REG - Cadence Minerals PLC - EMH - Cinovec Exploration Licenses

Cadence MineralsAnnouncement

29/01/2024 10:00

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RNS Number : 2218B  Cadence Minerals PLC  29 January 2024

Cadence Minerals Plc

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

 

European Metals Holdings #EMH - Extension Granted to all Cinovec Exploration
Licenses

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the
announcement by European Metals Holdings Limited (ASX & AIM: EMH, OTCQX:
EMHXY, ERPNF and EMHLF) in regard to the granting of an extension to all four
Cinovec Exploration Licences ("the licences"). These licenses fully cover all
three granted Preliminary Mining Permits ("PMP's") comprising the Cinovec
Project. All four licences have been extended until 31 December 2026. The
granting of this extension follows a comprehensive evaluation by the relevant
state authorities of results achieved to date in exploring the deposit. Plans
for future exploration work, including further resource drilling, and
compliance with conditions set by the Czech Ministry of Environment were also
assessed.

 

The extension was necessary as the granted PMP's, whilst conveying the sole
and exclusive rights to apply for a Final Mining Permit, do not allow for
further drilling until the final mining area is granted. As the Company plans
to conduct further metallurgical and measured resource drilling, an extension
to the exploration licenses due to expire in December 2023 was sought.

 

The licences extension applies to the Exploration Areas Cínovec, Cínovec II,
Cínovec III and Cínovec IV, which fully cover the East, South and NorthWest
PMP's.

 

Link here
(https://www.londonstockexchange.com/news-article/EMH/extension-granted-for-cinovec-exploration-licenses/16307002)
to view the full EMH announcement

 

Cinovec Lithium/Tin Project

 

Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech
State over the Cinovec Lithium/Tin Project. Geomet has been granted a
preliminary mining permit by the Ministry of Environment and the Ministry of
Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its
wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock
lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O
and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and 0.05% Sn
and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O and 0.05% Sn
containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and
335.1kt of tin.

 

Cadence Minerals holds approximately 5.6% percent of the equity in European
Metals Holdings.

 

 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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