REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium (ASX: EG1)

Cadence MineralsAnnouncement

22/01/2024 09:00

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RNS Number : 4503A  Cadence Minerals PLC  22 January 2024

Cadence Minerals Plc

 

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

 

Corporate Update - Evergreen Lithium (ASX: EG1) - Aboriginal Areas Protection
Authority (AAPA) Certificate Granted

 

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX
listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the
receipt of its Aboriginal Areas Protection Authority Certificate for the Bynoe
Project in the Northern Territory, where the Company has identified multiple
large and significant lithium pegmatite targets for drill testing.

 

Highlights:

·      EverGreen's Aboriginal Areas Protection Authority (AAPA)
Certificate granted.

·      A revised Mine Management Plan (MMP) for Bynoe is being finalised
for approval.

·      Contractors for maiden drill program at Bynoe have been secured.

·      Geochemical and geophysical activities during the 2023 field
season have identified multiple high priority drill targets.

·      Drill testing of these targets will commence on MMP approval,
subject to weather conditions.

·      Drilling of high priority targets identified.

·      2,050 soil sample assays are at the laboratory awaiting assay.

 

Aboriginal Areas Protection Authority Certificate

 

Under the Northern Territory Aboriginal Sacred Sites Act, the Aboriginal Areas
Protection Authority is responsible for overseeing the protection of
Aboriginal sacred sites on land and sea across the whole of Australia's
Northern Territory.

 

The Authority consults with Aboriginal custodians to ensure they are fully
informed about development; and to ensure land users and developers are given
clear conditions regarding proposed work in the vicinity of sacred sites.

Through the work of the Authority, developers can have confidence to proceed
with investment.

The authority certificate covers aspects of exploration including but not
limited to:

·      Exploration drilling (RC, Diamond, Air Core & Rotary
techniques)

·      Track related works (new tracks, update of existing tracks and
maintenance)

·      Construction of drill pads and sumps

 

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.

 

Link here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02764214-6A1190267)
to view the full Evergreen ASX announcement

 

Evergreen Chairman Simon Lill commented: "Receipt of AAPA is a significant
milestone in progressing the Bynoe project and ensuring the protection and
preservation of Aboriginal sacred sites. With so many compelling drill targets
and a drill rig on standby, we look forward to a very active and successful
2024 exploration season."

 

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
(https://evergreenlithium.com.au/prospectus/)  . 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                                         +44 (0) 20 3582 6636
 Andrew Suckling
 Kiran Morzaria

 WH Ireland Limited (NOMAD & Broker)                          +44 (0) 20 7220 1666
 James Joyce
 Darshan Patel

 Fortified Securities - Joint Broker                          +44 (0) 20 3411 7773
 Guy Wheatley

 Brand Communications                                         +44 (0) 7976 431608
 Public & Investor Relations
 Alan Green

 

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
(E.U.) No. 596/2014, as it forms part of U.K. 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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