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Sarama Assets Ltd. (“Sarama” or the “Firm”) (TSX-V:SWA, ASX:SRR) declares that it has filed its written Memorial (the “Memorial”) detailing the Firm’s declare in opposition to the Authorities of Burkina Faso (“GoBF”) in addition to damages for the sum of US$242 million, plus curiosity.
The proceedings come up from the illegal expropriation of the Firm’s Tankoro 2 Exploration Allow (the “Allow”) in Burkina Faso and observe the submission of its Request for Arbitration (“RFA”) to the Worldwide Centre for Settlement of Funding Disputes (“ICSID”) in December 2024 (refer information launch dated 12 December 2024).
On 31 October 2025, Sarama filed its written Memorial comprising its assertion of case, witness proof, and professional reviews with ICSID, a division of the World Financial institution Group, detailing the declare in opposition to the GoBF.
The Firm retained Accuracy London, a certified and skilled Quantum Professional, to offer an unbiased valuation to assist the declare submitted to ICSID.
Subsequent Steps
- The GoBF is required to file its Counter-Memorial by 31 January 2026.
- A case administration convention is scheduled for 17 February 2026 throughout which the ultimate Procedural Timetable might be decided and the date for the Procedural Listening to might be set.
- This might be adopted by a sequence of additional written submissions, after which a listening to might be held in Washington D.C., United States the place Sarama will current its case and supporting proof to the Tribunal.
The Firm is represented by Boies Schiller Flexner (UK) LLP (“BSF”), a number one worldwide legislation agency with important expertise in investor-state arbitration and a powerful monitor file within the pure sources sector and has a US$4.4 million four-year non-recourse mortgage facility in place to cowl all charges and bills associated to the declare.
Sarama’s Government Chairman, Andrew Dinning commented:
“The submitting of our Memorial is a big milestone within the arbitration course of and gives a complete and substantiated foundation for Sarama’s declare for compensation. The Firm has invested greater than a decade of labor and substantial capital in advancing the Sanutura Undertaking, which was unlawfully expropriated.
We’re pursuing this course of to guard shareholder worth and to hunt a good and simply final result beneath internationally recognised mechanisms. With our authorized workforce, professional advisors and funding preparations in place, we stay totally dedicated to advancing the arbitration to its conclusion.”
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This text contains content material from Sarama Assets, licensed for the aim of publishing on Investing Information Australia. This text doesn’t represent monetary product recommendation. It’s your accountability to carry out correct due diligence earlier than performing upon any data offered right here. Please discuss with our full disclaimer right here.
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