REG - Cadence Minerals PLC - Completion of Sale of Yangibana JV Interest

Cadence MineralsAnnouncement

25/01/2023 08:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230125:nRSY8189Na&default-theme=true

RNS Number : 8189N  Cadence Minerals PLC  25 January 2023

Cadence Minerals Plc

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

 

Completion of Sale of Yangibana Joint Venture Interest to Hastings Technology
Metals

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that it
has completed the sale of its working interests in the Yangibana Rare Earths
project ("Yangibana Project") tenements to Hastings Technology Metals (ASX:
HAS) ("Hastings").

 

Highlights:

Ø Cadence has received AS$9 million of new ordinary shares in ASX-listed
Hastings for its 30% stake in various tenements of the Yangibana Rare Earth
Project

Ø Cadence has received some 2.45 million shares of Hastings, roughly 1.9% of
the issued share capital of Hastings

Ø Hastings is constructing the world's next producer of neodymium and
praseodymium concentrate, with maiden production forecast to start in 2024

Ø NPV of project AS$ 1 billion, Hastings current market capitalisation AS$472
million (24/01/2023)

Further transaction details are available in Company's RNS dated 23 June 2022
here
(http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=31142822378102698)
. Cadence has sold its 30% working interest in the Yangibana Project tenements
to the operator and owner of the remainder of the Yangibana Project, Hastings,
for A$9 million (£5.1 million), which has been satisfied via the issue of
2,452,650 new ordinary shares in Hastings to Cadence. These shares represent
approximately 1.9% of the current issued share capital of Hastings Technology
and are subject to a 12-month voluntary escrow. As of 31 December 2021, the
total carrying values of the tenements in the Company's balance sheet was
approximately £905,000. Based on the transaction announced, the initial
profits on the sale of our interest is approximately £4.2 million.

 

About Hastings

Hastings is a well-managed Perth-based rare earths company primed to become
the world's next producer of neodymium and praseodymium concentrate (NdPr).
NdPr are vital components used to manufacture permanent magnets used daily in
advanced technology products ranging from electric vehicles to wind turbines,
robotics, medical applications and digital devices.

 

Hastings' flagship Yangibana project, in the Gascoyne region of Western
Australia, contains a highly valued NdPr deposit with NdPr: TREO ratio of up
to 52%. The site is permitted for long-life production and with offtake
contracts signed and debt finance in an advanced stage. Construction has
commenced, and Hastings is planning to start commissioning the beneficiation
plant in late 2023, with the delivery of maiden production to key customers in
2024.

 

In February of last year, Hastings published a revised NPV calculation, which
increased the NPV by 84% to AS$ 1 billion. Hastings also owns and operates the
Brockman project, Australia's largest heavy rare earths deposit, near Halls
Creek in the Kimberley. For further information on the Company and its
projects, visit www.hastingstechmetals.com

 

 For further information contact:

 Cadence Minerals plc                     +44 (0) 20 3582 6636
 Andrew Suckling
 Kiran Morzaria

 WH Ireland Limited (NOMAD & Broker)      +44 (0) 207 220 1666
 James Joyce
 Darshan Patel

- Ends -

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISFIFVTLSIEFIV