Cassius Reports Up to 440 Mt Limestone Resource and $1.53m Equity Raise

Soalara Limestone Project: Near-Term Development Momentum

Cassius Mining Limited has reported encouraging developments in its flagship Soalara Limestone Project in Madagascar. The project boasts a JORC 2012 Mineral Resource Estimate ranging between 340 and 440 million tonnes of limestone with purity levels up to 98.6%. The deposit’s shallow, near-surface nature and proximity to the Toliara sea port underpin its potential for cost-effective open-pit mining and export logistics.

During the quarter, Cassius engaged a specialist third party to identify and initiate discussions with potential mining and offtake partners. These efforts have yielded initial interest from an international mining operator with five decades of experience, as well as from major companies active in Madagascar’s infrastructure sector. Such partnerships could be pivotal in transitioning Soalara from resource to revenue-generating asset.

Saudi Arabia Joint Venture: Strategic Positioning Under Vision 2030

In Saudi Arabia, Cassius continues its joint venture with Segia Gulf Group, aligning with the Kingdom’s Vision 2030 initiative aimed at unlocking mineral wealth and diversifying the economy. The JV remains focused on gold exploration licenses, carefully reviewing tender rounds issued by the Ministry of Industry and Mineral Resources. While no license applications have been submitted yet, the JV’s selective approach reflects a disciplined strategy to capitalize on Saudi Arabia’s evolving mining landscape.

International Arbitration Against Ghana: A High-Stakes Legal Battle

Cassius’ wholly owned Ghanaian subsidiary is advancing an international arbitration case against the Government of Ghana, seeking damages exceeding USD 275 million due to alleged breaches of contract and statute. The company filed its full Memorial in December 2024, supported by expert reports valuing damages at approximately USD 277 million (AUD 443 million). The arbitration tribunal has been reconstituted following the successful challenge to an arbitrator’s impartiality, with the final hearing scheduled for June 15-19, 2026, at The Hague.

Negotiations for third-party funding continue, with Cassius aiming to secure more favourable terms that would reduce future funding costs and benefit shareholders in the event of a successful award or settlement. This legal proceeding represents a material potential upside but also carries inherent timing and outcome uncertainties.

Chenene Lithium Project: Divestment Strategy Progresses

The company’s Chenene Lithium Project in Tanzania, covering approximately 300 square kilometres near Dodoma, remains on the market. The project hosts lithium-bearing pegmatites alongside caesium and tantalum, situated within a geologically promising belt. Cassius has engaged an external agent to assist with the sale, signaling a strategic focus on core assets and capital recycling.

Financial Position and Corporate Activity

To support its activities, Cassius completed two equity placements raising approximately AUD 1.53 million before expenses, including a $1 million placement in January 2025 and a $530,000 placement in April 2025. The company ended the quarter with cash reserves of AUD 490,000 and maintains an unsecured loan facility of AUD 200,000 from a director, providing some liquidity cushion as it advances its projects and arbitration case.

Overall, Cassius Mining is navigating a complex portfolio of development, legal, and corporate initiatives. The company’s ability to convert resource potential into commercial outcomes, successfully resolve its arbitration claim, and manage capital efficiently will be critical to its medium-term trajectory.