Completion of Fundraise, Board Change & New Broker

Cora Gold Limited

27 March 2026

 

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

27 March 2026

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

Completion of Fundraise, Board Changes and Appointment of Joint Broker

Cora Gold Limited, the West African focused gold company, is pleased to announce that following the satisfaction of certain conditions, including the passing of the necessary resolutions at the Extraordinary General Meeting of the Company held on 24 March 2026, the Company can now proceed to close the Fundraise announced on 9 February 2026.

The Fundraise will raise gross proceeds of £15,707,141.34 for the Company, through the issue of 261,785,689 new ordinary shares of no par value in the Company ('New Ordinary Shares') at a price of 6 pence per ordinary share (the 'Issue Price'), comprising:

●     a Subscription to raise £13,707,141.36 through the issue of 228,452,356 New Ordinary Shares at the Issue Price; and

●    a Retail Offering to raise £1,999,999.98  from existing shareholders of the Company through the issue of 33,333,333 New Ordinary Shares at the Issue Price.

With effect from the closing of the Fundraise:

●     Aryann Gupta will be appointed Non-Executive Director of the Company and a member of the audit committee of the Board of Directors of the Company (the 'Board' or the 'Board of Directors');

●     Adam Davidson (Non-Executive Director of the Company) will be appointed Chair of the Board of Directors, replacing Edward Bowie who remains Non-Executive Director of the Company; and

●     H&P Advisory Limited will be appointed as Joint Broker to the Company.

Details of the Subscription

The Subscription comprises a strategic investment by Eagle Eye Asset Holdings Pte. Ltd. ('Eagle Eye'). Following Admission, Eagle Eye will hold 29.90% of the enlarged issued share capital of the Company and Eagle Eye's representative Aryann Gupta will be appointed to the Board of the Company as a Non-Executive Director, and to the audit committee of the Board.

Eagle Eye is a Monetary Authority of Singapore registered single-family office, managing the investment portfolios of the founding and promoter family, of which Aryann Gupta (Non-Executive Director of the Company) is a family member.

Use of proceeds

The net proceeds of the Fundraise will principally be used to advance Cora's flagship Sanankoro Gold Project in southern Mali towards production, as well as continued exploration of the Company's permits and for general working capital purposes.

Admission and Total Voting Rights

Application has been made for the New Ordinary Shares to be to be issued pursuant to the Fundraise to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealing in the New Ordinary Shares will commence on or around 8:00 a.m. on 31 March 2026. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, the share capital of the Company will be comprised of 764,054,700 ordinary shares. The above figure of 764,054,700 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in Cora under the Financial Conduct Authority's Disclosure and Transparency Rules.

Schedule 2(g)

The following disclosures are made pursuant to Schedule 2(g) of the AIM Rules for Companies:

Aryann Gupta, aged 21, currently holds or has held the following directorships or partnerships in the past five years:

Current	Past five years
Arise Integrated Industrial Platforms Limited	Digiminega Limited
FG Gold Limited

Mr Gupta is an appointed representative of Eagle Eye which, following Admission, will hold 228,452,356 ordinary shares representing 29.90% of the issued share capital of the Company.  Eagle Eye is established as a trust, of which Aryann Gupta is a beneficiary.

Revised shareholdings following Admission

On Admission, the revised shareholdings of substantial and significant shareholders, plus directors will be:

	Current shareholding	New Ordinary Shares	Shareholding on Admission	Percentage of enlarged issued share capital
Eagle Eye Asset Holdings Pte. Ltd. a	-	228,452,356	228,452,356	29.90%
Brookstone Business Inc b	156,169,865	-	156,169,865	20.44%
Lord Farmer	96,860,842	-	96,860,842	12.68%
First Island Trust Company Ltd as Trustee of The Marlborough Trust c	33,055,757	-	33,055,757	4.33%
Maggianda Foundation d	26,278,206	2,500,081	28,778,287	3.77%
Paul Quirk e Non-Executive Director	14,612,599	-	14,612,599	1.91%
Robert Monro Chief Executive Officer and Director	2,805,537	-	2,805,537	0.37%
Edward Bowie Non-Executive Director (independent)	1,003,591	-	1,003,591	0.13%
Adam Davidson Non-Executive Director (independent) and Chair of the Board of Directors	570,876	-	570,876	0.07%
Andrew Chubb Non-Executive Director (independent)	539,006	-	539,006	0.07%
Aryann Gupta a Non-Executive Director	-	-	-	nil%

a    Eagle Eye Asset Holdings Pte. Ltd. is a Monetary Authority of Singapore registered single-family office, managing the investment portfolios of the founding and promoter family, of which Aryann Gupta (Non-Executive Director of the Company) is a family member. Eagle Eye Asset Holdings Pte. Ltd. is established as a trust, of which Aryann Gupta (Non-Executive Director of the Company) is a beneficiary.

b    Wholly owned and controlled by First Island Trust Company Limited 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.

c     A discretionary trust with a board class of potential beneficiaries.

d    A non-grantor trust of which Jeremy Block is the first beneficiary.

e    Held personally and through Key Ventures Holding Ltd which 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.

Relationship Agreements

On 18 March 2020 Brookstone, Key Ventures Holding Ltd (which is wholly owned and controlled by First Island Trust Company Limited as Trustee of The Sunnega Trust, being a discretionary trust of which Paul Quirk (Non-Executive Director of the Company)) and Paul Quirk (collectively the 'Investors') entered into a relationship agreement with the Company 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. As at the date of this notification the Investors' aggregated shareholding was 34.00% of the issued share capital of the Company. On Admission, the Investors' aggregated shareholdings will reduce to 22.35% of the enlarged issued share capital of the Company. Accordingly, the Investors will enter into a new relationship agreement with the Company to regulate the relationship between the Investors and the Company on an arm's length and normal commercial basis (the 'Investors' Relationship Agreement'). The Investors' Relationship Agreement will replace the relationship agreement entered into by the Investors and the Company on 18 March 2020. If Investors' aggregated shareholding in the Company falls below 10% the Investors' Relationship Agreement shall terminate.

On Admission, Eagle Eye's shareholding will be 29.90% of the enlarged issued share capital of the Company. Eagle Eye will enter into a relationship agreement with the Company to regulate the relationship between Eagle Eye and the Company on an arm's length and normal commercial basis (the 'Eagle Eye Relationship Agreement'). If Eagle Eye's shareholding in the Company falls below 10% the Eagle Eye Relationship Agreement shall terminate.

Board Changes

With effect from the date of Admission:

●     Aryann Gupta will be appointed to the Board as a Non-Executive Director of the Company, and to the audit committee of the Board;

●     Adam Davidson (Non-Executive Director of the Company) will be appointed Chair of the Board of Directors, replacing Edward Bowie who remains Non-Executive Director of the Company; and

●     the members of the committees of the Board will be as follows:

●     AIM compliance & corporate governance committee: Edward Bowie (chair of the committee), Andrew Chubb and Adam Davidson;

●     audit committee: Adam Davidson (chair of the committee), Edward Bowie and Aryann Gupta; and

●     remuneration & nominations committee: Adam Davidson (chair of the committee), Edward Bowie and Paul Quirk.

Appointment of Joint Broker

H&P Advisory Limited will be appointed as joint Broker to the Company with effect from 31 March 2026, alongside Cavendish Capital Markets Limited. Cavendish Capital Markets Limited will continue to act as Nominated Adviser and Broker to the Company.

Market Abuse Regulation ('MAR') Disclosure

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

**ENDS**

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

Bert Monro Craig Banfield	Cora Gold Limited	[e-mail]
Derrick Lee Pearl Kellie	Cavendish Capital Markets Limited (Nomad and Broker)	[phone]
Matt Hasson Franck Nganou	H&P Advisory Limited (Adviser to the Subscription)	[phone]
Susie Geliher Charlotte Page	St Brides Partners (Financial PR)	[e-mail]

Notes

Cora is a West African gold developer with de-risked project areas within two known gold belts in Mali and Senegal. Led by a team with a proven track-record in making multi-million-ounce gold discoveries that have been developed into operating mines, Cora's primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt in south Mali into an open pit oxide mine.

Cora has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz Au pit shell design). The 2025 Definitive Feasibility Study showed that the Project has strong economic fundamentals, including 65% IRR post tax, US$221 million NPV₈ post tax, US$479 million Free Cash Flow over life of mine and all-in sustaining costs of US$1,478/oz based on a gold price of US$2,750/oz. The Company is working to finalise the permitting process and conclude project financing so that mine construction can commence. Alongside this, the Company continues to seek value opportunities across its portfolio and has identified large scale gold mineralisation potential at the Madina Foulbé exploration permit within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in east Senegal.

 

END