• Cora Gold signed a $120 million binding agreement with Eagle Eye Asset Holdings to fund the Sanankoro project.

• The deal grants EEA rights to purchase 30.44% of future gold output at 20% of the spot price.

• The financing package enables Cora to fully fund development through to production.

Cora Gold announced on Friday, April 17 that it signed a binding $120 million agreement with Eagle Eye Asset Holdings to support the development of the Sanankoro gold project, which it operates in Mali.

The agreement covers the purchase of a portion of future production. EEA committed to acquire 30.44% of the gold produced once the mine enters operation, at a price equivalent to 20% of the spot gold price.

Cora Gold will use this production-linked financing mechanism, combined with its existing cash resources, to cover its full funding requirements through to production. This structure reduces reliance on traditional debt or equity financing.

“This $120 million gold financing represents a decisive milestone for Cora. It significantly de-risks Sanankoro and provides a fully funded development project, alongside our existing equity,” said Bert Monro, chief executive officer of Cora Gold.

A feasibility study published in September 2025 estimated that Sanankoro will require approximately $124 million in investment. The project targets average annual production of 47,000 ounces of gold over a 10.2-year mine life.

The company expects peak production of 64,000 ounces during the first five years. While this output remains modest compared with larger Malian mines, Cora Gold highlights expansion potential and plans a phased development strategy over time.

The project remains subject to several conditions. Cora Gold must finalize the agreement with EEA, which remains subject to regulatory approvals. The company must also secure mining permits from Malian authorities.

For Mali, where gold represents the country’s main export, Sanankoro is expected to generate economic benefits through tax revenues and job creation.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J. A de Berry Quenum