Cora Gold Ltd. · LSE:CORA
Cora Gold — Investor Presentation (October 2023)
28 slides from Cora Gold's investor presentation, October 2023
Slide 1: Corporate Presentation Q4 2023 – West African Gold Developer
Corporate Presentation Q4 2023 West African Gold Developer
Slide 2: Disclaimer
DISCLAIMER The information being released by the Cora Gold Limited (the "Company") today & attached to the RNS (the “Materials”) are being released to provide additional information with respect to the business of the Company. The Materials are not intended to form, & shall not be treated as, the ba
Slide 3: Snapshot
S N A P S H OT Portfolio of prospective gold assets within two known gold belts in Mali & Senegal & located amongst multiple operational mines AT A GLANCE KEY PROJECT SANANKORO GOLD PROJECT – DFS & Optimised Project Economics show a 52.3% IRR & LOM free cash AIM listed company advancing proven gold
Slide 4: Sanankoro Gold Project
SANANKORO GOLD PROJECT Advancing to mine construction • Located in Yanfolila Belt, Southern Mali • 1.5Mtpa conventional CIL and gravity processing plant from an open pit operation with low strip ratio oxide ore • Delivers post tax & royalties (US$1,750 gold price): • 52.3% IRR • 1.2 years payback pe
Slide 5: Sanankoro Strategy & Timeline
S A N A N K O R O S T R AT E G Y & T I M E L I N E STRATEGY 1 Complete permitting & financing as quickly as possible to commence construction at 2 Start delivering strong free cash flow (FCF) from low strip ratio oxide ounces at 3 Drive organic growth from infill drilling existing Inferred resources
Slide 6: Financing and Operational Readiness
FINANCING • March 2023 - c.US$20m fundraise* • US$4m Equity Financing • US$16m Convertible Loan Notes • June 2023 - US$70m debt Mandate Letter signed with Atlantique Finance to support Sanankoro construction OPERATIONAL READINESS • Commenced tendering process for Sanankoro** • Front-End Engineering
Slide 7: Sanankoro Economics
SANANKORO ECONOMICS 1.5Mtpa throughput plant Reserves only, post-tax US$1,750 US$1,650 First full year production - oz 84,860 84,860 The mine’s economics improve when pit optimised resources (including inferred) are First full year FCF – US$m 71.8 64.2 added to mine plan @ US$1,750 Au: LoM avg. prod
Slide 8: Strong Early Production & Cash Flow
S T R O N G E A R LY P R O D U C T I O N & C A S H F LO W (US$1,750 gold price & post tax) Production ozs AISC US$/oz FCF US$m 90,000 1,800 80 80,000 1,600 70 70,000 1,400 60 60,000 Avg 56,000oz 1,200 Avg US$997/oz 50 50,000 1,000 Avg US$34.3m 40 40,000 800 Significant Inferred & 30 Significant Infe
Slide 9: Capex & Opex Breakdown
CAPEX & OPEX BREAKDOWN • Pre-production capex of US$90m (incl. contingency & pre-production mining) • Design includes a hybrid power option incorporating solar power • Contractor mining planned from the start of operations OPEX US$/T CAPITAL COST US$M Mining cost 2.8 Plant costs 50.4 Mining total co
Slide 10: Maiden Reserves
MAIDEN RESERVES 21 November 2022 Tonnes Grade Area Mineral Reserve classification Material type Metal content (koz) (kt) (g/t Au) Probable Oxide 3,767 1.27 154.2 Selin Probable Transitional 519 2.38 39.8 Total – Selin Probable All zones 4,287 1.41 194.0 Probable Oxide 2,752 1.32 116.8 Zone A Probabl
Slide 11: Mineral Resource Estimate
Mineral Resource Estimate M I N E R A L R E S O U R C E E S T I M AT E Tonnes Grade Content Completed by CSA Global (UK) Ltd, 19 July 2022 Area Classification (kt) (g/t Au) (koz) Indicated 3,977 1.31 168 Zone A Inferred 1,453 0.80 37 • +14% increase in total ounces from previous MRE in November 2021
Slide 12: Sanankoro 2023 Drill Campaign
S A N A N K O R O 2 0 2 3 D R I L L C A M PA I G N Focussed on inferred ounces within the reserve pit with the aim of converting to indicated and then upgrading to reserves Highlights include: • 15m @ 1.98 g/t gold (‘Au’) from 19m at Selin • 9m @ 3.0 g/t Au from 31m at Selin • 12m @ 1.93 g/t Au from
Slide 13: Deposit Cross Sections
DEPOSIT CROSS SECTIONS 13 l CORPORATE PRESENTATION l Q4 2023
Slide 14: Deposit Cross Sections
DEPOSIT CROSS SECTIONS 14 l CORPORATE PRESENTATION l Q4 2023
Slide 15: Exploration Target
E X P LO R AT I O N TA R G E T Exploration Target* based on drill data estimated to contain between 26.0Mt & 35.2Mt with a grade range of 0.58 - 1.21 g/t Au for a potential content of 490koz Au – 1.37Moz Au koz Au 2500 Potential to increase content 3 of the 12 areas are responsible +150% for 2000 to
Slide 16: Saprolite Soft Rock
SAPROLITE SOFT ROCK Siguiri - Anglogold Ashanti (Guinea) True oxide gold Saprolite soft rock Peer Group • No soft rock peers in London • Nampala – soft rock & transitional • Siguiri & Sadiola – now in hard rock Characteristics • Heavily weathered rock • Deep weathering profile • Mine life dominated
Slide 17: Oxide Ore
OX I D E O R E Material at Sanankoro does not become hard rock until depths of +120m 0m 7m 15m 24m 42m 50m 59m 67m 70m 75m 80m 90m 17 l CORPORATE PRESENTATION l Q4 2023
Slide 18: ESG
ESG PERMITTING Environmental & Social Impact Assessment (ESIA) submitted July 2022 to Direction Nationale de l'Assainissement et du Contrôle des Pollutions et des Nuisances ('DNACPN'), the governing administration for environmental matters in Mali Environmental Permit awarded October 2022, recognisi
Slide 19: Management
MANAGEMENT A Bert Monro • +14 years’ experience within the natural resources industry CEO & Director • Previously worked for HUM advancing its +6Moz of gold resources in West Africa & operational gold mine in Mali Craig Banfield • +25 years’ experience in finance roles in UK and TSX listed resource
Slide 20: Investment Case
INVESTMENT CASE Clear Path Upside New Producer Outperformance Share appreciation leading to production Focus on early production & Exploration Target highlights cashflow significant further resources New Producer Strong Support Share appreciation leading to Diverse investor base including production
Slide 21: Corporate
C O R P O R AT E SNAPSHOT AT 12 SEPTEMBER 2023 SIGNIFICANT SHAREHOLDERS Market Cap £12.4m Brookstone Business Inc. 27.91% Share Price 2.9p Lord Farmer (Red Kite founder) 18.70% 52 Week Range 2.90p-4.90p Key Ventures Holding Ltd (+Paul Quirk, a Cora NED) 3.69% Nomad & Broker Cavendish (formerly finnC
Slide 22: Appendix
APPENDIX 22 l CORPORATE PRESENTATION l Q4 2023
Slide 23: Operating in Mali
O P E R AT I N G I N M A L I Fourth largest gold producing country in Africa West Africa is the fastest growing & largest gold producing region, ranking 1st for discoveries over the past decade • Highly developed & active mining culture • Major international companies operate in the country includin
Slide 24: Sanankoro: Selin
SANANKORO: SELIN • Drilling delivered 550m of increased resource length to maiden MRE – remains open in all directions • Positive results from the middle of Selin where there was previously a gap between two pit shells • Presence of oxide gold mineralisation of potentially economic grades & widths c
Slide 25: 2021-2022 Drill Campaign
2 0 2 1 - 2 0 2 2 D R I L L C A M PA I G N Focused on resource growth & upgrading of existing Inferred resources to Measured & Indicated • 50,000m drilled across two drill campaigns • Updated MRE delivered July 2022 • Top results from 2021-2022 drilling: 49m @ 15.55 g/t incl 8m @ 89.12 g/t 19m @ 31.
Slide 26: Detailed Capex Flow Sheet
D E TA I L E D C A P E X F LO W S H E E T Capital items US$’000 Conventional gravity & CIL circuit Civil works 5,122 Earth works 3,513 Machinery & equipment (a) 31,704 Infrastructure 1,194 Transport 5,432 First fills 868 Mine camp 2,206 ESIA channels 2,859 Project management (b) 4,500 Insurance & gu
Slide 27: Non-Executive Directors
N O N - E X E C U T I V E D I R E C TO R S Track record of discovery & development in Africa Ed Bowie • +24 years’ experience within the wider natural resources industry, in June 2023 he was announced as the new CEO of Beowulf Mining NED & Chairman • Started his career with SAMAX Gold in Tanzania be
Slide 28: Bert Monro, CEO – Contact
Bert Monro, CEO [email protected] www.coragold.com @coragold