Sarama Resources Ltd
Sarama Resources Ltd (TSXV: SWA; ASX: SRR) is a Canadian-incorporated explorer. Its most advanced asset still held is the Bondi gold deposit (0.5 Moz Au Inferred, November 2021 estimate) on the 100%-owned Djarkadougou 2 exploration permit, part of its former Sanutura Project in Burkina Faso's Houndé Belt; work there is limited to administration and compliance. Sanutura's core, the Tankoro deposit (0.6 Moz Au Indicated and 1.9 Moz Inferred), was lost when Burkina Faso's government withdrew the Tankoro 2 permit in August 2023. Sarama is claiming about US$242 million plus interest through ICSID arbitration under the Canada-Burkina Faso investment treaty, funded by a US$4.4 million non-recourse facility from Locke Capital II; it filed its Reply on 31 July 2026, Burkina Faso's Rejoinder is due on 25 November 2026, and the Merits Hearing is set for 22-26 February 2027. Sarama also holds about 17.4% of the Endeavour-operated Karankasso Joint Venture (709 koz Au Inferred) and three early-stage copper-gold exploration licences in New South Wales granted in May 2026 (Gegedzerick, Bald Hill and Bong Bong). On 21 July 2026 it completed the sale of its Western Australian Cosmo and Mt Venn gold projects to Riedel Resources (ASX: RIE) for Riedel shares and project costs, leaving it with about 32% of Riedel (up to about 44% if performance rights vest).
Notable vs. Peers
- Jurisdiction risk score of 2/10 is meaningfully riskier than the peer average of 7.8/10.
- Trading within 7% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Not yet determined: mill, tailings facility, grid power.
Not yet determined: mill, tailings facility, grid power.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)2/10
Burkina Faso -- a high-risk West African jurisdiction under military-junta government since 2022 coups, with an active precedent of exploration-permit expropriation directly affecting this company (see description); scored well below the Houde Belt's underlying geological quality would otherwise suggest.
Infrastructure (40%)6.4/10
Confirmed road access at Bondi Deposit, Djarkadougou 2 permit (Sanutura Project), Houndé Belt, Burkina Faso; existing mill, grid power, and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Houndé (Endeavour Mining plc / Government of Burkina Faso), 57 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.8/10
Nearest producing mine: Houndé (Endeavour Mining plc / Government of Burkina Faso), 57 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:2/10
Burkina Faso: jurisdiction score 2/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Executive Chairman and Chief Executive Officer of Sarama Resources Ltd., which he founded; also a non-executive director of Riedel Resources Limited. Over 30 years' experience in the international mining arena, having worked in the Democratic Republic of Congo, West Africa, the UK, Russia and Australia. Was a director, President and Chief Operating Officer of DRC-based Moto Goldmines from 2005 to 2009, overseeing growth of the flagship Moto Gold Project (now Kibali Gold) from 4 million to over 22 million ounces of gold. Holds an MBA, a First Class Mine Managers Certificate (Western Australia) and a Bachelor of Engineering in Mining.
Chief Financial Officer and Company Secretary of Sarama Resources Ltd., dual-listed on the TSX-V (SWA) and ASX (SRR).
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No producer, strategic investor, or resource-specialist fund holds a disclosed stake. A US$4.4M facility from Locke Capital II LLC is litigation funding for an international arbitration claim, not an equity investment, so it is not counted as smart money by this metric.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Sarama Resources' most advanced asset still held is the Bondi gold deposit on its 100%-owned Djarkadougou 2 exploration permit in Burkina Faso's Hounde belt, an inferred resource of 9.2 Mt at 1.5 g/t for 0.5 Moz of gold estimated in November 2021, where work is limited to administration and compliance. Title status: Burkina Faso withdrew the Tankoro 2 permit, which held the Tankoro deposit at the core of the former Sanutura project, in August 2023, and Sarama is claiming about US$242 million plus interest through ICSID arbitration, funded by a US$4.4 million non-recourse facility; Burkina Faso's rejoinder is due on 25 November 2026 and the merits hearing is set for 22-26 February 2027. Sarama also holds about 17.4% of the Karankasso joint venture operated by Endeavour and three early-stage copper-gold licences in New South Wales granted in May 2026. On 21 July 2026 it completed the sale of its Western Australian Cosmo and Mt Venn projects to Riedel Resources, leaving it with about 32% of Riedel.