ABN - West Africa-focused mining junior Cora Gold has listed on London’s alternative investment market (AIM), raising US$4.5 million towards exploration activity at its flagship Sanankoro project in Mali.
The capital raising from the float gives the company a market capitalisation of around $11.9 million, while most of the proceeds from the listing will go towards surveying its Sanankoro deposit.
“We will occupy a niche in the London market,” said Cora’s chief executive Jon Forster. “There are very few peer comparisons, very few junior explorers and this is the sector that has the greatest chance of making multiples for investors.
“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.”
Cora is also planning an up to 10,000 metre exploration programme at other sites across the Yanfolila Gold Belt in Mali and Senegal, which are located in close proximity to existing gold mines.
Fellow AIM-listed miner Hummingbird is set to begin producing gold from its own project in the Yanfolila region this year, and has agreed to put some of its exploration targets into Cora’s portfolio, in return for 33% of Cora’s shares.