Sarama Resources Provides Update On Arbitration Proceedings
Sarama Resources (TSX-V:SWA) has provided an update on its arbitration proceedings against the Government of Burkina Faso regarding the unlawful expropriation of its Tankoro 2 Exploration Permit. The arbitral tribunal has been constituted and held its first procedural hearing on July 25, 2025.
The company is seeking damages of at least US$120 million through ICSID arbitration. Sarama has secured a US$4.4 million non-recourse litigation funding from Locke Capital II LLC to cover legal costs. The company has retained Boies Schiller Flexner as legal counsel, known for successful representation in similar mining-sector disputes.
The next major step is Sarama's written Memorial submission, due by October 31, 2025. The expropriated Tankoro Deposit hosted a multi-million-ounce gold resource and was approaching completion of a Preliminary Economic Assessment before activities were suspended.
Sarama Resources (TSX-V:SWA) ha fornito un aggiornamento sul procedimento arbitrale contro il Governo del Burkina Faso riguardo alla espropriazione illegittima del suo Permesso di Esplorazione Tankoro 2. Il tribunale arbitrale è stato costituito e ha tenuto la sua prima udienza procedurale il 25 luglio 2025.
L'azienda richiede un risarcimento di almeno 120 milioni di dollari USA tramite arbitrato ICSID. Sarama ha ottenuto un finanziamento per le spese legali non ricorrente di 4,4 milioni di dollari USA da Locke Capital II LLC per coprire i costi legali. La società ha ingaggiato Boies Schiller Flexner come consulente legale, noto per la sua esperienza in controversie simili nel settore minerario.
Il prossimo passo importante è la presentazione scritta del Memoriale da parte di Sarama, prevista entro il 31 ottobre 2025. Il deposito Tankoro espropriato conteneva una risorsa aurifera da milioni di once e stava per completare una Valutazione Economica Preliminare prima della sospensione delle attività.
Sarama Resources (TSX-V:SWA) ha proporcionado una actualización sobre sus procedimientos arbitrales contra el Gobierno de Burkina Faso respecto a la expropiación ilegal de su Permiso de Exploración Tankoro 2. El tribunal arbitral ha sido constituido y celebró su primera audiencia procesal el 25 de julio de 2025.
La compañía busca daños y perjuicios de al menos 120 millones de dólares estadounidenses a través del arbitraje ICSID. Sarama ha asegurado un financiamiento de litigio sin recurso por 4,4 millones de dólares de Locke Capital II LLC para cubrir los costos legales. La empresa ha contratado a Boies Schiller Flexner como asesor legal, reconocido por su éxito en disputas similares en el sector minero.
El siguiente paso importante es la presentación escrita del Memorial por parte de Sarama, con fecha límite el 31 de octubre de 2025. El depósito expropiado de Tankoro contenía un recurso de oro de varios millones de onzas y estaba cerca de completar una Evaluación Económica Preliminar antes de que se suspendieran las actividades.
Sarama Resources (TSX-V:SWA)는 부르키나파소 정부를 상대로 한 Tankoro 2 탐사 허가권의 부당한 수용에 관한 중재 절차에 대한 최신 정보를 제공했습니다. 중재 재판소가 구성되었으며 2025년 7월 25일 첫 절차 심리를 진행했습니다.
회사는 ICSID 중재를 통해 최소 1억 2천만 달러의 손해배상을 청구하고 있습니다. Sarama는 법률 비용을 충당하기 위해 Locke Capital II LLC로부터 4백 40만 달러의 비상환 소송 자금을 확보했습니다. 회사는 유사한 광산 부문 분쟁에서 성공적인 경력을 가진 Boies Schiller Flexner를 법률 고문으로 선임했습니다.
다음 주요 단계는 Sarama의 서면 기일 제출로, 2025년 10월 31일까지 제출할 예정입니다. 수용된 Tankoro 광상은 수백만 온스의 금 자원을 보유하고 있었으며, 활동이 중단되기 전 예비 경제성 평가가 완료 단계에 있었습니다.
Sarama Resources (TSX-V:SWA) a fourni une mise à jour sur sa procédure d'arbitrage contre le gouvernement du Burkina Faso concernant l'expropriation illégale de son permis d'exploration Tankoro 2. Le tribunal arbitral a été constitué et a tenu sa première audience procédurale le 25 juillet 2025.
La société réclame des dommages-intérêts d'au moins 120 millions de dollars US via un arbitrage ICSID. Sarama a obtenu un financement de litige sans recours de 4,4 millions de dollars US de Locke Capital II LLC pour couvrir les frais juridiques. La société a retenu Boies Schiller Flexner comme conseil juridique, reconnu pour son succès dans des litiges similaires dans le secteur minier.
La prochaine étape majeure est la soumission écrite du mémoire par Sarama, prévue pour le 31 octobre 2025. Le gisement exproprié de Tankoro contenait une ressource aurifère de plusieurs millions d'onces et était sur le point d'achever une évaluation économique préliminaire avant la suspension des activités.
Sarama Resources (TSX-V:SWA) hat ein Update zu seinen Schiedsverfahren gegen die Regierung von Burkina Faso bezüglich der unrechtmäßigen Enteignung seiner Tankoro 2 Explorationsgenehmigung gegeben. Das Schiedsgericht wurde gebildet und hielt am 25. Juli 2025 seine erste Verhandlung ab.
Das Unternehmen fordert Schadensersatz in Höhe von mindestens 120 Millionen US-Dollar durch ICSID-Schiedsverfahren. Sarama hat eine nicht rückzahlbare Prozessfinanzierung in Höhe von 4,4 Millionen US-Dollar von Locke Capital II LLC zur Deckung der Anwaltskosten erhalten. Das Unternehmen hat Boies Schiller Flexner als Rechtsbeistand engagiert, bekannt für erfolgreiche Vertretungen in ähnlichen Bergbau-Streitigkeiten.
Der nächste wichtige Schritt ist die schriftliche Einreichung des Memorials durch Sarama, die bis zum 31. Oktober 2025 fällig ist. Das enteignete Tankoro-Vorkommen beherbergte eine Goldressource von mehreren Millionen Unzen und stand kurz vor dem Abschluss einer vorläufigen Wirtschaftlichkeitsbewertung, bevor die Aktivitäten eingestellt wurden.
- Secured US$4.4 million non-recourse litigation funding to cover all legal costs
- Retained experienced legal counsel with successful track record in similar mining disputes
- Protected by Canada-Burkina Faso Bilateral Investment Treaty
- Litigation funding repayment only required upon successful claim or settlement
- Complete loss of multi-million-ounce gold resource through permit expropriation
- All project activities suspended at Sanutura Project
- Government of Burkina Faso failed to respond during consultation period
- Arbitration process likely to be lengthy with uncertain outcome
VANCOUVER, BC AND PERTH, AUSTRALIA / ACCESS Newswire / August 5, 2025 / Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR)(TSX-V:SWA) provides an update on its arbitration proceedings against the Government of Burkina Faso ("GoBF"). The proceedings arise from the unlawful expropriation of the Company's Tankoro 2 Exploration Permit (the "Permit") and follow the submission of its Request for Arbitration ("RFA") to the International Centre for Settlement of Investment Disputes ("ICSID"), a division of the World Bank Group, in December 2024 (refer news release dated 12 December 2024).
Arbitral Panel Constituted and First Procedural Hearing Held
Sarama was advised by ICSID on 23 June 2025 that the arbitral tribunal (the "Tribunal") had been constituted. The Tribunal comprises Professor Albert Jan van den Berg (President, appointed by the Chairman of the ICSID Administrative Council), Mr. John Beechey (appointed by Sarama), and Professor Nassib G. Ziadé (appointed by the Chairman of the ICSID Administrative Council for the GoBF).
The first procedural hearing took place on 25 July 2025. During the hearing, the Parties discussed key procedural matters and a preliminary timetable for the arbitration. The Tribunal is expected to formally issue Procedural Orders reflecting the discussions during the hearing in the coming weeks.
The next step in the proceedings is Sarama's written Memorial, comprising its statement of case, witness evidence, and expert reports, scheduled to be filed by 31 October 2025. This will be followed by a series of further written submissions, including a Counter-Memorial to be filed by the GoBF. Following the written submissions, a hearing will be held where Sarama will present its case and supporting evidence to the Tribunal.
Claim Background and Arbitration Proceedings
In August 2023, the Company received official notification from Burkina Faso's Ministry of Energy, Mines and Quarries that the application for its
The Permit covered the Tankoro Deposit, which hosts a multi-million-ounce gold resource and formed the core of the Company's Sanutura Project, a large-scale gold development located in the Houndé Greenstone Belt in southwest Burkina Faso. At the time of the expropriation, the Company was nearing completion of a Preliminary Economic Assessment for the development of a mine at the Project. As a result of the expropriation, all project activities were suspended.
As a Canadian-incorporated company, Sarama benefits from protections under the Canada-Burkina Faso Bilateral Investment Treaty ("BIT") which came into force in 2017. Pursuant to the dispute resolution provisions of the BIT, the Company issued a Notice of Intent to Arbitrate to the GoBF in November 2023 (refer news release dated 30 November 2023), initiating a mandatory 60-day consultation period. The Government did not respond or engage during this period.
In December 2024, Sarama formally commenced international arbitration proceedings by filing its RFA with ICSID. The Company is seeking no less than US
Non-Recourse Litigation Funding Secured
In October 2024, Sarama entered into a Litigation Funding Agreement ("LFA") with Locke Capital II LLC, a specialist dispute resolution funder (refer to news release dated 24 October 2024). The LFA provides for a four-year, non-recourse loan facility of US
Repayment of the facility is only required in the event of a successful claim, settlement, or upon default under the LFA. If a material adverse change occurs, only unused funds are subject to repayment. The funder's return is contingent on the successful outcome and timing of the arbitration or settlement process.
Experienced Legal Representation
The Company engaged Boies Schiller Flexner (UK) LLP ("BSF") as legal counsel (refer news release dated 18 October 2023). BSF is a leading international law firm with significant experience in investor-state arbitration and a strong track record in the natural resources sector. The firm has successfully represented clients in mining-sector disputes, having successfully represented Indiana Resources Ltd (ASX:IDA) and GreenX Metals Ltd (ASX:GRX) in similar expropriation claims, which resulted in substantial awards in favor of the claimants.
For further information, please contact:
Andrew Dinning
Sarama Resources Ltd
e: info@saramaresources.com
t: +61 8 9363 7600
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, the Tribunal's issuance of the Procedural Orders; submission of Sarama's written Memorial and the GoBF's Counter-Memorial; the quantum and pursuit of compensation for the loss and damages; the intention to appoint a quantum expert and preparation of a professional damages assessment; and the pursuit and outcome of the arbitration claim. Actual results may vary from the forward-looking information due to known and unknown risks, uncertainties and other factors. Such factors include, among others, foreign country and political risks, including risks relating to foreign operations and expropriation or nationalization of mining operations; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information, except as required by applicable laws.
This announcement has been authorised by the Board of Sarama Resources.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sarama Resources Ltd.
View the original press release on ACCESS Newswire
FAQ
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