20th Aug 2025 13:00
(Alliance News) - Cora Gold Ltd on Wednesday said it is well positioned "for a transformative period", as it reported "meaningful progress" at its Sanankoro gold project during the first half of the year.
The West Africa-focused gold developer said its loss before tax widened to USD689,000 in the six months that ended June 30, from USD467,000 a year earlier.
Driving the weaker earnings was a mix of higher expenses and lower income. Overhead costs rose 11% to USD690,000 from USD620,000, despite Cora Gold reporting a foreign exchange gain of USD100,000, up from USD15,000 the year before.
Other income also hit the bottom line, falling to USD1,000 from USD190,000.
Shares in Cora Gold were up 3.2% at 6.84 pence on Wednesday afternoon in London.
"The first half of 2025 has been a period of meaningful progress for Cora, both in advancing our flagship Sanankoro Gold Project and in strengthening the foundations of the company," said Chief Executive Bert Monro.
"Our primary focus continues to lie in Sanankoro's near term production potential. As such, the partial lifting of the Malian government's moratorium on new mining permits in March was a significant event, allowing us to move forward with the permitting process for Sanankoro. We have maintained a constructive dialogue with the mining administration, and securing the mining permit remains our highest priority," continued Monro.
Post period end, Cora Gold said engagement has continued with Mali's mining administration regarding to the issuance of a mining permit for Sanankoro, adding that the updated definitive feasibility study for Sanankoro is on track for completion in the third quarter of this year.
"With gold recently trading at record highs and the 2022 DFS based on a USD1,750/oz gold price, significant upside to project economics is anticipated," said Cora Gold.
"Looking ahead, we are well positioned for a transformative period. With the updated DFS on track for Q3 2025 completion, sterilisation drilling at the plant site completed and FEED preparation underway, we are making the right steps towards building a high-quality, long-life gold mine that can deliver substantial value to our shareholders, stakeholders and the communities in which we operate," added CEO Monro.
By Christopher Ward, Alliance News reporter
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