REG - Cadence Minerals PLC - Project & Corporate Updates. Presentation Q&A

Cadence MineralsAnnouncement

14/01/2022 07:00

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RNS Number : 4144Y  Cadence Minerals PLC  14 January 2022

Cadence Minerals Plc

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

Project Updates, Corporate Update and Company Presentation and Q&A

 

 

Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to provide a series of
project updates, and details of a new presentation and Q&A session.

Amapa Project

On 29 December 2021, Cadence announced the execution of the binding settlement
agreement with the secured bank creditors, which allows us to vest our 20%
interest in the large-scale Amapa iron ore mine, beneficiation plant, railway
and private port ("Amapa Project", "Amapa").

We are pleased to announce that the completion and filing of the required
contractual and regulatory documentation is proceeding as planned and we
currently expect to finalise this in the first two weeks of next month.

Cadence has already begun work on the next investment phase to earn an
additional 7% of Amapa for US$3.5 million. These funds will be primarily used
to progress the pre-feasibility studies on the asset.

The pre-feasibility study ("PFS") is progressing as expected, with the
consulting engineers for the mine operations, ore reserve estimation,
metallurgy, processing and shipping identified and in the process of being
appointed. The rail logistic study has been completed in draft form, and is
being reviewed.

In addition, to supplement the technical team at the Amapa, Tony Cau has been
appointed as the pre-feasibility project director. Tony is a Civil Engineer
with 40 years of global experience in the metals processing and engineering
industry. Tony has worked for internationally recognised consulting and
operational firms, including SNC-Lavalin, Bateman Engineering, BHP Billiton
and Ausenco.

Litchfield and Picasso Projects

On 29 September 2021, Cadence announced that Castillo Copper (ASX/LON: CCZ)
("Castillo") had entered into a 90-day option agreement with Lithium
Technologies Pty Ltd ("LT") and Lithium Supplies Pty Ltd ("LS") in which
Cadence owns a 31% shareholding, to acquire the Litchfield and Picasso Lithium
Projects in the Northern Territory (NT) and Western Australia (WA)
respectively.

LT and LS have informed us that the board of CCZ and LT & LS have mutually
agreed to unwind the Option Agreement. As part of the break agreement terms,
the A$50,000 deposit has been returned to CCZ.

Cadence CEO, Kiran Morzaria, commented: "On behalf of the board, I am pleased
to advise shareholders that the filing of the contractual and regulatory
documentation pertaining to the Amapa bank settlement agreement is proceeding
as planned. Work has already started on the next investment phase to take
Cadence up to 27% ownership of Amapa.

"I would also like to take this opportunity to welcome Tony Cau to the Amapa
Project. Tony's experience will be invaluable to us as Amapa undergoes
recommissioning, and he joins the asset at an exciting phase of its
development."

"In regard to the Litchfield and Picasso option with Castillo, given the
recent increases in lithium compound pricing to over US$40,000 per tonne of
battery grade lithium carbonate, and the pending analysis of the assay
results, we see the unwinding of this option agreement as an opportunity for
Cadence to extract a higher valuation for these prospective assets"

Presentation and Q&A Session

Further to the announcement on the 5 January 2020, the online presentation and
Q&A session is available here
(https://www.voxmarkets.co.uk/articles/cadence-minerals-investor-q-a-d056d48)
.

In addition, an updated PowerPoint presentation is available on the Company'
website, https://www.cadenceminerals.com/ (https://www.cadenceminerals.com/)

Share Incentive Vesting

On the 2 November 2020, the Company announced that, under the share incentive
plan established in September 2014, it had conditionally granted up to 240,000
Ordinary Shares to each of the directors. These share awards were conditional
on meeting performance conditions during the award period ("2021 SIP Awards").
2021 SIP Awards would be transferred from the Employee Benefit Trust ("EBT"),
with no New Ordinary Shares being issued to satisfy the 2021 SIP Awards.

The award period ran from November 2020 to December 2021 ("Award Period"). The
2021 SIP Awards were subject to the board achieving performance conditions
which were in line with market practice. One of the conditions was met by the
end of 2021 entitling each director to be awarded 80,000 shares from EBT. With
this award two of the three performance conditions were met during the period
and no further awards will be made in relation 2021 SIP Awards. Once the
shares have been transferred from the EBT to the board the Company will make a
Director / PDMR disclosure.

 

- Ends -

 

 For further information:

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

 Novum Securities Limited (Joint Broker)                                  +44 (0) 207 399
                      9400
 Jon Belliss

 

 

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 Cadence Minerals Plc'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 Cadence Minerals Plc. Although any
forward-looking statements contained in this announcement are based upon what
the Directors believe to be reasonable assumptions. Cadence Minerals Plc
cannot assure investors that actual results will be consistent with such
forward-looking statements.

 

 

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