Sarama Resources Ltd (ASX: SRR), a mineral exploration and development company focused on discovering and developing mineral deposits, has released its Management’s Discussion and Analysis for the quarter ended December 31, 2025. The report highlights progress on its Australian gold projects and ongoing arbitration proceedings against the Government of Burkina Faso. The company consolidated its financial position through the approval of tranches 2 and 3 of a previously announced $2.7 million placement and launched a new investor engagement platform. Alongside advancing exploration activities, the Company continued to assess strategic options to further unlock value from its Australian assets.
At the Cosmo Gold Project, Sarama continued to advance exploration while awaiting the commencement of heritage clearance work, which was completed in March 2026. Activities during the quarter focused on further target definition, exploration planning, and optimisation of the AC/RC drilling program. Permitting and stakeholder engagement activities also continued. At the Mt Venn Project, Sarama consolidated data and refined drill targets through reinterpretation of historical datasets across a ~35 km gold corridor. Historical drilling confirms broad mineralisation open along strike and at depth, with work focused on target prioritisation and progressing access and permitting ahead of future drilling.
Sarama is also pursuing arbitration proceedings against the Government of Burkina Faso, detailing its claim for US$242 million plus interest. The claim arises from the unlawful expropriation of the Company’s Tankoro 2 Exploration Permit in Burkina Faso. Sarama filed its Memorial with ICSID (World Bank Group) on October 31, 2025, comprising its statement of case, witness evidence, and expert reports, including an independent valuation by Accuracy London.
The Government of Burkina Faso was granted an extension to file its Counter-Memorial, with a revised deadline of March 27, 2026. Sarama is also advancing applications over a number of early-stage copper-gold prospects in New South Wales, targeting underexplored areas within the Lachlan Fold Belt prospective for copper, gold and polymetallic mineralisation.
