How Cassius Mining Is Advancing Soalara JV Talks and Ghana Arbitration

Soalara Limestone Project – Stability Returns, JV Talks Progress

Cassius Mining Limited has reported a quarter of steady advancement in its flagship Soalara Limestone Project in Madagascar. After a period of political unrest, the situation in Madagascar has calmed, with the new president Michael Randrianirina now in office and forming his government ahead of elections in the next 18 to 24 months. This political stability is critical as Cassius continues discussions with potential joint venture partners aiming to develop the project into an operational mine.

Following the signing of a non-disclosure agreement and data review, one interested party is preparing a site visit to examine core samples and engage with local authorities and communities. The company’s technical and administrative teams, familiar to the local population, will oversee these activities to ensure smooth collaboration.

Resource Potential and Strategic Location

The Soalara Project boasts a substantial JORC 2012 Mineral Resource Estimate ranging from 340 to 440 million tonnes of high-purity limestone (around 97% calcium carbonate). The resource remains open along multiple directions and at depth, indicating significant potential for expansion beyond the current estimate, which covers only about 30% of the target area.

Its proximity to the Toliara port (approximately 28 kilometres) and the national road network offers logistical advantages for cost-effective transport to domestic and international markets, including cement manufacturers. The shallow overburden layer of just 1.5 metres supports low-cost open-pit mining, enhancing the project’s economic appeal.

Saudi Arabia and Tanzania – Monitoring and Divestment

In Saudi Arabia, Cassius remains vigilant about new mineral exploration license releases under the Kingdom’s Vision 2030 initiative, which aims to unlock critical mineral resources. While the company holds a joint venture with Segia Gulf, it has not yet committed to tender rounds, focusing primarily on gold exploration opportunities.

Meanwhile, Cassius continues efforts to divest its Chenene Lithium Project in Tanzania, which covers a significant area near the capital Dodoma and hosts lithium-bearing pegmatites alongside caesium and tantalum. External agents have been engaged to assist with the sale process.

International Arbitration Against Ghana Advances

Cassius’ ongoing international arbitration case against the Government of Ghana remains on track, with the final hearing scheduled for June 15-19, 2026, at The Hague’s Peace Palace. The company filed its full Memorial in December 2024, claiming damages exceeding USD 275 million due to alleged breaches by Ghana. Ghana has since filed its Defense Memorial, and Cassius is reviewing it while preparing to seek document disclosures and finalize third-party funding arrangements.

Financial Position and Capital Raising

During the quarter, Cassius raised $250,000 through the issuance of shares and convertible notes, bolstering its cash position to $448,000 at quarter-end. Operating activities resulted in a net cash outflow of $196,000, reflecting ongoing exploration and administrative expenses. The company’s prudent capital management supports its continued project development and legal proceedings.