Key highlights

  • Cassius Mining (ASX:CMD) shares fell 13.33% to $0.013 during the Trading session on 20 October 2026.
  • The 2026 Annual Report said the Ghana arbitration damages claim was updated to about USD521 million, which is a claim and not an award.
  • The group reported a net loss of $7,259,977 and a material Going Concern uncertainty for the year ended 30 June 2026.

During the trading session on 20 October 2026, shares of Cassius Mining Limited (ASX:CMD) fell 13.33% to $0.013. Separately, the company published its Annual Report 2026 for the year ended 30 June 2026, which described its Madagascar limestone project, an international arbitration against the Government of Ghana and its financial position. The copy reviewed did not carry a release date, and the share price move is not linked to it in this article.

About Cassius Mining Limited

Cassius Mining is a Sydney-based ASX-listed company. Its focus is the 100%-owned Soalara Limestone Project in Madagascar, and it is pursuing international arbitration against Ghana through a wholly owned Ghanaian subsidiary. During the year it released two lithium exploration licences in Tanzania as non-core assets.

Soalara Limestone Project

Soalara is a near-horizontal sequence of limestone forming a coastal escarpment next to the Soalara township, about 28 kilometres from the port of Toliara. It holds a JORC 2012 resource of 340 to 440 million tonnes at 97% limestone purity, which is open to the north, south and at 100 metres depth, and covers about 30% of the total target area. The permits are held by Soalara Calcaire SARLU and expire in November 2055.

Discussions with potential joint venture partners have continued without a signed agreement. After year end, the company reported interest from two Asian steel producers, and planning is under way on environmental and social impact assessment, open-pit extraction using a surface miner, processing and logistics.

Ghana arbitration

The arbitration against the Republic of Ghana began on 3 February 2023. In 2026 Ghana filed its rejoinder on 29 May, the final hearing was held from 15 to 19 June 2026 at the Peace Palace in The Hague, and both parties filed post-hearing submissions on 25 September 2026. The tribunal allowed Ghana a short responsive submission by 9 October 2026, and limited oral closing submissions may follow if the tribunal considers them necessary.

Cassius’s updated damages claim is approximately USD521 million, or about AUD742 million at an Exchange Rate of 0.702. The report states that this is the company’s claim and not an amount awarded, and that any award will be determined by the tribunal.

Financial position

For the year ended 30 June 2026, the group recorded a net loss of $7,259,977, compared with $2,961,733 a year earlier. Cash rose to $2,659,016 from $243,819, while total liabilities were $7,330,077, resulting in net liabilities of $2,926,655. Borrowings totalled about $4.1 million. After year end the company raised about $2 million through a Placement of roughly 101 million shares at $0.02, and $653,700 of convertible notes were converted into shares.

The report states that there is a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern, and that it depends on additional funding.

Sector backdrop

Limestone is used in cement and steelmaking, and projects depend on purity, logistics and proximity to customers. Developing a bulk Commodity project in Madagascar involves infrastructure, permitting and offtake arrangements that typically need a partner with capital.

International Investment arbitrations can take several years, and the timing and size of any award are uncertain.

Risks shareholders should weigh

The going concern uncertainty and net liabilities position are central risks. The arbitration award, if any, is not assured, and the claimed amount is not an expected outcome. Collection of any award from a sovereign state may also involve additional steps.

No joint venture or offtake agreement has been signed for Soalara, which needs significant capital. Placements at $0.02 and convertible note conversions dilute existing shareholders. At $0.013, the 13.33% fall on 20 October 2026 shows how large percentage moves can be at very low prices.

What’s next

The tribunal may request limited oral closing submissions by video link, and otherwise will retire to consider its decision and publish an award in due course. The company is also continuing talks with potential Soalara partners and steel producers regarding a joint venture and offtake.