Cassius Mining Reports USD 905m Arbitration Claim and $5m Convertible Notes Raise

Arbitration Claim Escalates Ahead of June Hearing

Cassius Mining Limited (ASX:CMD) has significantly amplified its damages claim against the Government of Ghana to approximately USD 905 million (AUD 1.32 billion), marking a more than threefold increase from its initial USD 277 million claim filed in December 2024. This escalation comes as the company prepares for the final arbitration hearing scheduled for 15-19 June 2026 at the Peace Palace in The Hague.

The updated claim, supported by independent expert reports and witness statements filed on 31 March 2026, reflects lost profits and contractual breaches related to Ghana’s failure to renew prospecting licences. Ghana’s rejoinder is due by 29 May 2026, setting the stage for the arbitration’s final procedural steps.

Soalara Limestone Project Advances with JV Discussions and Feasibility Work

Meanwhile, Cassius continues to push forward with its flagship Soalara Limestone Project in Madagascar, home to a substantial JORC 2012 Mineral Resource Estimate ranging from 340 to 440 million tonnes of limestone at around 97% purity. The resource remains open along strike and at depth, with only 30% of the target area currently included in the estimate, hinting at potential for considerable expansion.

Strategically located near the Toliara port and national road network, Soalara’s shallow limestone deposits require minimal overburden removal, supporting cost-effective open-pit mining. The company has initiated a desktop study assessing mining and processing options, infrastructure needs, and equipment requirements to inform ongoing joint venture negotiations with interested partners.

This approach aligns with Cassius’s efforts to secure a development partner, as the company balances advancing Soalara’s commercial potential while managing its international arbitration claim. The project’s proximity to domestic cement producers and export facilities could underpin future revenue streams.

Exploration Continues at Chenene Lithium Project in Tanzania

Cassius holds two contiguous exploration licences in Tanzania covering approximately 162 square kilometres near Dodoma, targeting lithium and associated minerals in pegmatite formations. The primary focus is on lithium-bearing pegmatites at the Dulu prospect, which also hosts significant caesium and tantalum mineralisation. While no new drilling results were reported this quarter, the company maintains its strategic position in this emerging lithium province.

Financial Position and Funding Update

In April 2026, Cassius raised $5 million through secured convertible notes issued to sophisticated investors, providing a funded runway to advance exploration, project development, and its arbitration claim. This follows previous capital raises including a $1.16 million placement in December 2025 and smaller convertible note issuances, reflecting ongoing efforts to strengthen the balance sheet.

For the March quarter, Cassius reported a net cash outflow from operations of $348,000, with cash and cash equivalents standing at $942,000 at quarter’s end. Interest payments of approximately $7,000 were made on $200,000 of convertible notes, which carry a 9% annual interest rate and a conversion deadline of 10 August 2026. The company estimates funding for around 2.7 quarters at current expenditure levels, underscoring the importance of continued capital management.

The company’s financial strategy and operational progress are intertwined, as it navigates the complexities of international arbitration while seeking to unlock value from its Madagascar limestone asset through partnership and development studies. This dual focus will be critical as the June arbitration hearing approaches and Soalara JV discussions evolve.

These developments build on Cassius’s recent capital initiatives, including the $5 million convertible notes and the USD 905 million arbitration claim update, which have shaped its current operational and financial posture.