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Cora Gold Ltd on Monday said its annual loss widened due to an increase in impairment costs, but says 2023 will be a ‘pivotal’ year as the development of its Sanankoro project goes ahead.
The West Africa-focused gold company said its pretax loss widened to $2.5 million in 2022 from $1.8 million a year prior.
This was driven by impairment costs of intangible assets growing to $1.0 million from $466,000 in 2021.
Cash and cash equivalents fell year-on-year to $461,000 from $5.4 million.
Cora Gold did not declare a dividend for 2022, unchanged from a year before.
Looking ahead, Cora Gold said it will mainly focus on developing its Sanankoro project in southern Mali.
In March, Cora Gold raised $19.8 million in equity and convertible loan notes to fund Sanankoro.
Chief Executive Officer Bert Monro said: ‘2023 is set to be a pivotal year for Cora, and we remain focused on commencing construction in as short a time frame as practicable once permitting and financing is completed.’
Shares in Cora Gold were down 2.6% at 3.70 pence midday Monday in London.
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