Cora Gold Delays Sanankoro Construction Start Date

Cora Gold Ltd (AIM:CORA, FRA:C0J), a gold exploration and development company, has adjusted its timeline for starting construction on the Sanankoro project in Mali. Analysts at Cavendish now expect construction to begin in the first half of 2027, instead of the second half of this year.

This revision comes after Cora Gold completed a £15.7 million equity fundraise in March, which included a £13.7 million strategic investment from Eagle Eye Asset Holdings. This Singapore-based single-family office now holds a 29.90% stake in Cora Gold and has appointed Aryann Gupta to the board.

Cora Gold's funding risk was reduced with this equity raise, and the company also secured a $120 million gold stream financing agreement with Eagle Eye. This deal allows Eagle Eye to buy 30.44% of Sanankoro's life-of-mine gold production at 20% of the prevailing spot price.

The financial model for Sanankoro suggests that it has a net present value of $461 million and an internal rate of return of 119%, based on a gold price of $4,000 an ounce. Spot gold currently trades around $4,515 an ounce.