Cora Gold Secures US$120M Gold Stream and Reports Strong DFS Results

Cora Gold 2025 final results: Sanankoro DFS shows a potentially high-return gold project

Cora Gold’s latest RNS is really two updates rolled into one. First, it has published its 2025 final results. Second, and more importantly for the share price story, it has laid out a much clearer route to funding and building the Sanankoro Gold Project in Mali.

The headline takeaway is positive. Sanankoro now looks more robust on paper, and Cora has brought in a serious new backer in Eagle Eye. That said, this is still a pre-production miner, so investors should keep a close eye on permitting, financing terms and future dilution.

Sanankoro resource, reserve and DFS numbers that matter

In mining, a mineral resource estimate or MRE is the broader estimate of mineralisation in the ground. A reserve is the smaller, more confidence-backed chunk that can be mined economically under defined assumptions. A definitive feasibility study or DFS is the detailed technical and economic study used to support mine development.

Metric	Figure
2024 MRE	31.4 Mt at 1.04 g/t Au for 1,044 koz
MRE increase vs 2022	13%
Updated Probable Reserve	531 koz at 1.13 g/t Au
Reserve increase vs 2022 maiden reserve	26%
Post-tax IRR	65%
Post-tax NPV8	US$221 million
Payback period	1.1 years
Reserve mine life	10.2 years
Average free cash flow in first 5 years	US$67 million a year
Life of mine free cash flow	US$479 million
Life of mine AISC	US$1,478/oz
Pre-production capital	US$124 million

Those are strong headline economics. An internal rate of return, or IRR, of 65% is punchy. A net present value, or NPV, of US$221 million against pre-production capital of US$124 million suggests plenty of room for value creation if the project gets built broadly on plan.

The short payback period of 1.1 years also stands out. For a smaller developer, getting capital back quickly matters because it can lower financing risk and improve lender confidence.

There are also useful operational details in the DFS. Average gold recovery is 90.7% through a conventional 1.5 Mtpa Carbon in Leach plant, and the solar hybrid power option is expected to reduce diesel consumption by 40 million litres over the life of mine. That should help both costs and emissions.

Cora Gold US$120 million gold stream: big funding progress, but not cheap money

The market-moving development came after the year end. In March 2026, Cora raised £15.707 million, including a £13.707 million strategic investment from Eagle Eye Asset Holdings Pte. Ltd., which became the largest shareholder with 29.90%.

Then in April 2026, Cora signed a binding term sheet with Eagle Eye for a US$120 million gold stream. A gold stream is a financing deal where a funder pays upfront cash and then gets the right to buy a slice of future production at a discounted price.

Here, Eagle Eye would be entitled for the life of mine to buy 30.44% of gold production at 20% of the spot gold price. If Cora replaces 50% of the stream with traditional senior debt, that gold percentage drops to 15.22%.

That is the good news and the catch in one sentence. The good news is that this looks transformational for funding and gives Cora a credible path towards full development finance. The catch is that streaming is expensive because you are effectively handing over a meaningful chunk of future production on discounted terms.

My view is that this is still a net positive because junior miners live or die on access to capital. A very attractive project without funding is just a presentation. Cora now has strategic backing, fresh equity and a committed funding structure to point at.

But investors should not ignore the fine print. The stream is still subject to definitive documentation and any regulatory approvals identified during due diligence. The notes also say Cora paid a US$4.8 million fee to Eagle Eye in relation to the stream and could reimburse costs of up to US$500,000. If Cora extends the period to replace 50% of the stream with senior debt beyond 120 days, further fees of up to US$4 million in aggregate could become payable.

Cora Gold financial results: still a development company, not yet a cash-generating miner

The 2025 income statement is exactly what you would expect from a pre-production gold developer. There is no operating revenue disclosed, and the business posted a loss for the year of US$1.446 million, compared with US$1.095 million in 2024.

Overhead costs rose to US$1.447 million from US$1.278 million. Cash used in operating activities was US$1.211 million, while a further US$1.526 million went into intangible assets, mainly capitalised project spend.

At 31 December 2025, cash and cash equivalents stood at US$1.533 million, up from US$879,000 a year earlier. Intangible assets were US$26.706 million, reflecting ongoing investment in Mali and Senegal, while net assets were US$28.114 million.

That year-end cash balance was not huge, so the March 2026 equity raise matters a lot. Without it, the balance sheet would have looked thin for a company trying to move into construction readiness.

On funding, Cora raised combined proceeds of £2.598 million during 2025 through two equity fundraises. It then materially strengthened the picture after year end with the £15.707 million raise.

Mali mining permit progress is now the key remaining hurdle

This is the main risk to watch. Cora says permitting continues to advance and describes the mining permit as the final key regulatory step ahead of construction.

There was a helpful policy change in March 2025 when the Mali government partially lifted its moratorium on new mining permits, allowing processing of exploration permit renewals and conversions to mining permits. That clearly helped Cora’s path forward.

Still, the permit is not yet in hand. The company says it is actively engaging with the mining administration in Mali, but until the mining permit is granted, the project is not fully de-risked.

The updated DFS also fully incorporates the 2023 Mining Code, which increased costs, including design changes to the tailings storage facility. The encouraging part is that Sanankoro still produces strong returns even after those tougher assumptions.

What stands out for retail investors in Cora Gold shares

• Positive: the reserve has grown by 26% since 2022 and the project economics look strong.
• Positive: Eagle Eye brings both capital and strategic backing, which is a serious step up for a company of this size.
• Positive: the company now has a much clearer route to financing than it did a year ago.
• Negative: a gold stream is not cheap capital and can cap upside if too much production is committed away.
• Negative: the stream is not yet fully documented, and there are extra fees tied to timing and structure.
• Negative: Mali permitting remains the last major box to tick.

There is also some blue-sky potential outside the core mine plan. Cora highlighted four strong gold anomalies at Madina Foulbé in Senegal, and the chairman pointed to possible upside from inferred resources and a broader exploration target at Sanankoro. That is interesting, but it is not the main valuation driver right now.

The main story is simple: can Cora turn a strong DFS and a headline financing package into an actual permitted, funded mine build? If yes, the latest RNS could end up looking like a pivotal moment. If not, investors may decide the funding terms were expensive for a project that still needed more boxes ticked.

Cora Gold AGM 2026 details shareholders should know

The 2026 AGM will be held at 12.00 p.m. UK time on 24 June 2026 at the offices of Hannam & Partners in London. Shareholders can also follow the meeting online via Investor Meet Company.

One practical point matters here: shareholders watching online will not be counted as present and will not be able to vote at the meeting. The board is therefore strongly advising shareholders to vote by proxy in advance.

Overall, I would call this a constructive update with a better funding backdrop, stronger project numbers and a clearer route forward. But until the permit and definitive financing documents are nailed down, Cora remains a promising developer rather than a finished investment case.