West Africa-focused gold company Cora Gold, which is developing its flagship Sanankoro project, in Mali, has confirmed that it has the continued support of lead investor Lionhead Capital Advisors.
Cora and Lionhead in September 2021 entered into a $25-million mandate and term sheet to fund the development of Sanankoro.
Cora reports that Lionhead on June 24 confirmed that, while reserving its rights under the term sheet, it does not intend to terminate the term sheet should the company fail to deliver a definitive feasibility study (DFS) on the project by June 30 this year.
This comes as Cora expects to finalise a DFS during the third quarter of this year, after it updates the mineral resource estimate (MRE) for Sanankoro and incorporates the updated MRE into the mining study for the DFS.
"We are pleased and encouraged by the commitment of Lionhead, acting as lead investor and arranger on behalf of a consortium of investors, in their continued support for Cora and the Sanankoro gold project.
"We look forward to completing the DFS during the third quarter and achieving another significant milestone along the path towards developing Sanankoro," comments Cora CEO Bert Monro.