Cora Gold, an AIM-listed junior miner, has announced a fundraising initiative aiming to raise up to £13.7 million ($18 million) to support the development of its Sanankoro gold project in Mali. The equity placement is fully backed by Singapore-based Eagle Eye Asset Holdings, which will become a strategic shareholder in Cora Gold once regulatory approvals and shareholder consent are obtained.
The funds raised are intended primarily to advance the Sanankoro project toward production, although the company has not specified the exact allocation of the proceeds. The participation of Eagle Eye Asset as a strategic investor is expected to provide significant support for mobilizing resources required for the construction and operational ramp-up of the mine.
Sanankoro has an estimated capital cost of $124 million and is projected to produce 47,000 ounces of gold annually over a 10.2-year mine life, with output expected to reach 64,000 ounces per year during the first five years. The project’s progress is being closely monitored amid a bullish gold market, which saw prices rise by 64% in 2025.
For Mali, gold remains the country’s primary export, and bringing Sanankoro into production would provide an additional source of revenue, even if the mine’s output is relatively modest compared with the nation’s largest operations. Cora Gold is also in ongoing discussions with Malian authorities to secure the necessary mining permit to begin construction.
