Sarama Resources Ltd
Sarama Resources Ltd is a Canadian-incorporated, dual-listed (TSXV:SWA / ASX-CDI:SRR) explorer whose remaining core asset is the Sanutura Project in Burkina Faso's Houde Greenstone Belt (~1,454 km2), which had hosted a growing resource across two major gold deposits. In 2023-2024 Burkina Faso's Ministry of Energy, Mines and Quarries retroactively denied/withdrew the company's Tankoro 2 Exploration Permit -- covering the Tankoro deposit, core of Sanutura -- which Sarama characterizes as unlawful expropriation; it is now pursuing an ICSID arbitration claim (case ARB/24/51) under the Canada-Burkina Faso bilateral investment treaty seeking roughly A$180M (~US$115M), with a Merits Hearing scheduled for February 2027. Separately, in April 2026 Sarama divested its Western Australian gold assets (Cosmo and Mt Venn projects) to Riedel Resources Ltd for A$4.6M cash and shares, leaving the company with no active Australian projects. Given the Tankoro 2 denial and the pending arbitration, Sanutura's current operating status (versus assets still genuinely held and explorable) could not be confirmed as normal-course exploration this pass -- stage is recorded as RESOURCE_DEFINITION based on the pre-dispute resource, not confirmation of present-day access. Sarama also holds an approximately 17.52% interest in JV vehicle BFI Inc., which controls the nearby Karankasso Project, ~60km south of Endeavour Mining's Hounde Mine and ~130km southwest of Endeavour's Mana Mine.
Notable vs. Peers
- Jurisdiction risk score of 2/10 is meaningfully riskier than the peer average of 7.8/10.
- Trading within 2% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Executive Chairman and Chief Executive Officer of Sarama Resources Ltd., which he founded. 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
Sanutura Project (Houndé Belt, Burkina Faso) cutoff-grade breakdown by deposit/oxidation state/mining method, NI 43-101 Technical Report filed 7 Feb 2022 (effective 16 Nov 2021): Tankoro -- OP oxide 0.2 g/t Au, OP transition 0.3 g/t Au, OP fresh 0.3–0.5 g/t Au, UG fresh 1.6 g/t Au. Bondi -- OP 0.2 g/t Au (oxide) / 0.3 g/t Au (transition & fresh), UG fresh 1.5 g/t Au. Overall MRE 2.9 Moz combined (9.4Mt@1.9g/t Indicated + 52.7Mt@1.4g/t Inferred), effective 16 Nov 2021. Primary SEDAR PDF returned 403; verified via secondary source (investingnews.com summary of the filing). Medium-high confidence.