Welcome to our dedicated page for Sarama Res news (Ticker: SRMMF), a resource for investors and traders seeking the latest updates and insights on Sarama Res stock.
Sarama Resources Ltd. reports company developments tied to gold exploration, project acquisitions, governance and dispute-related matters. The company’s recurring updates center on the Cosmo and Mt Venn Gold Projects in Western Australia’s Laverton Gold District, including exploration strategy, landholding changes and project-level agreements. News also covers Sarama’s arbitration proceedings connected to the Tankoro 2 Exploration Permit and Sanutura Project in Burkina Faso, along with auditor changes, shareholder voting matters, capital-structure disclosures and investor-engagement initiatives.
Sarama Resources (ASX:SRR, TSX-V:SWA) has announced key board changes effective January 2025. Michael Bohm has been appointed as Non-Executive Director, bringing extensive experience as a mining engineer and director in the resources industry. His background includes roles in mine development across gold, nickel, and diamond sectors, with current directorship at Riedel Resources and previous positions at Perseus Mining, Ramelius Resources, Mincor Resources, and Cygnus Metals.
Simultaneously, Steven Zaninovich has resigned as director effective December 31, 2024, after serving for 4.5 years. Chairman Andrew Dinning highlighted Bohm's appointment as particularly relevant given Sarama's current focus on rebuilding operations in Western Australia's Eastern Goldfields, including the recent acquisition of the Cosmo Gold Project, which covers 50 kilometers of the Cosmo Newbery greenstone belt.
Sarama Resources (TSX-V:SWA)(ASX:SRR) has formally initiated international arbitration proceedings against Burkina Faso through the International Centre for Investment Disputes (ICSID) regarding the expropriation of its Sanutura Project. The company is seeking damages of at least A$180 million, with the final amount to be determined by a quantum expert.
The arbitration is supported by a non-recourse litigation funding facility of A$6.7M and will be pursued under ICSID's legal framework, which has previously awarded favorable decisions in similar cases. The company filed the Request for Arbitration after Burkina Faso failed to respond during a 60-day consultation period. Sarama has engaged Boies Schiller Flexner (UK) LLP, a leading international law firm, to handle the legal proceedings.
Sarama Resources has completed the acquisition of a majority interest in the Cosmo Gold Project in Western Australia. The 580km² project covers the entire Cosmo-Newbery Greenstone Belt, located 85km north-east of Laverton. The company has acquired an initial 80% interest in most of the project's exploration licenses, with an option to acquire the remaining interest within 2 years.
The project represents one of Western Australia's last unexplored greenstone belts, with historical gold workings dating back to the 1890s. Despite its significant prospectivity, the area has seen minimal modern exploration due to previous land access restrictions. The project includes 7 contiguous exploration tenements and is readily accessible via the Great Central Road.
Sarama Resources has completed Tranche 1 of its A$2 million equity placement, issuing 66,666,666 Chess Depository Instruments (CDIs) at A$0.03 per CDI. Tranche 2 will include 16,666,666 free attaching unlisted options and 14,000,000 broker options, exercisable at A$0.09 and expiring November 30, 2028, subject to shareholder approval. The funds will support exploration activities and working capital, with a A$120,000 management fee paid to Ventnor Capital. The company's executives and directors, who suspended their salaries in September 2023, will receive approximately A$394,000 in CDIs at the placement price, subject to approval.
Sarama Resources has secured binding commitments for a A$2 million equity placement at A$0.03 per CDI, issuing up to 66,666,666 Chess Depository Interests. The placement includes one free attaching unlisted option for every 4 CDIs, exercisable at A$0.09 until November 2028. Additionally, the company will issue shares to executives and directors for deferred salaries totaling A$393,981.18, comprising 13,132,706 shares and 3,283,174 warrants. The funds will support exploration activities and working capital. The placement price represents a 15% discount to the 10-day VWAP and 21% discount to the last ASX traded price.
Sarama Resources announces a key milestone in acquiring the Cosmo Gold Project in Western Australia, with Cosmo Gold shareholders voting in favor of the transaction. Sarama will acquire an initial 80% interest in the 580km² project, with the option to increase to 100% within 2 years. The project, located 85km north-east of Laverton, covers one of Western Australia's last unexplored greenstone belts with +50km strike length. The acquisition has received shareholder approval from both companies and regulatory approvals from ASX and conditional approval from TSX-V. Transaction completion is expected in mid-November 2024.
Sarama Resources has secured a US$4.4 million non-recourse loan facility from Locke Capital II to fund international arbitration proceedings against the Government of Burkina Faso. The dispute stems from the illegal withdrawal of the company's Tankoro 2 Exploration Permit in August 2023, which hosted a multi-million-ounce gold resource. The four-year facility covers all legal expenses, with repayment only required upon successful claim settlement. Boies Schiller Flexner, a leading international law firm, has been engaged to handle the arbitration process through the World Bank's International Centre for Settlement of Investment Disputes.
Sarama Resources announced progress on its acquisition of the Cosmo Gold Project in Western Australia. Field exploration, including soil geochemistry programs, is underway. Meetings with local Traditional Owner groups have been positive. The acquisition, involving an 80% interest in most exploration licences, awaits shareholder approval at Cosmo Gold's AGM on November 4, 2024, with completion expected by mid-November. The 580km² project covers the Cosmo-Newbery Greenstone Belt, known for its gold potential. Sarama's shareholders and securities exchanges in Australia and Canada have already approved the transaction. The project, one of the last unexplored greenstone belts, offers significant exploration opportunities. Board changes include Simon Jackson becoming Non-Executive Director and Andrew Dinning assuming the role of Executive Chairman.
Sarama Resources is advancing towards completing the acquisition of a majority interest in the Cosmo Gold Project in Western Australia. The acquisition has received strong support from shareholders and necessary approvals from Australian and Canadian securities exchanges. Completion is expected in late October 2024. The 580km² project covers the Cosmo-Newbery Greenstone Belt, a largely unexplored area with significant gold potential. Sarama will initially acquire 80% interest, with the option to increase to 100%. Exploration programs are set to commence, focusing on soil geochemistry to generate regional targets. This acquisition aligns with Sarama's strategy to expand its gold exploration portfolio.
Sarama Resources (ASX:SRR, TSX-V:SWA) has completed the issue of shares to settle deferred executive salaries and director fees. The company issued 22,348,980 Chess Depository Instruments (CDIs) at a deemed price of A$0.02 per CDI, totaling A$446,979.60. This share-for-debt arrangement, approved by shareholders on September 11, 2024, aims to reduce the company's liabilities. The CDIs are subject to a 4-month hold period on the TSX Venture Exchange. Sarama also provided a notice under section 708A(5)(e) of the Corporations Act 2001, confirming compliance with disclosure requirements and the absence of excluded information that investors would reasonably require for informed assessment.