Cora Gold interim loss widens; hails Sanankoro gold project progress
Cora Gold Ltd on Friday hailed a "truly transformational period", as its Sanankoro project approached construction and it reported a wider first-half loss.
The West Africa-focused gold developer reported a pretax loss for the six months ended June 30 of USD1.1 million, widened from USD689,000 a year earlier.
The company posted no revenue, as Sanankoro remains under development and has yet to begin production, but received USD91,000 in interest income during the period.
Overhead costs rose to USD1.2 million from USD690,000 a year earlier.
Cora said Sanankoro has a mineral resource estimate of 1.04 million ounces and a probable reserve of 531,000 ounces.
Chief Executive Bert Monro said: "This has been a truly transformational period for Cora as Sanankoro has transitioned from an advanced development asset into a fully funded gold project approaching construction."
During the period, Cora secured a USD120 million gold stream with Eagle Eye Asset Holdings Pte Ltd to fund Sanankoro through to production, alongside a £15.7 million equity raise completed in March.
The company said it is seeking to replace up to 50% of the gold stream with traditional senior debt. Monro said Cora was "encouraged by the positive appetite shown by a number of West African-focused banks to provide traditional senior debt for Sanankoro".
"Blending senior debt alongside the stream from Eagle Eye is expected to enhance Sanankoro's economics further," he added.
After the period end, Mali's Council of Ministers approved the first interim renewal of the Sanankoro II exploration permit, which Cora called a significant step towards construction. The company said it was working with the Malian government to secure full project permitting and extended the deadline to replace up to 50% of the gold stream with senior debt to October 2027.
Shares in Cora Gold were down 1.1% to 9.40 pence per share on Friday morning in London.
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