Cora Gold’s Journey in Mali: Project Overview and Navigating Permit Challenges

Cora Gold is advancing an exciting gold mining project in West Africa, with its primary asset centered around the Sanankoro gold deposit in Mali. This development-ready asset is shaping up as a promising opportunity in the gold sector, boasting a +1 million ounce dual-compliant resource predominantly composed of oxide deposits. With favorable characteristics like free-digging ore and high recovery rates, the Sanankoro project holds significant potential for efficient and cost-effective operations.

Product Review: The Sanankoro Gold Project

The Sanankoro gold project stands out due to its simplicity in processing and operational advantages. Approximately 70% of the deposit consists of oxides, which means the ore can be processed without complex crushing circuits, reducing operating expenses substantially. The team has completed a positive Definitive Feasibility Study (DFS), confirming the project’s robust economics and readiness to move forward.

Environmental permits have already been secured, and Cora Gold has negotiated a debt facility with a West African bank to support the project’s construction phase. Overall, Sanankoro is positioned as a development-ready gold mine, backed by strong technical studies and local financing arrangements.

Permit Challenges in Mali: Navigating a Complex Landscape

One of the biggest hurdles Cora Gold is currently facing relates to mining permits and regulatory approvals. Mali recently implemented a new mining code, which has triggered a moratorium on issuing new mining permits as the government transitions operating mines to the updated framework. This transition has inevitably delayed approvals for new developers like Cora Gold who are waiting for permits to progress.

Cora Gold’s leadership notes that the government’s priority has been to update permits for existing operating mines first, before addressing new permit applications. While this moratorium has created some uncertainty around timing, the company is actively engaging with government officials and stakeholders to expedite their application.

Recent meetings with government representatives have shown promising progress, and Cora Gold remains optimistic about receiving its mining permit in the near term. Historically, Mali has a well-established permitting process, with decades of gold mining experience under its belt. Companies like Barrick Gold have operated successfully for years, suggesting a clear path forward once the current administrative delays resolve.

Experienced Leadership and Local Expertise

Cora Gold’s management brings valuable experience navigating West African mining environments. CEO Bert Monro, who has worked in the region for over 15 years, understands the intricacies of operating in Mali and Liberia. The company also benefits from strong local leadership, including country manager Ci Kamaro, who has over a decade of experience managing mining operations in Mali and speaks multiple languages.

This blend of international and local expertise helps Cora Gold build strong government relationships and smoothly manage regulatory requirements, positioning the company well for future success despite current permit delays.

Future Prospects and Strategic Focus

The project’s resource base, currently at over 1 million ounces, remains underexplored with substantial potential for expansion. Cora Gold’s strategy focuses first on bringing Sanankoro into production quickly with a high-return, low-capex approach, followed by resource growth and further development.

Financially, the company is managing costs tightly during the permit waiting period by reducing overhead and running lean operations on the ground. This prudent approach preserves cash reserves—currently around $1 million—while preparing for an eventual construction phase.

Cora Gold also benefits from a strong shareholder base that includes an African family with a successful mining pedigree, as well as high-net-worth investors who have supported the company through recent fundraising efforts without diluting equity.

What’s Next for Cora Gold?

Looking ahead, Cora Gold plans to update its feasibility study with new optimization work, reflecting current gold prices and operational learnings. The company expects to publish these results within the next few months, along with progress updates on the permitting process.

Investors and interested parties can follow Cora Gold’s journey through their website at coragold.com and stay updated via their LinkedIn and Twitter channels.

Conclusion

Cora Gold’s Sanankoro project in Mali offers an attractive opportunity with solid fundamentals and promising upside potential. While regulatory challenges related to mining permits have caused delays, the company’s experienced team and proactive engagement with government authorities bode well for overcoming these hurdles. As the project moves closer to construction and production, Cora Gold stands ready to unlock value for shareholders and contribute to Mali’s mining sector growth.