Finance Metals & Minerals News

Cora Gold retains Lionhead support for Sanankoro

Cora Gold Ltd said that its lead investor would continue its support even if the company missed the deadline for a definitive feasibility study (DFS) at the Sanankoro gold project in southern Mali.

Agreement: Cora is encouraged by Lionhead’s commitment to the company and Sanankoro (Pixabay – generic)

LIONHEAD

In September 2021, Lionhead Capital Advisors Proprietary Ltd and Cora entered a US$25m mandate and term sheet to fund the development of Sanankoro.

Lionhead acts as lead investor and arranger on behalf of a consortium of investors.

Cora today said that Lionhead had on 24 June confirmed to the company that, while reserving its rights under the term sheet, it did not intend to terminate it should the company fail to deliver a DFS by 30 June 2022.

MINERAL RESERVE ESTIMATE

Cora’s completed the 2022 drill programme targeted converting existing inferred mineral resources to indicated mineral resources.

It also identified new discoveries close to existing mineral resources.

The company then announced it intended to revise its mineral resource estimate (MRE) to incorporate into the mining study for the DFS, now expected in Q3 2022.

MILESTONE

Chief executive Bert Monro said that the company was encouraged by Lionhead’s commitment to Cora and Sanankoro.

“We look forward to completing the DFS during Q3 2022 and achieving another significant milestone along the path towards developing Sanankoro.”