Cora Gold Limited (LSE:CORA) has reported progress on front-end engineering design (FEED) and pre-construction activities at its Sanankoro Gold Project in southern Mali, with engineering work scheduled for completion in the fourth quarter of 2026.
The company said engineering contractor SENET has completed all fieldwork and three-dimensional plant modelling for the project. Equipment suppliers have also contributed to the design of the crushing, milling and gold recovery circuits.
The engineering programme is intended to support decisions on long-lead equipment once the required mining permit has been granted.
Pre-construction activities are progressing alongside the engineering work. Cora has completed land compensation arrangements for the planned tailings storage facility and undertaken geotechnical drilling at the proposed processing plant and power station sites.
The geotechnical results will be used to refine foundation designs for the planned infrastructure.
The company has also upgraded its exploration camp, including improvements to security, accommodation and utilities, as part of preparations for the construction phase.
Cora said the engineering and early works programmes are intended to reduce the time required to move into construction and ultimately achieve first gold production, subject to obtaining the necessary permits.
The FEED programme remains on schedule for completion in the fourth quarter of 2026.
Separately, the company is undertaking resource expansion drilling aimed at increasing Sanankoro’s existing JORC-compliant mineral resource of more than one million ounces of gold.
Cora continues to engage with the Government of Mali regarding the exploitation permit and the consolidation of permits associated with the project.
Sanankoro is being developed as an open-pit oxide gold operation in Mali’s Yanfolila Gold Belt. The project has a Probable Reserve of 531,000 ounces.
A feasibility study completed in 2025 indicated a post-tax internal rate of return of 98% and a post-tax net present value of US$365 million, based on an assumed gold price of US$3,500 per ounce.
In April 2026, Cora secured a binding US$120 million gold streaming agreement, which the company said would fully fund Sanankoro’s development through to production alongside existing equity.
The agreement was amended in August 2026 to permit up to half of the streaming facility to be replaced with conventional senior debt, providing an alternative financing structure for the project.
Cora’s immediate development priorities remain the completion of engineering, continued pre-construction activities and securing the necessary permits before proceeding with full construction.
The company also holds exploration interests in Senegal and continues to evaluate opportunities to expand its mineral resources.
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