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

02 April 2025

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 £1.550 million (British pound sterling) before expenses (see announcement dated 26 March 2025)

●    Share options granted to directors and employees plus consultants over 19,150,000 ordinary shares exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030

Bert Monro, Chief Executive Officer of Cora, commented, "I am very pleased with the continued strong support we have received in this fundraise from many of our existing shareholders. We look forward to providing further updates on progress at Sanankoro, including the updated Definitive Feasibility Study and permitting for a mining permit."

Grant of Share Options

Following the closing of the fundraise on 01 April 2025, in accordance with the Company's Share Option Scheme dated 18 December 2017 the board of directors granted and approved share options ('Options') over 19,150,000 ordinary shares, equivalent to 3.95% of the issued share capital of the Company, to certain directors, management and consultants. The exercise price of the Options is 6.25 pence (British pound sterling) per ordinary share, representing a premium of 6.52% 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 01 April 2030. In addition, regarding vesting:

●    one quarter of the Options vest immediately;

●    one quarter of the Options vest on 01 October 2025;

●    one quarter of the Options vest on 01 April 2026; and

●    one quarter of the Options vest on 01 October 2026.

Following the grant of the Options, the total number of share options over ordinary shares is 41,850,000, equivalent to 8.63% 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:

●    484,802,350 ordinary shares;

●    warrants to subscribe for 32,624,205 ordinary shares in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027;

●    share options over 4,300,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025;

●    share options over 5,050,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;

●    share options over 13,350,000 ordinary shares in the capital of the Company exercisable at 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028; and

●    share options over 19,150,000 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030.

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, follow us on social media (LinkedIn: www.linkedin.com/company/cora-gold/; and X: @cora_gold) 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 Oxide Reserve of 422 koz at 1.3 g/t Au, the 2022 Definitive Feasibility Study showed that 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. Alongside this, the Company continues to seek value opportunities across its portfolio and has identified large scale gold mineralisation potential at the Madina Foulbé exploration permit within the Kenieba Project Area of east Senegal.

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