Project Portfolio

Sanankoro Project Area

Sanankoro Gold Project
Location Yanfolila Gold Belt, south Mali
Project Area Five contiguous permits (Bokoro II, Bokoro Est, Dako II, Kodiou & Sanankoro II) encompassing approximately 342 sq km​
Gold Mineralisation Oxides up to 207m depth and high-grade sulphides identified at depth​
DFS &
Optimised Project Economics
  • 52.3% IRR
  • 1.2 year payback period
  • US$71.8m first full year FCF
  • US$234m FCF over life of mine
  • US$997/oz AISC
  • 6.8 years Reserve mine life
  • 56,000 oz pa average production
  • US$90m pre-production capital

(based on a gold price of US$1,750/oz, announcement 21 November 2022)
Maiden Probable Reserve 10.1 Mt at 1.30 g/t Au for 422 koz
(based on a gold price of US$1,650/oz, announcement 21 November 2022)​
Mineral Resource Estimate 24.9 Mt at 1.15 g/t Au for 920 koz, comprising

  • Indicated 16.1 Mt at 1.27 g/t Au for 657 koz plus
  • Inferred 8.7 Mt at 0.94 g/t Au for 263 koz

(cut-off grade 0.4 g/t Au, announcement 19 July 2022)
Additional Exploration Target 26.0-35.2 Mt at 0.58-1.21 g/t Au for 490-1,370 koz
(announcement 07 November 2022)

Click here for an overview of the Sanankoro Project Area / Sanankoro Gold Project as at May 2023.

Sanankoro Timeline

Sanankoro Financing

On 13 March 2023, as part of a project financing arrangement with Lionhead Capital Advisors Proprietary Limited ('Lionhead'), Cora closed a subscription for aggregate investments of US$19.803m, comprising US$3.928m equity and US$15.875m convertible loan notes, to primarily fund the development of the Sanankoro Gold Project.

Lionhead
The consortium of investors represented by Lionhead comprises highly experienced and successful natural resources investors, including:
  • the founders of LionOre Mining International (bought by Norilsk Nickel for US$6.3bn in 2007)
  • the initial investors in Mantra Resources (bought by ROSATOM for AUD$1.2bn in 2010)