Cora Gold results don’t encourage investors

AIM-listed gold miner Cora Gold (LON:CORA) saw its share price sink by 6.44% to 8.89p (as of 16:15 BST) after reporting a loss for the six months ended 30th June. The company posted no revenues for the period but there were positive exploration results from ongoing programmes in Mali and Senegal.

CEO Bert Monro commented: “The year to date has been an active time for the Company on all fronts with significant progress made in particular on the Sanankoro Gold Project. The combination of a very positive Scoping Study, with an 107% Internal rate of return at a US$1,500/oz gold price, and a recent US$21m Term Sheet to fund the construction of Sanankoro, puts us in a strong position as we move in to the next stage of development.

“Despite the uncertainty of the last six months we have managed to work safely and effectively and it’s a huge testament to the quality of the Cora exploration team. I am extremely grateful for the effort they have put in, delivering excellent results under challenging conditions.

“We are very much looking forward to our next season of work programmes with the bigger picture of working towards the completion of a DFS on Sanankoro by the end of 2021. I would like to extend a warm thanks to our shareholders and stakeholders who continue to be supportive of our activities. We look forward to giving updates on further developments in the coming months“.