Cassius Mining Limited (ASX:CMD) acquired Four Contiguous Prospecting Licenses in Central Tanzania from Lucas Michael Mdemu for $0.38 million on July 11, 2022. The combined acquisition cost of PL's 11720 and 11721 (contracted as a pair) are as $50,000 cash already paid in the first year, $75,000 cash to be paid in the second year, $100,000 cash to be paid in the third year and the combined acquisition cost of PL's 11920 and 11921 (contracted as a pair) are $150,000 cash already paid in the first year. Under Subsequent potential success costs, for the fourth year of PL's 11720/21, a cash payment of $1 million will only be made if there is a JORC Resource (in any category) announced to the ASX of at least 10m tonnes of Ore at a minimum grade of 1.3% lithium oxide (limited to that part of any Resource contained within PL's 11720/21), by the end of the 4th year. For every 10m tonne increase (uncapped, and applying only to each full 10m tonne increase) in the JORC Resource at a minimum grade of 1.3% lithium oxide (limited to that part of any Resource contained within PL's 11720/21), then further cash payments of $1 million for each 10m tonne increase is payable. Similarly the above potential success costs are separately calculated and payable in PL's 11920/21. A net smelter royalty of 1% for the life of mine.

Cassius Mining Limited (ASX:CMD) completed the acquisition of Four Contiguous Prospecting Licenses in Central Tanzania from Lucas Michael Mdemu on July 11, 2022.