Interim Results for the Six Months to 30 June 2022

RNS Number : 1834Y

Cora Gold Limited

05 September 2022

 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

5 September 2022

Cora Gold Limited ('Cora' or 'the Company')

Interim Results for the Six Months Ended 30 June 2022

Cora Gold Limited, the West African focused gold company, is pleased to announce its unaudited interim results for the six months ended 30 June 2022.

Highlights

● In H1 2022:

● a drill programme at the Sanankoro Gold Project ('Sanankoro' or 'the Project') in southern Mali was completed, which focused on converting additional ounces ('oz') from the Inferred to the Indicated category

● the updated Mineral Resource Estimate ('MRE') for Sanankoro announced in July 2022 reported:

● 14% increase in total MRE ounces compared to the previous MRE (November 2021)

● 22% increase in oxide Indicated Mineral Resources

● comprised 24.9 Mt of material at a grade of 1.15 g/t Au (at a cut-off grade of 0.4 g/t Au), of which 16.1 Mt are Indicated Mineral Resources and 8.7 Mt are Inferred Mineral Resources for a total 920 koz Au:

● 657 koz @ 1.27 g/t Au Indicated category

● 263 koz @ 0.94 g/t Au Inferred category

● two new discoveries made in close proximity to existing resources at Sanankoro

● geological field work was carried out on a number of Cora's other permits in southern Mali

● The ongoing Definitive Feasibility Study ('DFS') for Sanankoro is expected to be completed in Q3 2022

● Cash at end of June 2022 of over US$2 million

Bert Monro, Chief Executive Officer of Cora, commented, "The first six months of this year has once again been successful for the Company, with the focus of work being principally on Cora's flagship Sanankoro Gold Project where the ongoing DFS is nearing completion. The objective of the 2022 drill programme at Sanankoro was to add oxide Indicated ounces, so as to enhance the Reserve potential in the upcoming DFS. The resulting MRE delivered on that plan, reporting an Indicated Mineral Resource of 16.1 Mt @ 1.27 g/t Au for 657 koz. The drill programme had a very good conversion from Inferred to Indicated which also bodes well for future infill programmes on the 263 koz of Inferred material.

"New discoveries made during H1 2022 in close proximity to existing resources at Sanankoro also show that there is plenty of potential to find new deposits in the future as we remain in the early stages of developing the exploration potential across the Sanankoro area.

"All work is now focused on completing the Sanankoro DFS and we look forward to updating the market on this in due course."

Market Abuse Regulation ('MAR') Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.

For further information, please visit http://www.coragold.comor contact:

Bert Monro Craig Banfield	Cora Gold Limited	[e-mail]
Christopher Raggett Charlie Beeson	finnCap Ltd (Nomad & Joint Broker)	[phone]
Andy Thacker James Pope	Turner Pope Investments (Joint Broker)	[phone]
Susie Geliher Charlotte Page	St Brides Partners (Financial PR)	[e-mail]

Notes

Cora is an emerging West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering c.1,000 sq km. Led by a team with a proven track record in making multi-million-ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, southern Mali, where Cora aims to commence construction of an open pit oxide focused gold mine. An updated mineral resource estimate on the Project was published in July 2022 which increased the Resources to 920,000 oz Au. A Definitive Feasibility Study is expected to be completed in Q3 2022.

Consolidated Statement of Financial Position

as at 30 June 2022 and 2021,

and 31 December 2021

All amounts stated in thousands of United States dollar

	Note(s)		30 June 2022 US$'000 Unaudited	30 June 2021 US$'000 Unaudited	31 December 2021 US$'000
Non-current assets
Intangible assets	3		23,954 ________	16,974 ________	21,574 ________
Current assets
Trade and other receivables	4		143	46	208
Cash and cash equivalents	5		2,022 ________	5,676 ________	5,376 ________
			2,165 ________	5,722 ________	5,584 ________
Total assets			26,119 ________	22,696 ________	27,158 ________
Current liabilities
Trade and other payables	6		(407) ________	(846) ________	(570) ________
Total liabilities			(407) ________	(846) ________	(570) ________
Net current assets			1,758 ________	4,876 ________	5,014 ________
Net assets			25,712 ________	21,850 ________	26,588 ________
Equity and reserves
Share capital	7		28,202	22,543	28,202
Retained deficit			(2,490) ________	(693) ________	(1,614) ________
Total equity			25,712 ________	21,850 ________	26,588 ________

Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2022 and 2021,

and the year ended 31 December 2021

All amounts stated in thousands of United States dollar (unless otherwise stated)

	Note(s)		Six months ended 30 June 2022 US$'000 Unaudited	Six months ended 30 June 2021 US$'000 Unaudited	Year ended 31 December 2021 US$'000
Overhead costs			(951)	(716)	(1,296)
Impairment of intangible assets	3		(3) ________	- ________	(466) ________
Loss before income tax			(954)	(716)	(1,762)
Income tax			- ________	- ________	- ________
Loss for the period			(954)	(716)	(1,762)
Other comprehensive income			- ________	- ________	- ________
Total comprehensive loss for the period			(954) ________	(716) ________	(1,762) ________
Earnings per share from continuing operations attributable to owners of the parent
Basic earnings per share (United States dollar)	2		(0.0033) ________	(0.0034) ________	(0.0076) ________
Fully diluted earnings per share (United States dollar)	2		(0.0033) ________	(0.0034) ________	(0.0076) ________

Consolidated Statement of Changes in Equity

for the six months ended 30 June 2022 and 2021,

and the year ended 31 December 2021

All amounts stated in thousands of United States dollar

Share capital US$'000

Retained (deficit) / earnings US$'000

Total equity US$'000

As at 01 January 2021			18,118 ________	(96) ________	18,022 ________
Loss for the year			- ________	(1,762) ________	(1,762) ________
Total comprehensive loss for the year			- ________	(1,762) ________	(1,762) ________
Proceeds from shares issued			10,063	-	10,063
Issue costs			(126)	-	(126)
Proceeds from share options exercised			147	-	147
Share based payments - share options			- ________	244 ________	244 ________
Total transactions with owners, recognised directly in equity			10,084 ________	244 ________	10,328 ________
As at 31 December 2021			28,202 ________	(1,614) ________	26,588 ________

Unaudited

As at 01 January 2021			18,118 ________	(96) ________	18,022 ________
Loss for the period			- ________	(716) ________	(716) ________
Total comprehensive loss for the period			- ________	(716) ________	(716) ________
Proceeds from shares issued			4,433	-	4,433
Issue costs			(8)	-	(8)
Share based payments - share options			- ________	119 ________	119 ________
Total transactions with owners, recognised directly in equity			4,425 ________	119 ________	4,544 ________
As at 30 June 2021 Unaudited			22,543 ________	(693) ________	21,850 ________

			Share capital US$'000	Retained (deficit) / earnings US$'000	Total equity US$'000

Unaudited

As at 01 January 2022			28,202 ________	(1,614) ________	26,588 ________
Loss for the period			- ________	(954) ________	(954) ________
Total comprehensive loss for the period			- ________	(954) ________	(954) ________
Share based payments - share options			- ________	78 ________	78 ________
Total transactions with owners, recognised directly in equity			- ________	78 ________	78 ________
As at 30 June 2022 Unaudited			28,202 ________	(2,490) ________	25,712 ________

Consolidated Statement of Cash Flows

for the six months ended 30 June 2022 and 2021,

and the year ended 31 December 2021

All amounts stated in thousands of United States dollar

	Note(s)	Six months ended 30 June 2022 US$'000 Unaudited	Six months ended 30 June 2021 US$'000 Unaudited	Year ended 31 December 2021 US$'000
Cash flows from operating activities
Loss for the period		(954)	(716)	(1,762)
Adjustments for:
Share based payments - share options		78	119	244
Impairment of intangible assets	3	3	-	466
Decrease / (increase) in trade and other receivables		65	13	(149)
(Decrease) / increase in trade and other payables		(163) ________	630 ________	354 ________
Net cash (used in) / generated from operating activities		(971) ________	46 ________	(847) ________
Cash flows from investing activities
Additions to intangible assets	3	(2,383) ________	(3,309) ________	(8,375) ________
Net cash used in investing activities		(2,383) ________	(3,309) ________	(8,375) ________
Cash flows from financing activities
Proceeds from shares issued	7	-	4,433	10,063
Issue costs	7	-	(8)	(126)
Proceeds from share options exercised	7	- ________	- ________	147 ________
Net cash generated from financing activities		- ________	4,425 ________	10,084 ________
Net (decrease) / increase in cash and cash equivalents		(3,354)	1,162	862
Cash and cash equivalents at beginning of period	5	5,376 ________	4,514 ________	4,514 ________
Cash and cash equivalents at end of period	5	2,022 ________	5,676 ________	5,376 ________

Notes to the Condensed Consolidated Financial Statements

for the six months ended 30 June 2022 and 2021,

and the year ended 31 December 2021

All tabulated amounts stated in thousands of United States dollar (unless otherwise stated)

1.  General information

The principal activity of Cora Gold Limited (the 'Company') and its subsidiaries (together the 'Group') is the exploration and development of mineral projects, with a primary focus in West Africa. The Company is incorporated and domiciled in the British Virgin Islands. The address of its registered office is Rodus Building, Road Reef Marina, P.O. Box 3093, Road Town, Tortola VG1110, British Virgin Islands.

The condensed consolidated interim financial statements of the Group for the six months ended 30 June 2022 comprise the results of the Group and have been prepared in accordance with AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 'Interim Financial Reporting' in preparing these interim financial statements.

The condensed consolidated interim financial statements for the period 01 January to 30 June 2022 are unaudited. In the opinion of the directors the condensed consolidated interim financial statements for the period present fairly the financial position, and results from operations and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The condensed consolidated interim financial statements incorporate unaudited comparative figures for the interim period 01 January to 30 June 2021 and extracts from the audited consolidated financial statements for the year ended 31 December 2021.

The interim report has not been audited or reviewed by the Company's auditor.

The key risks and uncertainties and critical accounting estimates remain unchanged from 31 December 2021 and the accounting policies adopted are consistent with those used in the preparation of its financial statements for the year ended 31 December 2021.

As at 30 June 2022 and 2021, and 31 December 2021 the Company held:

● a 100% shareholding in Cora Gold Mali SARL (registered in the Republic of Mali; the address of its registered office is Rue 224 Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali);

● a 100% shareholding in Cora Exploration Mali SARL (the address of its registered office is Rue 224 Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali); and

● a shareholding in Sankarani Ressources SARL (the address of its registered office is Rue 841 Porte 202, Faladiè SEMA, BP 366, Bamako, Republic of Mali);

and Cora Resources Mali SARL (registered in the Republic of Mali; the address of its registered office is Rue 841 Porte 202, Faladiè SEMA, BP 366, Bamako, Republic of Mali) was a wholly owned subsidiary of Sankarani Ressources SARL.

The remaining 5% of Sankarani Ressources SARL can be purchased from a third party for US$1,000,000.

2.  Earnings per share

The calculation of the basic and fully diluted earnings per share attributable to the equity shareholders is based on the following data:

		Six months ended 30 June 2022 US$'000 Unaudited	Six months ended 30 June 2021 US$'000 Unaudited	Year ended 31 December 2021 US$'000
Net loss attributable to equity shareholders		(954) _______	(716) _______	(1,762) _______
Weighted average number of shares for the purpose of basic earnings per share (000's)		289,557 _______	210,296 _______	231,393 _______
Weighted average number of shares for the purpose of fully diluted earnings per share (000's)		289,557 _______	210,296 _______	231,393 _______
Basic earnings per share (United States dollar)		(0.0033) _______	(0.0034) _______	(0.0076) _______
Fully diluted earnings per share (United States dollar)		(0.0033) _______	(0.0034) _______	(0.0076) _______

As at 30 June 2022, 2021 and 31 December 2021 the Company's issued and outstanding capital structure comprised a number of ordinary shares and share options (see Note 7).

3.  Intangible assets

Intangible assets relate to exploration and evaluation project costs capitalised as at 30 June 2022 and 2021, and 31 December 2021, less impairment.

		Six months ended 30 June 2022 US$'000 Unaudited	Six months ended 30 June 2021 US$'000 Unaudited	Year ended 31 December 2021 US$'000
As at 01 January		21,574	13,665	13,665
Additions		2,383	3,309	8,375
Impairment		(3) _______	- _______	(466) _______
As at period end		23,954 _______	16,974 _______	21,574 _______

Additions to project costs during the six months ended 30 June 2022 and 2021, and the year ended 31 December 2021 were in the following geographical areas:

		Six months ended 30 June 2022 US$'000 Unaudited	Six months ended 30 June 2021 US$'000 Unaudited	Year ended 31 December 2021 US$'000
Mali		2,376	3,286	8,292
Senegal		7 _______	23 _______	83 _______
Additions to project costs		2,383 _______	3,309 _______	8,375 _______

Impairment of project costs during the six months ended 30 June 2022 and 2021, and the year ended 31 December 2021 relate to the following terminated projects:

		30 June 2022 US$'000 Unaudited	30 June 2021 US$'000 Unaudited	31 December 2021 US$'000
Winza (Yanfolila Project Area, Mali)		2	-	193
Kakadian (Diangounté Project Area, Mali)		1	-	145
Satifara Ouest (Diangounté Project Area, Mali)		-	-	79
Karan Ouest (Sanankoro Project Area, Mali)		- _______	- _______	49 _______
Impairment of project costs		3 _______	- _______	466 _______

Those projects which were terminated were considered by the directors to be no longer prospective.

Project costs capitalised as at 30 June 2022 and 2021, and 31 December 2021 related to the following geographical areas:

		30 June 2022 US$'000 Unaudited	30 June 2021 US$'000 Unaudited	31 December 2021 US$'000
Mali		23,447	16,534	21,074
Senegal		507 _______	440 _______	500 _______
As at period end		23,954 _______	16,974 _______	21,574 _______

4.  Trade and other receivables

		30 June 2022 US$'000 Unaudited	30 June 2021 US$'000 Unaudited	31 December 2021 US$'000
Other receivables		107	21	113
Prepayments		36 _______	25 _______	95 _______
		143 _______	46 _______	208 _______

5.  Cash and cash equivalents

Cash and cash equivalents held as at 30 June 2022 and 2021, and 31 December 2021 were in the following currencies:

		30 June 2022 US$'000 Unaudited	30 June 2021 US$'000 Unaudited	31 December 2021 US$'000
British pound sterling (GBP£)		1,800	3,403	5,358
CFA franc (XOF)		214	174	8
United States dollar (US$)		7	2,087	7
Euro (EUR€)		1 _______	12 _______	3 _______
		2,022 _______	5,676 _______	5,376 _______

6.  Trade and other payables

		30 June 2022 US$'000 Unaudited	30 June 2021 US$'000 Unaudited	31 December 2021 US$'000
Trade payables		215	434	408
Other payables		34	-	-
Accruals		158 _______	412 _______	162 _______
		407 _______	846 _______	570 _______

7.  Share capital

The Company is authorised to issue an unlimited number of no par value shares of a single class.

As at 31 December 2020 the Company's issued and outstanding capital structure comprised:

● 205,382,159 ordinary shares;

● share options over 1,900,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022;

● share options over 6,200,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023; and

● share options over 7,200,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025.

During the six months ended 30 June 2021:

● on 09 June 2021 the Company closed a subscription for 40,425,000 ordinary shares in the capital of the Company at a price of 7.75 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£3,132,937.50 - certain directors of the Company participated in this subscription;

● on 15 June 2021 share options over 275,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022 were cancelled;

● on 30 June 2021 share options over 100,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025 were cancelled.

As at 30 June 2021 the Company's issued and outstanding capital structure comprised:

● 245,807,159 ordinary shares;

● share options over 1,625,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022;

● share options over 6,200,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023; and

● share options over 7,100,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025.

During the six months ended 31 December 2021:

● on 06 September 2021 share options were exercised over 1,250,000 ordinary shares in the capital of the Company at a price of 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023 for total gross proceeds of GBP£106,250;

● on 08 December 2021:

○ the Company closed a placing and subscription for 42,500,000 ordinary shares in the capital of the Company at a price of 10 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£4,250,000 - certain directors of the Company participated in this subscription;

○ the board of directors granted and approved share options over 7,850,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;

● on 31 December 2021:

○ share options over 400,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022 were cancelled; share options over 2,500,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025 were cancelled;

○ share options over 1,200,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026 were cancelled.

As at 31 December 2021 the Company's issued and outstanding capital structure comprised:

● 289,557,159 ordinary shares;

● share options over 1,225,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022;

● share options over 4,950,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023;

● share options over 4,600,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025; and

● share options over 6,650,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026.

During the six months ended 30 June 2022:

● on 14 May 2022 share options over 100,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026 were cancelled.

As at 30 June 2022 the Company's issued and outstanding capital structure comprised:

● 289,557,159 ordinary shares;

● share options over 1,225,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022;

● share options over 4,950,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023;

● share options over 4,600,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025; and

● share options over 6,550,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026.

Movements in capital during the six months ended 30 June 2022 and 2021, and the year ended 31 December 2021 were as follows:

	Number of ordinary shares		Share options over number of ordinary shares (exercise price per ordinary share; expiring date)				Proceeds US$'000
			16.5 pence; 18 December 2022	8.5 pence; 09 October 2023	10 pence; 12 October 2025	10.5 pence; 08 December 2026
As at 01 January 2021	205,382,159		1,900,000	6,200,000	7,200,000	-	18,118
Subscription	40,425,000		-	-	-	-	4,433
Cancellation of share options	-		(275,000)	-	(100,000)	-	-
Issue costs	- __________		- _________	- _________	- _________	- _________	(8) _______
As at 30 June 2021 Unaudited	245,807,159		1,625,000	6,200,000	7,100,000	-	22,543
Placing and subscription	42,500,000		-	-	-	-	5,630
Exercise of share options	1,250,000		-	(1,250,000)	-	-	147
Granting of share options	-		-	-	-	7,850,000	-
Cancellation of share options	-		(400,000)	-	(2,500,000)	(1,200,000)	-
Issue costs	- __________		- _________	- _________	- _________	- _________	(118) _______
As at 31 December 2021	289,557,159		1,225,000	4,950,000	4,600,000	6,650,000	28,202
Cancellation of share options	- __________		- _________	- _________	- _________	(100,000) _________	- _______
As at 30 June 2022 Unaudited	289,557,159 __________		1,225,000 _________	4,950,000 _________	4,600,000 _________	6,550,000 _________	28,202 _______

8.  Ultimate controlling party

The Company does not have an ultimate controlling party.

As at 30 June 2022 the Company's largest shareholder was Brookstone Business Inc ('Brookstone') which held 82,796,025 ordinary shares, being 28.59% of the total number of ordinary shares issued and outstanding. Brookstone is wholly owned and controlled by First Island Trust Company Ltd as Trustee of The Nodo Trust, being a discretionary trust with a broad class of potential beneficiaries. Patrick Quirk, father of Paul Quirk (Non-Executive Director of the Company), is a potential beneficiary of The Nodo Trust.

Brookstone, Key Ventures Holding Ltd ('KVH') and Paul Quirk (Non-Executive Director of the Company) (collectively the 'Investors'; as at 30 June 2022 their aggregated shareholdings being 33.32% of the total number of ordinary shares issued and outstanding) have entered into a Relationship Agreement to regulate the relationship between the Investors and the Company on an arm's length and normal commercial basis. In the event that Investors' aggregated shareholdings becomes less than 30% then the Relationship Agreement shall terminate. KVH is wholly owned and controlled by First Island Trust Company Ltd as Trustee of The Sunnega Trust, being a discretionary trust of which Paul Quirk (Non-Executive Director of the Company) is a potential beneficiary.

9.  Contingent liabilities

On 07 September 2021 the Company entered into a US$25 million mandate and term sheet (the 'Term Sheet') with investment firm Lionhead Capital Advisors Proprietary Limited ('Lionhead') to fund the development of the Company's Sanankoro Gold Project in southern Mali (the 'Project Financing'). This is conditional on, among other matters, the completion of a Definitive Feasibility Study ('DFS') on the Sanankoro Gold Project. Paul Quirk (Non-Executive Director of the Company) is a director of Lionhead. The Project Financing comprises US$12.5 million equity ('Equity Financing') and US$12.5 million convertible loan note ('Convertible Financing'). Lionhead acknowledges that the Company intends to undertake private placements to enable existing shareholders to subscribe for up to US$3.75 million in the Equity Financing and up to US$3.75 million in the Convertible Financing such that Lionhead's participation in the Project Financing may be reduced by such amounts. A fee equal to 3% on up to US$25 million Project Financing shall be paid by the Company to Lionhead on receipt of the proceeds in respect of the Equity Financing and Convertible Financing participated by Lionhead.

A number of the Company's project areas have potential net smelter return royalty obligations, together with options for the Company to buy out the royalty. At the current stage of development, it is not considered that the outcome of these contingent liabilities can be considered probable or reasonably estimable and hence no provision has been recognised in the financial statements.

10.  Capital commitments

The Company has entered into contracts with a number of contractors in respect of the DFS for the Sanankoro Gold Project. The DFS contractors include, among others:

● New SENET (Pty) Ltd, independent project manager;

● CSA Global (UK) Ltd, geological and mining consultants;

● Epoch Resources (Pty) Ltd, tailings storage facility consultants; and

● Digby Wells Environmental (Jersey) Limited, environmental and social impact assessment ('ESIA') consultants.

As at 30 June 2022 total estimated costs in respect of the DFS contractors are approximately US$2,067,000. As at 30 June 2022, 2021 and 31 December 2021 under the terms of the contracts the Company had incurred costs of approximately US$1,990,000, approximately US$75,000 and approximately US$1,080,000 respectively. The DFS is expected to be completed in the third quarter of 2022.

11.  Events after the reporting date

In July 2022 the ESIA was completed and formally submitted to the Mali authorities. In due course, further material to address any matters raised by the Mali authorities, and an updated and final ESIA submission will be tendered.

In August 2022 the Company entered into additional contracts in respect of the DFS for the Sanankoro Gold Project. Total estimated costs in respect of these additional DFS contracts are approximately US$39,000.

12.  Approval of condensed consolidated interim financial statements

The condensed consolidated interim financial statements were approved and authorised for issue by the board of directors of Cora Gold Limited on 02 September 2022.

**ENDS**

 

END

 

 

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