Cora Gold secures $120 million deal to advance Mali gold project

Cora Gold Limited, a West Africa-focused gold developer, has signed a binding term sheet for a $120 million gold streaming agreement with Eagle Eye Asset Holdings (EEA). The deal is structured to support development of the Sanankoro gold project in southern Mali, a key asset in the company’s production pipeline.

The company said the structure, subject to customary conditions precedent, effectively removes future funding uncertainty for the project and strengthens its ability to progress pre-production activities. Once permits are secured, Cora expects the financing package to materially accelerate construction timelines.

Stream structure and equity alignment

Under the agreement, EEA will purchase 30.44% of gold production from Sanankoro, or 15.22% if reduced by half, at 20% of prevailing spot gold prices. In parallel, EEA has expressed interest in 228,452,356 ordinary shares, representing 29.90% of Cora’s issued share capital, deepening strategic alignment between both parties.

The structure also provides flexibility for Cora to layer in conventional debt financing while maintaining the stream as a fully committed construction funding solution.

Management view: “Transformational milestone”

Chief Executive Officer Bert Monro described the transaction as a defining moment for the company’s growth trajectory, saying it significantly de-risks Sanankoro and provides full funding visibility alongside existing equity.

He noted that the September 2025 Definitive Feasibility Study highlighted strong project economics, while ongoing permitting discussions with the Government of Mali remain the final major regulatory step ahead of construction. 

Monro added that the company continues to pursue a dual-track strategy: advancing development while expanding its resource base for long-term production growth.

Strong economics underpin project case

Cora Gold Limited, founded in 2012 and listed on AIM, operated by the London Stock Exchange, in 2017. The company is focused on West African gold development, with de-risked exploration and development assets across Mali and Senegal.

Its flagship Sanankoro Gold Project sits within the Yanfolila Gold Belt in southern Mali and is being advanced as an open-pit oxide mine. The project hosts a Probable Reserve of 531,000 ounces grading 1.13 g/t gold, based on a $2,200/oz pit shell design.

The 2025 Definitive Feasibility Study outlines strong project economics, including a 65% post-tax IRR, $221 million post-tax NPV (8%), $479 million in life-of-mine free cash flow, and all-in sustaining costs of $1,478 per ounce at a gold price of $2,750/oz.

Beyond Sanankoro, Cora is advancing exploration upside at its Madina Foulbé permit in Senegal, located within the Mako Gold Belt of the Kédougou-Kéniéba Inlier, where the company has identified large-scale gold mineralisation potential.