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
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.


In Q2 2023, Cora appointed Atlantique Finance as its sole adviser in the structuring & mobilisation of a medium-term US$70m loan, which will be used to support all aspects of the development & construction of the Sanankoro Gold  Mine.

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)