Cora Gold Ltd (AIM:CORA, FRA:C0J) shares moved up 13%, to change hands at 11.59p, after it secured a binding US$120 million gold stream financing from Eagle Eye Asset Holdings that would fully fund the Sanankoro gold project in southern Mali to production, giving the developer a committed construction funding route as it works through the final permitting stage.
The stream comes on top of Cora’s recent £15.7 million equity raise, also backed by Eagle Eye, and the company said the combined package removes Sanankoro’s remaining funding requirement, subject to permits. The structure also gives Cora flexibility: it can replace up to US$60 million of the stream with traditional senior debt for up to 240 days following approvals.
Under the deal, Eagle Eye will be entitled to buy 30.44% of gold produced at Sanankoro at 20% of the prevailing spot gold price for the life of mine, falling to 15.22% if half the stream is refinanced.
Eagle Eye will also receive first-ranking security over Cora’s shareholdings and assets, although that would become subordinated if senior debt is later introduced.
Cora said the financing builds on the economics set out in its September 2025 definitive feasibility study, which showed US$124 million initial capex, US$1,478 an ounce all-in sustaining costs, US$221 million post-tax NPV8 and a 65% post-tax IRR at a US$2,750 gold price.
The next key step is permitting, which the company described as the final major regulatory milestone ahead of construction.