What Cora Gold Ltd does

Cora Gold Limited is a West African-focused gold exploration and development company headquartered in Road Town, British Virgin Islands (BVI company number 1701265) and admitted to trading on AIM of the London Stock Exchange under ticker CORA.L. The company operates through country offices in Bamako (Mali) and Dakar (Senegal), with field operations concentrated on its flagship Sanankoro Gold Project in the Yanfolila Gold Belt of southern Mali — a contiguous block of five permits covering approximately 342 sq km. A second project area, Madina Foulbé, lies in the Mako Gold Belt of eastern Senegal across one permit covering roughly 260 sq km.

Cora's core business is advancing mineral resources to production rather than running a technology platform or selling software. The underlying technical proposition is an open-pit oxide gold operation with high recovery, low strip ratio, and free-digging ore. The September 2025 Definitive Feasibility Study reports an Ore Reserve of 14.6 Mt at 1.13 g/t Au for 531 koz, a Mineral Resource Estimate of 31.4 Mt at 1.04 g/t Au for 1,044 koz (January 2025), and an additional Exploration Target of 490–1,370 koz. The DFS projects pre-production capex of US$124 million, average annual production of 64,000 oz over the first five years, life-of-mine production of 482 koz over a 10.2-year reserve life, all-in sustaining cost of US$1,478/oz, a 1.1-year payback, post-tax NPV8 of US$221 million, and a 65% post-tax IRR at a US$2,750/oz gold price.

Cora is currently pre-revenue. The company's go-to-market is not product sales but capital raising on AIM, led by a £15.7 million equity placement and a US$120 million gold stream agreement with Eagle Eye Asset Holdings executed in February–April 2026. The stream commits 30.44% of life-of-mine gold production to Eagle Eye at 20% of prevailing spot price. The company intends to replace up to 50% of the stream with senior debt within 240 days of required approvals. Revenue will be recognized only upon commencement of gold production at Sanankoro. Customer concentration is therefore effectively binary — single-asset, single-stream counterparty (Eagle Eye Asset Holdings) — pending diversification offtake at production.

Name

Cora Gold Ltd

Legal name

Cora Gold Limited

Website

https://coragold.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Cora Gold Limited is a West African gold exploration and development company (AIM: CORA) advancing its flagship Sanankoro Gold Project in Mali toward production, supported by a 2025 DFS showing 65% IRR and US$479m LOM free cash flow, fully funded via a £15.7m equity raise and US$120m gold stream with Eagle Eye Asset Holdings.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold mining
• Mineral exploration
• Gold development
• West Africa gold
• Oxide gold mining

Headquarters

HQ city

Tórtola

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Gold Production and Sales: Cora Gold is a pre-revenue gold development company. Upon commencement of production at Sanankoro, the company will generate revenue from the sale of extracted gold. The 2025 DFS projects average annual gold production of 64,000oz over the first five years, with LOM free cash flow of US$479m at a gold price of US$2,750/oz. The company has a gold stream arrangement with Eagle Eye Asset Holdings, under which EEA purchases 30.44% of gold produced at 20% of prevailing spot gold price for the life of the mine.

Distribution channels1 record

Marketing channels6 records

Core offering

Cora Gold Ltd is a pre-revenue West African gold exploration and development company advancing its flagship Sanankoro Gold Project in southern Mali toward first production. The 2025 DFS projects average annual gold production of 64,000oz over the first five years, a 10.2-year reserve mine life, 65% post-tax IRR and US$479m life-of-mine free cash flow at US$2,750/oz. The company also holds the secondary Madina Foulbé Project in eastern Senegal.

Product overview

Cora Gold Ltd is a West African gold exploration and development company operating two primary project areas: the Sanankoro Gold Project in Mali's Yanfolila Gold Belt and the Madina Foulbé Project Area in Senegal's Mako Gold Belt. The company is focused on advancing its flagship Sanankoro project towards production, with the 2025 Definitive Feasibility Study demonstrating a 65% IRR and projected life-of-mine free cash flow of US$479m. Cora Gold does not operate a technology platform; its core business is mineral exploration and gold mine development.

Differentiator

Problem solved

Functional benefit

Products and services

• Sanankoro Gold Project Flagship open-pit oxide gold development project located in the Yanfolila Gold Belt, south Mali, comprising five contiguous permits (Bokoro II, Bokoro Est, Dako II, Kodiou & Sanankoro II) covering approximately 342 sq km; targeted for first gold pour with average annual production of 64,000oz over the first five years.
• Madina Foulbé Project Area Secondary gold exploration project within the Mako Gold Belt in eastern Senegal, covering approximately 260 sq km (reducing by 25% on each of two interim renewals); represents Cora's exploration optionality outside the flagship Sanankoro asset.

Quantifiable outcome

• 65% post-tax IRR and 1.1 year payback period at Sanankoro DFS (2025)
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Hummingbird Resources plc: West African gold miner that operates the Yanfolila Gold Mine in Mali — the same belt where Cora's Sanankoro project is located. Multiple Cora senior staff, including CEO Bert Monro, came from Hummingbird, making it the most directly comparable peer on geology, jurisdiction, and operational profile.
• Resolute Mining: Operator of the Syama Gold Mine in Mali and owner of the Tabakaroni greenfield oxide operation. Cora's Project Director Lourens Steenekamp led the Syama/Tabakaroni oxide project, and the ESG Manager previously worked at Resolute. Directly comparable in jurisdiction, geology, and oxide processing profile.
• Perseus Mining: Mid-tier West African gold producer operating the Sissingue and Fimbiasso mines in Côte d'Ivoire, with Edikan in Ghana. Cora's Project Director led projects at Perseus's Côte d'Ivoire operations, making it a directly comparable mid-tier West African oxide gold miner with similar capital intensity profile.

Broad incumbents

• Endeavour Mining: One of the largest West African gold producers, with multiple operating mines across Côte d'Ivoire, Burkina Faso, and Senegal. Larger and more diversified than Cora but operates in the same regional gold belts and provides a comparable jurisdiction and operating benchmark.
• Barrick Gold: Major gold producer operating the Loulo-Gounkoto complex in Mali, located in the same western Mali region as Cora's Sanankoro project. A major incumbent that anchors the regional mining infrastructure and provides a reference for large-scale Mali gold operations.
• IAMGOLD Corporation: Mid-tier gold producer with West African assets (Essakane in Burkina Faso, previously also operating in Mali). IAMGOLD was among companies whose Mali exploration permits were revoked, paralleling Cora's regulatory exposure and providing a benchmark for navigating West African jurisdiction risk.
• AngloGold Ashanti: Global gold major with extensive West African operating history, including in Mali. Cora's ESG Manager Djibril Sanogo previously worked at AngloGold Ashanti in Mali, making it a relevant benchmark for institutional-scale West African gold mining operations.

Emerging players

• Oriole Resources plc: AIM-listed West African gold exploration company. Cora's adviser David Pelham serves as a non-executive director of Oriole. Comparable as a small-cap, AIM-listed West African gold explorer at an earlier stage than Cora's development phase.
• Beowulf Mining plc: AIM-listed mineral exploration and development company. Cora's outgoing Chair Ed Bowie serves as CEO of Beowulf. Comparable as a small-cap, AIM-listed mining developer, though Beowulf's focus is broader (graphite, base metals) rather than purely West African gold.

Others

• Trident Royalties / Deterra Royalties: Royalty and streaming company in the mining sector. Cora's Chair Adam Davidson co-founded and led Trident Royalties, which was acquired by Deterra Royalties in 2024. Comparable as an ecosystem participant in mining finance, providing context for streaming/royalty structures relevant to Cora's own EEA gold stream.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/cora_gold
• LinkedInlinkedin.com/company/cora-gold

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cora Gold Ltd