Cassius Advances Soalara JV Talks While Raising $532K Amid Tight Cash Flow
Cassius Mining advances its Soalara Limestone Project with ongoing joint venture discussions, pursues a substantial $277 million arbitration claim against Ghana, and manages tight cash flow through recent capital raises.
- Soalara Limestone Project JV discussions with three international groups
- USD 277 million arbitration claim against Ghana progressing to 2026 hearing
- Active participation in Saudi Arabia’s Vision 2030 mineral exploration
- Chenene Lithium Project in Tanzania marketed for sale
- Raised $532,000 via share placement; cash runway under one quarter
Soalara Project Gains Momentum
Cassius Mining Limited is making steady progress on its flagship Soalara Limestone Project in Madagascar, which boasts a JORC-compliant resource of up to 440 million tonnes of high-purity limestone. The company has engaged a Madagascar-based third party to identify potential mining and offtake partners, with discussions underway with three international groups involved in cement manufacturing and infrastructure development. The project's shallow, near-surface limestone deposits and proximity to the Toliara sea port position it well for cost-effective open-pit mining and export logistics.
Arbitration Against Ghana Advances
On the legal front, Cassius continues to pursue an international arbitration claim against the Government of Ghana, seeking damages exceeding USD 275 million due to alleged breaches of contract and statute. The arbitration process has seen significant developments, including the removal of an arbitrator over impartiality concerns and the formal scheduling of a hearing at The Hague in June 2026. Cassius is actively negotiating third-party funding arrangements to reduce future financing costs, a move that could materially benefit shareholders if the claim is successful.
Expanding Footprint in Saudi Arabia and Tanzania
In Saudi Arabia, Cassius holds a joint venture with Segia Gulf Group to participate in the Kingdom’s Vision 2030 initiative, targeting critical mineral exploration. The company is selectively reviewing exploration licenses, particularly in gold, as new license rounds are tendered by the Ministry of Industry and Mineral Resources. Meanwhile, Cassius continues to market its 100% owned Chenene Lithium Project in Tanzania, which covers a substantial area near the capital Dodoma and hosts lithium-bearing pegmatites alongside caesium and tantalum.
Financial Position and Capital Management
Financially, Cassius raised approximately $532,000 through a share placement in April 2025 and has since repaid a $200,000 director loan with interest. Recent shareholder approvals allow for the issuance of additional shares and convertible notes to directors, expected to inject further capital in August 2025. Despite these efforts, the company’s cash reserves stood at $394,000 at quarter-end, representing less than one quarter of funding based on current operating outflows. Management remains confident in securing additional funding through equity or debt to sustain operations and advance its projects.
Bottom Line?
Cassius Mining’s next 12 months hinge on securing JV partners for Soalara and navigating a high-stakes arbitration that could reshape its financial future.
Questions in the middle?
- Will Cassius secure binding joint venture agreements for the Soalara Limestone Project soon?
- How might the outcome of the Ghana arbitration impact Cassius’s valuation and funding strategy?
- What are the prospects and timelines for monetizing the Chenene Lithium Project amid lithium market dynamics?
