Member Info for JamestheBard

The auditor forward looking statement signing off the accounts has them with cash until beyond July 2026. Then sales and other incomes are expected by then to extend the runway until the end of September 2026.

Seems the auditor was persuaded of cash until end Sept without the USD2. 5m milestone.

Documents prepared are clearly saying they have no present intention to launch a placing but want to renew the equity issue authorities at AGM.

They might have found some leeway in operational cashflow as opposed to " prudent basis" cashflow".

China, Taiwan or HK deal expected by Duggan H1 or maybe July plus Haleon milestone situation may be clearer to them now as regards potential payment timeline.

Eroxon US sales higher than expected so additional royalties may be arriving soon and any Coopers or ROW orders would extend the "prudent" runway.

WSD HUT trial results are due shortly as well as marketing authorisation for Eroxon Intense, but non cashflow events.

The directors have no present intention to exercise the power to issue further equity. Statement incorporated within the AGM resolution to extend the authority to issue equity.

Mali is focusing on economic and governance security and so priorities are South first then central. 8 new bases being built to assist. High powered motorcycles banned outside major urban centres. 7 billion CFA Francs just put up for elimination of top 7 terrorist leaders. Military have just taken direct control of many forests and National parks, removing civilian right of access and hiding/basecamps for insurgents. The order has been given to substantially enhance security for all airports.

These are major new changes to restrict insurgent freedom of movement and escape and ability to hit and run.

Mali is significantly focusing on securing the South and economic corridors. Further personnel will also become available soon out of the training pipeline of the 24000 extra for 2025/2026.

Additionally Cora CEO, directors and senior staff are visiting Mali and travelling around without issue.

Large 800 ish fuel tanker convoys reach Bamako each week and Russia has agreed to provide fuel and food security.

The pattern is that insurgents attack a road and destroy some civilian vehicles but they can no longer remain very long. They are often observed and tracked and being near to roads is making them easier targets to find. So regular strikes are eliminating in the region of 40 to 60 insurgents a week across Mali in each of the last few weeks . I await the impact of the new restrictions.

All the while rapid political discussions are gaining traction for closer regional security cooperation.

DYOR

Post on X about Senegal exploration team on site with head geologist. Hopefully finalising next drilling campaign.

Mali have banned any motorcycles above 125cc from operating outside major urban centres. As insurgents utilise these significantly it should make finding them on the move easier and restrict their ability to blend in with commercial traffic much more difficult.

Eid prayers in the palace Weds so Council met Fri they allocated 8 x 5 hectares of land for security use. That is military base size and the locations have 3 supporting the South near to Cora. Reinforcing the new Guinea trade corridor, mining area and agriculture. The location of the plots is suggesting bases and hardening of trade corridors, mining zones, agricultural areas and Western border and one smaller border post on the East ( judging by location and land allocation).

This move reinforces the strategy of secure the economy, trade corridors, Bamako and seat of Government, food and fuel. ie everything that means Government and power in Mali is sustainable long term.

So for Cora 3 extra military bases sending out patrols from just a couple of hours away, if my analysis is correct. DYOR etc

Once the permit was received they needed to do about 4 months prep work before construction commenced. They are sufficiently confident now that that prep work is underway. Those 4 months were in the 18 month build timeline. So as long as the permit arrives in the next 4 months it will no longer be holding the project up.

Also great that they have adjusted the NPV sensitivity to reflect higher gold prices along with IRR.

Yes I had just checked X and you had beaten me to it!. So Smudge that visit was due to have stakeholders and Govt and has caught my timing out because it is a month sooner than I anticipated from his phrasing on relatively near. That puts in the last stage, file fully ready, final alignment before sending it to Council of Ministers.

So with Senegal say £12m, cash £15m+ what is present mcap attributable to Sanankora?

Gold stream, ( refinancing 50%) provides the build cost to first pour so the cash is available to prove up Senegal and Mali whilst the mine is being built .

I still haven't observed any conflict where Cora wants to build, it really is tucked right out of the way on the Guinea border.

Smudge, re the video I follow intel on many many engagements and the significant changes in FAMa capabilities and doctrine. They are massively improved on just a few years ago. There have been a significant number of FAMa strikes this week and FAMa claim over 100 terrorist neutralised, I suspect exaggeration. When I collated data from the attacks and airstrikes I had already verified during the week it would not be far off 50 to 100 enemy KIA plus equipment destroyed. Just this week Mali, for AES, was complaining that western press only glorify jihadist attacks on convoys, never the enormous number if successes FAMa constantly has. That complaint was in a formal statement to the UN.

Smudge, business as usual. There was feedback on the Minister meetings with AU and from the meetings in Russia ( with all the new support packages).

ECOWAS parliamentary push for Mali support and a little while ago a chief negotiator ( former Guinea PM) has been appointed to the AES nations. Importantly Mali is engaging from their side in discussions as well. Serious and rapid political progress now that has been months in the making.

When Bert said he was going to Mali in relatively near future( circa 1st May) with Eagle Eye and to meet the Govt that would appear to be the permit timeline.

Permitting will be accompanied by political choreography and publicity so they will want the parties physically present. Ministers, site visits,press, Governor of Bougouni, they will all want there moment telling the world that Mali is open for business etc etc. So if you get anything about when he is next going out there...

ECOWAS and AU have decided to support the Mali Junta and serious diplomatic push is underway to formalise diplomatic channels. They recognise the necessity of the present Junta for trade, logistics and security now over ideology.

Russia has just stepped up to secure the Junta with agreement for fuel and food supply security as well as logistics support. Including longer term diversification to get rail and river transport networks linked to deep sea ports.

China has recognised Mali right to govern as Junta and Mali has reciprocated with recognising" One China" over Taiwan. This helps give Mali support at UN along with Russia.

Russian forces are now in full front line action to secure transport corridors and base hardening has been happening, clearing fire zones and building large earthworks to deny ingress(16km worth for Bamako airport now).

Clearest signal is that large fuel convoys contine to reach Bamako each week.

Risk is actually lower now than before the attack because the risk is now known and being aggressively challenged and improved defenses being built. Before the attacks fear factor was lower but the risk was higher (but unknown), after the attacks were repelled the risk is lower because risk is now known and being mitigated, but fear factor is higher.

The consensus has formed to negotiate with the Junta and support them in power at least until the regional security spill over threat has diminished. Making them more secure internationally and Mali unlikely to be subject to sanctions etc etc. A better investment prospect in that regard.

Hopefully the meeting of Cora, Eagle Eye and Government is for handshakes and press photos after the permit has been granted.

With US sales of Eroxon exceeding expectations this year and Haleon ramping up production in response, Walmart are now back in stock.

Fairer, especially as the North is concerned. The resulting force posture to reinforce the South, Bamako and logistics corridors arguably improves the security situation specifically for Cora.

Not all of Mali is anywhere near the same risk.

That is an insurgent narrative and a long way from the actual real situation on the ground.

Official Government position is also not the accurate narrative.

Propaganda v propaganda!

When you really research yourself and get your own sources and challenge all the news stories . Actually find geolocated videos and satellite intel, security reports, youtube videos, multinational reporting and jihadist statements, follow locals in various towns and cities on social media.

The North is back to 2023 and South and centre are back to usual, heightened security on logistics corridors to ensure the South, Bamako and logistics are totally secure, that is secure Government in Mali.

Most Cora holders hope they keep it that way and leave Kidal alone, whilst Algeria once again calls for dialogue in the North. Taureg v Taureg (with FAMa). Algeria facilitated last peace deal.

Haleon also mention in their update that the initial stocking in lapping for Eroxon has cleared and that this will now help contribute to an anticipated return to 3% growth for N America.

Taken with Alex Duggans Q&A comments on consumer demand exceeding expectations and production ramp up by Haleon evidence is building.

There is no evidence at all of dispute! All evidence points to constructive discussion and timing of the payment being unclear, not the payment itself. Indeed they have reassured the market that legal opinion states strongly that it is due.

It is perfectly normal to have a clause that says timing of the payment to be made when all parties agree.

Supply routes are open, 800+ fuel tankers arrived in Bamako 1st May. Russians reached agreement to withdraw from Kidal ( only recaptured from Tauregs with Russian assistance in 2023) in Northern desert region and a new defence position has been established at Anefis. Russia has accused Ukraine and Russian forces are actively seeking out insurgents in the North now.

Fama are focusing on keeping supply routes open, securing Bamako and Southern regions to protect economy and gold production. They are sweeping and conducting airstrikes and keeping central axis corridors open. Kidal is almost 1000 miles away from Cora in the low South.

Modern FAMa has absorbed these attacks extremely well, but couldn't reinforce the far North in time. They have consolidated, prioritised supply corridors and Bamako ( inc surrounding areas). The nearest attack site to Cora was about 6 hours away.

I personally hope they continue to focus on the South and don't try to recapture Kidal. Northern trouble not a problem. Continue to keep the deep South safe and Cora is "golden". Not all parts of Mali carry equal risk, High North is High, central is moderate, South is lowish.

The news headlines near Cora area whilst this was all going on was something to do with how Women were enjoying local music.

AI responses are so out of date, as are most press reports.

DYOR

2025 USA generated £736k revenue with no COGS.

Specifically in recent months consumer demand has exceeded Haleon expectations. That consumer behaviour has lead Haleon to ramp up production at pace to meet this extra sell through to consumers. They have assured Futura that there is enough stock in the system whilst they ramp up. Clearly the ramp up is to increase future supply to meet observed increased consumer demand.

2025 was a poor year and generated £736k, this year has started exceeding expectations. So fair to expect an improvement that the "prudent basis" cashflow runway forecast cannot incorporate. A month or 2 additional runway would make a difference this year.

Duggan did say Haleon have reassured they have enough stock in the system whilst they ramp up production to meet the increased demand.

Milestone US$ 2.5M they have said that legal opinion is that it is due and then they acknowledge that timing is uncertain. They are actively preparing should it not arrive in time

They are pre authorised to issue up to 1/3 of share cap in a placing and so can adopt a wait and see, no need for votes etc etc So if a bridge placing is required it can be preorganised and executed rapidly if required, no rush.

US sales have been up last couple of months exceededing Haleon expectations and they are ramping up production. Expect some positive impact on revenue and cashflow at some stage in 2026.