Cora Gold announces gold stream deal to fund Sanankoro project
Cora Gold Ltd announced on Friday that it has agreed on full funding to production for its Sanankoro gold project.
The West Africa-focused gold company signed a binding term sheet for a $120 million gold stream with Eagle Eye Asset Holdings Pte Ltd to support the development of the south Mali project.
Combined with existing equity funding, the stream will fund Sanankoro to production. Cora announced in February that it had raised £16 million for the project, in a round cornerstoned by Eagle Eye.
The gold developer announced that it expects the funding to ‘materially accelerate construction timeline once permits are secured.’
Cora retains the right to replace 50% of the stream with traditional senior debt for up to 240 days following approvals.
Under the stream, Eagle Eye is entitled to to purchased 30% of gold produced at Sanankoro for 20% of the prevailing spot gold price. If Cora goes ahead with 50% senior debt replacement, Eagle Eye is entitled to purchase only 15% of the goal at the discounted price.
In a 2025 study of the site, Cora predicted an average annual gold production of 64,000 troy ounces for the first five years. This gave the site a net present value of $319 million, when calculated with an 8% discount rate and gold prices at $3,250 per ounce.
Under AIM rules, the agreement constitutes a ‘related party transaction’, since Eagle Eye is interested in 30% of Cora’s issued share capital.
Chief Executive Officer Bert Monro said: ‘This $120 million gold stream is a transformational milestone for Cora, significantly de-risking 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.
‘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 de-risking as Sanankoro moves towards development.’
Shares in Cora Gold were up 12% to 11.51 pence in London on Friday afternoon.
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