Cora signs $120m gold stream financing agreement to fully fund Sanankoro to production

Cora explains that the stream, subject to conditions precedent, removes future funding requirements for the project, enabling the company to move forward with pre-production workstreams with confidence.

Combined with existing equity funding following a recent £15.7-million fundraise, cornerstoned by EEA, the stream fully funds Sanankoro to production, subject to permitting.

Cora retains the right to replace 50% of the stream – $60-million – with traditional senior debt for up to 240 days following approvals, enabling Cora to optimise the financing structure.

Under the terms of the stream arrangement, EEA is entitled to buy 30.44% – or 15.22% if reduced by 50% – of gold produced at Sanankoro at a price equal to 20% of the prevailing spot gold price.

Cora says the stream funding solution is expected to materially accelerate the construction timeline once permits are secured.

“This $120-million gold stream is a transformational milestone for Cora, significantly derisking Sanankoro, providing a fully funded development project alongside our existing equity.

“Importantly, the flexibility within the stream structure allows us to optimise the financing package through the introduction of traditional debt, while retaining the stream as a committed fully funded construction solution,” says Cora CEO Bert Monro.

Meanwhile, the company reports that the 2025 definitive feasibility study (DFS) shows low capital intensity, with initial development capital expenditure of $124-million, as well as an all-in sustaining cost (AISC) of $1 478/oz driven by low strip ratios, soft ore and simple processing.

The DFS also shows a post-tax net present value (NPV) of $221-million and a post-tax internal rate of return (IRR) of 65%.

The DFS indicates 64 000 oz/y average gold production for the first five years.

At a $3 250/oz gold price, the post-tax NPV is $319-million, the post-tax IRR 88% and the AISC $1 568/oz.

“Our September 2025 DFS demonstrated the compelling economics of the Sanankoro project, and we are now focused on advancing the project into construction and ultimately delivering first gold.

“In parallel, we remain highly encouraged by the broader resource and greenfield upside across the project area and will continue to pursue a dual-track strategy of advancing development while systematically growing the resource base to support long-term production,” says Monro.

Monro says EEA has proven to be a highly supportive and knowledgeable partner, following its recent £13.7-million equity investment and this stream transaction, adding that the company looks forward to continuing this relationship as it progresses permitting and advances the project toward construction.

"As previously reported, permitting continues to progress well, supported by ongoing constructive engagement with the government of Mali.

“As the final key regulatory step ahead of construction, permitting represents one of the last stages of derisking as Sanankoro moves towards development.”