Sarama Files Memorial in US$242M Damages Claim Against Burkina Faso

Sarama Files Memorial in US$242M Damages Claim Against Burkina Faso

Sarama Resources Ltd. (“Sarama” or the “Company”) (TSX-V:SWA, ASX:SRR) announces that it has filed its written Memorial (the “Memorial”) detailing the Company’s claim against the Government of Burkina Faso (“GoBF”) as well as damages for the sum of US$242 million, plus interest.


The proceedings arise from the unlawful expropriation of the Company’s Tankoro 2 Exploration Permit (the “Permit”) in Burkina Faso and follow the submission of its Request for Arbitration (“RFA”) to the International Centre for Settlement of Investment Disputes (“ICSID”) in December 2024 (refer news release dated 12 December 2024).

On 31 October 2025, Sarama filed its written Memorial comprising its statement of case, witness evidence, and expert reports with ICSID, a division of the World Bank Group, detailing the claim against the GoBF.

The Company retained Accuracy London, a qualified and experienced Quantum Expert, to provide an independent valuation to support the claim submitted to ICSID.

Next Steps

  • The GoBF is required to file its Counter-Memorial by 31 January 2026.
  • A case management conference is scheduled for 17 February 2026 during which the final Procedural Timetable will be determined and the date for the Procedural Hearing will be set.
  • This will be followed by a series of further written submissions, after which a hearing will be held in Washington D.C., United States where Sarama will present its case and supporting evidence to the Tribunal.

The Company is represented by Boies Schiller Flexner (UK) LLP (“BSF”), a leading international law firm with significant experience in investor-state arbitration and a strong track record in the natural resources sector and has a US$4.4 million four-year non-recourse loan facility in place to cover all fees and expenses related to the claim.

Sarama’s Executive Chairman, Andrew Dinning commented:

“The filing of our Memorial is a significant milestone in the arbitration process and provides a comprehensive and substantiated basis for Sarama’s claim for compensation. The Company has invested more than a decade of work and substantial capital in advancing the Sanutura Project, which was unlawfully expropriated.

We are pursuing this process to protect shareholder value and to seek a fair and just outcome under internationally recognised mechanisms. With our legal team, expert advisors and funding arrangements in place, we remain fully committed to advancing the arbitration to its conclusion.”


Click here for the full ASX Release

This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

SRR:AU
The Conversation (0)
Completion of Tranche 1 Equity Placement & Cleansing Notice

Completion of Tranche 1 Equity Placement & Cleansing Notice

Sarama Resources (SRR:AU) has announced Completion of Tranche 1 Equity Placement & Cleansing NoticeDownload the PDF here. Keep Reading...
Sarama Raises A$1.5m in Private Placement

Sarama Raises A$1.5m in Private Placement

Sarama Resources (SRR:AU) has announced Sarama Raises A$1.5m in Private PlacementDownload the PDF here. Keep Reading...
Trading Halt

Trading Halt

Sarama Resources (SRR:AU) has announced Trading HaltDownload the PDF here. Keep Reading...
Q1 2026 Interim Financial Statements

Q1 2026 Interim Financial Statements

Sarama Resources (SRR:AU) has announced Q1 2026 Interim Financial StatementsDownload the PDF here. Keep Reading...
Qtly Activities Report - Q1 26 Mgmt's Discussion & Analysis

Qtly Activities Report - Q1 26 Mgmt's Discussion & Analysis

Sarama Resources (SRR:AU) has announced Qtly Activities Report - Q1 26 Mgmt's Discussion & AnalysisDownload the PDF here. Keep Reading...
Businessmen shaking hands.

Franco-Nevada Takes 12.4 Percent Stake in Kenorland Minerals

Royalties and streaming giant Franco-Nevada (TSX:FNV,NYSE:FNV) has acquired a 12.42 percent stake in early-stage exploration company Kenorland Minerals (TSXV:KLD,OTCQX:KLDCF) through a US$22.2 million private block trade.The Toronto-based firm purchased 10 million Kenorland common shares at... Keep Reading...
Ronald-Peter Stoeferle, gold bars.

Ronald-Peter Stoeferle: Gold's Key Triggers, Plus Final Price Target

Ronald-Peter Stoeferle of Incrementum shares his thoughts on gold, identifying several price triggers that he believes will drive the yellow metal higher. Those include a change in messaging from the US Federal Reserve and a US dollar bear market. "I think we've got still two, three, four good... Keep Reading...
Frederick Bell, gold bars.

Gold's Top Drivers, Plus New US$190 Million Deal | Elemental Royalty's Frederick Bell

Frederick Bell, CEO of Elemental Royalty (TSX:ELE,NASDAQ:ELE), shares his outlook for gold and discusses recent company developments, including Elemental's US$290 million acquisition of a royalty and streaming portfolio. "I think overall there will be short-term movement in the oil price, in... Keep Reading...
Blue Jay Gold CEO Geordie Mark.

Blue Jay Gold Adds Antimony Potential at High-grade Steller Project

Speaking at the Beaver Creek Precious Metals Summit, Blue Jay Gold (TSXV:JAY,OTCQB:JAYGF) CEO and Director Geordie Mark said, "We see the opportunity to expand this resource aggressively over the next few campaigns." Mark discussed the company's Steller gold project in the Yukon. Recently, the... Keep Reading...
Hands holding a tablet displaying Barrick logo on a desk.

Barrick Secures 15 Year License Renewal for Tanzania Mine

The Tanzanian government has renewed Barrick Mining's (TSX:ABX,NYSE:B) special mining licenses for the North Mara gold mine for 15 years, securing the company's operating rights at the site through 2041.Barrick operates North Mara through Twiga Minerals, a joint venture established in 2019 that... Keep Reading...
Gold bars in stacks with words "5 Top Canadian Mining Stocks This Week" on top.

Top 5 Canadian Mining Stocks This Week: 55 North Gold Gains 89 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian news impacting the resource sector.Statistics Canada released Canada’s gross domestic product by industry data for July on Tuesday... Keep Reading...

Interactive Chart

Latest Press Releases

Related News