TIDMKDNC
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.
In addition, an updated PowerPoint presentation is available on
the Company' website, 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
identi ed 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 re ect
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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