REG - Cadence Minerals PLC - Corporate Update

Cadence MineralsAnnouncement

30/12/2022 07:00

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RNS Number : 2491L  Cadence Minerals PLC  30 December 2022

Cadence Minerals Plc

 

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

 

Corporate Update

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update
on the progress of three of its investments.

 

Amapá Iron Ore Project

Cadence is pleased to report that the pre-feasibility study for the Amapá
Iron Ore Project has now been completed, and an announcement is expected to be
released early in the New Year.

 

Evergreen Lithium Pty Ltd ("Evergreen")

In July 2022, Cadence sold its 31.5% stake in Lithium Technologies and Lithium
Supplies ("LT & LS") to Evergreen. The terms of the sale included an
initial consideration of AS$ 3.16 million (£1.77 million) in Evergreen
shares, with a further AS$ 6.63 million (£3.72 million) due in Evergreen
equity on the achievement of certain performance milestones.

 

Although Evergreen had expected a listing on the Australian Stock Exchange
("ASX") to occur this calendar year, it is still awaiting final regulatory
approval. Once approval has been granted by the ASX, Cadence will provide a
further update along with a definitive timeline.

 

The full announcement concerning the LT & LS sale is available here
(http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=311428221865245786)
.

 

Yangibana Rare Earths project ("Yangibana")

In June 2022, Cadence entered into a binding agreement to sell its working
interests and tenements in Yangibana to Hastings Technology Metals (ASX: HAS)
("Hastings") for A$9 million (£5.1 million), satisfied by the issue of fully
paid ordinary Hastings shares. Cadence's 30% interest in tenements covers a
small portion of the Yangibana project and potentially represents one year of
the 16-year mine life.

 

All of the preconditions for the completion of the sale, apart from state
approval for the transfer of the mineral licenses, have been satisfied. Once
completed, Cadence will provide a further update and a definitive timeline.

 

The full announcement concerning the Yangibana sale is available here
(http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=31142822378102698)

 

 For further information contact:

 Cadence Minerals plc                      +44 (0) 7879 584153
 Andrew Suckling
 Kiran Morzaria

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

 

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
(EU) No. 596/2014, as it forms part of UK 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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