• Cora Gold plans up to £13.7 million fundraising for Mali project
• Eagle Eye Asset backs deal, becomes strategic shareholder
• Funds to advance Sanankoro gold mine toward production

AIM-listed junior miner Cora Gold announced on Monday a fundraising that could raise up to 13.7 million pounds ($18 million). Fully backed by the Singapore-based fund Eagle Eye Asset Holdings, the move aims to finance the development of the Sanankoro gold project in Mali.

The transaction involves an equity placement that would make Eagle Eye Asset a shareholder in Cora Gold. The deal remains subject to several regulatory conditions, including approval from the company’s shareholders. Cora Gold said it plans to allocate most of the proceeds to ongoing work at Sanankoro, without providing details on the specific use of the funds.

“The Fundraise marks an important milestone for Cora as we continue to advance our flagship Sanankoro Gold Project towards production. The participation of Eagle Eye as a strategic investor provides a significant portion of the equity funding required for Sanankoro's development and, together with the continued support of existing shareholders, underscores confidence in the quality of the asset and the Company's development strategy,” said Bert Monro, CEO of Cora.

The transaction would also give Cora Gold a strategic partner to help advance Sanankoro. Eagle Eye Asset intends to support the company in mobilizing the resources needed to construct the project, which has an estimated capital cost of $124 million, according to a feasibility study published in September 2025. Once in production, Sanankoro is expected to produce 47,000 ounces of gold per year over a mine life of 10.2 years, with output of 64,000 ounces forecast during the first five years.

The project’s progress in the coming months will be closely watched against the backdrop of a bullish gold market, with prices already up 64% in 2025. For Mali, where gold remains the country’s main export, bringing Sanankoro into production would provide a new source of revenue, even if output remains modest compared with the country’s largest mines. Cora Gold is also continuing discussions with Malian authorities to secure the mining permit required for construction.

Aurel Sèdjro Houenou