Azumah Resources denies reports of foreign investors taking over Black Volta Project

Azumah Resources Ghana Ltd has dismissed reports suggesting that foreign investors have been ordered to take over the Black Volta Project, describing the publications as false, misleading and a misrepresentation of ongoing legal proceedings.

In a statement issued on July 9, 2026, its Chairman, Noel Addo, said media reports had falsely portrayed the status of disputes currently before the International Chamber of Commerce (ICC) Arbitration Tribunal and the High Court in London.

"We want to assure the general public, staff, third-party suppliers and other stakeholders of the Black Volta Project that the stories published are false," the statement said.

According to the company, there is no order from any arbitration tribunal or court directing that the Black Volta Project be handed over to former investors; IGIC Pty Ltd, Cangold Pty Ltd and Azumah Resources Australia Ltd.

"There is no order by any arbitration tribunal or High Court ordering that the Black Volta Project be handed over to the former investors (i.e. IGIC Pty Ltd, Cangold Pty Ltd and Azumah Resources Australia Ltd)," the statement said.

It challenged those behind the reports to produce any court order or arbitral award requiring the Black Volta Project to be handed over to the former investors.

Azumah explained that while the former investors filed an ex parte application in the High Court in England on June 10, 2026, seeking orders requiring Engineers & Planners (E&P) to cease interfering with the Black Volta and Sankofa mine sites, restore access to company systems and return control of the company's Office 365 email server and domain, the application does not amount to a final court order.

The company noted that the ex parte order expressly states that "E&P may apply to have this ex parte order set aside within 14 days after service of this order and the ex parte order is not enforceable until an application to set the same aside has been heard by the court."

According to the statement, Engineers & Planners has already applied to set aside the order, while Azumah Resources Ghana Ltd has filed a supporting statement affirming that all assets of the Black Volta Project remain under the company's control, custody and possession.

Azumah also argued that no tribunal or court could order the transfer of the project's mineral rights because the concessions were granted by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.

Addressing the ongoing arbitration, the company said an interim award delivered by the ICC Tribunal on September 19, 2025, declined requests to reverse corporate decisions, including changes to the shareholding and board composition of companies within the Azumah Group.

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Quoting the tribunal's award, it said, "For the avoidance of any doubt, the Tribunal considers that granting the relief requiring the unwinding of corporate decisions such as director appointments or changes to shareholding would not be appropriate at this stage in the proceedings... The Tribunal therefore declines at this stage to grant relief in respect of reversing or unwinding corporate decisions."

According to Azumah, the ruling effectively confirmed Engineers & Planners' acquisition of shares in Azumah Resources Ghana Ltd and Upwest Resources Ltd.

The company also maintained that the US$100 million Framework Agreement signed in 2023 covered both debt and equity, citing Clause F of the agreement, which states, "In consideration for the payment of US$100,000,000.00, IGIC, ARA and Cangold have agreed for E&P to acquire all their respective interests (debt and equity) in the companies which own the Project."

Azumah said the parties later reached a settlement confirming the arrangement, adding that an email dated August 15, 2025, from the investors' lawyer stated:

"I confirm that the total purchase price for the loans and the shares is US$100 million."

Reaffirming its position, the company said the Black Volta Project remains under the ownership and management of Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd, while Engineers & Planners "remains the shareholder of the company and continues to exercise its rights as a shareholder."

JKB/MA

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