Cora Gold's flagship Sanankoro project has a completed Definitive Feasibility Study (Sept 2025, 65% post-tax IRR, ~$221M NPV8) and a fully-funded US$120M gold stream (April 2026) underpinning the move to construction. Cash position is unclear/currency-ambiguous across sources — not included here rather than guessed.
Notable vs. Peers
- Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
0 of 5 reached- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility, grid power. Not yet determined: road access.
Jurisdiction (40%)3/10
Mali has been under military junta rule since 2020-2021 coups, revised its mining code in 2023 to raise state/local ownership stakes, and faces active Sahel insurgent activity, all elevating operating risk despite an established gold-mining sector.
Infrastructure (40%)1.4/10
No confirmed mill, no confirmed grid power, and no confirmed tailings facility at Sanankoro Gold Project, Yanfolila Gold Belt, southern Mali; road access not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer stake on file; largest strategic holder is Brookstone Business Inc (20.41%) See holders
Not an operating producer, so it isn't the toehold-then-takeout pattern the research documents; a missing producer stake isn't held against a company.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:10/10
Stage: Permitting
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:3/10
Mali: jurisdiction score 3/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer & Director of Cora Gold Limited. Entered the mining industry at age 24 with Hummingbird Resources, spending over ten years there across roles including Operations Manager, Country Manager, and Head of Business Development, working West African exploration camps before moving to Hummingbird's London office in late 2011. Served as a non-executive director of Cora Gold from May 2017 to July 2019, then was appointed CEO and a board director in January 2020, succeeding Dr. Jonathan Forster, and has since guided Cora's West African gold assets toward development.
Chair, Independent Non-Executive Director of Cora Gold Limited and Chief Executive Officer & Executive Director of Arc Mineral Royalties Ltd. Founded and was CEO of Trident Royalties plc, a mining royalty/streaming company acquired by Deterra Royalties in 2024. Previously spent six years as an investment manager at Resource Capital Funds, with earlier roles at BMO Capital Markets and Orica Mining Services. Holds an MBA from the College of William & Mary and a post-graduate qualification in Mining Studies from the University of Arizona, and is a graduate of the Australian Institute of Company Directors program. Appointed Independent Non-Executive Director of Cora Gold in January 2025, becoming Chair in March 2026.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Eagle Eye Asset Holdings Pte. Ltd., a Singapore single-family office that also backs Toubani Resources' Kobada gold project in Mali, paid GBP 13.7 million cash at 6p in February-March 2026 for 29.9% of Cora and took a board seat. It then agreed a US$120 million gold stream in April 2026 that fully funds Sanankoro construction, buying 30.44% of life-of-mine production at 20% of spot. Lord Farmer holds 12.66% (Cora's own Significant Shareholders page, as at 3 September 2026) -- diluted by Eagle Eye's subscription from 19.29% at 31 October 2025, not sold down; Farmer is the metals financier who co-founded Red Kite. Brookstone Business Inc holds 20.41% on the same page. Note that the 29.9% institutional ownership figure is that one Eagle Eye stake rather than a broad institutional base.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Cora Gold holds 95% of the Sanankoro gold project in the Yanfolila gold belt of southern Mali, through the local company Sankarani Ressources, and has an option to buy the remaining 5%; under Mali's 2023 Mining Code the state is entitled to a 10% free-carried interest once a mining permit is granted. Indicated resources contain 689,000 oz of gold (19.0 Mt at 1.13 g/t), with no measured category, plus 354,000 oz inferred, and the probable reserve is 531,000 oz. The September 2025 updated definitive feasibility study shows a post-tax NPV8% of US$220.8M and a 64.9% IRR at US$2,750/oz gold, with initial capital of US$124M, a 10.2-year mine life and an all-in sustaining cost of US$1,478/oz. In April 2026 Cora signed a binding term sheet for a US$120M gold stream that it says fully funds Sanankoro to production.