Cora Gold agrees to conditional demerger of Senegal assets Madina Foulbé permit is located in the Mako Gold Belt of eastern Senegal. Credit: Parilov/Shutterstock.com. · Mining Technology · Parilov/Shutterstock.com. Shree Mishra Fri, November 13, 2026 at 3:47 AM EST 3 min read CORA.L -7.32% GC=F +0.43% West Africa-focused gold company Cora Gold has signed conditional agreements to separate its Senegalese assets into a newly established private company, Madina Minerals.
The move principally involves Cora Gold's 100% interest, before any state dilution, in the Madina Foulbé exploration permit located in the Mako Gold Belt of eastern Senegal.
Madina Minerals, which will serve as the holding company for these assets, is registered in the British Virgin Islands and will be owned by Cora Gold's shareholders following completion of the transaction.
The demerger remains subject to several conditions, including approval from Senegal's Ministry of Mines for the transfer of ownership of the Madina Foulbé permit to a wholly owned Madina subsidiary in Senegal, and the establishment of a depositary interest facility.
According to the agreements, completion of the demerger is expected five business days after these requirements are satisfied.
Under the terms outlined, Cora Gold will receive consideration of $1.4m payable upon completion.
This amount will be accounted for as an interest-free loan, repayable by 31 December 2027 with a 5% repayment premium, unless converted into Madina shares at the time of a future equity fundraising.
Shareholders of Cora Gold will receive Madina shares at a ratio of one Madina share for every ten Cora Gold shares held, unless they choose to opt out.
Shares in Madina will not be publicly tradeable while the company remains private.
Cora Gold CEO Bert Monro said: "As we work towards the commencement of construction at our flagship Sanankoro Gold Project in south Mali, Cora's board of directors believes that separating the Company's Senegalese assets will allow Cora to remain focused on delivering its first gold mine."
In addition, Cora Gold will provide Madina with initial working capital of $750,000 through unsecured convertible loan notes, which are also subject to a potential 5% conversion premium and a maturity in December 2027.
Once the demerger is completed, Madina will be responsible for its own funding.
Separately, Cora Gold has agreed to acquire the 2% net smelter return (NSR) interest in Madina Foulbé from BB First Commodity for $105,000 in cash before the deal's completion. This interest, which includes a buyout right of up to $2.5m, will remain with Cora Gold after the demerger.
In April 2026, Cora Gold signed a binding term sheet for $120m of gold stream financing with Eagle Eye Asset (EEA) to develop the Sanankoro Gold Project in southern Mali.
"Cora Gold agrees to conditional demerger of Senegal assets" was originally created and published by Mining Technology, a GlobalData owned brand.
