Cora Gold Limited (AIM:CORA) has started the Front-End Engineering Design (FEED) process at its Sanankoro Gold Project in southern Mali.
The company appointed New SENET (Pty) Ltd, a DRA Global group company, to lead the FEED process. SENET previously managed Cora’s 2025 and 2022 Definitive Feasibility Studies at Sanankoro.
The FEED process is scheduled for completion in the second half of 2026, with construction to commence thereafter subject to permitting finalization.
The Sanankoro exploration camp is undergoing refurbishment to support FEED-focused field work and to accommodate construction teams before a permanent mine camp is built. Land compensation activities have begun in priority areas.
Cora continues to work with the Government of Mali on the permitting process. The company secured a binding term sheet for a $120 million gold stream with Eagle Eye and completed an equity raise in March 2026.
The company released sensitivity analysis on its 2025 DFS financial model. Based on a gold price of $2,750/oz, at $3,500/oz post-tax IRR increases to 98% from 65%, and NPV8 rises to $365 million from $221 million. At $4,000/oz, IRR reaches 119% and NPV8 increases to $461 million. All-in sustaining costs range from $1,478 to $1,721/oz across scenarios.
The Sanankoro project has a Probable Reserve of 531,000 ounces at 1.13 g/t.
SENET has worked on more than 25 African gold projects over the past 15 years, including 15 projects and studies in Mali.
