gold flowsheet.
Post period-end, Cora completed sterilisation drilling at the proposed plant site in July, with results pending. Sterilisation drilling checks that no ore sits under planned infrastructure. The company expects to roll into Front-End Engineering and Design (FEED) – the engineering phase that turns the DFS into construction-ready designs – after the updated study.
Importantly, the DFS is on track for Q3 2025 and will incorporate the 2024 MRE and the latest optimisation work. With gold recently at record highs and the 2022 DFS based on a US$1,750/oz gold price, management expects “significant upside” to project economics. No new economic numbers are disclosed yet.
Financial snapshot: cash, costs and capital commitments
| Metric | 30 June 2025 |
|---|---|
| Cash and cash equivalents | US$1.648 million |
| Net assets | US$27.332 million |
| Intangible assets (capitalised project costs) | US$25.953 million |
| Current liabilities | US$282,000 |
| Overhead costs (H1) | US$690,000 |
| Loss for the period (H1) | US$689,000 |
| Basic and diluted EPS (H1) | US$(0.0015) |
| H1 fundraise (gross) | GBP£1.550 million (US$2.005 million) |
| DFS capital commitment | ~US$214,000 (US$151,000 incurred by 30 June) |
Cora raised GBP£1.550 million in April 2025, which is visible in the stronger cash balance versus year-end 2024. Operating cash outflow for H1 was US$454,000; project additions were US$773,000. There are no convertible loan notes outstanding following the March 2024 repayment, which cleans up the balance sheet and removes that overhang.
Share count, options and warrants: what to know on dilution
As at 30 June 2025, Cora had 484,802,350 ordinary shares in issue. The April raise added 32,624,205 shares at 4.75 pence with one-for-one warrants at 7 pence expiring on 1 April 2027. Share options outstanding total 41,850,000 across four tranches with exercise prices from 4 pence to 10.5 pence and expiries from October 2025 to April 2030.
In total, there are 32,624,205 warrants and 41,850,000 options outstanding. Not all will necessarily be exercised, but they represent potential future dilution if the share price trades above strike levels.
On the register, Brookstone Business Inc is the largest shareholder at 31.11%. Together, Brookstone, Key Ventures Holding Ltd and Paul Quirk hold 34.13% and are party to a Relationship Agreement with the company.
Operations and people: steady de-risking
On the ground, Cora’s spend is concentrated in Mali (US$729,000 of additions in H1) with ongoing work also in Senegal (US$44,000). The MRE growth helps underpin the development narrative at Sanankoro, which remains the primary focus.
At board level, Adam Davidson joined as Non-Executive Director in January, bringing royalty, capital markets and financing experience. David Pelham stepped down from the board but remains a technical adviser, retaining continuity on geology.
Key upcoming catalysts for Cora Gold shares
- Updated DFS in Q3 2025 with optimisation results incorporated.
- Mining permit for Sanankoro – the main near-term de-risking event.
- Sterilisation drilling results at the plant site and start of FEED to prepare for construction.
- Clarity on project funding strategy for construction – not disclosed.
Risks to keep in view
- Permitting: the mining permit is not yet granted. The partial lifting of the moratorium helps, but timing risk remains.
- Funding: cash was US$1.648 million at 30 June. Advancing to construction will require additional capital; the path and quantum are not disclosed.
- Dilution: warrants and options could add to the share count if exercised.
- Operational timing: DFS delivery and FEED start are targeted but not guaranteed.
My take: constructive momentum, with permitting and funding as swing factors
This is a solid interim from Cora. A 13% uplift to >1 Moz at Sanankoro, an experienced DFS partner in SENET, encouraging process optimisation, and the practical progress of sterilisation drilling all point to a project moving towards construction readiness. The gold price backdrop is a tailwind, especially versus the US$1,750/oz assumption used in 2022.
The flip side is straightforward: the mining permit is the key gate, and cash is modest relative to the typical costs of moving through DFS, FEED and into build. Expect further funding steps. In my view, if Cora lands the permit and prints a credible DFS in Q3, it sets up a stronger hand for financing discussions. Until then, it’s about execution on those near-term milestones.
