Cassius Mining Advances Soalara JV Talks, Eyes $277m Arbitration Win
Cassius Mining Limited is progressing joint venture discussions for its high-purity Soalara Limestone Project in Madagascar while pursuing a significant international arbitration claim against Ghana. The company also raised $1.16 million in a recent share placement, bolstering its cash position.
- Ongoing joint venture negotiations for Soalara Limestone Project
- Soalara resource boasts up to 440 million tonnes at 97% purity
- International arbitration claim against Ghana seeks USD 277 million
- Raised $1.16 million via share placement in December 2025
- Maintains lithium exploration licenses in Tanzania amid asset sale efforts
Soalara Limestone Project, JV Talks Gain Momentum
Cassius Mining Limited continues to advance discussions with multiple experienced potential joint venture partners for its flagship Soalara Limestone Project in Madagascar. The company has been actively preparing detailed project information under confidentiality agreements to support due diligence efforts. Site visits to sample core sequences and meetings involving local authorities and community representatives are expected imminently, signalling growing engagement and interest.
The Soalara Project is notable for its substantial JORC 2012 Mineral Resource Estimate, ranging from 340 to 440 million tonnes of limestone at approximately 97% purity. This resource remains open along multiple directions and at depth, suggesting potential for further expansion. Its proximity to the Toliara port and national road network enhances logistical advantages, supporting cost-effective transport to domestic and international markets, including cement manufacturers focused on Madagascar's expanding infrastructure.
Legal Proceedings, Arbitration Against Ghana Advances
On the legal front, Cassius is progressing an international arbitration case against the Government of Ghana, seeking damages exceeding USD 275 million. The claim relates to alleged breaches of contract and statute by Ghana. Key procedural milestones have been met, including the filing of Cassius’s full Memorial and Ghana’s Defense Memorial. The arbitration hearing is scheduled for mid-June 2026 at The Hague, with the tribunal recently reconstituted following the successful challenge to an arbitrator’s impartiality.
This arbitration represents a significant potential financial outcome for Cassius, though the timing and final resolution remain uncertain. The company is actively negotiating funding arrangements to support the legal process.
Other Projects and Corporate Developments
In Tanzania, Cassius maintains two contiguous lithium exploration licenses near Dodoma, an area prospective for lithium and associated minerals such as caesium and tantalum. The company has not renewed one license and is engaging external agents to assist with the sale of its lithium assets, indicating a strategic focus shift.
Meanwhile, Cassius is monitoring Saudi Arabia’s Vision 2030 mineral license releases but has not yet committed to tender participation. The company holds a joint venture with Segia Gulf aimed at exploring critical minerals in the Kingdom.
Financially, Cassius strengthened its position by raising approximately $1.16 million through a share placement in December 2025. The company ended the quarter with $1.29 million in cash, providing a runway of over four quarters based on current expenditure levels.
Looking Ahead
Cassius Mining’s near-term focus will be on progressing joint venture agreements for the Soalara Project and preparing for the pivotal arbitration hearing against Ghana. Both developments carry significant implications for the company’s valuation and strategic direction. Investors will be watching closely for updates on JV partner commitments and arbitration outcomes, which could reshape Cassius’s growth trajectory.
Bottom Line?
Cassius stands at a crossroads with its Soalara JV talks and a high-stakes arbitration looming, both could redefine its future.
Questions in the middle?
- Which joint venture partner will ultimately secure the Soalara Limestone Project stake?
- What is the likely timeline and outcome of the USD 277 million arbitration claim against Ghana?
- How will the potential sale of Tanzanian lithium licenses impact Cassius’s strategic focus?
