Cora Gold (AIM:CORA) has signed a binding term sheet with Eagle Eye Asset Holdings for a US$120m gold stream to support development of the Sanankoro mine in south Mali. The financing, subject to long‑form documentation and regulatory approvals, is intended to fully fund construction and accelerate the build once permits are secured.
Under the deal, EEA may purchase 30.44% of gold produced at 20% of prevailing spot; if Cora elects to replace 50% of the stream with traditional senior debt within 240 days, that entitlement falls to 15.22%. EEA will receive first‑ranking security over Cora’s shareholdings and assets and Cora will provide a parent company guarantee; agreed intercreditor terms will subordinate EEA to any introduced senior lender.
The company’s September 2025 DFS showed initial CAPEX of US$124m, average first‑five‑year production of 64koz, AISC of US$1,478/oz and a post‑tax NPV8 of US$221m (US$2,750/oz gold price). The arrangement is a related party transaction: EEA holds 29.90% of Cora and has an appointed board representative, Aryann Gupta; the directors (excluding Gupta) consider the terms fair.
"This US$120 million gold stream is a transformational milestone for Cora, significantly de‑risking Sanankoro, providing a fully funded development Project alongside our existing equity," Bert Monro, Chief Executive Officer of Cora, said.
