Cora Gold Ltd (AIM:CORA, FRA:C0J), the gold exploration and development company, has seen its target price trimmed to 25.8p from 27p after analysts at Cavendish pushed back its construction-start assumption for the flagship Sanankoro project in Mali to the first half of 2027.
The broker had previously pencilled in a construction start in the second half of this year.
As outlined in its interim results published on Friday, Cora Gold reduced its funding risk in the six months to 30 June 2026 by completing a £15.7 million equity fundraise in March.
This included a £13.7 million strategic investment from Eagle Eye Asset Holdings, a Singapore-based single-family office, which became Cora's largest shareholder with a 29.90% stake and appointed Aryann Gupta to the board.
That was followed in April by a $120 million gold stream financing agreement with Eagle Eye, under which it can buy 30.44% of Sanankoro's life-of-mine gold production at 20% of the prevailing spot price.
Cora Gold's first-half results were overshadowed by funding and permitting developments that moved its Sanankoro project closer to construction.
Cora is still awaiting renewal of several exploration permits, most recently the Sanankoro II permit last month, before it can apply for the mining permit required to begin construction.
A financial model released in May put Sanankoro's net present value at $461 million and its internal rate of return at 119%, based on a gold price of $4,000 an ounce; spot gold currently trades around $4,515 an ounce.
In August, Cora extended the period in which it may replace 50% of the stream with senior debt to the later of 30 October 2027 or six months after receiving Sanankoro’s mining permit.
