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

11 September 2023

Cora Gold Limited

('Cora' or 'the Company')

Update on Convertible Loan Notes

Cora Gold Limited, the West African focused gold company, is pleased to confirm the extension of certain convertible loan rights due to mature on 09 September 2023.

On 13 March 2023 the Company issued convertible loan notes ('CLN') pursuant to a Convertible Loan Note Instrument dated 28 February 2023 (the 'CLNI'). The CLN were for a total of US$15,875,000 to be convertible into ordinary shares in the capital of the Company and with a maturity date of 09 September 2023, being the date 180 days from the date of issue of the CLN. Holders of CLN (the 'Noteholders') have now approved a number of amendments to the CLNI, including, among others, the extension to the maturity date to 12 March 2024, being 365 days from the date of issue of the CLN.

Certain Noteholders requested the early repayment of outstanding CLN for a total principal amount of US$625,000 plus 5%. Accordingly, as at the date of this announcement, these amendments have resulted in the Company having an unsecured obligation in relation to issued and outstanding CLN for a total of US$15,250,000, being convertible into ordinary shares in accordance with the CLNI as amended.

Bert Monro, Chief Executive Officer of Cora, commented, "I am very pleased with the ongoing support received from Cora's Noteholders and long-term shareholders. The Company currently has balances of cash and cash equivalents in excess of US$17.25 million. Following the recent promulgation of a new Mining Code in Mali, we look forward to the government's lifting of its moratorium on issuing new mining permits such that we may, in due course, progress application for a mining permit over Cora's flagship Sanankoro Gold Project. In addition, we look forward to providing progress updates on the funding of the Sanankoro Gold Project following the appointment of Atlantique Finance to act as sole adviser in the structuring and mobilisation of a medium-term loan of US$70 million in CFA franc ('XOF') to support funding the development of the project (see RNS dated 28 June 2023)."

Amendments to Convertible Loan Note Instrument dated 28 February 2023

Prior to the maturity date of 09 September 2023 for the CLN, the Noteholders approved the following amendments to the CLNI (see RNS dated 06 February 2023):

-     Maturity Date: 365 days following the date of issue of the CLN;

-     Mandatory Conversion Price: after the date falling 180 days after the date of issue of the CLN, at the lower of (a) US$0.0487 per ordinary share, (b) the market price per ordinary share as at the date of the Mandatory Conversion and (c) the price of any equity issuance by the Company in the prior 60 days (excluding shares issued pursuant to the Company's Share Option Scheme or pursuant to terms of any other agreement entered into prior to the issue date of the CLN);

-     Voluntary Conversion Price: after the date falling 180 days after the date of issue of the CLN, at US$0.0487 per ordinary share; and

-     Early Repayment: prior to the date falling 180 days after the date of issue of the CLN, Noteholders may elect to request the early repayment of outstanding CLN, which shall be redeemed by the Company for par value of the principal amount of the CLN plus five per cent (5%) of the principal amount of the CLN.

Change of Name of Nominated Adviser and Broker

The Company also announces that its Nominated Adviser and Broker has changed its name to Cavendish Capital Markets Ltd following completion of its own corporate merger.

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 de-risked project areas within two known gold belts in Mali and Senegal. 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, south 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.