TPI provides its latest research note on Cora Gold Limited (AIM:CORA)

Cora Gold has announced a new surface gold discovery at the Group’s flagship Sanankoro Gold Project (‘Sanankoro’ or the ‘Project’) in southern Mali, in previously unexplored areas 7km from the Zone A deposit.

While management retains its primary focus of advancing the Project into an open-pittable, free-digging oxide mine as swiftly as possible, it nevertheless continues to seek opportunities to build on existing resources through new discoveries. Given the Bokoro permit’s close proximity to the flagship asset, the fact that selected rock samples have delivered assay results up to 0.85 g/t gold (‘Au’) serves well to highlight just how extensive the mineralisation at Sanankoro could ultimately prove to be.

Indeed, the scale and economics of the principal asset, which is due to be defined in a fully-funded definitive feasibility study (‘DFS’) during H1 2022, might be seen as just a first step. Irrespective of this, the 200% increase in its total JORC 2012 mineral resource estimate, to 809,300 ounces of gold, at a grade of 1.15g/t Au, released on 16 November 2021, is expected to demonstrate a significant economic improvement on those published in the 2020 scoping study that returned an NPV8 of US$30.9 million (£23.3m) and an IRR of 84%.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Cora Gold Limited. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2022 Turner Pope Investments (TPI) Limited, all rights reserved.

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