Cora Gold Finishes Sanankoro Fieldwork, Targets 2026 Engineering End
Cora Gold completes fieldwork for its Mali project and secures $120 million funding ahead of permit approval.
Key points
- Cora Gold completes fieldwork and 3D plant modeling for the Sanankoro project, targeting engineering completion in Q4 2026.
- The company secured a US$120 million gold streaming deal in April 2026, with an amendment allowing partial conversion to senior debt.
- Sanankoro holds a Probable Reserve of 531,000 ounces, with a feasibility study showing a 98% post-tax IRR at US$3,500 per ounce.
Cora Gold Limited (LSE:CORA) has completed all fieldwork and three-dimensional plant modeling for its Sanankoro Gold Project in southern Mali. The engineering contractor SENET has finalized these design components, allowing the company to prepare for long-lead equipment procurement once the mining permit is granted.
The front-end engineering design program remains on schedule to finish in the fourth quarter of 2026. This timeline aims to shorten the duration from permit approval to first gold production, a critical step for a project with a Probable Reserve of 531,000 ounces of gold.
Pre-Construction Infrastructure Progress
Cora has finalized land compensation agreements for the tailings storage facility and completed geotechnical drilling at the processing plant and power station sites. These data points will refine foundation designs for the planned infrastructure, ensuring structural integrity before heavy construction begins.
The company also upgraded its exploration camp with improved security, accommodation, and utilities. These enhancements support the logistical needs of the upcoming construction phase, which depends on the successful consolidation of project permits by the Government of Mali.
Funding and Financial Metrics
In April 2026, Cora secured a binding US$120 million gold streaming agreement to fully fund the project's development through to production. An August 2026 amendment allows up to half of this facility to be replaced with conventional senior debt, offering flexibility in the capital structure.
A 2025 feasibility study projected a post-tax internal rate of return of 98% and a net present value of US$365 million, based on a gold price of US$3,500 per ounce. These financial indicators underpin the company's strategy to expand its JORC-compliant resource of over one million ounces through continued drilling.
Regulatory Path To Production
Cora is actively engaging with Malian authorities to secure the exploitation permit and consolidate associated project permits. Obtaining these regulatory approvals is the primary prerequisite for initiating full-scale construction, which is currently constrained by the pending legal framework rather than engineering or funding gaps.
According to reporting from yahoo.com, the immediate priorities remain the completion of the engineering program and the finalization of pre-construction activities. The company holds additional exploration interests in Senegal while focusing on bringing the Sanankoro open-pit operation to completion in Mali's Yanfolila Gold Belt.
