Cora Gold Plans Demerger of Senegal Assets Into New Private Company

06:02 AM EST, 11/12/2026 (MT Newswires) -- Cora Gold (CORA.L) entered into conditional agreements to demerge its Senegalese exploration assets into Madina Minerals, a new private company to be owned by Cora's shareholders. The assets mainly comprise the West Africa-focused gold company's 100% interest, before potential dilution by the state, in the Madina Foulbé exploration permit, according to a Thursday release. Eligible shareholders will receive one Madina share for every 10 Cora shares held, subject to an opt-out option. Madina will pay Cora $1.4 million in consideration, structured as an interest-free loan due by Dec. 31, 2027, with a 5% repayment premium. Cora will also provide Madina with $750,000 in initial working capital through convertible loan notes. The demerger is subject to approval by the Senegalese Ministry of Mines for the permit transfer and the establishment of a depositary interest facility. Cora said the separation will allow it to focus on advancing the Sanankoro gold project in Mali.