Cora Gold loss narrows as rising gold price boosts Sanankoro potential
Cora Gold Ltd on Monday said its loss narrowed during 2024 following a reduction in expenses, while the recent rise in gold prices has driven optimism in the firm’s outlook for its flagship Sanankoro gold project in south Mali.
The West Africa-focused gold developer said its pretax loss in 2024 narrowed to $1.1 million from $3.0 million the year before, as expenses fell by 64% to $1.3 million from $3.6 million.
The reduction in expenses was largely driven by a one-off $1.8 million impairment of intangible assets in 2023.
Finance costs were down to $37,000 from $643,000 while interest income declined 67% to $220,000 from $675,000.
‘Our focus at Sanankoro is on its transition into a producing mine. With the gold price recently trading at new record highs this is an opportune time to be developing the Sanankoro gold project,’ said Chief Executive Officer Bert Monro.
‘We have worked hard this past year to build the resource and, in turn, the life of mine potential at Sanankoro, which will feed into an updated [definitive feasibility study] due later this year. This is expected to confirm significant improvements in the project’s already robust economics.’
The firm noted it also expects recent new record highs in the gold price to boost the mine’s economic potential, following its previously completed 2022 definitive feasibility study based on a $1,750 per ounce gold price.
CEO Monro continued: ‘Our key objectives now are to complete the updated DFS and concurrently complete the mine permitting process, so that mine finance can be concluded and construction can commence. We are delighted with the strong support we have already received in support of this and we are confident that the year ahead will be a significant one for Cora.’
Shares in Cora Gold were up 2.7% at 8.47 pence each in London on Monday afternoon. The stock has multiplied from 2.05p over the past year.
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