Cora Gold (LSE:CORA) has agreed a binding US$120 million gold streaming arrangement with its major shareholder Eagle Eye Asset Holdings, providing full funding for the Sanankoro Gold Project in southern Mali through to production. This follows a recent £15.7 million equity raise, strengthening the overall financing package.
Under the terms of the agreement, Eagle Eye will be entitled to purchase up to 30.44% of gold produced at Sanankoro at 20% of prevailing market prices. Cora retains the option to refinance up to half of the streaming facility with senior debt once key permits are secured, offering flexibility to optimise its capital structure over time.
The funding is expected to accelerate construction once permitting is complete. A 2025 definitive feasibility study for the project outlined a post-tax NPV (8%) of US$221 million and an internal rate of return of 65%, with average annual production of around 64,000 ounces during the first five years at an all-in sustaining cost of US$1,478 per ounce.
The transaction is classified as a related-party deal, reflecting Eagle Eye’s 29.9% shareholding and board representation. It further reinforces the investor’s role as a cornerstone backer, supporting Cora’s dual strategy of advancing Sanankoro toward production while continuing to expand its broader resource base across West Africa.
More about Cora Gold
Cora Gold Limited is a gold development company focused on West Africa, with operations in Mali and Senegal. Its primary asset is the Sanankoro Gold Project, located in the Yanfolila Gold Belt in southern Mali, which is being advanced as an open-pit oxide mine. The project is supported by a probable reserve of 531,000 ounces and led by a management team experienced in developing large-scale gold operations.
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