This report is the updated version of the report published on December 23, 2025, 10:44 AM GMT.

Cora Gold Ltd (LSE: CORA)

Cora Gold Ltd (LSE: CORA) is an FTSE AIM All-Share listed United Kingdom-based mining royalty company. Moreover, the Company focuses on developing the Sanankoro Gold Project in Southern Mali as well as a continued regional exploration across Mali and Senegal. This Report covers the Key Recommendation Rationale, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 6.75

• Resistance near Current levels: CORA’s stock price has almost reached Resistance (R1) which was stated in the previous report on 09 December 2025 therefore, there can be a possibility of a decline from resistance levels. Considering the market conditions and the price action, it is prudent to exit the stock.
• Delayed Mining Permit Process - While the partial lifting of Mali’s moratorium on new mining permits in March 2025 was a positive step, the company is still awaiting the issuance of a mining permit for the Sanankoro Gold Project. The delay in securing this permit continues to be a significant hurdle, slowing down the progression toward production and increasing uncertainty around the project’s timeline. Despite ongoing engagement with Mali's mining administration, the permit remains a key bottleneck in advancing the project.
• Limited Cash Reserves and Financial Pressure - Cora Gold's cash position at the end of June 2025 stood at just US$1.648 million, primarily raised through a GBP£1.550 million fundraise. While this provides some short-term liquidity, the relatively low cash reserves put the company under financial pressure as it continues to advance the Sanankoro project. Additional funding or financing may be needed to maintain momentum and cover the costs of the ongoing Definitive Feasibility Study (DFS) and other development activities, which could lead to further dilution or debt accumulation.

Share Price Chart  

Valuation Methodology: Price/ Earnings Approach

Conclusion

CORA is expected to trade at a discount, considering Delayed Mining Permit Process and fears of global slowdown. For conducting the valuation, the following peers have been considered - Panthera Resources PLC (LSE: PAT), Thor Explorations Ltd (LSE: THX) and others.

Given its current trading levels, Limited Cash Reserves and Financial Pressure, recent rally in the share price, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 6.75 as of 23 December 2025 at 08:25 AM GMT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 23 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and/or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.