Cassius Mining (CMD) – Arbitration Damages Based on $2,300 Gold… But Gold’s Now $3,300+?

In Cassius Mining’s ASX announcement dated 20 September 2024, the company disclosed that it had received confidential Independent Expert reports detailing the quantu
m of damages being pursued in the international arbitration case against the Ghanaian government.

While the report itself is confidential, Cassius publicly stated the claim is in excess of USD $275 million.

Here’s the kicker:

The valuation was based on a gold price of USD $2,300/oz — the price back in June 2024, when the report was prepared.

Today, gold is trading above USD $3,300/oz, a jump of over 43%.

This raises some important questions:

• If the $275M+ claim is based on a $2,300 gold price, what would that number look like if adjusted to $3,300?
• Could the damages quantum be revised upward as part of the arbitration?
• Is the market underestimating the scale of CMD’s potential win, especially with such a relatively low market cap?

The higher the gold price, the greater the potential economic loss Cassius can demonstrate — particularly if the claim includes lost profits or asset value based on projected production.

With arbitration outcomes approaching and gold flying, could CMD be sitting on a m
uch larger payday than initially expected?

Keen to hear others’ views — are we staring at a rerate opportunity?