Project Portfolio

Sanankoro Gold Project

Sanankoro Gold Project
Location Yanfolila Gold Belt, Southern Mali
Project Area Five contiguous permits encompassing c.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 Targets 26.0-35.2 Mt at 0.58-1.21 g/t Au for 490-1,370 koz
(announcement 07 November 2022)

Sanankoro Timeline

Sanankoro Financing

In February 2023 Cora entered into an up to US$30m mandate and term sheet (the 'Term Sheet') with Lionhead Capital Advisors Proprietary Limited ('Lionhead') to fund the development of the Company's Sanankoro Gold Project in southern Mali (the 'Project Financing').

On 13 March 2023, as part of the Project Financing arrangement with Lionhead, Cora closed a subscription for aggregate investments of US$19.803m, comprising US$3.928m equity and US$15.875m convertible loan notes.

More about the consortium
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)