Business
Cora Gold secures $120mn stream to advance Sanankoro project in Mali
Cora Gold secures $120mn stream to advance Sanankoro project in
About this update from Cora Gold Ltd.
West Africa -focused Cora Gold (AIM:CORA) has signed a binding term sheet for $120mn in gold stream financing with Eagle Eye Asset (EEA) to advance development of the Sanankoro Gold Project in Mali . The agreement, subject to conditions, is expected to fully fund the project when combined with a recent £15.7mn ( $21.2mn ) equity raise led by EEA, enabling the company to proceed with pre-production activities pending permit approval. Under the deal, EEA will purchase 30.44% of Sanankoro’s gold output, or 15.22% if part of the financing is refinanced, at 20% of the prevailing gold price, reflecting a typical streaming structure. Cora retains the option to convert up to $60mn , or 50% of the stream, into traditional senior debt within 240 days of permit approval, providing flexibility to optimise its capital structure. The 2025 definitive feasibility study estimates capital expenditure at $124mn and outlines a post-tax net present value (NPV8) of $221mn , with an internal rate of return (IRR) of 65%. At a gold price of $3,250 /oz, the NPV8 rises to $319mn with an IRR of 88%. The project is expected to produce an average of 64,000oz per year over the first five years, with an all-in sustaining cost of $1,478 /oz, increasing to $1,568 /oz under higher price assumptions. EEA, which already holds a 29.9% stake in Cora, said the financing structure is designed to accelerate development timelines once permits are secured. Chief executive Bert Monro described the agreement as a major step forward. “This $120mn gold stream is a transformational milestone for Cora, significantly de-risking Sanankoro and providing a fully funded development project,” Monro said. “Importantly, the flexibility within the stream structure allows us to optimise the financing package through the introduction of traditional debt, while retaining the stream as a committed fully funded construction solution,” he added. © 2026 bne IntelliNews, source Magazine