Cassius Mining
Cassius Mining is an ASX-listed (ASX:CMD) Australian resource exploration and mining company advancing three African projects: limestone in Madagascar, lithium in Tanzania, and gold in Ghana. Pre-revenue, it funds exploration via equity placements and convertible notes while pursuing a USD 1.32 billion arbitration against Ghana over a revoked gold licence.
- Company typePublic
- Founded2014
- HeadquartersSydney, Australia
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Cassius Mining does
Cassius Mining Limited (ASX:CMD) is an Australian-domiciled, publicly-listed resource exploration and mining company headquartered in Sydney, with operations and field offices in Madagascar, Tanzania, and Ghana. The company is led by a three-person board comprising CEO/Director James Arkoudis, Executive Technical Director David Chidlow, and Director/Company Secretary Wayne Kernaghan, and operates through a wholly-owned Malagasy subsidiary, Soalara Calcaire SARL. Its strategy is to identify, acquire, and advance mineral assets across Africa, targeting three principal projects: the Soalara Limestone Project in southwest Madagascar (100%-owned, two 40-year mining licences valid to 2055, JORC Exploration Target of 491 to 818 Mt of high-purity limestone at 54.6–56.01% CaO), the Chenene Lithium Project in central Tanzania (four contiguous licences totalling approximately 300 km², acquired in 2022), and the Bolgatanga/Gbane Gold Project in northern Ghana (13.791 km² Large Scale Prospecting Licence, JORC Exploration Target achieved in 2018 but licence subsequently revoked by the Ghanaian government, with the matter now the subject of a USD 1.32 billion international arbitration claim).
The underlying technology is conventional mineral exploration and resource definition: geological mapping, drilling campaigns (Phase 1 drilling at Gbane in 2017; Resource Estimation Drilling at Soalara from 2021–2022), core sampling, and JORC-compliant reporting. There is no proprietary software, AI/ML component, or non-mining technology platform described. The company's product set is therefore not commercial outputs but rather JORC-defined exploration targets and resource estimates on tenured ground.
The business model is pre-revenue and pre-production; Cassius Mining raises capital on the ASX through placements and convertible notes (most recently A$1.16M placement in December 2025 and A$5M secured convertible notes in April 2026) to fund drilling, resource estimation, and licence maintenance. Future revenue is intended to derive from limestone, lithium, and gold production, with limestone positioned for both domestic African cement/lime/steel/glass supply and bulk export, lithium targeting the battery-materials value chain, and gold subject to recovery of tenure through arbitration. At present, the company has no paying customers, no commercial offtakes, and no disclosed revenue, and its near-term equity value is materially influenced by the outcome of the Ghana arbitration and the pace of conversion of exploration targets into defined mineral resources.
Cassius Mining firmographics
Firmographics- Name
- Cassius Mining
- Legal name
- Cassius Mining Limited
- Website
- https://cassiusmining.com
- Company type
- Public
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Cassius Mining is an ASX-listed (ASX:CMD) Australian resource exploration and mining company advancing three African projects: limestone in Madagascar, lithium in Tanzania, and gold in Ghana. Pre-revenue, it funds exploration via equity placements and convertible notes while pursuing a USD 1.32 billion arbitration against Ghana over a revoked gold licence.
- Ownership category
- akta.pro rank
Cassius Mining industry classification
Industry- Product category
- Mineral Resource Exploration
- NAICS
- Support Activities for Metal Mining (213114), Other Nonmetallic Mineral Mining and Quarrying (212390)
- SIC
- Metal Mining (1000), Gold And Silver Ores (1040)
- akta.pro primary industry
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
- akta.pro secondary industry
- Precious Metals Exploration & Project Development (IMAKAEAI)
Keywords
Where Cassius Mining is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Offices3 records
Markets served
Cassius Mining business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Distribution channels1 record
Marketing channels3 records
Cassius Mining product offering
Product offeringCore offering
Cassius Mining is an ASX-listed resource exploration and mining company advancing three principal mineral projects across Africa: the Soalara Limestone Project in Madagascar (100%-owned via subsidiary Soalara Calcaire SARL, with two 40-year mining licences valid to 2055 and a JORC Exploration Target of 491 to 818 Mt), the Chenene Lithium Project in Tanzania (~300 km² across four contiguous licences), and the Bolgatanga/Gbane Gold Project in Ghana (13.791 km² Large Scale Prospecting Licence). The company is pre-revenue and focused on exploration, resource estimation, and advancing projects toward future mineral production.
Product overview
Cassius Mining is an ASX-listed (ASX:CMD) resource exploration and mining company operating three principal projects across Africa: the Soalara Limestone Project in Madagascar, the Chenene Lithium Project in Tanzania, and the Bolgatanga Gold Project (Gbane) in Ghana. The company operates as a unified exploration and mining enterprise without a modular product architecture—each project represents a distinct commodity focus (limestone, lithium, gold) at varying stages from exploration through to resource development.
Differentiator
Problem solved
Functional benefit
Products and services
- Soalara Limestone Project A 100%-owned limestone mining project located in southwest Madagascar, 28 km south of Toliara port. The project encompasses two contiguous mining permits covering 18.75 km² with 40-year licenses valid to 2055, targeting high-purity limestone (54.6-56.01% CaO) for domestic cement, lime, steel, and glass manufacturing as well as bulk export markets. Operated via wholly-owned subsidiary Soalara Calcaire SARL.
- Chenene Lithium Project A lithium exploration project consisting of four contiguous licenses totaling approximately 300 km² in central Tanzania, ~40 km north of Dodoma. The project targets lithium-bearing pegmatites within the Hombolo-Msangani belt for the battery and EV materials supply chain.
- Bolgatanga Gold Project (Gbane) A gold exploration project located in the Upper East Region of Ghana, covering 13.791 km² under a Large Scale Prospecting Licence. The project is at an advanced exploration stage with a JORC Exploration Target, targeting gold mineralisation associated with shearing along greenstone belt margins. The licence was unlawfully revoked, prompting a USD 1.32 billion international arbitration claim against the Government of Ghana.
Quantifiable outcome
- Stock price more than doubled after $1.32 billion arbitration claim independently assessed
Companies that use Cassius Mining
Customer profileSegments1 record
Ideal customer profiles3 records
Cassius Mining technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Cassius Mining partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights4 records
Cassius Mining competitors and assessment
Company assessmentBroad incumbents
- B2Gold Corp. B2Gold is a TSX/NYSE-listed mid-tier gold producer operating the Fekola mine in Mali and other West African assets. It is a broad incumbent comparable for the Gbane project given shared West African gold focus, although it is materially larger and in production.
- Resolute Mining Limited: Resolute Mining is an ASX-listed multi-asset gold producer with operating mines in West Africa (Mali, Senegal) and a long African operating history. It is a broad incumbent comparable to Cassius's gold exposure, given the shared West African, multi-jurisdiction gold-mining profile.
- Perseus Mining Limited: Perseus Mining is an ASX/TSX-listed mid-tier gold producer operating two West African mines, including Edikan in Ghana. It is a comparable for Cassius's Gbane gold project given shared Ghana jurisdiction, though it is materially larger and in production rather than exploration.
Direct peers
- Newcore Gold Ltd. Newcore Gold is a TSX-V-listed gold exploration and development company focused on its Enchi Gold Project in Ghana, with a JORC-equivalent (NI 43-101) resource base. It is a directly comparable peer to Cassius's Bolgatanga/Gbane gold project, both being West African gold explorers.
- IronRidge Resources Limited: IronRidge Resources is an AIM-listed minerals exploration company with a portfolio of African lithium, gold, and bauxite assets, including lithium projects in Côte d'Ivoire and Chad. It is directly comparable to Cassius's African-focused, multi-commodity (notably lithium) exploration strategy.
- Atlantic Lithium Limited: Atlantic Lithium is an AIM/ASX-listed lithium explorer-developer with the Ewoyaa project in Ghana, one of the largest African hard-rock lithium projects. It is a directly comparable peer for Cassius's Chenene lithium exposure, given shared African-lithium focus and a similar exploration-to-development stage.
- Cardinal Resources Limited: Cardinal Resources was an ASX/TSX-listed gold explorer-developer focused on its Namdini project in Ghana, acquired by Nordgold in 2020. It is a directly comparable historical peer to Cassius's Gbane project, sharing the Ghana gold-exploration focus and similar development-stage profile.
Emerging players
- Walkabout Resources Limited: Walkabout Resources is an ASX-listed exploration and development company with African graphite, lithium, and gold assets. It is an emerging peer given shared African critical-minerals focus and small-cap, multi-commodity exploration profile.
- EcoGraf Limited: EcoGraf is an ASX-listed battery anode materials and graphite company with Tanzanian and Australian operations. It is a comparable emerging player for Cassius's Chenene lithium project given shared critical-minerals/battery supply chain exposure and African operating footprint.
Regional players
- Kibaran Resources (now EcoGraf subsidiary): Kibaran Resources was an ASX-listed graphite developer with the Epanko project in Tanzania, now part of EcoGraf. It is a regional peer for Cassius's Chenene lithium project given shared Tanzanian jurisdiction and critical-minerals focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat2 records
Key risks6 records
Key highlights6 records
Customer concentration
Cassius Mining social profiles
Digital presenceCassius Mining financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cassius Mining leadership team
Management profileNumber of profiles
Profiles3 records
Cassius Mining subsidiaries and ownership
Company hierarchySubsidiaries1 record
Cassius Mining funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cassius Mining M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cassius Mining
What does Cassius Mining do?
Cassius Mining is an ASX-listed resource exploration and mining company advancing three principal mineral projects across Africa: the Soalara Limestone Project in Madagascar (100%-owned via subsidiary Soalara Calcaire SARL, with two 40-year mining licences valid to 2055 and a JORC Exploration Target of 491 to 818 Mt), the Chenene Lithium Project in Tanzania (~300 km² across four contiguous licences), and the Bolgatanga/Gbane Gold Project in Ghana (13.791 km² Large Scale Prospecting Licence). The company is pre-revenue and focused on exploration, resource estimation, and advancing projects toward future mineral production.
Is Cassius Mining a public or private company?
Cassius Mining is a public company. It is classified as public and is currently operating.
When was Cassius Mining founded?
Cassius Mining was founded in 2014. It employs 51 to 100 people.
Where is Cassius Mining based?
Cassius Mining is headquartered in Sydney, Australia, in the Oceania region.
Who are Cassius Mining's main competitors?
Broad incumbents on record are B2Gold Corp., Resolute Mining Limited and Perseus Mining Limited. Direct peers are Newcore Gold Ltd., IronRidge Resources Limited, Atlantic Lithium Limited and Cardinal Resources Limited. Emerging players are Walkabout Resources Limited and EcoGraf Limited. Kibaran Resources (now EcoGraf subsidiary) is listed as a regional player.
Does Cassius Mining have an API?
No public API is recorded for Cassius Mining.
What industry is Cassius Mining in?
Cassius Mining's product category is Mineral Resource Exploration. Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals), with a secondary code of IMAKAEAI, Precious Metals Exploration & Project Development. Its NAICS code is 213114 and its SIC code is 1000.