Member Info for chris1979

I agree the market cap is very low for a company that is now debt free with $132m in the bank, and producing 20,000 boepd on average for 2026. If the value of those barrels is say $20k/boepd (a very reasonable valuation for them, the value of the business is therefore 20,000 * 20k = $400m plus the cash so $532m and I think $20k is still cheap given the improved operating terms and consolidation of licences etc. If my math is right then that works out at about £6p per share. So any offer is going to have to be better than this I would suggest for me to part with my shares.

DYOR and GLA.

Just highlights the points already made in the RNS / other posters have made so nothing really new

- FEED completion would allow decisions to be made on long-lead items, with the potential to compress the delivery timeline once permitting is secured.

- Cora plans to advance selected complementary preparatory workstreams (eg land compensation in priority areas, refurbishing and upgrading the existing exploration camp), to ensure Sanankoro is construction-ready on receipt of the mining permit.

- The removal of funding risk represents a key de-risking milestone and we are hopeful that this will galvanise the Mali Government in terms of the issuance of the mining permit.

- Business as a usual at Sanankoro: We understand that CEO Bert Monro visited Bamako last week, where he held productive meetings with the in-country team and key stakeholders, as part of the ongoing permitting process and preparations for the aforementioned work programmes. We believe investors will take reassurance from the fact that travel into and out of Bamako continues to be conducted safely, and that day-to-day business remains largely uninterrupted

Personally I believe that the permit is so very close (weeks away rather than months), as you just don't do this type of work incurring costs if you didn't "know" the permit was coming soon!

GLA and DYOR

Signed ministerial agreement received. Another step forward for the company and the agreement now officially: extends concession life by up to 20 years,

improves fiscal terms, merges 8 concessions, increases operating efficiency and formally activates the development work programme.

That means the “better economics” are no longer theoretical and should feed into the longer term share price / offer price!

Smudge104 - very interesting point re the change in EMS to 100,000 shares shows MM are more comfortable providing liquidity and could be that MM are seeing consistent, larger order flow or they’re comfortable quoting double the size without widening spreads as they know they can move the shares on. Either way I see it as a positive for the share overall. I still believe sometime in May/June for the permit but hopefully nearer the start of that period!

DYOR and GLA

New broker note issued today from Panmure Liberum, target price still at 30p. "CC6 to undertake the FEED contract for the whole project as outlined in the FS, ex. equipment relating to uranium / molybdenum sorption (minor cost and FAR experienced here); 6-month timeline as of Nov 2025, US$4.1m cost" So 6 months from November 2025 must be due soon then.

4 tranches of bonds due for repayment from 27th July, 30th July, 19th September and either 29th November (if early option) or 29th November 2027 if not early. Given that the first payment is only 3 months away and the directors according to the accounts didn't know how to repay its a little concerning. Small positive is that the bonds are unsecured. Also concerning is the apparent lack of progress on the development of the mine, no new news is a shame. Hopefully lots going on in the background. Will be interesting to hear from the company in any interviews.

DYOR and GLA

When we get our ML, 13p will be a distant memory and I still believe it will be granted in May/June. Ideally earlier so we can get a move on with the construction phase but to hit December 27 first gold pour with an 18 month build timeline makes it June 26 for the permit.

DYOR and GLA

Morning all, a great start to the day and another important step on the journey. Permit shouldn't be far behind this I originally had June in my mind for the permit but it may now be May! Stream is expensive but like the flexibility to replace 50% with debt which I'm sure Cora will do and then pay off very quickly. The main point is no further share raises, fully funded package, construction ready team, bring on the permit!

DYOR and GLA

Given the RNS of the 4th November 25 which included information that terms have been agreed with CC6 for the FEED work which is meant to take 6 months and assuming all is on track hence the capital raises recently to pay for the $4.1m FEED contract, we must be due news on the outcome of that work this month. I would hope that the FEED contract work which results in an EPC cost estimate and then contract and funding are all wrapped together in one large update!

DYOR

It would make sense to combine the two operations in time, savings on overheads etc but any offer for CORA would have to be seriously strong given the future development and expansion plans that CORA has/holds. I know nothing regarding Toubani future pipeline of development sites (some light reading is in order) so it maybe that CORA is the one offering in the longer term. Either way I'm sure the SP of both companies will be considerably higher than it is today. It is only a matter of time now waiting on that permit. I for one am here for the long term and have built a nice pot and maybe that makes me a little biased but I'm very excited about the future for CORA.

GLA & DYOR.

AG1989 - An interesting short video from Bert, thanks for the heads up - I liked the part re "funding partners in place" a throw away line at the end but I think points to things moving quickly once Eagle Eye investment concludes next week and then hopefully that all important mining licence.

All comes down to that permit! I personally think our permit will be awarded shortly after the investment by Eagle Eye is completed and then full speed on construction. The SP / Market Cap (MC) will be considerably north of where we are at today, the price of gold just makes this project so rewarding, quick pay back, debt free in under 12 months, future mining opportunities to extend life of mine and new projects, the SP potential is crazy for the MC today. Once that permit arrives hold on to your hats!

DYOR.

Issued yesterday - "On the report of the Minister of Economy and Finance, the Council of Ministers adopted draft texts relating to the creation of the Mining Heritage Company of Mali (SOPAMIM S.A.).

The mining sector is one of the strategic sectors of our economy. It contributes significantly to export and tax revenues, to the development of the private sector, and to attracting foreign direct investment. Law No. 2023-040 of August 29, 2023, establishing the Mining Code in the Republic of Mali, has strengthened our sovereignty over natural resources and ensured the management of the mining sector in the best interests of the Nation through an increase in the State's shareholding in mining companies.It also provides for the creation of a Heritage Company to acquire stakes on its own behalf, to act as a holding company for Malian nationals, and to manage the State's stakes in the various mining companies.

The adopted draft texts create a public limited company called the "Mining Heritage Company of Mali" whose capital is 100% state-owned."

Looks like Mali are moving forward and setting the stage for new licenses to be issued.

DYOR

The numbers for this project at current gold prices are just incredible. Even at say a long term price of $5000/oz the NPV8 post tax is approx $600m compared to the updated DFS of $221m. IF and hopefully when we get a permit the SP will be much higher! Even with the recent increase in the SP the market capital of the company is only £60m. The disconnect is huge.

DYOR.

Let's hope that the price of gold is still this high once we can actually start mining/first pour. Roughly 18 month build timeline from permit. I wonder if that timescale can be shortened safely? All on the permit as always but surely it must be soon it's been almost a year (march) since the permit process restarted.

DYOR and GLA.

@AG1989 and others, I agree 50p would be a disappointment if taken over before getting the opportunity to build the mine. Given the further opportunities for resource development. Things like the plans to increase the resource base to 2 million ounces within the main Sanankoro Project Area plus adding a new country (Senegal) with the Madina Foulbé Project Area. Everywhere within the licence areas that Cora hold and drills it finds gold. I think current LT shareholders will want to build the mine and develop the company (above options) to get the SP well above £1 and then we may see a sale. As always all depends on that permit!! This is a sizable holding for me and I'm happy to wait a few years but I firmly believe that the wait will be worth it.

GLA and DYOR

I agree that when the licence is finally granted it will fly, 10% up today on 577k of volume at the moment which is nothing really. Shows limited supply of shares in the market. Just hoping a licence is granted within the next few months.

DYOR.

New broker note issued today - very detailed 24 pages, an interested read for anyone new to Cora "We expect the shares to rerate as the permitting and funding process is completed at Sanankoro, and as results are released from the next phase of exploration at Madina Foulbé. We initiate coverage with a target valuation of GBp17/share, 119% above the current share"

DYOR.

Everything depends on the permit being issued which I'm hopefully will be in H1 2026.

Even at say the 50p share price (which would be very nice) that only values the company around £250m. Given the value of the gold in the ground and other opportunities to expand the resource base that still sounds like a great deal for anyone.

DYOR.

Interesting RNS a fund raise including CEO, non exe directors and major shareholders. That list of shareholders represents 63% of the shares in issue and gives me confidence that the mining permit is coming. These insiders know how it's going and to commit their cash at this time has to be a positive sign. Time will tell but H1 2026 has to be permit time. DYOR and GLA.