TIDMCORA
RNS Number : 9244L
Cora Gold Limited
16 September 2021
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
16 September 2021
Cora Gold Limited ('Cora' or 'the Company')
Interim Results for the Six Months Ended 30 June 2021
Cora Gold Limited, the West African focused gold company, is
pleased to announce its unaudited interim results for the six
months ended 30 June 2021.
Highlights
-- H1 2021 was a period of intense activity with the launch of
an expanded +40,000m drill programme at the Sanankoro Project:
-- Dual focus on targeting resource growth as well as infill
drilling to convert existing Inferred resources to Indicated
category
-- Results to date have been extremely encouraging with good
widths and high-grades in generally shallow oxides ore
-- Previously released drill results include:
-- 49m @15.55g/t Au (incl 8m @ 89.12g/t Au)
-- 19m @ 31.56g/t Au (incl 6m @ 95g/t Au)
-- 2m @ 146.43g/t Au
-- 32m @ 7.83g/t Au (incl 4m @53.86g/t Au)
-- 56m @ 3.54g/t Au (incl 21m @ 8.17g/t Au)
-- 8m @ 19.11g/t Au
-- 32m @ 4.43g/t Au
-- 21m @ 5.57g/t Au
-- 14m @8.54g/t Au
-- 54m @ 2.07g/t Au (incl 2m @ 17.71g/t Au)
-- 66m @ 1.58g/t Au)
-- Advancing updated Mineral Resource Estimate in H2 2021 and
Definitive Feasibility Study in H1 2022
-- Continued strong support from investors and existing
shareholders demonstrated through participation in a fundraising
for in excess of GBP3.13 million in June 2021.
-- Cash at end of June 2021 of US$5.7m
Bert Monro, Chief Executive Officer of Cora, commented: "The
first six months of this year have been particularly active for the
Company, with significant progress made towards our Definitive
Feasibility Study ('DFS') at our flagship Sanankoro Gold Project in
Mali. During the year-to-date, Cora has undertaken its largest ever
drilling campaign at our key Sanankoro asset, which has returned
consistently strong results across all target areas.
"Following the recently updated term sheet with Lionhead
Capital, Sanankoro is further de-risked and its future development
is well supported. The extremely encouraging results from our
drilling at Sanankoro also brings us closer to the updated mineral
resource estimate once all of the results of the campaign are
received later this year. DFS work is now gaining momentum and we
expect to publish this in H1 2022.
"I am incredibly grateful for the efforts of our onsite team in
Mali to deliver these excellent results, and for the support of the
board and management. I would also like to thank our shareholders
for their continued support and I look forward to providing further
updates to the market on our developments over the coming
months.
"This has been a very exciting period for Cora Gold with a
significant number of landmark events achieved as we transition
from explorer to producer over the coming years."
The Company's unaudited interim results for the six months ended
30 June 2021 will be made available on the Company's website at
http://www.coragold.com/category/company-reports .
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014, which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, until the release of this
announcement.
**S**
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Bert Monro / Norm Bailie Cora Gold Limited 0010
Christopher Raggett / Charlie finnCap Ltd +44 (0) 20 7220
Beeson (Nomad & Joint Broker) 0500
Turner Pope Investments +44 (0) 20 3657
Andy Thacker / James Pope (Joint Broker) 0050
St Brides Partners +44 (0) 20 7236
Susie Geliher / Selina Lovell (Financial PR) 1177
Consolidated Statement of Financial Position
as at 30 June 2021 and 2020, and 31 December 2020
All amounts stated in thousands of United States dollar
30 June 30 June 31 December
2021 2020 2020
Note(s) US$'000 US$'000 US$'000
Unaudited Unaudited
Non-current assets
---------- ----------- ----------- ------------
Intangible assets 3 16,974 12,577 13,665
________ ________ ________
---------- ----------- ----------- ------------
Current assets
---------- ----------- ----------- ------------
Trade and other receivables 4 46 72 59
---------- ----------- ----------- ------------
Cash and cash equivalents 5 5,676 3,631 4,514
________ ________ ________
---------- ----------- ----------- ------------
5,722 3,703 4,573
________ ________ ________
---------- ----------- ----------- ------------
Total assets 22,696 16,280 18,238
________ ________ ________
---------- ----------- ----------- ------------
Current liabilities
---------- ----------- ----------- ------------
Trade and other payables 6 (846) (156) (216)
________ ________ ________
---------- ----------- ----------- ------------
Total liabilities (846) (156) (216)
________ ________ ________
---------- ----------- ----------- ------------
Net current assets 4,876 3,547 4,357
________ ________ ________
---------- ----------- ----------- ------------
Net assets 21,850 16,124 18,022
________ ________ ________
---------- ----------- ----------- ------------
Equity and reserves
---------- ----------- ----------- ------------
Share capital 7 22,543 16,207 18,118
---------- ----------- ----------- ------------
Retained deficit (693) (83) (96)
________ ________ ________
---------- ----------- ----------- ------------
Total equity 21,850 16,124 18,022
________ ________ ________
---------- ----------- ----------- ------------
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2021 and 2020, and the year
ended 31 December 2020
All amounts stated in thousands of United States dollar (unless
otherwise stated)
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
Note(s) US$'000 US$'000 US$'000
Unaudited Unaudited
Overhead costs (716) (623) (727)
----------- ----------- -------------
Impairment of intangible assets 3 - - -
________ ________ ________
----------- ----------- ----------- -------------
Loss before income tax (716) (623) (727)
----------- ----------- -------------
Income tax - - -
________ ________ ________
----------- ----------- ----------- -------------
Loss for the period (716) (623) (727)
----------- ----------- -------------
Other comprehensive income - - -
________ ________ ________
----------- ----------- -------------
Total comprehensive loss for the (716) (623) (727)
period ________ ________ ________
----------- ----------- -------------
Earnings per share from continuing
operations attributable to owners
of the parent
----------- ----------- -------------
Basic earnings per share
(United States dollar) 2 (0.0034) (0.0041) (0.0041)
________ ________ ________
------------ ----------- ----------- -------------
Fully diluted earnings per share
(United States dollar) 2 (0.0034) (0.0041) (0.0041)
________ ________ ________
------------ ----------- ----------- -------------
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2021 and 2020,
and the year ended 31 December 2020
All amounts stated in thousands of United States dollar
Retained
Share (deficit) Total
capital / earnings equity
US$'000 US$'000 US$'000
As at 01 January 2020 12,675 493 13,168
________ ________ ________
Loss for the year - (727) (727)
________ ________ ________
----------- ----------- -----------
Total comprehensive loss for the - (727) (727)
year ________ ________ ________
----------- ----------- -----------
Proceeds from shares issued 3,554 - 3,554
----------- ----------- -----------
Issue costs (22) - (22)
----------- ----------- -----------
Proceeds from warrants exercised 1,911 - 1,911
----------- ----------- -----------
Share based payments - share options - 138 138
________ ________ ________
----------- ----------- -----------
Total transactions with owners,
recognised directly in equity 5,443 138 5,581
________ ________ ________
----------- ----------- -----------
As at 31 December 2020 18,118 (96) 18,022
________ ________ ________
----------- ----------- -----------
Unaudited
As at 01 January 2020 12,675 493 13,168
________ ________ ________
Loss for the period - (623) (623)
________ ________ ________
----------- ----------- -----------
Total comprehensive loss for - (623) (623)
the period ________ ________ ________
----------- ----------- -----------
Proceeds from shares issued 3,554 - 3,554
----------- ----------- -----------
Issue costs (22) - (22)
----------- ----------- -----------
Share based payments - share - 47 47
options ________ ________ ________
----------- ----------- -----------
Total transactions with owners,
recognised directly in equity 3,532 47 3,579
________ ________ ________
----------- ----------- -----------
As at 30 June 2020 Unaudited 16,207 (83) 16,124
________ ________ ________
----------- ----------- -----------
Retained
Share (deficit) Total
capital / earnings equity
US$'000 US$'000 US$'000
Unaudited
As at 01 January 2021 18,118 (96) 18,022
________ ________ ________
Loss for the period - (716) (716)
________ ________ ________
----------- ----------- -----------
Total comprehensive loss for the - (716) (716)
period ________ ________ ________
----------- ----------- -----------
Proceeds from shares issued 4,433 - 4,433
----------- ----------- -----------
Issue costs (8) - (8)
----------- ----------- -----------
Share based payments - share options - 119 119
________ ________ ________
----------- ----------- -----------
Total transactions with owners,
recognised directly in equity 4,425 119 4,544
________ ________ ________
----------- ----------- -----------
As at 30 June 2021 Unaudited 22,543 (693) 21,850
________ ________ ________
----------- ----------- -----------
Consolidated Statement of Cash Flows
for the six months ended 30 June 2021 and 2020, and the year
ended 31 December 2020
All amounts stated in thousands of United States dollar
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
Note(s) US$'000 US$'000 US$'000
Unaudited Unaudited
Cash flows from operating activities
---------- ----------- ----------- -------------
Loss for the period (716) (623) (727)
---------- ----------- ----------- -------------
Adjustments for:
---------- ----------- ----------- -------------
Share based payments 119 47 138
---------- ----------- ----------- -------------
Decrease in trade and other receivables 13 114 127
---------- ----------- ----------- -------------
Increase / (decrease) in trade and 630 (294) (179)
other payables ________ ________ ________
---------- ----------- ----------- -------------
Net cash generated from / (used) in 46 (756) (641)
operating activities ________ ________ ________
---------- ----------- ----------- -------------
Cash flows from investing activities
---------- ----------- ----------- -------------
Additions to intangible assets 3 (3,309) (1,203) (2,346)
________ ________ ________
---------- ----------- ----------- -------------
Net cash used in investing activities (3,309) (1,203) (2,346)
________ ________ ________
---------- ----------- ----------- -------------
Cash flows from financing activities
---------- ----------- ----------- -------------
Proceeds from shares issued 7 4,433 3,554 5,465
---------- ----------- ----------- -------------
Issue costs 7 (8) (22) (22)
________ ________ ________
---------- ----------- ----------- -------------
Net cash generated from financing 4,425 3,532 5,443
activities ________ ________ ________
---------- ----------- ----------- -------------
Net increase in cash and cash equivalents 1,162 1,573 2,456
---------- ----------- ----------- -------------
Cash and cash equivalents at beginning 5 4,514 2,058 2,058
of period ________ ________ ________
---------- ----------- ----------- -------------
Cash and cash equivalents at end of 5 5,676 3,631 4,514
period ________ ________ ________
---------- ----------- ----------- -------------
Notes to the Condensed Consolidated Financial Statements
for the six months ended 30 June 2021 and 2020, and the year
ended 31 December 2020
All tabulated amounts stated in thousands of United States
dollar (unless otherwise stated)
1. General information
The principal activity of Cora Gold Limited (the 'Company') and
its subsidiaries (together the ' Group ') is the exploration and
development of mineral projects, with a primary focus in West
Africa. The Company is incorporated and domiciled in the British
Virgin Islands. The address of its registered office is Rodus
Building, Road Reef Marina, P.O. Box 3093, Road Town, Tortola
VG1110, British Virgin Islands.
The condensed consolidated interim financial statements of the
Group for the six months ended 30 June 2021 comprise the results of
the Group and have been prepared in accordance with AIM Rules for
Companies. As permitted, the Company has chosen not to adopt IAS 34
'Interim Financial Reporting' in preparing these interim financial
statements.
The condensed consolidated interim financial statements for the
period 01 January to 30 June 2021 are unaudited. In the opinion of
the directors the condensed consolidated interim financial
statements for the period present fairly the financial position,
and results from operations and cash flows for the period in
conformity with generally accepted accounting principles
consistently applied. The condensed consolidated interim financial
statements incorporate unaudited comparative figures for the
interim period 01 January to 30 June 2020 and extracts from the
audited financial statements for the year ended 31 December
2020.
The interim report has not been audited or reviewed by the
Company' s auditor.
The key risks and uncertainties and critical accounting
estimates remain unchanged from 31 December 2020 and the accounting
policies adopted are consistent with those used in the preparation
of its financial statements for the year ended 31 December
2020.
As at 30 June 2021 and 2020, and 31 December 2020 the Company
held:
-- a 100% shareholding in Cora Gold Mali SARL (registered in the
Republic of Mali; the address of its registered office is Rue 224
Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali);
-- a 100% shareholding in Cora Exploration Mali SARL (the
address of its registered office is Rue 224 Porte 1279, Hippodrome
1, BP 2788, Bamako, Republic of Mali);
-- a 95% shareholding in Sankarani Ressources SARL (the address
of its registered office is Rue 841 Porte 202, Faladiè SEMA, BP
366, Bamako, Republic of Mali); and
-- Cora Resources Mali SARL (registered in the Republic of Mali;
the address of its registered office is Rue 841 Porte 202, Faladiè
SEMA, BP 366, Bamako, Republic of Mali) was a wholly owned
subsidiary of Sankarani Ressources SARL.
The remaining 5% of Sankarani Ressources SARL can be purchased
from a third party for US$1,000,000.
2. Earnings per share
The calculation of the basic and fully diluted earnings per
share attributable to the equity shareholders is based on the
following data:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Unaudited Unaudited
Net loss attributable to equity shareholders (716) (623) (727)
_______ _______ _______
----------- ----------- -------------
Weighted average number of shares for
the purpose of 210,296 153,076 175,680
basic earnings per share (000's) _______ _______ _______
----------- ----------- -------------
Weighted average number of shares for
the purpose of 210,296 153,076 175,680
fully diluted earnings per share (000's) _______ _______ _______
----------- ----------- -------------
Basic earnings per share
(United States dollar) (0.0034) (0.0041) (0.0041)
_______ _______ _______
----------- ----------- -------------
Fully diluted earnings per share
(United States dollar) (0.0034) (0.0041) (0.0041)
_______ _______ _______
----------- ----------- -------------
As at 30 June 2021 and 31 December 2020 the Company's issued and
outstanding capital structure comprised a number of ordinary shares
and share options (see Note 7).
As at 30 June 2020 the Company's issued and outstanding capital
structure comprised a number of ordinary shares, warrants and share
options (see Note 7).
3. Intangible assets
Intangible assets relate to exploration and evaluation project
costs capitalised as at 30 June 2021 and 2020, and 31 December
2020, less impairment.
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Unaudited Unaudited
As at 01 January 13,665 11,374 11,374
----------- ----------- -------------
Additions 3,309 1,203 2,291
----------- ----------- -------------
Impairment - - -
_______ _______ _______
----------- ----------- -------------
As at period end 16,974 12,577 13,665
_______ _______ _______
----------- ----------- -------------
Additions to project costs during the six months ended 30 June
2021 and 2020, and the year ended 31 December 2020 were in the
following geographical areas:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Unaudited Unaudited
Mali 3,286 1,008 1,982
----------- ----------- -------------
Senegal 23 195 309
_______ _______ _______
----------- ----------- -------------
Additions to project costs 3,309 1,203 2,291
_______ _______ _______
----------- ----------- -------------
Project costs capitalised as at 30 June 2021 and 2020, and 31
December 2020 related to the following geographical areas:
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Unaudited Unaudited
Mali 16,534 12,274 13,248
----------- ----------- ------------
Senegal 440 303 417
_______ _______ _______
----------- ----------- ------------
As at period end 16,974 12,577 13,665
_______ _______ _______
----------- ----------- ------------
4. Trade and other receivables
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Unaudited Unaudited
Other receivables 21 49 21
----------- ----------- ------------
Prepayments 25 23 38
_______ _______ _______
----------- ----------- ------------
46 72 59
_______ _______ _______
------------------- ----------- ----------- ------------
5. Cash and cash equivalents
Cash and cash equivalents held as at 30 June 2021 and 2020, and
31 December 2020 were in the following currencies:
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Unaudited Unaudited
British pound sterling (GBPGBP) 3,403 3,587 4,456
----------- ----------- ------------
United States dollar (US$) 2,087 9 9
----------- ----------- ------------
CFA franc (XOF) 174 12 30
----------- ----------- ------------
Euro (EUREUR) 12 23 19
_______ _______ _______
----------- ----------- ------------
5,676 3,631 4,514
_______ _______ _______
--------------------------------- ----------- ----------- ------------
6. Trade and other payables
30 June 30 June 31 December
2021 2020 2020
US$'000 US$'000 US$'000
Unaudited Unaudited
Trade payables 434 75 138
----------- ----------- ------------
Other payables and taxes - 55 -
----------- ----------- ------------
Accruals 412 26 78
_______ _______ _______
----------- ----------- ------------
846 156 216
_______ _______ _______
-------------------------- ----------- ----------- ------------
7. Share capital
The Company is authorised to issue an unlimited number of no par
value shares of a single class.
As at 31 December 2019 the Company's issued and outstanding
capital structure comprised:
-- 129,676,567 ordinary shares;
-- warrants to subscribe for 30,714,285 ordinary shares in the
capital of the Company at a price of 10 pence (British pound
sterling) per ordinary share expiring on 30 September 2020;
-- warrants to subscribe for 320,575 ordinary shares in the
capital of the Company at a price of 16.5 pence (British pound
sterling) per ordinary share expiring on 09 October 2020;
-- share options over 1,900,000 ordinary shares in the capital
of the Company exercisable at 16.5 pence (British pound sterling)
per ordinary share expiring on 18 December 2022; and
-- share options over 6,200,000 ordinary shares in the capital
of the Company exercisable at 8.5 pence (British pound sterling)
per ordinary share expiring on 09 October 2023.
On 22 April 2020 the Company closed a subscription for
60,838,603 ordinary shares in the capital of the Company at a price
of 4.75 pence (British pound sterling) per ordinary share for total
gross proceeds of GBPGBP2,889,833.64. Certain directors of the
Company participated in this subscription.
As at 30 June 2020 the Company's issued and outstanding capital
structure comprised:
-- 190,515,170 ordinary shares;
-- warrants to subscribe for 30,714,285 ordinary shares in the
capital of the Company at a price of 10 pence (British pound
sterling) per ordinary share expiring on 30 September 2020;
-- warrants to subscribe for 320,575 ordinary shares in the
capital of the Company at a price of 16.5 pence (British pound
sterling) per ordinary share expiring on 09 October 2020;
-- share options over 1,900,000 ordinary shares in the capital
of the Company exercisable at 16.5 pence (British pound sterling)
per ordinary share expiring on 18 December 2022; and
-- share options over 6,200,000 ordinary shares in the capital
of the Company exercisable at 8.5 pence (British pound sterling)
per ordinary share expiring on 09 October 2023.
Prior to expiry on 30 September 2020 warrants to subscribe for
14,866,989 ordinary shares in the capital of the Company at a price
of 10 pence (British pound sterling) per ordinary share were
exercised for total gross proceeds of GBPGBP1,486,698.90. A
director of the Company participated in this exercise of warrants.
The balance of warrants to subscribe for 15,847,296 ordinary shares
in the capital of the Company at a price of 10 pence (British pound
sterling) per ordinary share expired on 30 September 2020.
Warrants to subscribe for 320,575 ordinary shares in the capital
of the Company at a price of 16.5 pence (British pound sterling)
per ordinary share expired on 09 October 2020.
On 12 October 2020 the board of directors granted and approved
share options over 7,200,000 ordinary shares in the capital of the
Company exercisable at 10 pence (British pound sterling) per
ordinary share expiring on 12 October 2025.
As at 31 December 2020 the Company's issued and outstanding
capital structure comprised:
-- 205,382,159 ordinary shares;
-- share options over 1,900,000 ordinary shares in the capital
of the Company exercisable at 16.5 pence (British pound sterling)
per ordinary share expiring on 18 December 2022;
-- share options over 6,200,000 ordinary shares in the capital
of the Company exercisable at 8.5 pence (British pound sterling)
per ordinary share expiring on 09 October 2023; and
-- share options over 7,200,000 ordinary shares in the capital
of the Company exercisable at 10 pence (British pound sterling) per
ordinary share expiring on 12 October 2025.
On 09 June 2021 the Company closed a subscription for 40,425,000
ordinary shares in the capital of the Company at a price of 7.75
pence (British pound sterling) per ordinary share for total gross
proceeds of GBPGBP3,132,937.50. Certain directors of the Company
participated in this subscription.
With effect from 15 June 2021 Hummingbird Resources plc
(AIM:HUM) was no longer a shareholder of the Company and as a
result share options over 275,000 ordinary shares in the capital of
the Company exercisable at 16.5 pence (British pound sterling) per
ordinary share expiring on 18 December 2022 were cancelled.
Furthermore in June 2021 share options over 100,000 ordinary shares
in the capital of the Company exercisable at 10 pence (British
pound sterling) per ordinary share expiring on 12 October 2025 were
cancelled following cessation of a contract with a service
provider.
As at 30 June 2021 the Company's issued and outstanding capital
structure comprised:
-- 245,807,159 ordinary shares;
-- share options over 1,625,000 ordinary shares in the capital
of the Company exercisable at 16.5 pence (British pound sterling)
per ordinary share expiring on 18 December 2022;
-- share options over 6,200,000 ordinary shares in the capital
of the Company exercisable at 8.5 pence (British pound sterling)
per ordinary share expiring on 09 October 2023; and
-- share options over 7,100,000 ordinary shares in the capital
of the Company exercisable at 10 pence (British pound sterling) per
ordinary share expiring on 12 October 2025.
Movements in capital during the six months ended 30 June 2021
and 2020, and the year ended 31 December 2020 were as follows:
Number of warrants Number of share options
---------------------------- -----------------------------------------
at 16.5 at 10 at 16.5 at 8.5 at 10
pence pence pence pence pence
expiring expiring expiring expiring expiring
Number 09 October 30 September 18 December 09 October 12 October Proceeds
of shares 2020 2020 2022 2023 2025 US$'000
------------ -------------- ------------- ------------ ------------
As at 01 January
2020 129,676,567 320,575 30,714,285 1,900,000 6,200,000 - 12,675
------------ ------------ -------------- ------------- ------------ ------------ ---------
Subscription 60,838,603 - - - - - 3,554
------------ ------------ -------------- ------------- ------------ ------------ ---------
Issue costs - - - - - - (22)
__________ _________ __________ _________ _________ _________ _______
------------ ------------ -------------- ------------- ------------ ------------ ---------
As at 30 June
2020 Unaudited 190,515,170 320,575 30,714,285 1,900,000 6,200,000 - 16,207
------------ ------------ -------------- ------------- ------------ ------------ ---------
Granting of share - - - - - 7,200,000 -
options
------------ ------------ -------------- ------------- ------------ ------------ ---------
Exercise of
warrants 14,866,989 - (14,866,989) - - - 1,911
------------ ------------ -------------- ------------- ------------ ------------ ---------
Warrants expired - (320,575) (15,847,296) - - - -
__________ _________ __________ _________ _________ _________ _______
------------ ------------ -------------- ------------- ------------ ------------ ---------
As at 31 December
2020 205,382,159 - - 1,900,000 6,200,000 7,200,000 18,118
------------ ------------ -------------- ------------- ------------ ------------ ---------
Unaudited
------------ ------------ -------------- ------------- ------------ ------------ ---------
Subscription 40,425,000 - - - - - 4,433
------------ ------------ -------------- ------------- ------------ ------------ ---------
Issue costs - - - - - - (8)
------------ ------------ -------------- ------------- ------------ ------------ ---------
Cancellation of - - - (275,000) - (100,000) -
share options __________ _________ __________ _________ _________ ________ _______
------------ ------------ -------------- ------------- ------------ ------------ ---------
As at 30 June 245,807,159 - - 1,625,000 6,200,000 7,100,000 22,543
2021 Unaudited __________ _________ __________ _________ _________ _________ _______
------------ ------------ -------------- ------------- ------------ ------------ ---------
8. Ultimate controlling party
The Company does not have an ultimate controlling party.
As at 30 June 2021 the Company's largest shareholder was
Brookstone Business Inc ('Brookstone' ) which held 71,260,025
ordinary shares, being 28.99% of the total number of ordinary
shares issued and outstanding. Brookstone is wholly owned and
controlled by First Island Trust Company Limited as Trustee of the
Nodo Trust, a discretionary trust with a broad class of potential
beneficiaries. Patrick Quirk, father of Paul Quirk (Non-Executive
Director of the Company), is a potential beneficiary of the Nodo
Trust.
Brookstone, Key Ventures Holding Ltd ('KVH') and Paul Quirk
(Non-Executive Director of the Company) (collectively the
'Investors'; as at 30 June 2021 their aggregated shareholdings
being 34.55% of the total number of ordinary shares issued and
outstanding) have entered into a Relationship Agreement to regulate
the relationship between the Investors and the Company on an arm's
length and normal commercial basis. In the event that Investors'
aggregated shareholdings becomes less than 30% then the
Relationship Agreement shall terminate. KVH is wholly owned and
controlled by First Island Trust Company Limited as Trustee of The
Sunnega Trust, a discretionary trust with a broad class of
potential beneficiaries. Paul Quirk (Non-Executive Director of the
Company) is a potential beneficiary of The Sunnega Trust.
9. Contingent liabilities
A number of the Company's project areas have potential net
smelter return royalty obligations, together with options for the
Company to buy out the royalty. At the current stage of
development, it is not considered that the outcome of these
contingent liabilities can be considered probable or reasonably
estimable and hence no provision has been recognised in the
financial statements.
10. Capital commitments
On 10 March 2020 the Group entered into a contract with
International Drilling Company Africa for 2,000 metres of drilling
at the Madina Foulb é Permit in eastern Senegal. Drilling was
suspended in April 2020 due to the COVID-19 pandemic. As at the
time of suspension 642 metres of drilling had been completed and in
accordance with the terms of the contract the Group had incurred
expenditure of US$37,360. Drilling is expected to resume when it is
possible and safe to do so.
On 14 April 2020 the Company entered into a contract with Digby
Wells Environmental (Jersey) Limited to conduct an Environmental
and Social Impact Assessment (' ESIA ') for the Sanankoro Gold
Project. Total estimated fees in respect of the ESIA are
approximately US$376,400. As at 30 June 2021 under the terms of the
contract the Company had made payment of US$209,774. The ESIA will
form part of the Definitive Feasibility Study (' DFS ') for the
Sanankoro Gold Project which is expected to be completed in the
first half of 2022.
On 10 February 2021 the Company entered into a contract with
Capital Drilling Mali SARL for 20,000 metres of reverse circulation
drilling and 2,000 metres of diamond drilling at the Sanankoro Gold
Project. As at 30 June 2021 19,793 metres of reverse circulation
drilling and 1,138 metres of diamond drilling had been completed at
a cost of US$1,272,532 including ancillary costs.
On 16 March 2021 the Company entered into a contract with
Geodrill Limited for 10,000 metres of reverse circulation drilling
at the Sanankoro Gold Project. As at 30 June 2021 2,374 metres of
reverse circulation drilling had been completed at a cost of
US$129,427 including ancillary costs.
11. Events after the reporting date
Subsequent to 30 June 2021 the Company entered into contracts
with the following contractors in respect of the DFS for the
Sanankoro Gold Project:
-- New SENET (Pty) Ltd, independent project manager;
-- CSA Global Pty Ltd, geological and mining consultants; and
-- Epoch Resources (Pty) Ltd, tailings storage facility consultants.
Total estimated fees in respect of the above contractors are
approximately US$1,000,000. The DFS is expected to be completed in
the first half of 2022.
On 06 September 2021 share options expiring on 09 October 2023
were exercised over 1,250,000 ordinary shares in the capital of the
Company at a price of 8.5 pence (British pound sterling) per
ordinary share for total gross proceeds of GBPGBP106,250.
Immediately upon completion of this transaction on 10 September
2021, when the resulting shares were admitted to trading on AIM,
the total number of ordinary shares on issue was 247,057,159.
On 07 September 2021 the Company entered into a conditional
US$25 million mandate and term sheet with investment firm Lionhead
Capital Advisors Proprietary Limited ('Lionhead') to fund the
development of the Company's Sanankoro Gold Project in southern
Mali. This is conditional on, among other matters, the completion
of a Definitive Feasibility Study on the Sanankoro Gold Project by
30 June 2022. Paul Quirk (Non-Executive Director of the Company) is
a director of Lionhead. The US$25 million project financing
comprises US$12.5 million equity and US$12.5 million convertible
loan note. This mandate and term sheet replaces the previous one
with Lionhead dated 17 June 2020 which was for US$21 million.
12. Approval of condensed consolidated interim financial statements
The condensed consolidated interim financial statements were
approved and authorised for issue by the board of directors of Cora
Gold Limited on 14 September 2021.
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END
IR DKPBBOBKDKCD
(END) Dow Jones Newswires
September 16, 2021 02:00 ET (06:00 GMT)
Cora Gold (LSE:CORA)
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