Cora Gold, the West African focused gold company, has conditionally raised £1,549,649.74 through a Subscription of 32,624,205 new ordinary shares on 25 March 2025.
Bert Monro, Chief Executive Officer of Cora, commented, “I am very pleased with the strong support we have received in this fundraise. This fundraising is intended to support the Company as it looks to bring Sanankoro to construction readiness, and follows the recent release of an updated Mineral Resource Estimate which reported total pit constrained resources of 31.4 million tonnes at 1.04 g/t Au for a total of 1,044 koz, comprising 689 koz at 1.13 g/t Au in the Indicated category and 354 koz at 0.89 g/t Au in the Inferred category, and the Mali government’s partial lifting of its moratorium on issuing permits in the mining sector. Ongoing optimisation studies along with work on updating the ore reserves to support an updated Definitive Feasibility Study at Sanankoro are well underway and scheduled for completion later in 2025. With the gold price currently at near record highs, and the previously completed 2022 Definitive Feasibility Study based on a US$1,750/oz gold price, we are hoping for significant improvements in the Project's economics. We look forward to providing further updates on progress at Sanankoro, including the updated Definitive Feasibility Study and permitting for a mining permit.”
Use of proceeds
The net proceeds of the Fundraise will principally be used to progress the ongoing updating of the 2022 Definitive Feasibility Study at the Sanankoro Gold Project in southern Mali, as well as continued exploration of the Company’s permits and for general working capital purposes.