Business
Final Results
Final Results.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n\nCora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n22 May 2022\nCora Gold Limited ('Cora' or the 'Company')\n \n2022 Final Results\nand\nNotice of Annual General Meeting\n \nCora Gold Limited, the West African focused gold company, is pleased to announce its final audited results for the year ended 31 December 2022, and to give notice of the Company's Annual General Meeting ('AGM') which will be held at 12:00pm on the 28 June 2023 at the offices of Hannam & Partners, 3rd Floor, 7-10 Chandos Street, London, W1G 9DQ, United Kingdom and online.\n \nHighlights\nAhead of construction, targeted to start in 2023, Cora's flagship Sanankoro Gold Project delivered significant highlights throughout 2022, including:\n● Updated Mineral Resource Estimate ('MRE') provided a 14% increase in total MRE ounces for 24.9 Mt at 1.15 g/t Au for 920 koz, including a 22% increase in oxide Indicated Mineral Resources to 509 koz.\n● Environmental Permit awarded in October 2022 following the completion and submission of the Environmental and Social Impact Assessment ('ESIA').\n● Optimised Project Economics, published November 2022 (using a US$1,750 gold price), which included:\no 52.3% internal rate of return ('IRR')\no 1.2-year payback period\no US$71.8 million first full year Free Cash Flow ('FCF')\no US$234 million FCF over life of mine\no US$997/oz All-in Sustaining Costs ('AISC')\no 6.8 years Reserve mine life\no 56,000 oz annual average production\no US$90 million pre-production capital\n \nPost year end, during Q1 2023 the Company closed a fundraising through equity and convertible loan notes ('CLN') for US$19.8 million to support the commencement of development at Sanankoro during 2023.\n \nBert Monro, CEO of Cora, commented: \"2022 has been a significant year for Cora as we approach construction readiness at our Sanankoro Gold Project. The bulk of our attention focused on the delivery of our Definitive Feasibility Study and Optimised Project Economics, which were published in November. This work underlined the robust technical and economic fundamentals of the Sanankoro Project and highlighted in particular the potential strong free cash flow of US$71.8 million...