Annual Report 2025 & Notice of 2026 AGM

West African Gold Developer

Page(s)

Chair’s Statement 6 - 8

Operational Review 9 - 21

Gold Permits 22 - 23

Finance Review 24 - 26

Risk Factors 27 - 29

Independent Auditor’s Report to the Members of Cora Gold Limited 46 - 49

Consolidated Statement of Financial Position 50

Consolidated Statement of Comprehensive Income 51

Consolidated Statement of Changes in Equity 52

Consolidated Statement of Cash Flows 53

Notes to the Consolidated Financial Statements 54 - 73

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CORA.L

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I am pleased to present the Annual Report of Cora Gold Limited (‘Cora’ or ‘the Company’) and its subsidiaries (together the ‘Group’) for the year ended 31 December 2025.

Cora is a gold company focused on two world class gold regions in Mali and Senegal in West Africa, being the Yanfolila Gold Belt (south Mali) and the Mako Gold Belt (east Senegal).

The strategy of the Company is, through systematic exploration, to discover, delineate and develop economic ore bodies. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery (‘Sanankoro’, ‘Sanankoro Gold Project’ or the ‘Project’) in the Yanfolila Gold Belt. Cora’s experienced and successful management team has a proven track record in making multi-million ounce gold discoveries which have been developed into operating mines. Cora’s primary focus is on further developing its flagship Sanankoro Gold Project, which the Company has shown, through a positive Definitive Feasibility Study (‘DFS’) in September 2025, has the potential to be a highly economic gold mine.

Highlights

2025 saw another year of progress for the Company, with highlights including:

Operational and Development Updates

• +1 million ounce Mineral Resource Estimate (‘MRE’) announced for Sanankoro in January 2025, totalling 31.4 Mt at 1.04 g/t Au for 1,044 koz (Indicated: 19.0 Mt at 1.13 g/t Au for 689 koz; Inferred: 12.4 Mt at 0.89 g/t Au for 354 koz) (the ‘2024 MRE’). This represents a 13% increase in contained metal from the 2022 MRE.

• Mali government partially lifted its moratorium on new mining permits in March 2025, enabling the processing of applications for exploration permit renewals and conversions to mining permits.

• Appointment of New SENET (Pty) Ltd in April 2025 to oversee an updated DFS at Sanankoro, underpinning Cora’s commitment to maximising the development potential of Sanankoro and ensuring operational readiness.

• As part of the 2025 DFS in September 2025 Cora announced an updated Probable Reserve of 531 koz at 1.13 g/t Au based on a gold price of US$2,200/oz. This represents a 26% increase in contained metal from the Maiden Probable Reserve announced in 2022.

• The economic highlights of the 2025 DFS (post tax, based on a gold price of US$2,750/oz) include:

  • 65% internal rate of return (‘IRR’)

  • US$221 million net present value with an 8% discount rate (‘NPV8’)

  • 1.1 year payback period

  • 10.2 years Reserve mine life

  • US$67 million pa average free cash flow (‘FCF’) in first 5 years

  • US$479 million FCF over life of mine (‘LOM’)

  • US$948/oz LOM cash cost

  • US$1,478/oz LOM all-in sustaining costs (‘AISC’)

  • 64 koz pa average production in first 5 years

  • 47 koz pa average production LOM

  • US$124 million pre-production capital cost (including mining pre-production and contingencies)

• Other 2025 DFS highlights include:

  • Metallurgical test work confirmed an average LOM gold recovery of 90.7% through a conventional 1.5 Mtpa Carbon in Leach (‘CIL’) processing plant.

  • Solar hybrid power option incorporated into the plant design, delivering savings in both operating costs at current fuel prices and carbon emissions by reducing consumption of 40 million litres diesel over LOM.

  • As part of the 2025 DFS various optimisations have been incorporated taking greater advantage of the oxide nature of the ore at the front end of the process flow sheet.

• Exploration work at Madina Foulbé in Senegal identified four strong gold anomalies, each of which yielded positive results from early-stage work with highly encouraging signs of significant underlying gold systems.

  Corporate Updates

• I (Adam Davidson) joined the Board in January 2025 when appointed as Non-Executive Director. I bring extensive mining industry experience, having co-founded and led Trident Royalties plc, a diversified mining royalty and streaming company which was acquired by Deterra Royalties Limited in 2024. My earlier career included senior roles with Resource Capital Funds, BMO Capital Markets and Orica Mining Services.

• Continued access to the expertise of David Pelham, who stepped down from the Board in January 2025 but remains an adviser to the Company. A mineral geologist with over 45 years’ global exploration experience, David played a key role in defining and prioritising early-stage work programmes at Sanankoro.

• Completed two equity fundraises during the year for combined proceeds of GBP£2.598 million to advance Sanankoro towards construction readiness.

  Sanankoro Gold Project

  Sanankoro is an exceptional project, well positioned to become a significant new high-margin open pit oxide gold mine. We are delighted to have meaningfully increased the Project’s reserves, with an initial 10-year mine life, from minimal drilling. The updated reserves and enhanced 2025 DFS significantly improve upon the previous 2022 DFS, highlighting both the progress we have made in advancing the asset, as well as the opportune time to be developing a gold project of Sanankoro’s calibre.

  With gold currently trading at over US$4,500/oz Sanankoro’s economics are expected to be stronger than those modelled in the 2025 DFS (see above). Additionally, there remains significant upside from pit-optimised inferred resources. Under a Management Plan in which the inferred resource was modelled using the same parameters as the reserves, an additional 173 koz of gold could be added to the life of mine, subject to infill drilling to convert these ounces to reserves. More broadly, Sanankoro retains substantial exploration potential beyond the current resource base.

  The 2025 DFS fully incorporates the impact of the new 2023 Mining Code across capex, opex and local content requirements. This includes, among other changes, design modifications to the tailings storage facility that have increased capital costs. In this context, the Project’s ability to deliver strong returns is a clear testament to its robustness.

  Looking ahead, our focus is on concluding the permitting process to enable completion of financing and commencement of construction. We look forward to updating investors on progress with this in the near term.

  Future Potential at Sanankoro

  Subsequent to the announcement of the 2022 MRE for a total of 24.9 Mt at 1.15 g/t Au for 920 koz, an exploration target estimate (‘Exploration Target’) for the wider Sanankoro Gold Project was completed in 2022. The Exploration Target comprises a total of 12 areas, all within 8 km of existing pits, with three areas (being Target 3, Target 5 & 6, and Selin-Bokoro West Extension) responsible for over 50% of the Exploration Target. The Exploration Target, which is in addition to the 2022 MRE, is estimated to contain 26.0 Mt - 35.2 Mt with a grade range of 0.58 g/t Au - 1.21 g/t Au for a potential gold content of 490 koz - 1,370 koz. Proving up this Exploration Target has the potential to add significantly to the resource and possible mining inventory.

  Outlook for 2026

  Subsequent to the year end:

• In March 2026, we completed an equity fundraise for proceeds of GBP£15.707 million, through a retail offer to existing shareholders plus a strategic investment of GBP£13.707 million by Eagle Eye Asset Holdings Pte. Ltd. (‘Eagle Eye’). As a result Eagle Eye became the Company’s largest shareholder with a holding of 29.90%. Eagle Eye, a Singapore-based single-family office, is a major strategic shareholder and funding partner for Toubani Resources Limited (ASX:TRE), backing the development of the Kobada Gold Project in Mali, as well as an investor

  in other African infrastructure and mining projects.

• Alongside Eagle Eye’s strategic investment, its appointee Aryann Gupta was appointed as a Non-Executive Director of the Company. Aryann is Head of Mergers & Acquisitions at A2MP Investments FZCO, a pioneering platform dedicated to unlocking Africa’s potential in minerals and metals processing.

• On 31 March 2026 I took over the role of Chair of the Board of Directors from Edward Bowie, who remains Non-Executive Director of the Company.

• Having acted as adviser to the Company with regard to Eagle Eye’s strategic investment, on 31 March 2026 H&P Advisory Limited was appointed as financial adviser to the Company with regard to the provision of corporate broking and research coverage services. Accordingly, both Cavendish Capital Markets Limited (Nominated Adviser to the Company) and H&P Advisory Limited are now brokers to the Company.

• In April 2026 the Company entered into a binding term sheet with Eagle Eye for a US$120 million gold stream (the ‘Stream’) to support the development of the Sanankoro Gold Project through to production. Under the Stream, Eagle Eye will be entitled, for the life of mine, to purchase 30.44% of gold production (reducing to 15.22% if 50% of Stream is drawn) at a price equal to 20% of the prevailing spot gold price. The Company retains the right, for a period of up to 240 days following receipt of all required approvals, to replace 50% of the Stream with traditional

  senior debt. Cora has appointed H&P Advisory Limited to act as financial adviser in relation to proposed debt raising, the focus of which is to seek to secure traditional senior debt to replace 50% of the Stream. The binding term sheet with Eagle Eye remains subject to certain conditions, including the negotiation and execution of definitive documentation, and receipt of any regulatory approvals identified during due diligence.

  The participation of Eagle Eye as a strategic investor in the Company’s March 2026 fundraise marked an important milestone for Cora. This was subsequently followed in April 2026 by a US$120 million Stream, representing a transformational step for the Company. Together, these financings significantly de-risk Sanankoro, establishing a clear pathway to a fully funded development alongside existing equity. Importantly, the flexibility within the Stream structure provides optionality to optimise the overall financing package, including the potential introduction of traditional debt, while retaining the Stream as a committed construction funding solution. Eagle Eye has proven to be a highly supportive and knowledgeable partner, and we look forward to continuing this relationship as we progress permitting and advance the Project towards construction.

  With the robust 2025 DFS and a clear execution pathway in place, the Company is well positioned to unlock the next phase of value at Sanankoro.

  In parallel, permitting continues to advance well, supported by ongoing constructive engagement with the Government of Mali. As the final key regulatory step ahead of construction, it represents one of the last stages of de-risking as Sanankoro progresses towards development.

  We look forward to providing further updates on progress at Sanankoro and on wider exploration activities across our portfolio.

  Finally, I’d like to take this opportunity to thank the Cora team for their hard work, and thank both Cora’s shareholders and stakeholders for their continued strong support and patience throughout 2025.

  Adam Davidson

  Non-Executive Director & Chair of the Board of Directors

  15 May 2026

  Strategic Report – Operational Review

  For the year ended 31 December 2025Overview

  Cora Gold Limited (‘Cora’ or ‘the Company’) is a gold company focused on two world class gold regions in Mali and Senegal in West Africa, being the Yanfolila Gold Belt (south Mali) and the Mako Gold Belt (east Senegal). The strategy of the Company is to:

• conduct exploration on its portfolio of mineral properties;

• prove a resource compliant with an internationally recognised standard accepted in the AIM Rules for Companies; and

• establish economics on such a resource for future development and eventual mining.

  Cora operates on a number of gold permits, the details of which are set out in the ‘Strategic Report - Gold Permits’ section of this Annual Report. The permits are grouped into two distinct project areas:

• Sanankoro Project Area, within the Yanfolila Gold Belt (south Mali). The five contiguous permits in the Sanankoro Project Area are Bokoro II, Bokoro Est, Dako II, Kodiou and Sanankoro II. The Company’s primary focus is on further developing its flagship Sanankoro Gold Project (‘Sanankoro’, ‘Sanankoro Gold Project’ or the ‘Project’) within the Sanankoro Project Area.

• Madina Foulbé Project Area (formerly known as the Kenieba Project Area), within the Mako Gold Belt (east Senegal). The one permit in the Madina Foulbé Project Area is Madina Foulbé.

  Permits in the Sanankoro Project Area (Yanfolila Gold Belt, south ali) and the adina Foulbé Project Area (ako Gold Belt, east Senegal)

  Cora’s experienced and successful management team has a proven track record in making gold discoveries which have been developed into operating mines.

  Cora is advancing a portfolio of gold projects, including the Sanankoro Gold Project. Results from an initial Scoping Study published in 2020 demonstrated that Sanankoro has the potential to be a highly profitable oxide mine. During 2022 Cora’s focus at Sanankoro was on a Mineral Resource Estimate (the ‘2022 MRE’) and completion of a Definitive Feasibility Study (the ‘2022 DFS’). During 2023, as Cora focused on transitioning its Sanankoro Gold Project into a producing mine, a number of key management personnel were appointed and the construction tender process commenced. During the year ended 31 December 2024, with a view to updating the 2022 DFS, Cora commissioned an updated Mineral Resource Estimate (the ‘2024 MRE’), incorporating the results from fieldwork and drilling carried out post completion of the 2022 DFS. The results of the 2024 MRE were announced in January 2025 and are set out below. The results of the updated DFS (the ‘2025 DFS’), including updated Probable Reserves, were announced in September 2025 and are set out below. The Company’s objective is to move into production at Sanankoro as quickly as possible.

  Sanankoro Gold Project (Sanankoro Project Area, south Mali)

  Regional maps shoing (on the left) the location of the five contiguous permit areas comprising the Sanankoro Gold Project and (on the right) the locations of deposits and discoveries at the Sanankoro Gold Project

  2024 ineral Resource Estimate

  Results from fieldwork and drilling carried out post completion of the 2022 DFS were incorporated into the 2024 MRE, pit constrained and JORC-compliant, which was announced in January 2025 for a total of 31.4 Mt at 1.04 g/t Au for 1,044 koz, comprising Indicated 19.0 Mt at 1.13 g/t Au for 689 koz plus Inferred 12.4 Mt at 0.89 g/t Au for 354 koz, based on a gold price of US$2,400/oz and a cut-off grade of 0.3 g/t Au (see table below).

  Mineral resource classification	Ore type	Tonnes (Mt)	Grade (g/t Au)	Au (koz)
  Indicated	Oxide	15	1.12	520
  	Transitional	4.3	1.17	160
  	Fresh	0.2	1.24	7
  	All zones	19.0	1.13	689
  Inferred	Oxide	7.8	0.75	190
  	Transitional	2.8	1.16	100
  	Fresh	1.7	1.09	60
  	All zones	12.4	0.89	354
  Total	All zones	31.4	1.04	1,044

  Based on a gold price of US$2,400/oz; Cut-off grade 0.3 g/t Au. Figures have been rounded to the appropriate level of precision for the reporting of mineral resources. Competent Person for the 2024 RE: Sonia Konopa (Sc (Economic Geology), BSc (Hons) Applied Geology, FAusI , AIG), a full-time employee of ER Australia Consultants Pty Ltd.

  2025 Ore Reserve

  As part of the 2025 DFS in September 2025 Cora announced an updated Probable Reserve of 531 koz at 1.13 g/t Au based on a gold price of US$2,200/oz (see table below). This represents a 26% increase over the Maiden Probable Reserve of 422 koz at 1.30 g/t Au based on a gold price of US$1,650/oz announced in November 2022.

  Ore reserve classification	Ore type	Tonnes (Mt)	Grade (g/t Au)	Au (koz)
  Proved	Oxide	-	-	-
  	Transitional	-	-	-
  	Fresh	-	-	-
  	All zones	-	-	-
  Probable	Oxide	13.7	1.08	476
  	Transitional	0.9	1.86	55
  	Fresh	-	-	-
  	All zones	14.6	1.13	531
  Total	All zones	14.6	1.13	531

  Based on a gold price of US$2,200/oz; Cut-off grade 0.3 g/t Au. Figures have been rounded to the appropriate level of precision for the reporting of ore reserves. Competent Person for the 2025 Ore Reserve: Frikkie Fourie (BEng, Pr. Eng, SAI) of oletech SA (Pty) Ltd.

  The table below sets out the 2025 Ore Reserve by zones within the Project area:

  Zone	Ore type	Tonnes (Mt)	Grade (g/t Au)	Au (koz)
  A	Proved	-	-	-
  	Probable	3.7	1.17	140
  	Total	3.7	1.17	140
  B	Proved	-	-	-
  	Probable	3.1	1.10	111
  	Total	3.1	1.10	111
  B North	Proved	-	-	-
  	Probable	1.6	0.85	43
  	Total	1.6	0.85	43
  Selin	Proved	-	-	-
  	Probable	6.2	1.19	237
  	Total	6.2	1.19	237
  Total	Proved	-	-	-
  	Probable	14.6	1.13	531
  	Total	14.6	1.13	531

  2025 Definitive Feasibility Study

  The economic highlights of the 2025 DFS (post tax, based on a gold price of US$2,750/oz) include:

• 65% internal rate of return (‘IRR’)

• US$221 million net present value with an 8% discount rate (‘NPV8’)

• 1.1 year payback period

• 10.2 years Reserve mine life

• US$67 million pa average free cash flow (‘FCF’) in first 5 years

• US$479 million FCF over life of mine (‘LOM’)

• US$948/oz LOM cash costs

• US$1,478/oz LOM all-in sustaining costs (‘AISC’)

• 64 koz pa average production in first 5 years

• 47 koz pa average production LOM

• US$124 million pre-production capital (including mining pre-production and contingencies)

  Sanankoro Gold Project: 2025 Definitive Feasibility Study site layout

  Other highlights include:

• Metallurgical test work confirmed an average LOM gold recovery of 90.7% through a conventional 1.5 Mtpa Carbon in Leach (‘CIL’) processing plant.

• Solar hybrid power option incorporated into the plant design, delivering savings in both operating costs at current fuel prices and carbon emissions by reducing consumption of 40 million litres diesel over LOM.

• As part of the 2025 DFS various optimisations have been incorporated taking greater advantage of the oxide nature of the ore at the front end of the process flow sheet.

The key results and financial outcomes of the 2025 DFS based on a gold price of US$2,750/oz are set out in the table below:

1. Includes pre-construction engineering ork and commissioning the plant.

2. Includes closure costs.

Gold price sensitivity on key financial metrics are set out in the table below:

The pre-production capital estimate of US$124 million, including US$5 million mining pre-production and US$8 million contingency, is based on a contractor mining scenario and therefore excludes capital costs associated with a mining fleet.

A solar hybrid power option has been incorporated into the plant design, delivering savings in both operating costs and carbon emissions. The hybrid power generation solution, combining thermal and solar power with a battery energy storage system, anticipates a substantial reduction in diesel fuel consumption saving approximately 4 million litres annually and 40 million litres over the processing period during the mine-life. Reducing diesel use lowers emissions, improving community health, complying with regulations and is a sign of our responsible governance.

Based on a gold price of US$2,750/oz.

The mining of Selin, Zone A and Zone B is well-suited to typical open pit methods using a backhoe configured excavator and truck fleet which will be operated by a mining contractor. Considering the highly-weathered nature of the orebody, both the oxide and transitional material are viewed as ‘free-dig’ with no need for drill and blast activities. Open pit operations will be undertaken using 5 metre benches which will be stacked to 10 metres at final limits. It is the intention that topsoil (initial 30 centimetres) be stripped initially over the area of both the open pit and waste rock dumps (‘WRDs’) and stockpiled in a suitable allocated area proximal to each of the pits. Clearing and grubbing costs have been provisioned and this material will be used in remediation work as part of the mine closure.

Waste material will be dumped onto designated waste dumps. Dumping will take place in 10 metre layers to a general maximum of 50 metres in height. Run of mine (‘ROM’) material destined for the processing plant will be sent straight to the stockpile area. Stockpiling and blending may be necessary to optimise the head grade with feed constraints on transitional material. Sufficient space will be provided for several separate stockpiles. All process feed will be re-handled by a wheel loader from the stockpile straight into the crusher.

The proposed process plant design was initially based on a well-known and established gravity/CIL technology, which consisted of conventional crushing, milling, and gravity recovery of free gold, followed by leaching/adsorption of gravity tailings, elution, gold smelting, and tailings disposal with a cyanide detoxification plant.

The presence of fines (near product size material) in the ore body led to scrubbing testwork being conducted, which resulted in a modified front end for the process plant by replacing the jaw crusher with a mineral sizer; scrubber; cone crusher to treat scrubber oversize and a downsized ball mill. Transition ore, scheduled to be mined during year three of production, will be treated by initial mobile hard rock crushing facility for the limited transition ore mining period.

The process plant will cater for reagent mixing, storage and distribution, water and air services. A water treatment plant is included to manage any potential water discharge from the tailings storage facility (‘TSF’) and mining pits.

The plant will treat 1.5 Mtpa of oxide ore or 1.1 Mtpa of transition ore if treated independently, although oxide and transition ore blending is more likely during the period of processing transition ore resulting in 1.2 Mtpa throughput at that time.

The process plant design incorporates the following unit process operations:

• Primary particle reduction by mineral sizer and jaw crusher – to crush the oxide and transition ores respectively.

• Milling - product from mineral sizer (oxide ore) will be fed into a rotary scrubber and screened by double deck vibrating screen. Oversized material will be conveyed to a cone crusher for further particle reduction and milled in a single-stage ball mill in closed circuit with hydro-cyclones to produce a P80 of 150 µm reporting to the CIL circuit. For the transition ore, the mobile crushing facility will reduce the ore to size adequate to feed the mill which is also in closed circuit with hydro-cyclones, to produce P80 grind size of 75 µm before reporting to the CIL

  circuit. Scrubber screen undersize product (<150 µm) will bypass the mill.

• Gravity Concentration - recovery of coarse gold from the milling circuit recirculating load and treatment of gravity concentrates by intensive cyanidation and electrowinning to recover gold to doré.

• Leach/CIL circuit - for gold dissolution and adsorption onto carbon incorporating six CIL tanks.

• Loaded Carbon Desorption - elution circuit, electrowinning, and gold smelting to recover gold from the loaded carbon to produce doré.

• Detoxification - an INCO air / SO2 cyanide detoxification facility for the CIL tails slurry, which will be used only when required as test work has shown that the weak acid dissociable cyanide levels in the leached tails are less than 50 ppm.

• Tailings Storage Facility (‘TSF’) - tailings pumping to the TSF.

  Sanankoro Gold Project: 2025 Definitive Feasibility Study process flo sheet

  Future Potential

  Beyond the results of the 2022 Optimised Project Economics the process flow sheet is undergoing additional optimisation with the aim of further improving the economics. The optimisations being considered include taking

  greater advantage of the oxide nature of the ore at the front end of the process flow sheet that could lead to cost savings. The Company will look to conclude this process before commencing the front-end engineering design prior to construction.

  Subsequent to the announcement of the 2022 MRE for a total of 24.9 Mt at 1.15 g/t Au for 920 koz, an exploration target estimate (‘Exploration Target’) for the wider Sanankoro Gold Project was completed in 2022 by independent consultancy CSA Global (UK) Limited. The Exploration Target comprises a total of 12 areas, all within 8 km of existing pits, with three areas (being Target 3, Target 5 & 6, and Selin-Bokoro West Extension) responsible for over 50% of the Exploration Target. The Exploration Target, which is in addition to the 2022 MRE, is estimated to contain 26.0 Mt - 35.2 Mt with a grade range of 0.58 g/t Au - 1.21 g/t Au for a potential gold content of 490 koz - 1,370 koz.

  Permitting

  On 14 October 2022 an Environmental Permit was awarded in relation to mine development at the Sanankoro Gold Project. This followed the completion and submission of an Environmental and Social Impact Assessment (‘ESIA’) on Sanankoro in July 2022, with all environmental work having been completed in alignment with the International Finance Corporation Performance Standards.

  On 28 November 2023 the Mali government announced the suspension of issuing permits in the mining sector. On 15 March 2025 this moratorium was partially lifted by the government such that, in accordance with the provisions of the 2023 Mining Code and its implementing texts, the mining administration can receive for processing applications:

• to renew exploration permits and mining permits;

• for transition from the exploration phase to the mining phase; and

• for the transfer of mining permits.

  This partial lifting of the moratorium does not apply to applications for the:

• issuance of new permits; or

• transfer of exploration permits.

  The ‘Strategic Report - Gold Permits’ section of this Annual Report sets out details of the five contiguous permits in the Sanankoro Project Area, including both Cora’s and third party interests’ in each of the permits. During the period of the moratorium the processes for submission of applications both for new permits and interim renewals, and for the issuance of new permits and interim renewals have been affected. For Cora the moratorium impacted:

• interim renewals for each of the Bokoro Est, Dako II and Sanankoro II exploration permits; and

• applications for new permits in relation to the Bokoro II and Kodiou exploration permits, the respective expiry dates of which were in the moratorium period.

  Cora is actively engaging with the mining administration in Mali with regard to these matters and being issued a mining permit for Sanankoro. The proposed area of the mining permit will include the area of the Sanankoro II exploration permit plus parts of each of the Bokoro II and Kodiou exploration permits.

  In accordance with the 2023 Mining Code:

• the granting of a mining permit entitles the State to hold a 10% free carried shareholding in the capital of the operating company;

• the State also has the option of increasing its participation in the operating company by purchasing an additional shareholding of up to 20% - this option can be exercised by the State within 12 months following the date of issue of the mining permit; and

• the operating company is required to transfer 5% of its shares to Malian national investors through the State-owned mining company, with Malian national investors purchasing such shares on the same basis as the State’s purchase of its additional shareholding of up to 20%.

  In summary, therefore, the total shareholdings of the State and Malian national investors in operating companies may be up to 35%.

  Madina Foulbé (Madina Foulbé Project Area, east Senegal)

  Regional map of the Kédougou-Kéniéba Inlier (also knon as the Kenieba Windo) shoing the location of adina Foulbé

  The results from reverse circulation (‘RC’) drilling in 2020 at Madina Foulbé included 47 metres at 0.63 g/t Au (including 1 metre at 16.4 g/t Au) and 36 metres at 0.53 g/t Au (including 3 metres at 3.78 g/t Au), supporting results from previous shallow rotary air blast (‘RAB’) drilling where grades of up to 41.2 g/t Au over 3 metres were locally intersected.

  2024 Drilling

  During 2024 the Company completed a 2,018 metres reconnaissance RC drill programme at Madina Foulbé, testing ten of the most prospective targets within a gold soil anomaly at Tambor. Results of this drill programme defined a large gold-rich system across a 2.3 km by 2.3 km area, much of which remains untested at surface and depth. Six out of ten targets drilled (28 of the 40 holes drilled) were successful at intersecting mineralisation over broad widths, with results that require further follow-up. The best results from different holes were as follows:

• 10 metres at 4.41 g/t Au from 41 metres at Target 1;

• 16 metres at 0.97 g/t Au from 38 metres at Target 1;

• 29 metres at 0.71 g/t Au from 1 metre at Target 9; and

• 19 metres at 0.61 g/t Au from 34 metres at Target 8.

  At Target 1 all six holes drilled encountered broad mineralisation, indicating the presence of a 60 metres wide zone, which remains open in all directions, including at depth. Over 50% of holes drilled ended in mineralisation, with an average hole length of just 50 metres, which offers encouragement for future drill programmes.

  Due to the shallow nature of the reconnaissance drill programme into the underlying bedrock, the results of ICP-MS (4 acids) analysis data in conjunction with the corresponding gold assays has provided the Company with a larger

  dataset from which to understand and interpret the large Tambor gold soil anomaly. These results together with the permit’s proximal location to several Tier 1 gold deposits located within the Kédougou-Kéniéba Inlier (also known as the Kenieba Window) underpin the importance and possible large scale of in-situ bedrock gold mineralisation at the Tambor anomaly. Further drill programmes are planned to define the size and grade of the mineralisation, and allow for mineral resources to be reported in the future.

  2025 Exploration Work

  During 2025 exploration work focused on each of the four key targets, being Tambor, Tombolo South, Madina and Diombalou. Activities included a review of historical data, reinterpretation of regional magnetics, and first-pass multi-element soil and lithology geochemistry. The objective of this work was to assess the applicability of the Company’s P-XRF analyser (a handheld instrument that uses X-ray technology to perform rapid and on-site elemental analysis of materials, providing real-time data for identifying elements and their concentrations) as a reconnaissance tool to assist in refining and identifying new drill targets. Overviews and highlights of this exploration work on each of the four key targets are set out below:

• Tambor - significant gold in soil anomaly, 3 km by 1.5 km at >20 parts per billion (‘ppb’)

  • Four key zones of interest have been identified from the combined analysis of the drill assays (gold and multi-element geochemistry) and recent multi-element soil geochemistry results.

  • Gold preferentially is hosted by units of mafic composition located in the central portion of the gold anomaly, with additional zones of gold mineralisation occurring in schists and felsic intrusive units (tonalitic composition).

  • Arsenic soil anomalies are coincident with the best drill results; these anomalies may show the direction and continuation of gold mineralisation as intersected by the 2024 drilling.

  • Highest priority zone of interest is the central mafic area (1 km by 800 metres) which incorporates 2024’s drill targets of:

    • Target 1 - 10 metres* at 4.41 g/t Au, 48 metres* at 0.47 g/t Au, 11 metres* at 0.65 g/t Au;

    • Target 5 - 31 metres* at 0.29 g/t Au, 15 metres* at 0.40 g/t Au;

    • Target 3 West - 13 metres* at 0.2 g/t Au; and

    • Target 3 East - 0-40 metres of strong argillic alteration with high iron (possible jarosite = oxidised sulphide / mineralisation)

      (* = holes ending in mineralisation).

• New key zone of interest identified from the recent multi-element soil sampling programme; new and untested high grade arsenic anomalies (+/- bismuth, molybdenum and tin) identified within the central mafic area.

• Three other zones of interest, 2024’s drill targets:

  • Target 8 - gold at lithological contact, arsenic anomaly 400 metres long and open to north and south;

  • Target 9 - widespread distribution and high values of arsenic over 200 metres by 300 metres, open in three directions; and

  • Target 2 - intersected broad zones of gold mineralisation associated with sheeted veins within granitic units.

• Tombolo South - gold in soil anomaly, >3 km by 600-1,000 metres at >20 ppb

  • Two key zones of interest along the north-south Sabodala Shear Corridor.

  • High grade gold zone at surface in mafic volcanics, with corresponding bismuth soil anomaly 1.5 km long, open to north and associated with prominent magnetic low structure. This has not yet been drill tested.

  • Gold mineralisation within a granitic host unit, with corresponding 800 metres by 800 metres gold in soil anomaly. This has not yet been drill tested.

• Madina - gold in soil anomaly, 2 km by 1.3 km at >20 ppb

  • Corresponds to regional lithological contact and a regional north-south structure. Soil sample multi-element study and previous shallow RAB drilling indicate that the in-situ source of the gold anomaly is interpreted to be located west and beneath the shallow RAB drill holes.

  • Outcropping mineralisation present at surface with no artisanal workings present.

• Diombalou - gold in soil anomaly, 2.5 km by 1 km at >20 ppb

  • Located along the same regional north-south structure (Léoba-Moussala Shear Zone (‘LMSZ’)) as Madina target, mineralisation outcrops at surface, target has not been drill-tested and no artisanal workings exist.

Permitting

The ‘Strategic Report - Gold Permits’ section of this Annual Report sets out details of the Madina Foulbé permit, including both Cora’s and third party interests’ in the permit.

The second and final interim renewal of the Madina Foulbé exploration permit was formally completed by the authorities in Q1 2026. The permit expires in January 2028.

Cora’s primary focus is on further developing its flagship Sanankoro Gold Project in the Sanankoro Project Area (south Mali), comprising five contiguous permits as set out in the table below.

* The original expiry date is based on to interim reneals being duly completed in accordance ith the regulations - being on the third and sixth anniversaries of the date aarded. On the second interim reneal the permit area reduces by 50% of the initial area aarded. During the period of the ali government’s moratorium on issuing permits in the mining sector (announced on 28 November 2022 and partially lifted on 15 arch 2025) processes for both the submission of applications for interim reneals and the issuance of interim reneal permits ere affected; these processes resumed on 15 arch 2025.

^ In the event of mine development a third party ill be entitled to a 5% beneficial interest in the first related mine operating entity, but not in respect of any subsequent mine development ithin the areas of the Bokoro II, Bokoro Est and Sanankoro II permits. Cora has a right to buyout the third party’s 5% beneficial interest in the mine operating entity and / or the third party’s 5% interest held in the Group entity Sankarani Ressources SARL for US$1 million.

NSR Net Smelter Return.

1. Issuance of the first interim reneal permit is outstanding.

2. Issuance of the second interim reneal permit is outstanding.

   Note A The original expiry date as during the period of the ali government’s moratorium on issuing permits in the mining sector (announced on 28 November 2022 and partially lifted on 15 arch 2025).

   Note B In addition to the tabulated third party NSR royalties the Sanankoro Gold Project is subject to a 1% NSR royalty to holders of Convertible Loan Notes formerly issued by Cora until 250,000 ozs of gold has been produced and sold, ith Cora having a right to buyout for US$3 million. Folloing the ali government’s partial lifting of its moratorium on issuing permits in the mining sector on 15 arch 2025, Cora intends to submit an application for a mining permit in relation to mine development at the Sanankoro Gold Project (the ‘Sanankoro ining Permit’). The proposed area of the mining permit ill include the area of the Sanankoro II exploration permit plus parts of each of the Bokoro II and Kodiou exploration permits. As a result of the re-draing of the various permit boundaries the proposed area of the

   Sanankoro ining Permit ill be subject to the folloing royalty arrangements:

   • such part of the Sanankoro ining Permit as as covered by the areas of the former Bokoro II and Sanankoro II exploration permits ill be subject to a third party 1% NSR royalty (as per the table above);

   • such part of the Sanankoro ining Permit as as covered by the area of the former Kodiou exploration permit ill be subject to a third party 1% NSR royalty, ith Cora having a right to buyout for US$600,000 (as per the table above); plus

   • the Sanankoro ining Permit ill be subject to a 1% NSR royalty to holders of Convertible Loan Notes formerly issued by Cora until 250,000 ozs of gold has been produced and sold, ith Cora having a right to buyout for US$3 million.

On 16 April 2026 the Company entered into a binding term sheet ith Eagle Eye Asset Holdings Pte. Ltd. (‘Eagle Eye’), the Company’s largest shareholder, for a US$120 million gold stream (the ‘Stream’) to support the development of the Sanankoro Gold Project through to production. Under the Stream, Eagle Eye ill be entitled, for the life of mine, to purchase 30.44% of gold production (reducing to 15.22% if 50% of Stream is dran) at a price equal to 20% of the prevailing spot gold price. The binding term sheet remains subject to certain conditions, including the negotiation and execution of definitive documentation, and receipt of any regulatory approvals identified during due diligence. In the event that the Stream transaction does not complete then Eagle Eye shall be entitled to a residual stream equal to 2.5% of all gold produced by the Sanankoro mine and the related process plant.

On 14 October 2022, folloing the completion and submission of an Environmental and Social Impact Assessment (‘ESIA’), an Environmental Permit as aarded in relation to mine development at the Sanankoro Gold Project.

Cora’s one permit in the Madina Foulbé Project Area (east Senegal) is as set out in the table below.

Expiry based on to interim reneals being duly completed in accordance ith the regulations - being on the fourth and seventh anniversaries of the date aarded. On the first interim reneal the permit area reduces by 25% of the initial area aarded, and on the second interim reneal the permit area reduces by 25% of the area of the first interim reneal.

NSR Net Smelter Return.

For the year ended 31 December 2025 Cora Gold Limited (‘Cora’ or ‘the Company’) and its subsidiaries (together the ‘Group’) reported a loss for the year of US$1,446k (2024: loss US$1,095k). Excluding share based payment charges of US$290k (2024: US$47k), foreign exchange gain of US$66k (2024: loss US$31k), interest income of US$1k (2024: US$220k), finance costs of US$nil (2024: US$37k) and impairment charges of US$nil (2024: US$nil), the adjusted loss for the year was US$1,223k (2024: loss US$1,200k). The increase in share based payment changes in 2025 compared to 2024 was the result of the granting of share options in April 2025 with significantly higher Black-Scholes Model input volatility compared to the previously granted share options in March 2023. The movement from a foreign exchange loss in 2024 to a foreign exchange gain in 2025 was the result of a generally weaker US dollar exchange rate in 2025 compared to 2024. The decrease in finance costs in 2025 compared to 2024 was as a result of the conversion and maturity of all remaining Convertible Loan Notes in 2024.

In May 2026, in connection with the preparation of the financial statements for the year ended 31 December 2025, the board of directors of the Company (the ‘Board’ or the ‘Board of Directors’) undertook an impairment review of the carrying value of the Group’s intangible assets. This has resulted in an impairment charge in the year to 31 December 2025 of US$nil (2024: US$nil).

During the year ended 31 December 2025 the Group invested US$1,526k (2024: US$1,345k) in project costs on its various permits and the carrying value of the Group’s capitalised project costs, net of the impairment charge of US$nil (2024: US$nil) relating to the permits, increased from US$25,180k as at 31 December 2024 to US$26,706k as at 31 December 2025.

Cash and cash equivalents as at 31 December 2025 were US$1,533k, being an increase of US$654k from the previous year’s level of US$879k. A key factor in this increase was the closing of two equity fundraises during the year ended 31 December 2025 for combined gross proceeds equivalent to US$3,407k, being in excess of the total cash used by the Group in the year.

Total net assets of the Group as at 31 December 2025 were US$28,114k (2024: US$25,879k).

During the year ended 31 December 2025:

• on 01 April 2025 the Company closed a subscription for 32,624,205 ordinary shares at a price of 4.75 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£1,550k (equivalent to US$2,005k; the ‘April 2025 Fundraise’). Each ordinary share subscribed in the April 2025 Fundraise has a warrant attached to subscribe for one new ordinary share at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027; and

• on 22 December 2025 the Company closed a subscription for 17,466,661 ordinary shares at a price of 6 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£1,048k (equivalent to US$1,402k; the ‘December 2025 Fundraise’).

  On 31 March 2026 the Company closed a subscription by Eagle Eye Asset Holdings Pte. Ltd. (‘Eagle Eye’) for 228,452,356 ordinary shares in the capital of the Company at a price of 6 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£13,707k. Concurrent with this subscription the Company closed a retail offering for 33,333,333 ordinary shares in the capital of the Company at a price of 6 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£2,000k. Upon closing of the subscription Eagle Eye became the Company’s largest shareholder.

  On 16 April 2026 the Company entered into a binding term sheet with Eagle Eye for a US$120 million gold stream (the ‘Stream’) to support the development of the Sanankoro Gold Project through to production. Under the Stream, Eagle Eye will be entitled, for the life of mine, to purchase 30.44% of gold production (reducing to 15.22% if 50% of Stream is drawn) at a price equal to 20% of the prevailing spot gold price. The Company retains the right, for a period of up to 240 days following receipt of all required approvals, to replace 50% of the Stream with traditional senior debt. The binding term sheet remains subject to certain conditions, including the negotiation and execution of definitive documentation, and receipt of any regulatory approvals identified during due diligence.

  The funds raised and held by the Group will be used to continue developing the Sanankoro Gold Project, exploration work on the Group’s projects and for general corporate purposes.

  Going concern and funding

  The Group has not earned revenue during the year to 31 December 2025 as it is still in the exploration and development phase of its business. The operations of the Group are currently being financed from funds which the Company has raised from the issue of new shares.

  As at 31 December 2025 the Group held cash and cash equivalents totalling US$1,533k. The majority of the total balance of cash and cash equivalents held by the Group as at 31 December 2025 is denominated in British pound sterling, being the currency of the December 2025 Fundraise. As at 30 April 2026, the Group held cash and cash equivalents totalling US$16,192k. The majority of the total balance of cash and cash equivalents held by the Group as at 30 April 2026 is denominated in British pound sterling, being the currency of the most recent fundraising closed by the Company on 31 March 2026 for total gross proceeds of GBP£15,707k (US$20,708k).

  As part of the updated Definitive Feasibility Study for the Sanankoro Gold Project in Mali (completed in September 2025) cash flow forecasts for the life of mine have been prepared. The forecasts include the costs of developing the Sanankoro Gold Project, including a construction period of 21 months (including pre-construction engineering work and commissioning the plant) plus related corporate and operational overheads. On 28 November 2022 the Mali government announced the suspension of issuing permits in the mining sector. On 15 March 2025 this moratorium was partially lifted by the government such that, in accordance with the provisions of the 2023 Mining Code and its implementing texts, the mining administration can receive for processing applications:

• to renew exploration permits and mining permits;

• for transition from the exploration phase to the mining phase; and

• for the transfer of mining permits.

  This partial lifting of the moratorium does not apply to applications for the:

• issuance of new permits; or

• transfer of exploration permits.

  The Company is actively engaging with the mining administration in Mali with a view to being issued a mining permit for the Sanankoro Gold Project and, in due course, construction will commence.

  The directors are confident in the ability of the Company to fund working capital requirements over the 12-month period from the date of approval of these financial statements (the ‘Going Concern Period’), using its current balance of cash and cash equivalents. The forecasts demonstrate that in the event that development of the Sanankoro Gold Project:

• is deferred, then the Group has the ability to meet all ongoing working capital requirements and committed payments during the Going Concern Period in order to undertake all the planned discretionary exploration, evaluation and development activities.

• continues, then:

  • the Group has the ability to meet all ongoing working capital requirements and committed payments during the Going Concern Period in order to undertake all the planned discretionary exploration, evaluation and development activities; and

  • subject to being issued a mining permit, the directors are confident in the ability of the Group to complete secured debt finance in relation to the Sanakoro Gold Project and, if necessary, raise additional funding when required from the issue of equity or the sale of assets.

    Any delays in the timing and / or quantum of raising and / or securing additional funds can be accommodated by deferring discretionary exploration, evaluation and development expenditure.

    The directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

    Utilising key performance indicators (‘KPIs’)

    At this early stage of its exploration and development activities, the Company does not consider KPIs to be a relevant performance metric.

    From time to time the Company does implement monetary reward bonuses to incentivise senior management to achieve certain significant milestones.

    Financial risk management objectives and policies

    The Group’s principal financial instruments comprise cash, trade and other receivables, and trade and other payables. It is, and has been throughout the year under review, the Group’s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group’s financial instruments are liquidity risk, price risk and foreign exchange risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below.

    Liquidity risk

    Prudent liquidity risk management implies maintaining sufficient cash reserves to fund the Group’s exploration and operating activities. Management prepares and monitors forecasts of the Group’s cash flows and cash balances monthly and ensures that the Group maintains sufficient liquid funds to meet its expected future liabilities. The Group intends to raise funds in discrete tranches to provide sufficient cash resources to manage the activities through to revenue generation.

    Price risk

    The Group is exposed to fluctuating prices of commodities, including gold, and the existence and quality of these commodities within the permit and project areas. The directors will continue to review the prices of relevant commodities as development of the projects continues and will consider how this risk can be mitigated closer to the commencement of mining.

    Foreign exchange risk

    The Group operates in a number of overseas jurisdictions and carries out transactions in a number of currencies including British pound sterling (currency symbol: GBP or GBP£), CFA Franc (currency symbol: XOF), United States dollar (currency symbol: USD or US$) and Euro (currency symbol: EUR or EUR€). The Group does not have a policy of using hedging instruments but will continue to keep this under review. The Group operates foreign currency bank accounts to help mitigate the foreign currency risk.

    Strategic Report – Risk Factors

    For the year ended 31 December 2025

    The business and operations of the Group are subject to a number of risk factors which may be subdivided into the following categories:

    Exploration and development risks, including but not limited to:

• mineral exploration is speculative and uncertain;

• verification of historical geochemical results;

• disparate location of assets;

• mining is inherently dangerous and subject to conditions or events beyond the Group’s control, which could have a material adverse effect on the Group’s business; and

• the volume and grade of ore recovered may not conform to current expectations.

  Permitting and title risks, including but not limited to:

• licences and permits; and

• the Group will be subject to a variety of risks associated with current and any potential future joint ventures, which could result in a material adverse effect on its future growth, results of operations and financial position.

  Political and security risks, including but not limited to:

• political stability;

• British Virgin Islands company law risks;

• enforcement of foreign judgements; and

• potential legal proceedings or disputes may have a material adverse effect on the Group’s financial performance, cash flow and results of operations.

  Financial risks, including but not limited to:

• foreign exchange effects;

• valuation of intangible assets;

• the Group may not be able to obtain additional external financing on commercially acceptable terms or at all to fund the development of its portfolio or for other activities;

• the Group will be subject to taxation in several different jurisdictions, and adverse changes to the taxation laws of such jurisdictions could have a material adverse effect on its profitability; and

• the Group’s insurance may not cover all potential losses, liabilities and damage related to its business and certain risks are uninsured and uninsurable.

  Commodity prices and input costs, including but not limited to:

• the price of gold and key consumables may affect the economic viability of ultimate production; and

• revenues and financial performance are dependent on the price of gold.

  Operational risks, including but not limited to:

• availability of local facilities;

• artisanal mining;

• time and cost involved in establishing a resource estimate;

• adverse seasonal weather;

• the Group’s operational performance will depend on key management and qualified operating personnel which the Group may not be able to attract and retain in the future;

• the Group’s directors may have interests that conflict with its interests; and

• controlling shareholders may act to undermine the independence of the board of directors and / or use their position to exert undue control over the Company’s minority shareholders.

  The Group’s comments and mitigating actions against the above risk categories are as follows:

  Exploration and development risks

  There can be no assurance that the Group’s exploration and potential future development activities will be successful. Within the industry sector statistically very few properties that are explored are ultimately developed into profitable producing mines. The Group undertakes regular reviews of its projects, expenditures and exploration activities in order to:

• maintain focus on its most prospective opportunities; and

• bring projects to an end when they are considered to be no longer prospective, no longer viable, or no longer compatible with the Group’s strategy,

  thus maximising the use of the Group’s resources.

  Permitting and title risks

  The Group complies with existing laws and regulations and ensures that regulatory reporting and compliance in respect of each permit is achieved.

  Applications for the award of a permit may be unsuccessful. Applications for the renewal or extension of any permit may not result in the renewal or extension taking effect prior to the expiry of the previous permit. There can be no assurance as to the nature of the terms of any award, renewal or extension of any permit.

  The Group regularly monitors the good standing of its permits.

  On 28 November 2022 the Mali government announced the suspension of issuing permits in the mining sector. On 15 March 2025 this moratorium was partially lifted by the government such that, in accordance with the provisions of the 2023 Mining Code and its implementing texts, the mining administration can receive for processing applications:

• to renew exploration permits and mining permits;

• for transition from the exploration phase to the mining phase; and

• for the transfer of mining permits.

  This partial lifting of the moratorium does not apply to applications for the:

• issuance of new permits; or

• transfer of exploration permits.

During the period of the moratorium the processes for submission of applications both for new permits and for interim renewals, and for the issuance of new permits and interim renewals have been affected. This impacted the interim renewals of the Bokoro Est, Dako II and Sanankoro II exploration permits, and applications for new permits in relation to the Bokoro II and Kodiou exploration permits, the respective expiry dates of which were in the moratorium period. The Company is actively engaging with the mining administration with regards to these matters and being issued a mining permit for the Sanankoro Gold Project.

Political and security risks

The Group maintains an active focus on all regulatory developments applicable to the Group, in particular in relation to the local mining codes.

In recent years the political and security situation in Mali has been particularly volatile.

A military coup which took place in August 2020 was quickly followed by the resignation of President Keïta and dissolution of the national assembly. Subsequently an interim president, President Ndaw, and a transitional government were appointed, and as a result previous international sanctions against Mali were lifted. Following a coup d’état in May 2021 Colonel Assimi Goïta took power from Ndaw and was constitutionally declared interim president of Mali. The country is engaged in ongoing political recovery and stabilisation. In early 2022 the postponement of presidential elections scheduled for February 2022 led to the Economic Community Of West African States (‘ECOWAS’; a regional

political and economic union of fifteen countries located in West Africa) imposing economic and financial sanctions on Mali. In July 2022 the ECOWAS sanctions were lifted when Mali’s transitional authorities proposed a 24-month timetable to democracy and published a new electoral law. In June 2023 a referendum approved a revised constitution and in July 2023 the Constitutional Court certified the referendum results and declared the new constitution to be in force. In August 2023 the 2023 Mining Code and Local Content (for the Mining Sector) Code were promulgated - the supporting and implementation texts for these Codes were published in July 2024. In September 2023 the government of Mali announced the postponement of presidential elections scheduled for February 2024 due to technical reasons. In January 2024 Mali’s government announced its decision, along with that of Burkina Faso and Niger, to withdraw from ECOWAS. In July 2024 Burkina Faso, Mali and Niger together established the Alliance of Sahel States Confederation (‘AES’). On 07 May 2025, following a pro-democracy rally and citing ‘reasons of public order’, Mali’s government suspended the activities of political parties and on 13 May 2025 all political parties were dissolved. On 11 June 2025 the Mali government adopted a bill revising the Transition Charter, allowing President Goïta to serve a renewable 5-year term beginning in 2025. On 25 April 2026 a series of co-ordinated attacks by jihadist militants and separatists were carried out across the country - Mali’s defence minister, General Sadio Camara, plus three of his family members were killed in a suicide truck bombing on his residence near the capital Bamako, and President Goïta was moved to a safe location after his home was also targeted.

Mali faces significant security risks, including terrorism, inter-communal violence and criminal activities. Kidnapping, especially targeting foreigners, is a major concern, and terrorist attacks are a persistent threat, including in and around the capital Bamako. The security situation is further complicated by ongoing military operations and the involvement of various armed groups. The Group continuously monitors the situation, and is in regular contact with all personnel and security advisers on the ground.

Financial risks

The board of directors of the Company (the ‘Board’ or the ‘Board of Directors’) regularly reviews expenditures on projects. This includes updating working capital models, reviewing actual costs against budgeted costs, and assessing potential impacts on future funding requirements and performance targets.

Historically the Group has been successful in raising equity finance to fund its ongoing activities.

Commodity prices and input costs

As projects move towards development the Group will increasingly review changes in commodity prices and input costs so as to ensure projects remain both technically and economically viable. Recently there has been significant inflation across key consumables for all industrial and retail sectors. The mining sector has not been immune from these inflationary pressures.

Operational risks

Continual and careful planning, both long-term and short-term, at all stages of activity is vital so as to ensure that work programmes and costs remain both realistic and achievable.

Signed on behalf of the Board of Directors

Chief Executive Officer & Director

15 May 2026

The directors present their report on the affairs of Cora Gold Limited (‘Cora’ or ‘the Company’) and its subsidiaries (together the ‘Group’), together with the audited consolidated financial statements for the year ended 31 December 2025.

The principal activity of the Company and the Group is the exploration and development of mineral projects, with a primary focus on gold projects in West Africa. The Company is incorporated and domiciled in the British Virgin Islands. The Company’s shares are traded on the AIM market of the London Stock Exchange.

The board of directors of the Company (the ‘Board’ or the ‘Board of Directors’) currently comprises six members, three of whom are deemed to be independent non-executive directors and one of whom is an executive.

The directors who held office during the year and up to the date of this report are set out below: Adam Davidson Non-Executive Director (Independent) & Chair of the Board of Directors;

appointed 13 January 2025

Edward Bowie Non-Executive Director (Independent) Andrew Chubb Non-Executive Director (Independent) Robert Monro Chief Executive Officer & Director Paul Quirk Non-Executive Director

On 31 March 2026 Adam Davidson took over the role of Chair of the Board of Directors from Edward Bowie, who remains Non-Executive Director of the Company.

The director who held office during the year but not up to the date of this report is set out below: David Pelham Non-Executive Director (Independent); resigned 13 January 2025

The director who held office after the year end and up to the date of this report is set out below: Aryann Gupta Non-Executive Director; appointed 31 arch 2026

In December 2025 the Board resolved that at every Annual General Meeting of the Company all directors must offer themselves for re-appointment by the shareholders. Resolutions to re-elect Messrs. Bowie, Chubb, Davidson, Gupta (having been appointed since the date of the last Annual General Meeting), Monro and Quirk as directors of the Company will be proposed at the forthcoming Annual General Meeting.

The biographical details of the directors and their interests in securities of the Company are set out in the ‘Corporate Governance Report’ section of this Annual Report on pages 35 to 36, which forms part of this report.

The Board is responsible for formulating, reviewing and approving the Group’s strategy, budgets and corporate actions. The Company holds Board meetings at least four times each complete financial year and at other times as and when required. To enable the Board to discharge its duties all directors receive appropriate and timely information. Briefing papers are distributed to all directors in advance of Board meetings and all directors have access to the advice and service of the Company Secretary.

Events after the reporting date are outlined in Note 21 to the consolidated financial statements.

The results of the Group for the year ended 31 December 2025 are set out in the Consolidated Statement of Comprehensive Income. The directors do not recommend payment of a dividend for the year (2024: US$nil).

As at the date of this report the Company has directors’ and officers’ liability insurance to cover claims up to a maximum of GBP£5 million. This insurance expires on 30 September 2026 when the Board will consider its renewal.

The directors have confirmed that, as far as they are aware, there is no relevant audit information of which the auditor is unaware. Each of the directors has confirmed that he has taken all the steps that he ought to have taken as a director, in order to make himself aware of any relevant audit information and to establish that it has been communicated to the auditor.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. The directors are required by the AIM Rules for Companies of the London Stock Exchange to prepare Group financial statements in accordance with International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (‘EU’) and have elected under company law to prepare the Company financial statements in accordance with IFRS as adopted by the EU.

The financial statements are required by law and IFRS as adopted by the EU to present fairly the financial position of the Group and the financial performance of the Group. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that period.

In preparing the financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable IFRSs as adopted by the EU have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

  The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose, with reasonable accuracy at any time, the financial position of the Group and enable them to ensure that the financial statements comply with applicable laws and regulations. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

  The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group’s website. Legislation in the British Virgin Islands governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Company is compliant with AIM Rule 26 regarding the Company’s website.

  Auditors and Annual General Meeting

  PKF Littlejohn LLP has expressed their willingness to continue in office as the Company’s auditor and a resolution to re-appoint them will be proposed at the forthcoming Annual General Meeting.

  Approved by the Board of Directors and signed on behalf of the Board of Directors on 15 May 2026.

  Robert Monro

  Chief Executive Officer & Director

  15 May 2026

  In November 2023 the Quoted Companies Alliance (‘QCA’) updated its Corporate Governance Code dated April 2018 (the ‘QCA Code 2018’). The QCA’s Corporate Governance Code 2023 (the ‘QCA Code 2023’) came into effect for accounting periods commencing on or after 01 April 2024.

  The QCA Code 2018 and the QCA Code 2023 each take key elements of good governance and apply them in manners which are workable for the different needs of growing companies. The QCA Code 2018 and the QCA Code 2023 are each constructed around ten broad principles and sets of disclosures.

  Cora Gold Limited’s (‘Cora’ or ‘the Company’) directors recognise the importance of sound corporate governance, and in 2018 the Company adopted the QCA Code 2018 and applied its ten principles. In November 2024 the Company adopted the QCA Code 2023 and has applied its ten principles, except as specifically noted below. The Company’s compliance with the QCA Code 2023 is as described below which sets out the manner of compliance or states that the manner of compliance is described in the information provided on the Company’s website at https://www.coragold.com.

  Corporate Governance Statement

  As an independent non-executive director and chair (the ‘Chair’) of the board of directors of the Company (the ‘Board’ or the ‘Board of Directors’) it is my responsibility to ensure that the Company correctly implements and applies the ten principles of the QCA Code 2023 to support the Company in achieving its medium and long-term goals of identifying mineral resources through exploration for future development and eventual mining.

  The Board believes that it applies the ten principles of the QCA Code 2023 but recognises the need to continue to review and develop governance practises and structures, to ensure they are in line with the growth and strategic plan of the Company.

  The key governance related matter to have occurred during the year ended 31 December 2025 was the passing of a resolution by the Board that at every Annual General Meeting of the Company all directors must offer themselves for re-appointment by the shareholders. On 31 March 2026 I took over the role of Chair of the Board of Directors from Edward Bowie, who remains Non-Executive Director of the Company.

  The Principles of the QCA Code 2023

  Principle 1: Establish a purpose, strategy and business model hich promote long-term value for shareholders

  Cora has established a strategy and business model, the purpose of which is to promote long-term value for shareholders. The strategy and business model provides as follows:

• the principal activity of the Company and its subsidiaries (together the ‘Group’) is the exploration and development of mineral projects, with a primary focus on gold projects in West Africa. Currently the Group’s activities are focused on two world class gold regions in Mali and Senegal in West Africa, being the Yanfolila Gold Belt (south Mali) and the Mako Gold Belt (east Senegal); and

• the strategy of the Company is to: conduct exploration on its portfolio of mineral properties; prove a resource compliant with an internationally recognised standard accepted in the AIM Rules for Companies; and establish economics on such resource for future development and eventual mining.

  Cora’s business plan, which underpins its strategy and business model, demonstrates how the Company’s experienced and successful management team, which has a proven track record in making multi-million ounce gold discoveries that have been developed into operating mines, intends to deliver shareholder value in the medium to long-term.

  The business and operations of the Group are subject to a number of risk factors. These risk factors and the Group’s comments and mitigating actions against them are set out in the ‘Strategic Report - Risk Factors’ section of this Annual Report.

  The strategy and business model demonstrate that the delivery of long-term growth is underpinned by a clear set of values aimed at protecting the Company from unnecessary risk and securing its long-term future.

  Principle 2: Promote a corporate culture that is based on ethical values and behaviours

  The Board promotes a corporate culture that is based on ethical values and behaviours. The Board considers it an asset and source of competitive advantage to undertake its business and operations in an ethical manner. As such the Company has adopted a number of policies:

• Code of Conduct: This includes matters such as: compliance with law; disclosure of information; accounting records and practises; fair dealing; conflicts of interest; corporate opportunities; use of company property; safety and environmental protection; fundamental rights; responsibility; where to seek clarification; and reporting breaches;

• Anti-Corruption and Anti-Bribery Policy: The government of the United Kingdom (‘UK’) has issued guidelines setting out appropriate procedures for companies to follow to ensure that they are compliant with the UK Bribery Act 2010. The Company has conducted a review into its operational procedures to consider the impact of the Bribery Act 2010 and the Board has adopted an anti-corruption and anti-bribery policy;

• Share Dealing Code: The Company has adopted a share dealing code for dealings in securities of the Company by directors and certain employees which is appropriate for a company whose shares are traded on AIM. The share dealing code is based on the model code developed by the QCA and the Institute of Chartered Secretaries and Administrators. This constitutes the Company’s share dealing policy for the purpose of compliance with UK legislation including the Market Abuse Regulation and the relevant part of the AIM Rules for Companies.

  Furthermore, insider legislation set out in the UK Criminal Justice Act 1993, as well as the provisions relating the market abuse, apply to the Company and dealings in its ordinary shares; and

• Social Media Policy: The Board has adopted a social media policy which is designed to minimise the risks to the Company’s business arising from, and to assist directors and employees in making appropriate decisions about, the use of social media. In particular, the policy provides guidance that the disclosure on social media of commercially sensitive, price sensitive, private or confidential information relating to the Company is prohibited.

  The policy set by the Board is obvious in the actions and decisions of the chief executive officer and the rest of the management team. Our corporate values guide the objectives and strategy of the Company and drive the strategy and business model adopted by the Board.

  The culture is visible in every aspect of the business, including recruitments, nominations, training and engagement. The Company’s performance and reward systems endorse the desired ethical behaviours across all levels of the Company.

  Principle 3: Seek to understand and meet shareholder needs and expectations

  The Board seeks to understand and meet shareholder needs and expectations by discussing the overall development of the Company’s strategy regularly at meetings of the Board. This issue will be a standing point of business at each Board meeting. The Board will also seek to develop a good understanding of the needs and expectations of all elements of the Company’s shareholder base by asking the Company’s registrar to keep the directors informed of the change in identity of any significant shareholders.

  The Board will work alongside its Nominated Adviser and other advisers to manage shareholders’ expectations in order to seek to understand the motivations behind shareholder voting decisions. The Board will take into account shareholder voting at any general meeting and any correspondence received by the Company from shareholders with respect to any matter relating to its business to further its understanding. Shareholders are encouraged to contact the Company - this can readily be done by email submission to info@coragold.com.

  Principle 4: Take into account ider stakeholder interests, including social and environmental responsibilities, and their implications for long-term success

  The Board understands that the Company’s long-term success relies upon good relations with a range of different stakeholder groups, both its internal workforce and its external suppliers, customers, regulators and others.

  Cora has identified the following internal stakeholders:

• shareholders and holders of other equity instruments;

• the directors of the Company; and

• all members of the Company’s management team (in compliance, administrative and field-based roles).

  Cora has identified the following external stakeholders:

• suppliers of goods and equipment;

• drilling contractors;

• assay laboratories;

• securities regulators;

• local governments (Mali and Senegal);

• ministerial departments responsible for administering mineral exploration activities to take place; and

• local communities.

  The Company will take into account wider stakeholder interests, including social and environmental responsibilities, and their implications for long-term success.

  Given the business and operations of the Company, matters may arise that impact on society and the communities within which it operates or the environments which may have the potential to affect the Company’s ability to deliver shareholder value over the medium to long-term. In addition to integrating such matters into the Company’s strategy, business model and plan, the Company has adopted a Health and Safety, Community Relations and Environmental Impact Policy which governs its social and environmental responsibility plans - the principal elements of this policy incorporate:

• health and safety responsibility;

• health and safety in the field environment (including supplies and camp conditions; infections / diseases; conflict evacuation; medical procedures and medical evacuation; vehicles; driving and passengers; travel; trenching; drilling; and mechanical equipment);

• community relations;

• environmental impact (planning; and minimising the impact of activities (including access; line cutting and soil sampling; trenching; drilling; field camps; and programme closure)); and

• reporting.

  Principle 5: Embed effective risk management, internal controls and assurance activities, considering both opportunities and threats, throughout the organisation

  As described above, the Company’s business and operations are subject to certain risks. The Board receives monthly updates from management on operational, investor and public relations, finance and administrative matters. In addition, the Company’s directors are encouraged to liaise and meet with management on a regular basis to discuss matters of particular interest to each director. The Company’s management has implemented effective risk management, considering both opportunities and threats, throughout the organisation.

  The Board shall ensure that the Company’s risk management framework, including internal controls and assurance activities, identifies and addresses all relevant risks in order to execute and deliver its strategy. The Company has considered its extended business, from key suppliers to end-customers in identifying and addressing risk. As the Company grows then the risk management framework, including internal controls and assurance activities, will develop accordingly.

  The Board has developed a strategy to determine the extent of exposure to the identified risks that the Company is able to bear and willing to take.

  Principle 6: Establish and maintain the board as a ell-functioning, balanced team led by the chair

  As a Board the directors have collective responsibility and legal obligation to promote the interests of the Company, and are collectively responsible for defining corporate governance arrangements. Ultimate responsibility for the quality of, and approach to, corporate governance lies with the Board. The Company holds Board meetings at least four times each complete financial year, and at other times as and when required.

  The Board currently comprises six directors (see below), three of whom are deemed to be independent non-executive directors for the purpose of corporate governance (being Edward Bowie, Andrew Chubb and myself (Adam Davidson)) and one of whom is executive (being Robert Monro).

  In December 2025 the Board resolved that at every Annual General Meeting of the Company all directors must offer themselves for re-appointment by the shareholders.

  As at the date of this report the Board consists of the following members:

  Adam Davidson, Non-Executive Director (Independent) & Chair of the Board of Directors

  Adam was appointed a director of Cora in January 2025 and in March 2026 took up the role of Chair of the Board of Directors.

  Adam co-founded and led AIM-listed Trident Royalties plc, a diversified mining royalty and streaming company which was acquired by Deterra Royalties Limited (ASX:DRR) in 2024. Prior to that Adam’s career included senior roles with Resource Capital, BMO Capital Markets and Orica Mining Services. Adam commenced his career at T. Rowe Price and served in the United States Marine Corps Reserve.

  Adam is deemed independent for the purpose of corporate governance by virtue of the Company considering him to be of independent character and judgement.

  Edard (‘Ed’) Boie, Non-Executive Director (Independent)

  Ed was appointed a director of Cora in 2019 and later that year took up the role of Chair of the Board of Directors. In March 2026 the role of Chair of the Board of Directors was taken up by Adam Davidson - Ed remains Non-Executive Director of the Company.

  Ed has over 25 years’ experience within the wider natural resources industry. He started his career with SAMAX Gold in Tanzania before going on to work in equity research, corporate finance roles, and then serving as fund manager for Altus Capital Limited’s two mining funds. More recently he served as Head of Business Development at London-listed Amara Mining plc, managing the process that led to the company’s acquisition, and then Head of Business Development at Brazilian gold producer Serabi Gold plc. Ed is currently Chief Executive Officer and a director at Beowulf Mining plc (AIM:BEM; Spotlight:BEO), a European mineral exploration and development company.

  Ed is deemed independent for the purpose of corporate governance by virtue of the Company considering him to be of independent character and judgement.

  Andre Chubb, Non-Executive Director (Independent)

  Andrew was appointed a director of Cora in 2020.

  Andrew is a Partner and Head of Mining at natural resources focused investment bank Hannam & Partners. Previously Andrew was a Managing Director at Canaccord Genuity, where he worked for 8 years in the natural resources team. He has a broad range of international corporate finance, restructuring, capital markets, and mergers and acquisitions experience focusing on the metals, mining and natural resources sectors. Prior to joining Canaccord Genuity he spent 4 years with law firm Berwin Leighton Paisner. Andrew is also a non-executive director of Metals Exploration plc (AIM:MTL), a gold producer, development and exploration company with assets in the Philippines and Nicaragua.

  Andrew is deemed independent for the purpose of corporate governance by virtue of the Company considering him to be of independent character and judgement.

  Aryann Gupta, Non-Executive Director

  Aryann was appointed a director of Cora in March 2026.

  Aryann is Head of Mergers & Acquisitions at A2MP Investments FZCO, a pioneering platform dedicated to unlocking Africa’s potential in minerals and metals processing. Aryann is also a non-executive director of ARISE Integrated Industrial Platforms Limited, which designs, finances, builds and operates integrated and tailor-made industrial zones across Africa, and FG Gold Limited, a private gold developer based in Sierra Leone.

  Aryann is deemed non-independent for the purpose of corporate governance by virtue of being an appointee of Eagle Eye Asset Holdings Pte. Ltd. (‘Eagle Eye’), the Company’s largest shareholder, to the Board. Eagle Eye is a Monetary

  Authority of Singapore registered single-family office, managing the investment portfolios of the founding and promoter family, of which Aryann is a family member.

  Robert (‘Bert’) onro, Chief Executive Officer & Director

  Bert was originally appointed a director of Cora in 2017 and took up the role of Chief Executive Officer in 2020.

  Bert has significant experience in both the resource sector and the City. Most notably, he spent over 10 years at Hummingbird Resources plc, holding several roles including Operations Manager, Country Manager and Head of Business Development as the company transitioned from a private pre-resource explorer through to an AIM-listed gold miner with over 6 Moz of gold resources in West Africa.

  Bert is deemed non-independent for the purpose of corporate governance by virtue of being an executive officer of the Company.

  Paul Quirk, Non-Executive Director

  Paul was appointed a director of Cora in 2017.

  Paul has had over 10 years’ operational experience in the Republic of Congo (Brazzaville), having worked as country manager for MPD Congo SA (Zanaga Iron Ore Company) which listed on AIM in 2010. He started his own logistics company in the Congo, Fortis Logistique Limited. Paul co-founded Lionhead Capital Advisors Proprietary Limited (‘Lionhead’), a principal investment firm that invests private capital into attractive long-term opportunities. Paul is the head of resources strategy and a director at Lionhead.

  Paul is deemed non-independent for the purpose of corporate governance by virtue of his shareholding in the Company.

  The Chief Financial Officer, Craig Banfield, is an executive officer of the Company. Craig co-founded Cora in 2012 and since then has held the position of Company Secretary. Cora upholds the values of independence in the composition of its Board and as such the directors are of the opinion that appointing Craig to the Board at this juncture, given the nature of the Company’s business and its relatively small Board size, could dilute the significance of such independence. As Company Secretary Craig is in attendance at Board meetings.

  As at 31 December 2025 the interests of the directors and their families (within the meaning set out in the AIM Rules for Companies) in the securities of the Company, all of which are beneficial, and the existence of which is known or could, with reasonable diligence, be ascertained by that director, were as follows:

  		Share options over number of ordinary shares (exercise price per ordinary share (stated in British pound sterling); expiring date)
  	Number of ordinary shares	10.5 pence; 08 December 2026	4 pence; 13 March 2028	6.25 pence; 01 April 2030
  Edward Bowie	1,003,591	300,000	800,000	1,000,000
  Andrew Chubb	539,006	250,000	750,000	850,000
  Adam Davidson	570,876	-	-	850,000
  Robert Monro	2,805,537	2,500,000	5,000,000	5,200,000
  Paul Quirk	14,612,599 a	250,000	750,000	850,000

  a Held personally and through Key Ventures Holding Ltd hich is holly oned and controlled by First Island Trust Company Ltd as Trustee of The Sunnega Trust, being a discretionary trust of hich Paul Quirk (Non-Executive Director of the Company) is a potential beneficiary.

  As at the date of this report the interests of the directors and their families (within the meaning set out in the AIM Rules for Companies) in the securities of the Company, all of which are beneficial, and the existence of which is known or could, with reasonable diligence, be ascertained by that director, were as follows:

  		Share options over number of ordinary shares (exercise price per ordinary share (stated in British pound sterling); expiring date)
  	Number of ordinary shares	10.5 pence; 08 December 2026	4 pence; 13 March 2028	6.25 pence; 01 April 2030	8 pence; 31 March 2031
  Edward Bowie	1,003,591	300,000	800,000	1,000,000	1,000,000
  Andrew Chubb	539,006	250,000	750,000	850,000	1,000,000
  Adam Davidson	570,876	-	-	850,000	1,200,000
  Aryann Gupta a	-	-	-	-	1,000,000
  Robert Monro	2,805,537	2,500,000	5,000,000	5,200,000	10,250,000
  Paul Quirk	14,612,599 a	250,000	750,000	850,000	1,000,000

  1. The Company’s largest shareholder Eagle Eye Asset Holdings Pte. Ltd. is a onetary Authority of Singapore registered single-family office, managing the investment portfolios of the founding and promoter family, of hich Aryann Gupta (Non-Executive Director of the Company) is a family member. Eagle Eye Asset Holdings Pte. Ltd. is established as a trust, of hich Aryann Gupta (Non-Executive Director of the Company) is a beneficiary.

  2. Held personally and through Key Ventures Holding Ltd hich is holly oned and controlled by First Island Trust Company Ltd as Trustee of The Sunnega Trust, being a discretionary trust of hich Paul Quirk (Non-Executive Director of the Company) is a potential beneficiary.

  As at 31 December 2025 Brookstone Business Inc (‘Brookstone’), the Company’s largest shareholder, held 156,169,865 ordinary shares (being 31.09% of the total number of ordinary shares issued and outstanding). As at the date of this report Brookstone held 156,169,865 ordinary shares (being 20.41% of the total number of ordinary shares issued and outstanding). Brookstone is wholly owned and controlled by First Island Trust Company Ltd as Trustee of The Nodo Trust, being a discretionary trust with a broad class of potential beneficiaries. Patrick Quirk, father of Paul Quirk (Non-Executive Director of the Company), is a potential beneficiary of The Nodo Trust. On 30 March 2026 Brookstone, Key Ventures Holding Ltd and Paul Quirk (Non-Executive Director of the Company) (collectively the ‘Investors’) entered into a new relationship agreement with the Company (the ‘Investors Relationship Agreement’; replacing the relationship agreement entered into by the Investors and the Company on 18 March 2020) to regulate the relationship between the Investors and the Company on an arm’s length and normal commercial basis, including, but not limited to, the Company being managed in accordance with the principles of the prevailing QCA Code, the Board being comprised of at least one independent director, and the remuneration & nominations committee and the audit committee being chaired by an independent director. In the event that the Investors’ aggregated shareholding becomes less than 10% then the Investors Relationship Agreement shall terminate. As at the date of this report the Investors’ aggregated shareholding was 22.32% of the total number of ordinary shares issued and outstanding.

  On 31 March 2026:

• Eagle Eye subscribed for 228,452,356 ordinary shares in the capital of the Company (being 29.90% of the total number of ordinary shares issued and outstanding), and as a result became the Company’s largest shareholder; and

• Aryann Gupta, an appointee of Eagle Eye, was appointed Non-Executive Director of the Company and a member of the audit committee of the Board.

Eagle Eye is a Monetary Authority of Singapore registered single-family office, managing the investment portfolios of the founding and promoter family, of which Aryann Gupta (Non-Executive Director of the Company) is a family member. Eagle Eye is established as a trust, of which Aryann Gupta (Non-Executive Director of the Company) is a beneficiary. With effect from 31 March 2026 Eagle Eye entered into a relationship agreement with the Company (the ‘Eagle Eye Relationship Agreement’) to regulate the relationship between the Eagle Eye and the Company on an arm’s length and normal commercial basis, including, but not limited to, the Company being managed in accordance with the principles of the prevailing QCA Code, the Board being comprised of at least one independent director, and the remuneration & nominations committee and the audit committee being chaired by an independent director. In the event that Eagle

Eye’s shareholding becomes less than 10% then the Eagle Eye Relationship Agreement shall terminate. As at the date of this report Eagle Eye, the Company’s largest shareholder, held 228,452,356 ordinary shares (being 29.86% of the total number of ordinary shares issued and outstanding).

The Company has established properly constituted AIM compliance & corporate governance, audit, and remuneration & nominations committees of the Board with formally delegated duties and responsibilities, summaries of which are set out below:

AI compliance & corporate governance committee

The role of the AIM compliance & corporate governance committee is to ensure that the Company has in place sufficient procedures, resources and controls to enable it to comply with the AIM Rules for Companies and ensure appropriate wider corporate governance. The AIM compliance & corporate governance committee is responsible for making recommendations to the Board and proactively liaising with the Company’s Nominated Adviser on compliance with the AIM Rules for Companies and broader corporate governance issues. The AIM compliance & corporate governance committee also monitors the Company’s procedures to approve any share dealings by directors or employees in accordance with the Company’s share dealing code. The AIM compliance & corporate governance committee meets at least twice a year.

During the year ended 31 December 2025 the members of the AIM compliance & corporate governance committee were Andrew Chubb (chair of the committee), Edward Bowie, Adam Davidson (appointed 13 January 2025) and David Pelham (resigned 13 January 2025). Following a reorganisation of committees of the Board on 31 March 2026, as at the date of this report the members of the AIM compliance & corporate governance committee are Edward Bowie (chair of the committee), Andrew Chubb and Adam Davidson.

Audit committee

The audit committee has primary responsibility for monitoring the quality of internal controls and ensuring that the financial performance of the Group is properly measured and reported on. It receives and reviews reports from the Group’s management and external auditors relating to the interim and annual accounts, and the accounting and internal controls in use throughout the Group. The audit committee meets at least twice a year.

During the year ended 31 December 2025 the members of the audit committee were Andrew Chubb (chair of the committee), Edward Bowie, Adam Davidson (appointed 13 January 2025) and David Pelham (resigned 13 January 2025). Following a reorganisation of committees of the Board on 31 March 2026, as at the date of this report the members of the audit committee are Adam Davidson (chair of the committee), Edward Bowie and Aryann Gupta (appointed 31 March 2026).

Remuneration & nominations committee

The remuneration & nominations committee is responsible for providing recommendations to the Board on matters including the composition of the Board and competencies of directors, the appointment of directors, the performance of the executive directors and senior management, and making recommendations to the Board on matters relating to their remuneration and terms of employment. The committee will also make recommendations to the Board on proposals for the granting of shares awards and other equity incentives pursuant to any share award scheme or equity incentive scheme in operation from time-to-time. The remuneration & nominations committee meets at least twice a year.

During the year ended 31 December 2025 the members of the remuneration & nominations committee were Edward Bowie (chair of the committee), Andrew Chubb and Paul Quirk. Following a reorganisation of committees of the Board on 31 March 2026, as at the date of this report the members of the remuneration & nominations committee are Adam Davidson (chair of the committee), Edward Bowie and Paul Quirk.

Below is a table summarising the attendance record of each director at Board and committee meetings held during the year ended 31 December 2025:

As Chair of the Board of Directors I believe I lead a well-functioning and balanced team on the Board.

Principle 7: aintain appropriate governance structures and ensure that individually and collectively the directors have the necessary up-to-date experience, skills and capabilities

I believe the Company has adopted, and will maintain, governance structures and processes that are fit for purpose and support good decision-making by the Board. As noted above, the Company has AIM compliance & corporate governance, audit, and remuneration & nominations committees. The Board believes these committees provide for governance structures and processes in line with its corporate culture and appropriate to its size and complexity; and capacity, appetite and tolerance for risk.

These governance structures may evolve over time in parallel with the Company’s objectives, strategy, and business model and plan to reflect the development of the Company.

The biographical details of the directors are set out above. The biographies demonstrate that collectively the Board has an appropriate balance of sector, financial and public markets skills and experience, as well as an appropriate balance of individual personal qualities and capabilities. The directors understand the need for diversity, including gender balance, as part of its composition and will keep this under review. Currently the Board, comprising six persons, has three independent non-executive directors, being Edward Bowie, Andrew Chubb and myself (Adam Davidson).

The Board is not dominated by one person or a group of people. Although certain members of the Board have worked together previously these personal bonds are utilised to improve the operation and management of the Company and the directors are cognisant of the need to ensure that such relationships do not divide the Board.

The Board understands that as companies evolve, the mix of skills and experience required on the Board will change, and Board composition will need to evolve to reflect this change. Following a review by the AIM compliance & corporate governance committee during 2025 it is considered that at this stage there is no need to seek additional experience, skills and capabilities on the Board.

Principle 8: Evaluate board performance based on clear and relevant objectives, seeking continuous improvement

The Board has adopted a policy to evaluate the Board’s performance based on clear and relevant objectives, seeking continuous improvement. The clear and relevant objectives that the Board has identified are as follows:

• suitability of experience and input to the Board;

• attendance at Board and committee meetings; and

• interaction with management in relevant areas of expertise to ensure insightful input into the Company’s business.

  The Board will review on a regular basis the effectiveness of its performances as a unit, as well as that of its committees and the individual directors, based against the criteria set out above.

  The Board performance review will be carried out internally from time-to-time, and at least annually. The review should identify development or mentoring needs of individual directors or the wider senior management team.

  As part of the performance review, the Board will consider whether the membership of the Board should be refreshed. The review will also identify any succession planning issues and put in place processes to provide for succession planning.

  The remuneration & nominations committee reviews Board and senior management performance, and noted as part of its work undertaken during 2025 that:

• both senior management and non-executive directors make material contributions; and

• senior management perform very well in terms of corporate administration and governance, and in delivering work programmes on tight budgets and with good results.

  Principle 9: Establish a remuneration policy hich is supportive of long-term value creation and the company’s purpose, strategy and culture

  The Board recognises that the remuneration of directors (both executive and non-executive) and senior management is of legitimate concern to shareholders and is committed to following current best practise. The Group operates within a competitive environment and its performance depends upon the individual contributions of the directors and senior management.

  The objective of the Company’s remuneration policy is to incentivise long-term growth and shareholder returns. The policy of the Board is to provide remuneration packages designed to attract, motivate and retain personnel of the calibre necessary to maintain the Group’s position, and to reward them for enhancing shareholder value and returns. It aims to provide sufficient levels of remuneration to do this, but to avoid paying more than is necessary. Remuneration packages also reflect levels of responsibilities and contain incentives to deliver the Group’s objectives, in line with the Company’s purpose, strategy and culture.

  Principle 10: Communicate ho the company is governed and is performing by maintaining a dialogue ith shareholders and other key stakeholders

  The Company maintains a website at https://www.coragold.com which provides information about the Company’s strategy and business model, and provides updates on its operations and governance. In addition, the Company maintains a dialogue with shareholders and other key stakeholders by the issue of press releases as required by AIM.

  The Company has adopted a communication and reporting structure which sets out the manner of open communication between the Board and all constituent parts of its shareholder base. From time-to-time the Company will participate in investor focused conferences and forums, and the Company will endeavour to make prior announcements of such engagements such that shareholders of the Company may wish to attend themselves and meet with those members of the Board and / or senior management who may be present. All members of the Board and senior management are encouraged to attend the Company’s Annual General Meeting and other general meetings when shareholders will be encouraged to ask questions of the Board and the Company’s senior management. This structure will assist in:

• the communication of shareholders’ views to the Board; and

• the shareholders’ understanding of the unique circumstances and constraints faced by the Company.