# CMD: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cmd-annual-report-to-shareholders--f08b832c-fd9e-4447-b44d-b92f0704e813 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146239 Publisher: asx Original announcement: 2026-09-30T05:03:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T06:29:11.382Z Atlas analysis updated: 2026-09-30T06:29:11.382Z - Company: Cassius Mining Limited - Ticker: CMD - Exchange: ASX - Region: Madagascar - Primary commodity: Limestone - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-30 06:29:12 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Cassius Mining Limited's annual report highlights a substantial JORC 2012 compliant Mineral Resource Estimate for its Soalara Limestone Project in Madagascar, which has attracted interest from major international steel producers. The company also provided an update on its international arbitration against the Government of Ghana, with a damages claim of approximately USD521 million. Despite these developments, the company reported a significant loss and net liabilities, leading to material uncertainty about its ability to continue as a going concern, necessitating further external funding. Reasoning: Cassius Mining Limited reported a substantial JORC 2012 compliant Mineral Resource Estimate for its Soalara Limestone Project, attracting interest from potential partners, and provided an update on its significant international arbitration case. However, the company faces material uncertainty regarding its ability to continue as a going concern due to net liabilities and reliance on external funding. - Positive factor: Substantial JORC 2012 compliant Limestone MRE - Positive factor: Interest from major international steel producers for Soalara project - Positive factor: Potential for significant arbitration award - Positive factor: Post-FY26 capital raise - Negative factor: Material uncertainty regarding going concern - Negative factor: Significant net loss and net liabilities - Negative factor: Arbitration outcome is uncertain - Negative factor: No JV agreement yet for Soalara project - Negative factor: MRE effective date not explicitly stated in the document Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The document explicitly states the Soalara Project holds a 'JORC 2012 Mineral Resource Estimate'. Evidence · text > The Soalara Project holds a JORC 2012 Mineral Resource Estimate \(MRE\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource Estimate is based on information compiled by Arnold van der Heyden, a Member and Chartered Professional \(Geology\) of the AusIMM, who qualifies as a Competent Person. Evidence · text > The information in this statement that relates to Mineral Resource Estimates is based on information compiled by Arnold van der Heyden, a Member and Chartered Professional \(Geology\) of the AusIMM. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource estimate explicitly states two cut-off grades: 97.5% and 95.7-95.3% Limestone purity. Evidence · text > 98.6% Limestone purity at 97.5% cut-off **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the reported Mineral Resource Estimate is classified as Inferred \(70-90 Mt and 240-310 Mt\). Evidence · text > 70-90 Mt \(Inferred\) **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The document refers to a 'JORC 2012 Mineral Resource Estimate' and states no new information materially affects it, implying the estimate itself is older than 2 years. Evidence · text > The Soalara Project holds a JORC 2012 Mineral Resource Estimate \(MRE\) ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cmd-annual-report-to-shareholders--f08b832c-fd9e-4447-b44d-b92f0704e813#fact-resource-facts-0) Soalara Limestone Project · limestone #### Identity - Project: Soalara Limestone Project - Commodity: limestone - Region: madagascar - Reported Region: Madagascar - Ticker: CMD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:828d2681cb4226ff3547 - Deposit or zone: Soalara - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 25000000 - Grade: 98.6 - Grade Unit: % - Cutoff Grade: 97.5 - Cutoff Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-grade indicated resource for limestone, compliant with JORC 2012 and signed by a QP, though the tonnage is presented as a range of 25-40 Mt. - Positive factor: High grade - Positive factor: JORC compliant - Positive factor: QP signed - Negative factor: No specific effective date for MRE - Negative factor: Tonnage presented as a range Evidence · text > 95-130 Mt of 98.6% Limestone purity at 97.5% cut-off, dependent on a bulk or selective mining application, with 25-40 Mt \(Indicated\) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cmd-annual-report-to-shareholders--f08b832c-fd9e-4447-b44d-b92f0704e813#fact-resource-facts-1) Soalara Limestone Project · limestone #### Identity - Project: Soalara Limestone Project - Commodity: limestone - Region: madagascar - Reported Region: Madagascar - Ticker: CMD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:8ddf3904f87021b6914e - Deposit or zone: Soalara - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 70000000 - Grade: 98.6 - Grade Unit: % - Cutoff Grade: 97.5 - Cutoff Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a high-grade inferred resource for limestone, compliant with JORC 2012 and signed by a QP, though the tonnage is presented as a range of 70-90 Mt and inferred category has lower confidence. - Positive factor: High grade - Positive factor: JORC compliant - Positive factor: QP signed - Negative factor: Inferred category - Negative factor: No specific effective date for MRE - Negative factor: Tonnage presented as a range Evidence · text > 95-130 Mt of 98.6% Limestone purity at 97.5% cut-off, dependent on a bulk or selective mining application, with 70-90 Mt \(Inferred\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cmd-annual-report-to-shareholders--f08b832c-fd9e-4447-b44d-b92f0704e813#fact-resource-facts-2) Soalara Limestone Project · limestone #### Identity - Project: Soalara Limestone Project - Commodity: limestone - Region: madagascar - Reported Region: Madagascar - Ticker: CMD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:1bf6a676e2a99a4a7849 - Deposit or zone: Soalara - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 100000000 - Grade: 97 - Grade Unit: % - Cutoff Grade: 95.7 - Cutoff Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a substantial high-grade indicated resource for limestone, compliant with JORC 2012 and signed by a QP, though tonnage \(100-130 Mt\) and cut-off \(95.7-95.3%\) are presented as ranges. - Positive factor: High grade - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Substantial tonnage - Negative factor: No specific effective date for MRE - Negative factor: Tonnage and cut-off presented as ranges Evidence · text > 340-440 Mt of 97% Limestone purity at 95.7-95.3% cut-off, dependent on a bulk or selective mining application, with 100-130 Mt \(Indicated\) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cmd-annual-report-to-shareholders--f08b832c-fd9e-4447-b44d-b92f0704e813#fact-resource-facts-3) Soalara Limestone Project · limestone #### Identity - Project: Soalara Limestone Project - Commodity: limestone - Region: madagascar - Reported Region: Madagascar - Ticker: CMD #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Arnold van der Heyden - Resource group id: resource:a6ea405e3f47dea0a841 - Deposit or zone: Soalara - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 240000000 - Grade: 97 - Grade Unit: % - Cutoff Grade: 95.7 - Cutoff Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a very substantial high-grade inferred resource for limestone, compliant with JORC 2012 and signed by a QP, though tonnage \(240-310 Mt\) and cut-off \(95.7-95.3%\) are presented as ranges and inferred category has lower confidence. - Positive factor: High grade - Positive factor: JORC compliant - Positive factor: QP signed - Positive factor: Very substantial tonnage - Negative factor: Inferred category - Negative factor: No specific effective date for MRE - Negative factor: Tonnage and cut-off presented as ranges Evidence · text > 340-440 Mt of 97% Limestone purity at 95.7-95.3% cut-off, dependent on a bulk or selective mining application, with 240-310 Mt \(Inferred\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.