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I agree AG, this has been on my watchlist for a while now and the company published a decent RNS today. As you say hadn't envisaged this dropping sub 6p and dipped my toe with a 100k shares this morning. 'Market' will catch up in due course especially when small cap miners are back in vogue...
Yeah, mind has been fully focused elsewhere, but this is another huge milestone ticked off on the pathway to production. You'd imagine with another 5,000-10,000m, especially targeting new zones, they'll hit the 1Moz mark on the next go. That in itself is a tremendous achievement for everybody involved and sets the company up well in the future
I saw no way this dropped below 6-7p but I'm still learning. The lower this goes, the more its looking like a good opportunity to lower my average and bring it down further (also under water). Get the DFS completed and Mine construction can then be tackled. A good day here for Cora
The Market hasn't "discovered" CORA yet. Over £1 billion of Gold in the ground open pit, excellent CEO and experienced backers. Additionally Mali has turned a corner politically.
Lionhead have a reputation for discover and sell, buy out from a major predicted by me.
This is further evidence of good management and great future prospects. Top up time.
900,000 oz + and growing.
Increase in indicated oz’s
Room to expand
£16m MCAP
Open pit
Looking very undervalued with both eyes on production. Well done to Bert and the company, consistently delivering when it comes to drilling, you feel like every penny being spent is adding real value, which is something I can’t see for everywhere else
Hoping for a Top up this week. Was going to put it all in ORCP but at these prices I’m thinking about leveraging quite a lot in here. For me, one of the limited fantastic opportunities I can see in this market. But as always DYOR
Free of sanctions, Mali can restart exports of cotton and gold, major economic drivers in one of the world's poorest economies. It has also pledged to honour some $300 million of missed debt repayments caused by being cut off from the regional financial markets and regional central bank.
Completion of ESIA in alignment with the International Finance Corporation ('IFC') Performance Standards by environmental consultants Digby Wells Environmental ('Digby Wells')
- Formal submission of ESIA to the Direction Nationale de l'Assainissement et du Contrôle des Pollutions et des Nuisances ('DNACPN'), the governing administration for environmental matters in Mali
- The ESIA is a crucial component of the Definitive Feasibility Study ('DFS'), which is expected to be completed in Q3 2022
CEO of Cora Gold, Bert Monro, commented: "The completion and submission of the ESIA marks a significant milestone for Cora as we continue to advance the development of our Sanankoro Project towards production. This, together with the recent completion of our 2022 drill programme that will be used to inform an updated Mineral Resource Estimate, mark the next key objectives towards delivering our DFS.
Burt quietly getting on with it. Cora vastly undervalued!
.....I'll post this on some of my gold plays sharechat boards.....GLA!
https://kingworldnews.com/its-too-late-to-save-the-financial-system-and-full-blown-panic-is-coming/
I'm not sure why upgrading the MRE should necessarily add 3 months to the DFS, and wonder whether the parties are playing for time here, or playing the slow game, given the deteriorating situation in Mali? It allows all parties to continue to assess the in country situation and risks, as well as any impact of sanctions and inflation on the project itself?
Does anybody know if the permitting application(s) for Sanankoro have already been submitted, or do Cora have to wait for the DFS, before they can apply for the mining licence?
We know Tony we click on the little red dot and it's all there for everyone to read lol.
Good news though.
Always believe
YNWA
Bert Monro, Chief Executive Officer of Cora, commented, "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 Q3 2022 and achieving another significant milestone along the path towards developing Sanankoro."
https://www.lse.co.uk/rns/CORA/update-on-us25m-term-sheet-for-sanankoro-project-qtzkhjrvk5hwgoz.html
Many thanks BB2 and much appreciated. The Term Sheet will come under P&F, and they will obviously need to have that Term Sheet financing in place before they move onto construction. So all being well, this would suggest that the Term Sheet will be executed in Q3/Q4, in order to keep the overall timetable on track. I am sure that recent share price performance won't have been lost on BM, and he will appreciate that the Term Sheet is (most likely) holding the share price back, and therefore needs to be resolved.
My understanding is that Cora provide a monthly update to Lionhead about progress on the DFS. I am sure the extended timescale for the DFS will have been agreed with them. Therefore, I don't think the fact that the DFS is late will affect the Term Sheet, otherwise I think that would have had to have been communicated to the market. All imo....
Cheers BB2 - be good to see if this process stands stands the course :D
Stocklow & Legalwolf,
As regards my earlier post, I referenced the Q1 2022 Co Presentation dated 24th January 2022). However, I have just noticed there is an updated Q2 2022 Co Presentation (dated 30th May) on the website. This updated Q2 Presentation is focused on the delivery of DFS in Q3 2022 but the other timelines are still as previously dated...
Q3 2022 DFS (previously H1 2022)
2022 P&F (unchanged)
H2 2022 Commence construction (unchanged)
Suggested the P&F and C&C phased may NOT be delayed in spite of the slight delay in DFS ??
https://www.coragold.com/wp-content/uploads/Cora-Gold-Presentation-Q2-2022-.pdf
Regards BB2
Billy
Thanks for that insight, and reminder of the current situation, helps to provide some perspective on potential timings moving forwards.
Legal,
I have just had another look at the Q1 Co Presentation on website. That states
H1 2022 DFS
2022 P&F
H2 2022 Commence construction
So on that basis, construction would commence within six months of DFS which would mean P&F would take approx six months. Purely allowing for a one quarter delay in DFS to Q3 then that would mean construction commence H1 2023 if not H2 2022. Not sure how a possible three month delay in construction start date affects where the rainy season would then fall into schedule and any possible impact ? Being an investor in HUM, the Mali rainy season does make me a tad nervous. However, that is offset by my confidence in management here, especially BM. Just hope my confidence is rewarded with a sharply increasing sp between DFS and first gold pour….
BB2
Legal,
Didn’t actually stare time period for Term Sheet. Just said following DFS (Q3) then onto permitting and financing and then onto construction and commissioning (12-18m). I do not know what outstanding “permitting” is required ?
The official Term Sheet (as per RNS) has a DFS H1 2022 condition date so not sure whether the existing terms still hold or whether new terms are required?
The impression that I got (obviously I could be wrong) was that following DFS in Q3 things should move pretty quickly….
BB2
Many thanks for the Q&A. Did he say anything about how soon after the DFS they will be get the Term Sheet done? That's the single biggest factor at the moment in my opinion. Good to hear him not overly concerned about the in country situation.
Billy,
Thank you for your response, excellent set of questions you raised also, well done!
I always wonder once the horse has bolted (DFS and Term Sheet done), where this share might elevate too, exciting times. Patience is key
RP,
I gave read through the 2022 RNSs. My understanding is that 2022 drill programme was expected to be completed in Q2 the same Q that DFS was due. However, drilling completed is not the same as getting the results and these results subsequently being included within an updated MRE. On that basis, my understanding is that the timescales for updated MRE was originally after Q2 and thus after DFS.
On that basis, it does seem sensible to delay DFS into Q3 if that provides sufficient time for an updated MRE to be included within the DFS.
Personally I don’t think this is a major issue. The DFS was set for Q2 before a decision on 2022 drilling programme was made. Once they decided to drill in 2022 either the DFS if issued in Q2 would not included updated MRE or the DFS if issued in Q3 will (hopefully) included updated MRE.
That is my understanding but if you want to check this why not email BM. I have found him very responsive to shareholder approaches previously.
BB2
Billy, thats a really good set of questions you asked, so thanks mate
Stocktow,
The initial part was just the voting of resolutions.
After this, questions were invited. However, no questions had been submitted in advance by other shareholders. There was only eleven people on the Zoom call and I do not think there was any other shareholders. No others spoke up when asked and the only questions asked were from me.
I asked about the conditions of the Term Sheet as the RNS clearly states DFS completing before 30th June 22 as a condition. BM & EB were relaxed about this and basically said they did not see this causing an issue bearing in mind the previous support provided by Lionhead/Quirks etc. Q3 for DFS again stated. I asked about recent inflationary pressure on costs. They stated that DFS should account for that and probably good to issue DFS post inflation rather than just prior to inflation.
I asked whether it could deemed a possible conflict of interest regarding Lionhead and the Quirk family connection providing the Term Sheet. They stated that great care is taken to ensure "at arms length" is met etc...
I asked about the terms of this Term Sheet being not quite as good as the previous one. They accepted some minor differences but mainly due to the new one being for more $(25m).
I asked about timescales post DFS. Basically, permitting & financing follow DFS and then a 12-18 month construction and commissioning period.
I asked about current political situation. They were quire relaxed and said they would expect that the Gov't would be keen to get another Mali gold mine into production. Also stated the unrest is typically in the North, a long way from mine build.
I asked about how CORA can learn from HUM's problems since their first gold pour. They emphasised CORA' s shallow depths as a major positive but didn't want to compare HUM and CORA.
So obviously nothing new but Management did seem confident and relaxed as regards CORA's future.
On what I heard, I am happy to hold here and have the patience to wait for hopefully good returns over next 24 months or so.....
BB2
That's right Stocktow - anyone with cash and who is aware of the Term Sheet, is going to wait until the Term Sheet to invest into Cora, to get the best price, avoid the dilution, and avoid any risk of Lionhead not going ahead with their investment. But whilst the Term Sheet is a benefit to those with cash i.e. new investors or existing investors with more cash to invest into Cora, it should benefit all shareholders in the long run, as it should take the brakes off the share price, which will be a benefit to all shareholders.
LW - I concur and agree with what you are saying as you have been all of this time. However this will at the end of the day only benefit those that have cash in the bank to take full advantage of the situation, Lionehead clearly will be one of them.
Its just a waiting game now. GLA