A$1.159 Million Cash Leaves Cassius With 0.35 Quarters of Funding

Cash runway narrows despite August placement

Cassius Mining Limited (ASX:CMD) finished the September quarter with just A$1.159 million in cash after using A$3.281 million in operating activities. On the company’s own calculation, that balance represents 0.35 quarters of funding at the quarter’s reported outgoings, leaving financing as the most immediate pressure point in the filing.

The company completed a A$2.036 million placement on 19 August, issuing 101.78 million shares at A$0.02 each. That funding was more than absorbed by the quarter’s cash use, which included A$3.127 million in administration and corporate costs, A$91,000 in staff costs and A$64,000 in exploration and evaluation expenditure. Cassius said the corporate overheads included legal and other costs associated with the Ghana arbitration, and that it did not expect those costs to continue at the same level now that the hearing process has concluded.

The funding position remains dependent on future action rather than a disclosed committed facility. Cassius said it expects further funding through equity or borrowings if required, while the quarterly report records no unused financing facilities. The company also had A$4.087 million of convertible notes and accrued interest outstanding at quarter end, with the notes carrying a 14% annual interest rate and conversion dates in 2028.

Soalara planning moves towards development partnership

At the Soalara Limestone Project in Madagascar, Cassius continued development planning while seeking a joint venture partner that could participate in development and eventual mining. The project holds a JORC 2012 Mineral Resource Estimate of 340 million to 440 million tonnes at 97% limestone purity, although the company says the current estimate covers only about 30% of the total target area and remains open laterally and at depth.

The quarter’s environmental work examined water resources, waste, biodiversity, emissions and rehabilitation requirements for a future development phase. The proposed processing route uses dry physical operations including surface mining, crushing, screening and sizing, with no chemical processing planned. The study also says no tailings pond is planned, while any waste rock would be dry stored for potential reuse in backfilling, tracks or infrastructure.

Water remains a practical issue rather than a footnote. Wells on the plain below the roughly 100-metre limestone escarpment encountered water at about 10 to 15 metres, while no springs or seeps were identified on the rock face. Cassius is considering a hydrogeological survey, and says freshwater availability and management will be important for both the project and the local community. A related social study is expected to be completed during the second quarter of FY2027.

Ghana arbitration award remains outstanding

The final in-person hearing of Cassius’s international arbitration against the Government of Ghana took place at The Hague from 15 to 19 June 2026, with post-hearing briefs completed on 26 September. The tribunal is now preparing its final decision, with the award to be delivered in due course. The filing does not state when that decision is expected or what recovery, if any, Cassius may receive.

The arbitration has been a central funding consideration for the company, having been identified alongside Soalara as a target for the earlier June arbitration hearing that preceded the completed post-hearing process. Its outcome could therefore become an important variable in how Cassius funds the next stage of its business, although the present filing provides no indication of the tribunal’s view.

Convertible notes create a second financing overhang

During the quarter, A$272,900 of the April convertible notes and A$515,850 of the June notes were converted into ordinary shares. The notes were issued as part of the A$5 million convertible note raise, which had been directed towards the Soalara project, exploration, arbitration and working capital. Even after those conversions, the quarterly report shows A$4.087 million drawn across convertible note facilities, with no unused funding available.

The next material markers are specific: completion of the Soalara social study, progress towards a development joint venture, the tribunal’s award and the company’s next funding decision. Until one or more of those events changes the cash equation, the large resource estimate sits alongside a short reported runway and a financing structure that may continue to add interest expense or shares.