West Africa-focused gold exploration company Cora Gold has listed on London's junior market today, raising £3.45m and giving the business a value of £9.07m.
Cora will use most of the proceeds to focus on its flagship project of turning the Sanankoro gold discovery in southern Mali into a fully functioning mine.
The business is also planning an up to 10,000 metre exploration programme at additional project sites in Mali and Senegal, near existing gold mines.
“Our objective is to create value by turning the Sanankoro gold discovery into a mine and the drill-ready gold targets at our other project areas into discoveries,” said Cora's chief executive Jon Forster.
Cora owns three project areas covering 1,700 square kilometres across the Yanfolila Gold Belt in Mali and the Kenieba Window in Mali and Senegal.
The company was enlarged earlier this year as its former parent, Kola Gold, amalgamated its gold exploration assets in Mali and Senegal with those of Hummingbird Resources.
The Sanankoro site has already been subjected to a substantial exploration spend by Randgold and Gold Fields, meaning data is strong.
Cora also has options for the early processing of its ore, being a 34 per cent shareholder in Hummingbird Resources’ Yanfolila Gold Mine and being located near AngloGold Ashanti and Iamgold's Sadiola Gold Mine.
Cora was founded in 2012 by Forster and Craig Banfield. After it compiled a portfolio of gold exploration permits in Mali, it was acquired by Kola Gold in 2014 before combining its assets with Hummingbird's and listing.