Cora Gold (LSE: CORA) is an AIM listed independent exploration company with gold mining operations in West Africa.
Cora Gold was admitted to AIM in October 2017 when it raised £3.45 million in gross proceeds through a placing and subscription of 20.928 million new ordinary shares at a share price of 16.5 pence each. Following the placing, the market capitalisation of the company was £9.07 million.
In August 2023, the company had c. 370 million shares in issue and the Cora share price was 3.35 pence giving a market cap of c. £12.4 million.
Overview of the company’s assets
Cora’s flagship asset is the highly prospective Sanankoro Gold Project, located within the Yanfolila Gold Belt in southern Mali, an established gold producing region.
In December 2019, the company confirmed a Maiden Inferred Mineral Resource of 5 million tonnes (Mt) at 1.6 g/t Au for 265,000 ounces of gold.
The Initial Scoping Study released in January 2020, indicated an initial life of mine of three years which would generate a NPV of US$ 30.9 million, assuming a discount rate of 8% and price of gold at US$ 1,400 per oz. It is estimated that developing the project would require capital expenditure of US$ 20.6 million.
The interim results update released in September indicated that at a gold price of US$1,500, NPV would be US$ 41.5 million.
In July 2019, the company was awarded a three-year exploration permit with 100% ownership of the Tagan Permit, covering 82km² of the Yanfolila Gold Belt
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