Mali’s Council of Ministers has approved the renewal of Cora Gold Limited’s exploration license for the Sanankoro II gold project, the company announced on Monday.
The license renewal, covering 84.11 square kilometers, is part of a broader restructuring process aimed at consolidating mining infrastructure under a single exploration permit. Cora Gold, listed on London’s AIM market under the ticker CORA, now intends to pursue a mining license for approximately 100 square kilometers at Sanankoro, pending regulatory approval.
The approval follows Mali’s partial lifting of a mining license moratorium in March 2025, which had suspended most new and transfer applications since November 2022. The government has since resumed processing renewals, transitions from exploration to mining phases, and license transfers, though new license applications remain suspended.
Cora Gold secured $120 million in financing in April 2026 to fund development through the production phase, including a gold stream agreement. The company is also advancing Front-End Engineering Design (FEED) work and a drilling program targeting deposit extensions and near-mine targets.
The Sanankoro Gold Project comprises five contiguous licenses within the Yanfolila Gold Belt. The project’s probable reserves stand at 531,000 ounces at 1.13 grams per ton, according to company data. Bert Monro, the company’s executive director, described the license renewal as a significant milestone toward securing the larger mining permit and advancing the project’s restructuring process.
