Corporate Update

RNS Number : 2491L

Cadence Minerals PLC

30 December 2022

 

Cadence Minerals Plc

("Cadence Minerals", "Cadence", or "the Company")

Corporate Update

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on the progress of three of its investments.

Amapá Iron Ore Project

Cadence is pleased to report that the pre-feasibility study for the Amapá Iron Ore Project has now been completed, and an announcement is expected to be released early in the New Year.

Evergreen Lithium Pty Ltd ("Evergreen")

In July 2022, Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies ("LT & LS") to Evergreen. The terms of the sale included an initial consideration of AS$ 3.16 million (£1.77 million) in Evergreen shares, with a further AS$ 6.63 million (£3.72 million) due in Evergreen equity on the achievement of certain performance milestones.

Although Evergreen had expected a listing on the Australian Stock Exchange ("ASX") to occur this calendar year, it is still awaiting final regulatory approval. Once approval has been granted by the ASX, Cadence will provide a further update along with a definitive timeline.

The full announcement concerning the LT & LS sale is available here .

Yangibana Rare Earths project ("Yangibana")

In June 2022, Cadence entered into a binding agreement to sell its working interests and tenements in Yangibana to Hastings Technology Metals (ASX: HAS) ("Hastings") for A$9 million (£5.1 million), satisfied by the issue of fully paid ordinary Hastings shares. Cadence's 30% interest in tenements covers a small portion of the Yangibana project and potentially represents one year of the 16-year mine life.

All of the preconditions for the completion of the sale, apart from state approval for the transfer of the mineral licenses, have been satisfied. Once completed, Cadence will provide a further update and a definitive timeline.

The full announcement concerning the Yangibana sale is available here

For further information contact:
Cadence Minerals plc	[phone]
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)	[phone]
James Joyce
Darshan Patel

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Cautionary and Forward-Looking Statements

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage", "estimate", "intend", "may", "plan", "will", or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the company's future growth results of operations performance , future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.

The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

 

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