Cora Gold (LSE:CORA) has secured the first interim renewal of its Sanankoro II exploration permit in southern Mali, marking another important permitting milestone for the company’s flagship Sanankoro Gold Project. The 84.11-square-kilometre permit, originally awarded in March 2021, is expected to form part of the proposed mining licence area as Cora moves the project closer to development.
Mali Partially Lifts Mining Permit Moratorium
The renewal follows a partial easing of Mali’s moratorium on mining permits. While the authorities continue to restrict the issuance of entirely new permits, renewals of existing exploration licences and transitions from exploration permits to mining licences are now permitted.
Cora’s attention is now turning to securing renewals for the Bokoro II and Kodiou permits. Completing these renewals would allow the company to proceed with a planned reshaping of its permit portfolio and advance its application for a proposed mining permit covering approximately 100 square kilometres at Sanankoro.
The strategy is designed to bring the infrastructure required for the future Sanankoro mine within a consolidated permit area, simplifying the project’s development framework.
Engineering and Drilling Programmes Progress
Permitting activity is running alongside front-end engineering design work at Sanankoro. Cora is also carrying out a drilling programme focused on extending known deposits and testing greenfield targets close to the proposed mining operation.
Completion of the FEED programme is expected to provide greater clarity on long-lead equipment and other development requirements. This could enable Cora to shorten the construction and delivery timetable once the necessary mining permit has been awarded.
The latest renewal also reflects the company’s continuing engagement with Mali’s mining authorities as it navigates the regulatory environment following the easing of the permit moratorium. With project funding secured, engineering advancing and permitting milestones being achieved, Cora is continuing preparations for a potential transition into mine construction.
Financial Risks Remain
Despite the progress at Sanankoro, Cora’s broader outlook remains constrained by its status as a pre-revenue developer. The company continues to report losses and consume cash while it advances the project towards production.
Technical indicators provide some support to the shares in the near term, although conventional valuation measures remain of limited use because Cora currently generates negative earnings and does not pay a dividend.
More About Cora Gold
Cora Gold Limited is a West Africa-focused gold developer with projects in Mali and Senegal across the Yanfolila and Mako gold belts. Its principal asset is the Sanankoro Gold Project in southern Mali, which is being developed as an open-pit oxide gold operation.
Sanankoro has a Probable Reserve of 531,000 ounces of gold grading 1.13 g/t. A 2025 Definitive Feasibility Study estimated a post-tax internal rate of return of 98% and a post-tax net present value of US$365 million using a gold price assumption of US$3,500 per ounce.
In April 2026, Cora secured a US$120 million gold streaming agreement which, together with existing equity funding, is intended to finance Sanankoro through to production. The financing structure also allows up to half of the stream to be replaced with senior debt.
Elsewhere in its portfolio, Cora continues to assess exploration opportunities, including the potential for large-scale gold mineralisation at the Madina Foulbé permit in eastern Senegal. The company’s immediate priority remains completing the required permitting and development work at Sanankoro so construction can progress once regulatory approvals are secured.
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