Cora Gold Ltd. · LSE:CORA
Cora Gold — Investor Presentation (September 2025)
26 slides from Cora Gold's investor presentation, September 2025
Slide 1: West African Gold Developer
CORPORATE PRESENTATION West African Gold Developer September 2025
Slide 2: Disclaimer
Disclaimer The information being released by the Cora Gold Limited (the "Company") today and 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, and shall not be treated as, th
Slide 3: Snapshot
Snapshot Portfolio of prospective gold assets within two known gold belts in Mali and Senegal and located amongst multiple operational mines. AT A GLANCE AIM listed company advancing proven gold deposits including developing the Sanankoro Gold Project in the Yanfolila Gold Belt, south Mali, into an
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 and royalties (US$2,750 gold price, Sept 2025): • 65% IRR • 1.1 years
Slide 5: Sanankoro Strategy and Timeline
Sanankoro Strategy and Timeline 1| Complete permitting and financing as quickly as possible to commence 2| Start delivering strong free cash flow (FCF) from low strip 3| Drive organic growth from infill drilling existing Inferred resources and targeting construction at Sanankoro for a ratio oxide ou
Slide 6: Sanankoro Economics
Sanankoro Economics September 2025 DFS | 1.5Mtpa throughput plant Reserves only, post-tax US$3,000 US$2,750 US$2,500 LoM production (koz) 482 482 482 Average production first 5 years (koz pa) 64 64 64 LOM FCF post tax (US$m) 547 479 410 Average FCF post tax first 5 years (US$m pa) 73 67 53 Project C
Slide 7: Detailed Capex Flow Sheet
Detailed Capex Flow Sheet Capital items US$m Conventional gravity and CIL circuit optimised for Civil works 6.9 oxide ore Earth works 3.8 Machinery and equipment 47.6 Infrastructure 1.4 Transport 7.5 First fills 0.9 Mine camp 2.8 Project management 10.3 Insurance and guarantees 0.8 Tailings storage
Slide 8: Production Profile and Opex
Opex Production Profile koz 80 100% • Design includes a hybrid power option incorporating solar 70 90% power, delivering savings in both operating costs and carbon 80% emissions by reducing consumption of 40 million litres diesel 60 70% over LOM 50 60% • Contractor mining planned from the start of o
Slide 9: Updated Ore Reserves
Updated Ore Reserves Announced September 2025 • Updated Probable Reserve of 531 koz Au @ 1.13 g/t Au • Based on US$2,200/oz Au • 26% increase on 2022 Maiden Reserve • Low Strip Ratio of 4.9:1 • Significant upside remains: • Pit optimised Inferred Resources indicate an additional 173 koz gold could b
Slide 10: Mineral Resource Estimate
Mineral Resource Estimate 2024 Mineral Resource Estimate (announced January 2025) Updated JORC compliant MRE completed by Environmental Resources Management Limited (ERM, formerly CSA Global) Contained Oxidation Tonnage Grade Classification metal Zone (Mt) (g/t Au) • 26% increase in tonnage to 31.4M
Slide 11: Exploration Upside
Exploration Upside Significant resource growth opportunity beyond the five main deposits • Identified 4 primary and 4 secondary gold bearing structures, representing approximately 50 km (cumulative strike length) of highly prospective terrain • 20 greenfield exploration targets now delineated within
Slide 12: Exploration Strategy
Exploration Strategy Aiming to grow the mineral resource to +2Moz How will we deliver? Rank and Prioritise: Drill target advanced and high 1 value exploration targets 2 Pipeline: Develop pipeline of targets Geophysics: Collect, process and interpret Magnetics 3 and induced Polarisation geophysical d
Slide 13: Extensive Operational Experience
Extensive Operational With a strong gold price, now is an opportune time to be bringing a high Experience value, low cost, oxide only gold project such as Sanankoro into production. An established team with extensive experience and proven success operating in West Africa - BERT MONRO, CEO Experience
Slide 14: Mine Permitting
Mine Permitting • Cora has been awarded its Environmental Permit, but due to the permit moratorium, which was in place November 2022- March 2025, has only recently been able to apply for its Mining Permit* • Mali’s mining administration is now able to process applications: • to renew exploration per
Slide 15: Madina Foulbé
Madina Foulbé Potential for a large scale, in-situ gold mineralisation • Located within the Mako Gold Belt in East Senegal close to several Tier 1 gold deposits • Permit is cut by 2 regional N-S trending shear zones • Region serviced by good infrastructure within a mining friendly jurisdiction • Wit
Slide 16: ESG
Communities have welcomed us as a ESG development partner since 2017 Permitting • Environmental and Social Impact Assessment (ESIA) submitted July 2022 to the Government of Mali • Environmental Permit awarded October 2022, recognising Cora’s high environmental standards Solar and Hybrid Power • Sana
Slide 17: Management
Management Bert Monro CEO and Director +16 years’ experience within the natural resources industry Previously worked for HUM advancing its +6Moz of gold resources in West Africa and operational gold mine in Mali Craig Banfield Lourens Steenekamp Murray Paterson Siaka Koumare CFO and Company Secretar
Slide 18: Investment Case
Investment Case New Producer Share appreciation leading to production New Producer Outperformance: Recognised Team Share appreciation leading to production Broad range of relevant experience Upside Significant further resources Strong Support Diverse investor base including high profile resource inv
Slide 19: Corporate
Corporate 9 September 2025 Significant Shareholders Market Cap £41.21m Share Price 8.5p Brookstone Business Inc (Quirk Family) - 31.11% 52 Week Range 1.4p-10.5p Lord Farmer - 19.29% Cavendish Research Price Target 16.2p The Marlborough Trust - 6.22% Maggianda Foundation (Jeremy Block) - 5.23% Share
Slide 20: Appendix
Appendix
Slide 21: Non-Executive Directors
Non-Executive Directors Track record of discovery and development in Africa Ed Bowie Paul Quirk Adam Davidson Andrew Chubb NED and Chairman NED NED NED +24 years’ experience within the +15 years’ operational Extensive experience in the natural Since 2014, Andrew has wider natural resources industry,
Slide 22: Operations in Mali
Operations in Mali West Africa is the fastest growing and largest gold producing Fourth largest gold producing country in Africa region, ranking 1st for discoveries over the past decade • Highly developed and active mining culture • Major international companies operate in the country +80% including
Slide 23: Reserves
Reserves September 2025 Mineral Reserve Tonnage Grade Contained Area Oxidation Zone Classification (Mt) (g/t Au) Metal(koz Au) Oxide 3.69 1.17 139 Zone A Probable Transitional 0.03 1.64 2 Oxide 1.49 0.83 40 Zone B North Probable Transitional 0.07 1.35 3 Oxide 0.91 0.80 23 Zone B Central Probable Tra
Slide 24: Saprolite Soft Rock
Saprolite Soft Rock Peer Group Characteristics Lower Unit Costs Benefits • No soft rock peers in London • Heavily weathered rock • Mining cost lower – no drill and • Reduced mining dilution • Nampala – soft rock and • Deep weathering profile blast • Limited metal loss transitional • Processing cost
Slide 25: Oxide Ore
Oxide Ore Material at Sanankoro does not become hard rock until depths of +120m 0m 7m 15m 24m 42m 50m 59m 67m 70m 75m 80m 90m 25 | Corporate Presentation | September 2025
Slide 26: www.coragold.com
www.coragold.com [email protected] www.linkedin.com/company/cora-gold/ @cora_gold