Cora Gold secures $120m gold streaming deal to fund Sanankoro

(Sharecast News) - Cora Gold said on Friday that it has secured a $120m gold streaming agreement that, together with existing equity funding, was expected to fully fund development of its Sanankoro project in Mali through to production. The AIM-traded miner said it had signed a binding term sheet with Eagle Eye Asset Holdings for the stream, subject to certain conditions precedent.

Combined with its recent £15.7m fundraise, also backed by Eagle Eye, the financing removed the need for further capital to bring the project into production, subject to permitting.

Under the terms of the agreement, Eagle Eye would be entitled to purchase 30.44% of gold produced at Sanankoro, or 15.22% if the stream was halved, at a price equal to 20% of the prevailing spot gold price.

Cora said it retained the option to replace up to 50% of the stream, equivalent to $60m, with traditional senior debt within 240 days of approvals, allowing it to optimise its financing structure.

The company said the funding was expected to accelerate the project's construction timeline once permits were secured.

A 2025 definitive feasibility study based on a gold price of $2,750 per ounce outlined initial capital expenditure of $124m, all-in sustaining costs of $1,478 per ounce, and post-tax net present value of $221m with an internal rate of return of 65%.

At a gold price of $3,250 per ounce, the NPV rises to $319m with an IRR of 88%.

The transaction constituted a related party deal under the AIM rules, as Eagle Eye holds 29.9% of Cora's issued share capital.

Cora said its directors, excluding a representative of Eagle Eye on the board, considered the terms fair and reasonable following consultation with its nominated adviser.

"This $120m gold stream is a transformational milestone for Cora, significantly de-risking Sanankoro, providing a fully funded development project alongside our existing equity," said chief executive Bert Monro.

"Our September 2025 DFS demonstrated the compelling economics of the Sanankoro project, and we are now focused on advancing the project into construction and ultimately delivering first gold."

Cora said permitting was continuing to progress with the government of Mali, representing one of the final steps before construction could begin.

At 1213 BST, shares in Cora Gold were up 13.56% at 11.64p.

Reporting by Josh White for Sharecast.com.

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