Cassius Reports 340-440Mt Limestone Resource and $1M Placement
Cassius Mining Limited reports significant progress on its Soalara Limestone Project in Madagascar, initiates joint venture talks, and advances a major arbitration case against Ghana, while raising $1 million in fresh capital.
- Soalara Limestone Project holds 340-440 Mt of high-purity limestone
- Company prioritizes early development and seeks joint venture partners
- Joint venture with Segia Gulf Group continues exploration in Saudi Arabia
- International arbitration against Ghana advances with damages claim of ~USD 277 million
- Raised approximately $1 million through share placement in January 2025
Soalara Limestone Project: A Strategic Asset
Cassius Mining Limited (ASX: CMD) has underscored the potential of its 100%-owned Soalara Limestone Project in Madagascar, revealing a JORC 2012 compliant Mineral Resource Estimate (MRE) ranging between 340 and 440 million tonnes of limestone at 97% purity. The deposit’s near-surface, flat-bedded geology with minimal overburden (average 1.5m) positions it as highly amenable to cost-effective open-pit mining.
Rather than expanding the resource base through further drilling, Cassius is pivoting towards early-stage development. The company has commenced engagement with experienced mining partners to explore joint venture opportunities and is actively consulting with limestone end users to align future production with market demand. The project’s proximity to Toliara port, approximately 28 kilometres away, offers logistical advantages for both domestic and international shipping.
Expanding Horizons: Saudi Arabia Joint Venture
In parallel, Cassius continues to advance its joint venture with Segia Gulf Group in Saudi Arabia, aligned with the Kingdom’s Vision 2030 initiative to unlock critical mineral resources. The JV is prioritizing gold exploration, awaiting upcoming tender rounds from the Ministry of Industry and Mineral Resources. This strategic partnership positions Cassius to capitalize on Saudi Arabia’s evolving mining landscape and investment incentives.
Legal Proceedings: Arbitration Against Ghana
Cassius’ wholly owned Ghanaian subsidiary is pursuing international arbitration against the Government of Ghana, seeking damages exceeding USD 275 million for alleged breaches of contract and statute. The arbitration tribunal has affirmed jurisdiction and is proceeding with the case, despite challenges including the recent successful removal of a Ghana-appointed arbitrator over impartiality concerns. Cassius filed its comprehensive claim memorial in December 2024, supported by expert reports and witness statements. The tribunal is currently in the process of appointing a replacement arbitrator, with Ghana’s defense submission due by September 2025.
Financial Position and Corporate Developments
On the financial front, Cassius raised approximately $1 million before expenses through a placement of over 100 million shares at $0.01 each in January 2025, bolstering its cash reserves to $342,000 at quarter-end. Operating and investing activities reflected ongoing exploration and evaluation expenditures, while the company secured a modest interest-free unsecured loan from a director to support liquidity. The recent Annual General Meeting saw all shareholder resolutions approved, providing governance stability as Cassius advances its strategic objectives.
Meanwhile, the company continues to monitor its 100%-owned Chene Lithium Project in Tanzania, maintaining exploration licenses over a 300 square kilometre area near Dodoma. The project remains on the market as Cassius seeks to divest non-core assets and focus resources on higher-priority developments.
Outlook
Cassius Mining’s Q2 FY2025 activities reflect a company transitioning from resource definition to development and commercialisation, while managing complex legal challenges and capital requirements. The Soalara Project’s scale and quality, combined with strategic partnerships and a strengthened balance sheet, set the stage for potential value creation. However, the outcome of the Ghana arbitration and the timing of Saudi exploration licenses remain key uncertainties.
Bottom Line?
Cassius is poised at a pivotal juncture, balancing resource development with legal and market challenges that will shape its near-term trajectory.
Questions in the middle?
- How soon can Cassius finalise a joint venture partner to advance Soalara’s development?
- What impact will the arbitration outcome against Ghana have on Cassius’s financial health and investor confidence?
- When will the next Saudi Arabian mineral exploration licenses be released, and how will this affect the JV’s exploration plans?