Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

13 March 2023

Cora Gold Limited

('Cora' or 'the Company')

Update on Capital Structure and Granting of Share Options

Cora Gold Limited, the West African focused gold company, is pleased to provide an update on its capital structure and announce the granting of share options.

Highlights

●    The Company has now closed its fundraise for gross proceeds of US$19.803 million (announcement dated 10 March 2023)

●    Share options granted to directors, management and consultants over 14,350,000 ordinary shares exercisable at 4 pence per ordinary share expiring on 13 March 2028

Bert Monro, Chief Executive Officer of Cora, commented, "I am very pleased with the strong support received for Cora's recent fundraise. Over the coming months we look forward to providing progress updates on our flagship Sanankoro Gold Project."

Grant of Share Options

Immediately following the closing of the fundraise on 08 March 2023, in accordance with the Company's Share Option Scheme dated 18 December 2017 the board of directors granted and approved share options ('Options') over 14,350,000 ordinary shares, equivalent to 3.88% of the issued share capital of the Company, to certain directors, management and consultants. The exercise price of the Options is 4 pence per ordinary share, representing a premium of 0.25% to the average closing mid-market price of the ordinary shares on the 10 trading days prior to the date of grant. The Options expire on 13 March 2028.

In addition, regarding vesting:

a.   one quarter of the Options vest immediately;

b.   one quarter of the Options vest on 13 September 2023;

c.   one quarter of the Options vest on 13 March 2024; and

d.   one quarter of the Options vest on 13 September 2024.

Following the grant of the Options, the total number of share options over ordinary shares is 30,450,000, equivalent to 8.22% of the current ordinary issued share capital of the Company.

Immediately post granting of the above Options the Company's issued and outstanding capital structure comprised:

●    370,217,718 ordinary shares;

●    share options over 4,950,000 ordinary shares in the capital of the Company exercisable at 8.5 pence per ordinary Share expiring on 09 October 2023;

●    share options over 4,600,000 ordinary shares in the capital of the Company exercisable at 10 pence per ordinary share expiring on 12 October 2025;

●    share options over 6,550,000 ordinary shares in the capital of the Company exercisable at 10.5 pence per ordinary share expiring on 08 December 2026; and

●    share options over 14,350,000 ordinary shares in the capital of the Company exercisable at 4 pence per ordinary share expiring on 13 March 2028.

In addition, the Company had an unsecured obligation in relation to issued and outstanding Convertible Loan Notes for a total of US$15,875,000, being convertible into ordinary shares in accordance with the Convertible Loan Note Instrument dated 28 February 2023. These Convertible Loan Notes were issued on 13 March 2023 and have a maturity date of 09 September 2023.

Market Abuse Regulation ('MAR') Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.

**ENDS**

For further information, please visit http://www.coragold.com or contact:

Notes

Cora is a West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering c.900 sq km. Led by a team with a proven track record in making multi-million ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, southern Mali, into an open pit oxide mine. Based on a gold price of US$1,750/oz and a Maiden Probable Reserve of 422 koz at 1.3 g/t Au the project has strong economic fundamentals, including 52% IRR, US$234 million Free Cash Flow over life of mine and all-in sustaining costs of US$997/oz.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMR') AND PERSONS CLOSELY ASSOCIATED WITH THEM: