Cora Gold, the West African focused gold company, has signed a binding term sheet for a US$120 million gold stream with Eagle Eye Asset Holdings to support development of the Sanankoro Gold Project in south Mali.
Overview of Stream
- Binding US$120 million gold stream (subject to certain conditions precedent), removes future funding requirement for the Project, enabling the Company to move forward with pre-production workstreams with confidence.
- Combined with existing equity funding following recent £15.7m fundraise, cornerstoned by EEA, the Stream fully funds Sanankoro to production, subject to permitting.
- Cora retains the right to replace 50% of the Stream (US$60 million) with traditional senior debt for up to 240 days following approvals, enabling Cora to optimise the financing structure.
- Under the Stream, EEA is entitled to purchase 30.44% (or 15.22% if reduced by 50%) of gold produced at Sanankoro at a price equal to 20% of the prevailing spot gold price (‘Stream Gold’).
- Stream funding solution expected to materially accelerate construction timeline once permits are secured.
Highlights of 2025 Definitive Feasibility Study (US$2 750/oz gold price)
- Low capital intensity – initial development CAPEX of US$124 million.
- Competitive opex – AISC of US$1,478/oz driven by low strip ratios, soft ore and simple processing.
- Compelling economics – post-tax NPV8 of US$221 million and post-tax IRR of 65%.
- Production – 64koz average annual gold production for the first five years.
- At US$3,250/oz gold price the post-tax NPV8 is US$319m, post-tax IRR of 88% and AISC of US$1,568/oz
Bert Monro, Chief Executive Officer of Cora, commented, “This US$120 million gold stream is a transformational milestone for Cora, significantly de-risking Sanankoro, providing a fully funded development Project alongside our existing equity. Importantly, the flexibility within the stream structure allows us to optimise the financing package through the introduction of traditional debt, while retaining the Stream as a committed fully funded construction solution.
“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. In parallel, we remain highly encouraged by the broader resource and greenfield upside across the project area and will continue to pursue a dual-track strategy of advancing development while systematically growing the resource base to support long-term production.
“EEA has proven to be a highly supportive and knowledgeable partner, following its recent £13.7 million equity investment and this Stream transaction, and we look forward to continuing this relationship as we progress permitting and advance the Project toward construction.
"As previously reported, permitting continues to progress well, supported by ongoing constructive engagement with the Government of Mali. As the final key regulatory step ahead of construction, permitting represents one of the last stages of de-risking as Sanankoro moves towards development.”