REG - Cadence Minerals PLC - Corporate Update - EG1 acquires Leonora Goldfields

Cadence MineralsAnnouncement

06/05/2025 07:00

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RNS Number : 3489H  Cadence Minerals PLC  06 May 2025

Cadence Minerals Plc

 

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

 

Corporate Update - EG1 acquires Leonora Goldfields Project,

WA in transformational deal

 

Cadence Minerals (AIM: KDNC) is pleased to note that ASX listed Evergreen
Lithium ("EG1") (ASX: EG1) has announced the acquisition of the Leonora
Goldfields Project ("LGP"), located in WA's highly sought-after central gold
district with a JORC 2012-compliant 63,000oz gold inferred resource.  This
marks a significant step in EG1's objective to transform into an emerging gold
producer and a timely pivot towards the gold sector. Cadence is an 8.74%
shareholder in EG1.

 

The LGP tenement package includes 13 granted mining leases and prospecting
licences, along with an exploration licence and accompanying application,
offering near-term development opportunities and substantial future resource
growth potential.

 

Highlights:

·      EG1 acquires the highly prospective Leonora Goldfields Project
in WA with the potential to work towards becoming an emerging gold producer

·      The project, located in WA's central gold district comprises a
mixed tenement package with a JORC 2012-compliant 63,000oz gold inferred
resource

·      Exploration target up to 592,000oz gold @ 3.6 g/t Au, backed by
historical data and recent drilling

·      Tenement package includes 13 mining leases/prospecting licence
and two exploration-stage tenements

·      Situated near world-class gold deposits, including the +4Moz King
of the Hills and +6Moz Sons of Gwalia, the project has prime access to
outstanding mining infrastructure, with four processing plants located just
within haulage range (<80km)

·      Evergreen plans to expedite exploration and development to move
to gold production as soon as possible

 

Link here (https://wcsecure.weblink.com.au/pdf/EG1/02943066.pdf) to view the
full EG1 ASX announcement

 

EG1 Chairman Simon Lill commented: "Acquisition of the Leonora Goldfields
Project is a pivotal moment for Evergreen, ushering in a strategic
transformation as the Company positions itself firmly in the burgeoning gold
sector. With an inferred resource of 63,000 ounces of gold and an exploration
target of up to 592,000 ounces, the project presents exceptional development
and growth opportunities. Our focus now is to expedite exploration and
development, ensuring pathways to production and cashflow are realised
optimally."

 

Cadence CEO Kiran Morzaria added: "This move by EG1 marks a timely and
prescient entry into the fast-growing gold sector. As EG1's largest
shareholder, the Cadence Board are delighted that the Simon Lill and his team
have been able to acquire a project with a well-established JORC compliant
resource located close to sophisticated mining infrastructure. We wish them
every success in bringing the project to fruition."

 

Background to Cadence's investment in EG1

 

Cadence Minerals received approximately 15.8 million shares in EG1 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/wp-content/uploads/2023/06/Prospectus-Evergreen-Lithium-13-01-23-ASIC-Version3135111.1.pdf)
.

 For further information contact:

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

 Zeus Capital Limited (NOMAD & Broker)                        +44 (0) 20 3829 5000
 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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