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

Cora Gold Limited, has announced its final audited results for the year ended 31 December 2019.

During the period, the Company declared a pit constrained Maiden Inferred Mineral Resource at its Sanankoro Gold Project of 5.0 million tonnes (Mt) at 1.6 g/t Au for 265,000 ounces of gold towards the end of 2019, along with reconfirmation of the SRK-derived Exploration Target of between 30 Mt and 50 Mt at a grade of between 1.0 and 1.3 g/t Au, for approximately 1-2 million ounces of gold.

A Scoping Study on the Sanankoro Gold Discovery announced post period-end based on a 1.5Mtpa Heap Leach Mine, determined an 84% internal rate of return (‘IRR’) and US$30.9 million net present value (‘NPV’) (base on an 8% discount rate).

A cash balance in excess of £1m was bolstered in April 2020 through a further equity fundraising of £2.89m (gross), leaving the Company in a strong financial position to progress Sanankoro toward development.

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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 © 2020 Turner Pope Investments (TPI) Limited, all rights reserved.


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