Notice of Substantial Shareholder in Evergreen

RNS Number : 1147W

Cadence Minerals PLC

13 April 2023

 

Cadence Minerals Plc

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

Notice of Initial Substantial Shareholder in Evergreen Lithium Limited

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) has filed its Notice of Initial Substantial Shareholder in Evergreen Lithium Limited ("Evergreen"), a copy of which can be found here . Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.

Highlights:

Ø Cadence holds 8.74% of Evergreen Lithium and is its largest shareholder.

Ø Evergreen intends to advance three hard rock lithium exploration projects in Australia.

Ø Evergreen has listed with approximately AS$ 10 million cash in hand.

Ø The flagship Byone Lithium Project covers the north-eastern strike extent of the lithium-and tantalum endowed Bynoe Pegmatite field;

o  The project is adjacent to Core Lithium's producing lithium mine.

o  Soil sampling on the project returned geochemical anomalies indicating lithium mineralisation.

o  Based on soil sampling alone, an initial five target zones containing lithium mineralisation have been identified.

Ø The second prospect, Kenny Lithium, is located within the Dundas Mineral Field of Western Australia, close to Mt Dean and Mt Belches-Bald Hill pegmatite fields.'

o  Initial field mapping on the project has confirmed the presence of substantial outcropping pegmatites

o  10km zone of pegmatite outcropping has been confirmed in the North-Eastern section of the Kenny Lithium Project

o  Evergreen has recently completed a comprehensive auger program, drilling 1,731 holes. Evergreen expects the results to be available shortly after admission.

Background to Cadence's investment in Evergreen Lithium

Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies ("LT and LS") to Evergreen as announced on 27 June 2022.   A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence's shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.

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

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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.

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.

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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