In Cassius Mining’s ASX announcement dated 20 September 2024,...

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?