TPI provides its latest research note on Cora Gold Limited (CORA.L)

Cora has announced the tenth set of drill results from its largest-ever drilling campaign at its Sanankoro Gold Project (‘Sanankoro’ or ‘the Project’) in southern Mali.

Focused on targeting resource growth as well as infill drilling to convert existing Inferred resources to Measured and Indicated, these latest results echo exceptionally encouraging data from earlier in the campaign, once again demonstrating good widths and grades in generally shallow oxide ore. In particular, multiple high-grade drill intercepts that continue to be reported from Zone B and Selin underpin both the scope and scale of the Project, while providing shareholders with confidence in the Board’s ability to deliver a materially enhanced resource inventory later this year.

Having seen its share price more than double since the current run of positive news began early in July, Cora’s shares are already approaching the base case DCF target price of 18.4p that TPI set back in November 2020; having arrived at this on the basis of applying a fairly punitive discount to the existing resource estimate, along with a prudent US$1,600/oz gold price while adding only very limited exploration upside, it appears likely that there will be quite significant scope to reset the price target following publication of the Project’s updated figures that are expected in Q4 2021.

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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.


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