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1 Apr 2026 07:00
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
01 April 2026
Cora Gold Limited ('Cora' or 'the Company')
Update on Capital Structure and Granting of Share Options
Cora Gold Limited, the West African focused gold company, is pleased to provide an update on its capital structure and announce the granting of share options.
Highlights
● The Company has now closed its Fundraise for gross proceeds of £15.707 million (British pound sterling) before expenses (see announcement dated 27 March 2026)
● Share options granted to directors and employees plus consultants over 28,150,000 ordinary shares exercisable at 8 pence (British pound sterling) per ordinary share expiring on 31 March 2031
Close of Fundraise
On 31 March 2026 the Company closed its Fundraise for total gross proceeds of £15.707 million (see announcement dated 27 March 2026). After the close of the Fundraise the Company's balance of cash and cash equivalents is in excess of US$20.5 million.
Grant of Share Options
Following the closing of the Fundraise on 31 March 2026, in accordance with the Company's Share Option Scheme dated 18 December 2017, the board of directors granted and approved share options ('Options') over 28,150,000 ordinary shares, equivalent to 3.68% of the issued share capital of the Company, to certain directors, management and consultants. The exercise price of the Options is 8 pence (British pound sterling) per ordinary share, representing a premium of 3.6% to the average closing mid-market price of the ordinary shares on the 10 trading days prior to the date of grant. The Options expire on 31 March 2031. In addition, regarding vesting:
● one quarter of the Options vest immediately;
● one quarter of the Options vest on 30 September 2026;
● one quarter of the Options vest on 31 March 2027; and
● one quarter of the Options vest on 30 September 2027.
Following the grant of the Options, the total number of share options over ordinary shares is 65,700,000, equivalent to 8.60% of the current ordinary issued share capital of the Company.
Immediately post granting of the above Options the Company's issued and outstanding capital structure comprised:
● 764,054,700 ordinary shares;
● warrants to subscribe for 32,624,205 ordinary shares in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027;
● share options over 5,050,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;
● share options over 13,350,000 ordinary shares in the capital of the Company exercisable at 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028;
● share options over 19,150,000 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030; and
● share options over 28,150,000 ordinary shares in the capital of the Company exercisable at 8 pence (British pound sterling) per ordinary share expiring on 31 March 2031.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information, please visit http://www.coragold.com or contact:
Bert Monro Craig Banfield | Cora Gold Limited | info@coragold.com |
Derrick Lee Pearl Kellie | Cavendish Capital Markets Limited (Nomad & Broker) | +44 (0) 20 7220 0500 |
Matt Hasson Franck Nganou | H&P Advisory Limited (Broker) | +44 (0)20 7907 8500 |
Susie Geliher Charlotte Page | St Brides Partners (Financial PR) | cora@stbridespartners.co.uk |
Notes
Cora is a West African gold developer with de-risked project areas within two known gold belts in Mali and Senegal. Led by a team with a proven track-record in making multi-million-ounce gold discoveries that have been developed into operating mines, Cora's primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt in south Mali into an open pit oxide mine.
Cora has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz Au pit shell design). The 2025 Definitive Feasibility Study showed that the Project has strong economic fundamentals, including 65% IRR post tax, US$221 million NPV8 post tax, US$479 million Free Cash Flow over life of mine and all-in sustaining costs of US$1,478/oz based on a gold price of US$2,750/oz. The Company is working to finalise the permitting process and conclude project financing so that mine construction can commence. Alongside this, the Company continues to seek value opportunities across its portfolio and has identified large scale gold mineralisation potential at the Madina Foulbé exploration permit within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in east Senegal.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMR') AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Adam Davidson | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director and Chair of the Board of Directors | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Cora Gold Limited | ||||
b) | LEI: | 213800TW2N9JJYCUDD71 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of no par value ISIN: VGG2423W1077 | ||||
b) | Nature of the transaction: | Grant of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 31 March 2026 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Edward Bowie | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Cora Gold Limited | ||||
b) | LEI: | 213800TW2N9JJYCUDD71 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of no par value ISIN: VGG2423W1077 | ||||
b) | Nature of the transaction: | Grant of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 31 March 2026 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Andrew Chubb | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Cora Gold Limited | ||||
b) | LEI: | 213800TW2N9JJYCUDD71 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of no par value ISIN: VGG2423W1077 | ||||
b) | Nature of the transaction: | Grant of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 31 March 2026 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Aryann Gupta | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Cora Gold Limited | ||||
b) | LEI: | 213800TW2N9JJYCUDD71 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of no par value ISIN: VGG2423W1077 | ||||
b) | Nature of the transaction: | Grant of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 31 March 2026 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Robert Monro | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chief Executive Officer and Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Cora Gold Limited | ||||
b) | LEI: | 213800TW2N9JJYCUDD71 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of no par value ISIN: VGG2423W1077 | ||||
b) | Nature of the transaction: | Grant of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 31 March 2026 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Paul Quirk | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Cora Gold Limited | ||||
b) | LEI: | 213800TW2N9JJYCUDD71 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of no par value ISIN: VGG2423W1077 | ||||
b) | Nature of the transaction: | Grant of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 31 March 2026 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Craig Banfield | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chief Financial Officer and Company Secretary | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Cora Gold Limited | ||||
b) | LEI: | 213800TW2N9JJYCUDD71 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Share options over ordinary shares of no par value ISIN: VGG2423W1077 | ||||
b) | Nature of the transaction: | Grant of share options | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
| ||||
e) | Date of the transaction: | 31 March 2026 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
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