Highlights

  • Post-hearing briefs in the Ghana arbitration concluded on 26 September 2026, with the Tribunal now preparing its award.
  • An environmental study for the development phase of the Soalara Limestone Project was conducted.
  • A placement raised $2.036 million before expenses at $0.02 per share.
  • Cash was $1.16 million at 30 September 2026.

Cassius Mining Limited (ASX:CMD) has released its activities report for the first quarter of FY2027, ended 30 September 2026. The company progressed planning at its Soalara Limestone Project in Madagascar and reached the final stage of its arbitration against the Government of Ghana.

Soalara Limestone Project

Cassius continued planning for development at Soalara and efforts to secure a joint venture partner. An environmental study for the development phase was conducted for Madagascar's Ministry of Mines, supplementing the existing permit for drilling. Processing would be dry and physical only, with no tailings pond planned, and a social study is expected to finish in Q2 FY27.

The project is about 28km from Toliara port. The JORC Mineral Resource is 340 to 440 Mt at 97% limestone purity, and covers only about 30% of the target area.

Ghana Arbitration

Cassius' Ghanaian subsidiary began arbitration against the Government of Ghana on 3 February 2023. The final hearing took place at the Peace Palace in The Hague from 15 to 19 June 2026.

Post-hearing briefs concluded on 26 September 2026, and the Tribunal is now preparing its final decision. The company said the award will be delivered in due course.

Corporate and Financial Position

On 19 August 2026, Cassius completed a placement of 101,781,500 shares at $0.02 each, raising $2.036 million before expenses. A $200,000 director convertible note was repaid, and some convertible notes were converted to shares during the quarter.

Cash fell to $1.16 million from $2.66 million, with administration and corporate costs of $3.13 million. The company said these elevated costs related to the Ghana arbitration and are not expected to continue at that level. The Appendix 5B estimates 0.35 quarters of funding.

Key Takeaways

  • The Ghana arbitration has reached the award stage.
  • Soalara development planning and environmental studies are progressing.
  • A $2.036 million placement supported the company during the quarter.
  • Arbitration costs were high, and the funding runway is short.