TIDMKDNC
RNS Number : 9148A
Cadence Minerals PLC
28 September 2022
28 September 2022
Cadence Minerals plc
Interim Results for the six months ended 30 June 2022
Cadence Minerals plc (AIM/AQX: KDNC) is pleased to announce its
interim results for the six months ended 30 June 2022.
OVERVIEW
The Company's goals for the six months ended 30 June 2022 were
first to vest our 27% in the Amapa Iron Ore Project ("Amapa
Project"), secondly to progress the development of Amapa and
advance the Pre-Feasibility Study ("PFS") and lastly to create
capital growth in our passive private investments via a sale either
in cash or a swap into liquid equity. I am pleased to report the
Company was successful in all of the above goals.
The first goal was met in the first quarter of this year. After
successfully reaching an agreement to vest its 20% at the end of
December 2021, Cadence increased its stake in the Amapa Project to
27% in March 2022; the consideration for the additional 7% was
US$3.5 million. The funding was used to achieve our second goal,
which was to advance the PFS. Although PFS work commenced in 2021,
the March investment fully funded the remainder of the PFS study.
The current expectation is that in Q4, we will publish an updated
Mineral Resource Estimate ("MRE), followed by an Ore Reserve
Estimate ("ORE") and, finally, the publication of the PFS.
The final goal was achieved via two asset sales; firstly, our
31.5% interests in Lithium Technology Pty Ltd and Lithium Supplies
Pty Ltd ("LT and LS") were sold to Evergreen Lithium and secondly,
our 30% interest in licenses within the Yangibana Rare Earth
Project ("Yangibana Project") were sold to owner/operator Hastings
Technology Metals. In both cases, Cadence agreed to vend these
assets for equity in companies that are either listed or are
expected to be listed.
Cadence has invested approximately GBP1.7 million in these
assets, and our sale price into the equity of the two public
companies was the equivalent of GBP5.5 million, representing a 321%
cumulative return on our investments. The Yangibana sale is not
reflected in the interim financial statements as it has not yet
been completed. However, we expect that both the Yangibana Project
transactions and the IPO of Evergreen Lithium will complete this
year, hopefully further increasing our returns.
In contrast to these accomplishments, the macroeconomic
environment has been generally negative. This has been dominated by
the war in Ukraine and the devastating humanitarian consequences
that have followed. The European war is the most serious crisis in
decades, and food security and energy needs have emerged as
significant concerns. We now live in a world of increased macro
volatility, with central banks battling a problematic trade-off
between soaring inflation and managing a fragile economic recovery
in the aftermath of the COVID-19 pandemic.
Despite this challenging backdrop, the lithium and rare earth
sectors have remained positive, with pricing in both products
remaining robust. This demand continues to be driven by the
electrification of our transport systems and the continued
undersupply of feedstock. Despite some commentators suggesting
otherwise, the oversupply of lithium is not imminent; we still see
a market deficit going forward for the same structural reasons that
we saw in 2018 when some of the same market commentators forecasted
an oversupply of feedstock.
Within the iron ore market, we have seen the impacts of a global
slowdown, with the 62% Fe Platts index dropping from US$125 per dry
metric tonne ("dmt") to circa US$ 100 / dmt. Both short and
longer-term prospects for iron ore are driven by China, given the
nation is the world's biggest steel producer and currently buys
about 70% of global seaborne iron ore. As policy support gains
traction, we expect China to emerge as a source of stability for
iron ore demand. This is contingent on Beijing implementing
successful and timely stimulus measures, limited COVID lockdowns,
and a shallow global slowdown that limits monetary tightening.
The overall negative macro environment weighed down on our
public portfolio, with the AIM Basic Resources Index down some 30%
over the period and European Metals Holdings ("EMH"), our largest
public equity position, decreasing in value by some 47% during the
reporting period.
We are cautiously optimistic despite the macroeconomic
headwinds. Recent indications point to a recovery in China's growth
momentum in the second half of the year, with cities reopening and
government policy stimulus helping. In mined commodity markets,
supply and demand are generally tight, and prices appear well
supported. The transition to net zero carbon emissions will
continue to open up investment opportunities in companies that
serve the associated supply chains.
As outlined in our annual report and accounts, Cadence operates
an investment strategy that includes investments in private
projects via a private equity model and investments in public
equity. In both investment classes, we take either an active or
passive role. We have reported on each category below.
PRIVATE INVESTMENTS, ACTIVE
The Amapa Iron Ore Project, Brazil
Interest - 27% at 30/06/2022
The Amapa Project is a large-scale iron open pit ore mine with
associated rail, port and beneficiation facilities that commenced
operations in December 2007. Production increased to 4.8 Mt and 6.1
Mt of iron ore concentrate product in 2011 and 2012, respectively.
Before its sale in 2012, Anglo American valued its 70% stake in the
Amapa Project at US$462m (100% US $660m).
In 2019 Cadence entered into a binding investment agreement to
invest in and acquire up to 27% in the Amapa iron ore mine,
beneficiation plant, railway and private port owned by DEV ("The
Agreement"). The Agreement also gave Cadence a first right of
refusal to increase its stake to 49%. To acquire its 27% interest,
Cadence invested US$6 million over two stages in a joint venture
company ("JV"). The first stage is for 20% of the JV, the
consideration for which was US$2.5 million. The second stage was
completed in March 2022 for a further 7% of the JV for a
consideration of US$3.5 million.
During the reporting period, the two key operational priorities
were:
1. Progressing the permitting pathway, including the
regularisation of the mining concessions, tailing storage
facilities and the environmental permits.
2. Advancing the PFS, which commenced in 2021, and progressed in
earnest once the second stage funding from Cadence vested.
At the time of writing, the PFS is progressing well with all the
mineral processing and logistic studies completed and costed. The
updated MRE and ORE are both due for completion in October
2022.
The PFS contemplates refurbishing and rehabilitating the
existing port, rail and plant with modifications being made to the
beneficiation plant to achieve a larger portion of 65% iron
concentrate (4.9 Mt). The PFS is based on producing 5.3 Mt of iron
ore concentrate per annum. The PFS, once complete, will outline
more fully the development timelines and capital required to
achieve the stated project aims. After the publication of an
economic PFS, we expect DEV will seek to commission a Definitive
Study ("DFS"). The DFS is required to seek project debt and equity
finance, which will be sought once the DFS is complete.
PRIVATE INVESTMENTS, PASSIVE
Evergreen Lithium Limited
Interest - 13.16% at 30/06/2022
During the reporting period, Cadence and the shareholders of LT
and LS completed the sale of 100% of LT and LS to Evergreen PTY Ltd
("Evergreen"). Evergreen is an unlisted public company in Australia
that has been incorporated explicitly to acquire lithium assets.
The acquisition of LT and LS is its first acquisition. Evergreen
raised AS$ 6 million to pursue this strategy and now plans to list
on the Australian Stock Exchange.
The consideration for LT and LS is up to A$ 21.05 million
(GBP12.79 million). Cadence had 31.5% of LT and LS and will receive
up to A$ 6.63 million (GBP4.02 million). The initial consideration
that has been paid is AS$3.16 million (GBP1.92 million) in
Evergreen shares, or 15,830,136 shares at A$0.20 per share,
representing 13.16% of Evergreen.
Subject to performance milestones being achieved (found here ),
an additional AS$3.47 million (GBP2.10 million) will be paid in
Evergreen shares. If the performance targets are met, the total
consideration for Cadence's equity stake in LT and LS would be
AS$6.63 million (GBP3.80 million).
As a result of the acquisition, Evergreen, through its
subsidiaries, are the holder of two exploration licenses in the
Northern Territory, one granted and one in the application phase.
LT and LS further hold seven exploration license applications in
Argentina.
All of the licenses and applications target potential hard rock
lithium deposits. The most significant of these is the Litchfield
lithium prospect, which is contiguous to Core Lithium's (ASX: CXO)
strategic Finniss Lithium Project (JORC compliant ore reserves:
7.4Mt @ 1.3% Li2O). Evergreen has committed to spending at least
A$4 million on the exploration of Litchfield during the three years
post the completion of the sale.
Cadence's total investment in the LT & LS was GBP0.81
million. The Company has received GBP1.92 million as an initial
consideration and, subject to project milestones, will receive a
further GBP2.1 million. This represents a 159% return on the
initial consideration and a 395% return on the cumulative
consideration.
Yangibana Project, Australia
Interest - 30% at 30/06/2022
The Yangibana Project is a significant Australian Rare Earths
Project, containing substantial Neodymium and Praseodymium
resources. The Yangibana Project currently covers approximately 650
square kilometres containing some 9 Mining Leases, 2 Prospecting
Licenses and 19 Exploration Licenses. Cadence holds a 30% interest
in 3 Mining Leases and 6 Exploration licenses. These tenements
contain 0.70 million tonnes of Ore Reserves, which can increase the
expected mine life of the Yangibana Project by approximately one
year to a total of 16 years.
In June 2022, Cadence entered into a binding agreement to sell
its working interest in the leases to Hastings Technology Metals
(ASX: HAS) ("Hastings"), the current owner and operator of the
Yangibana Project.
The interests will be sold for A$9.0 million (GBP5.45 million)
to be settled by the issue of fully paid ordinary shares in
Hastings at a price to be determined based on 30 days VWAP before
completion, which is set at six months from the date of signing of
this agreement.
Hastings has commenced site construction and is planning to
begin commissioning the beneficiation plant in late 2023,
delivering maiden production to key customers in 2024.
In February of this year, Hastings published a revised NPV
calculation, which increased the NPV by 84% to AS$ 1 billion.
Hastings's current market capitalisation is circa A$ 415 million.
Also, in February, the Australian Government's Northern Australia
Infrastructure Facility (NAIF) approved a $140 million loan
facility to Hastings and Yangibana, making it the first Australian
rare earth project to receive NAIF funding.
Cadence's total investment in the Leases was GBP0.90 million.
Subject to the completion of the sale, we will receive
approximately GBP5.45 million in Hasting shares, representing a
502% return on our investment.
Sonora Lithium Project, Mexico
Interest - 30% at 30/06/2022
Cadence holds an interest in the Sonora Lithium Project via a
30% stake in the joint venture interests in each of Mexalit S.A. de
CV ("Mexalit") and Megalit S.A. de CV ("Megalit").
Mexalit forms part of the Sonora Lithium Project. The Sonora
Lithium Project consists of ten contiguous concessions covering
97,389 hectares. Two of the concessions (La Ventana, La Ventana 1)
are owned, as of the date, 100% by subsidiaries of Gangfeng Lithium
Co., Ltd ("Gangfeng"). El Sauz, El Sauz 1, El Sauz 2, Fleur and
Fleur 1 concessions are owned by Mexalit S.A. de C.V. ("Mexalit"),
which is owned 70% by Gangfeng and 30% by Cadence.
The Sonora Project holds one of the world's largest lithium
resources and benefits from being both high-grade and scalable. The
current lithium resources and reserves for the Sonora Lithium
Project and the amounts attributable to Cadence are available on
our website here:
https://www.cadenceminerals.com/projects/sonora-lithium-project/.
A feasibility study report was published in January 2018. The
report estimated a pre-tax project net present value of US$1.253
billion at an 8% discount rate, an Internal Rate of Return of 26.1%
and Life of Mine operating costs of US$3,910/t of lithium
carbonate. It should be noted that under the published feasibility
study, the concession owned by Mexalit will be mined starting in
year 9 of the mine plan, ceasing at the end of the mine life in
year 19.
In 2021, Mexican politicians from the MORENA party tabled a
draught bill to reform Mexico's energy sector, including statements
that lithium would be included among the minerals considered
strategic for the energy transition and that no new concessions for
lithium exploitation by private companies could be granted.
Subsequent to the year-end, the Mexican senate elevated lithium
deposits to the category of "strategic minerals", declaring
lithium's exploration, exploitation, and use as the state's
exclusive right.
We are constantly examining possible legislative changes, and
Gangfeng is ensuring that the mineral concessions remain
legitimate. It is our current view that the Decree passed by the
senate only impacts licenses, concessions, or contracts to be
granted, NOT already those already granted, as is the case for the
Sonora Lithium Project. Therefore, at this point, we do not believe
there is a material impact on our joint venture areas.
PUBLIC EQUITY
The public equity investment segment includes active and passive
investments as part of our trading portfolio. The trading portfolio
consists of investments in listed mining entities that the board
believes possess attractive underlying assets. The focus is to
invest in mining companies that are significantly undervalued by
the market and where there is substantial upside potential through
exploration success and/or the development of mining projects for
commercial production. Ultimately, the aim is to make capital gains
in the short to medium term. Investments are considered
individually based on various criteria and are typically traded on
the TSX, ASX, AIM or LSE.
During the period, our public equity investments generated an
unrealised loss of GBP5.26 million (6 months ended 30 June 2021: a
profit of GBP3.12 million) and a realised gain of GBP1.11 million
(6 months ended 30 June 2021: GBP0.42 million). The majority of
these profits were derived from the sale of European Metals
Holdings shares. The total return on investment for the Cadence
equity portfolio as of 28 September 2022 was 407%, or GBP9.95
million.
As of 30 June 2022, our public equity stakes consisted of the
following:
Company Business Summary 30-Jun-22 31-Dec-21 30-Jun-21 31-Dec-20
GBP,000 GBP,000 GBP,000 GBP,000
----------------------------- ---------- ---------- ---------- ----------
European Metals Holding Ltd Lithium mine development 5,357 11,287 14,180 13,426
----------------------------- ---------- ---------- ---------- ----------
Charger Metals NL Lithium exploration 196 342 109 -
----------------------------- ---------- ---------- ---------- ----------
Macarthur Minerals Ltd Iron Ore mine development 103 181 327 329
----------------------------- ---------- ---------- ---------- ----------
Eagle Mountain Mining Ltd Copper exploration 47 122 153 -
----------------------------- ---------- ---------- ---------- ----------
Mont-Royal Resources Ltd Gold and Copper exploration 39 35 - -
----------------------------- ---------- ---------- ---------- ----------
Celsius Resources Ltd Gold and Copper exploration - - 103 -
----------------------------- ---------- ---------- ---------- ----------
Miscellaneous Various 5 7 6 6
----------------------------- ---------- ---------- ---------- ----------
Total 5,747 11,974 14,878 13,761
---------- ---------- ---------- ----------
FINANCIAL RESULTS:
During the period, the Group made a loss before taxation of
GBP5.05 million (6 months ended 30 June 2021: profit of GBP2.84
million, year ended 31 December 2021: loss of GBP0.14 million).
There was a weighted basic loss per share of 3.136p (30 June 2021:
profit 2.009p, 31 December 2021: loss 0.102p). During the second
half of the year, the Directors expect the results to reflect the
approximately GBP4.2m profit from the sale of the Group's Yangibana
Joint Venture Interest.
The total assets of the Group decreased from GBP23.01 million at
31 December 2021 to GBP21.93 million. Of this amount, the decrease
of GBP6.23 million represents the market value of our current
investments at the period end, plus there was an increase in our
non-current investments of GBP3.30m.
During the period our net cash outflow from operating activities
was GBP1.65 million, gross proceeds of GBP4.9m were raised through
the issue of new shares and our net cash position ended the period
up GBP1.66 million at GBP1.99 million.
Kiran Morzaria
Director
28 September 2022
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 20 7220 1666
James Joyce
Darshan Patel
CADENCE MINERALS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2022
Unaudited Period ended Unaudited Period ended Audited
Year ended
30 June 30 June 31 December 2021
2022 2021
Notes GBP'000 GBP'000 GBP'000
Income
Unrealised (loss)/profit on
financial investments (5,259) 3,116 577
Realised profit on financial
investments 1,110 423 593
(4,149) 3,539 1,170
Share-based payments - (197) (197)
Other administrative expenses (906) (505) (1,604)
Total administrative expenses (906) (702) (1,801)
Operating (loss)/profit (5,055) 2,837 (631)
Finance income - 29 35
Finance cost - (4) (3)
Foreign exchange gains/(losses) 10 (21) 455
(Loss)/profit before taxation (5,045) 2,841 (144)
Taxation - - -
----------------------- ----------------------- ------------------
(Loss)/profit attributable to the
equity holders of the Company (5,045) 2,841 (144)
Total comprehensive (loss)/profit
for the period, attributable to
the equity holders of the
Company (5,045) 2,841 (144)
----------------------- ----------------------- ------------------
Earnings per ordinary share
Basic (pence per share) 3 (3.136) 2.009 (0.102)
----------------------- ----------------------- ------------------
Diluted (pence per share) 3 n/a 1.899 n/a
----------------------- ----------------------- ------------------
CADENCE MINERALS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2022
Share capital Share premium Share-based Investment in Retained Total equity
account payment own shares earnings
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2021 1,896 33,159 39 - (13,001) 22,093
Share based
payments - - 197 - - 197
Transfer on
exercise of
options - - (9) - 9 -
Issue of share
capital 7 50 - - - 57
Costs of share
issue - (1) - - - (1)
Transactions
with owners 7 49 188 - 9 253
-------------- ---------------- --------------- ---------------- ---------------- -------------
Profit for the
period - - - - 2,841 2,841
Total
comprehensive
profit for the
period - - - - 2,841 2,841
-------------- ---------------- --------------- ---------------- ---------------- -------------
Balance at 30
June 2021
(unaudited) 1,903 33,208 227 - (10,151) 25,187
-------------- ---------------- --------------- ---------------- ---------------- -------------
Payment made in
warrants - - 22 - - 22
Adjustment for
shares held in
Trust - - - (70) - (70)
Costs of share
issue - (1) - - - (1)
Transactions
with owners - (1) 22 (70) - (49)
-------------- ---------------- --------------- ---------------- ---------------- -------------
Loss for the
period - - - - (2,985) (2,985)
Total
comprehensive
loss for the
period - - - - (2,985) (2,985)
-------------- ---------------- --------------- ---------------- ---------------- -------------
Balance at 31
December 2021 1,903 33,207 249 (70) (13,136) 22,153
-------------- ---------------- --------------- ---------------- ---------------- -------------
Transfer on
exercise of
warrants - - (10) - 10 -
Issue of share
capital 241 4,670 - - - 4,911
Issue of shares
held in Trust - 111 - 6 - 117
Costs of share
issue - (376) - - - (376)
Transactions
with owners 241 4,405 (10) 6 10 4,652
-------------- ---------------- --------------- ---------------- ---------------- -------------
Loss for the
period - - - - (5,045) (5,045)
Total
comprehensive
loss for the
period - - - - (5,045) (5,045)
-------------- ---------------- --------------- ---------------- ---------------- -------------
Balance at 30
June 2022
(unaudited) 2,144 37,612 239 (64) (18,171) 21,760
-------------- ---------------- --------------- ---------------- ---------------- -------------
CADENCE MINERALS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
Notes GBP'000 GBP'000 GBP'000
Assets
Non-current
Financial Assets 8,963 3,203 5,660
---------- ---------- -------------
8,963 3,203 5,660
Current assets
Trade and other receivables 5,222 5,901 5,048
Financial Assets 5,747 14,878 11,974
Cash and cash equivalents 1,994 1,387 324
---------- ---------- -------------
Total current assets 12,963 22,166 17,346
Total assets 21,926 25,369 23,006
========== ========== =============
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 166 182 853
---------- ---------- -------------
Total current liabilities 166 182 853
Equity
Share capital 4 2,144 1,903 1,903
Share premium 37,612 33,208 33,207
Share based payment reserve 239 227 249
Investment in own shares (64) - (70)
Retained earnings (18,171) (10,151) (13,136)
---------- ---------- -------------
Equity attributable 21,760 25,187 22,153
to equity holders of the Company
---------- ---------- -------------
Total equity and liabilities 21,926 25,369 23,006
========== ========== =============
CADENCE MINERALS PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 30 JUNE 2022
Unaudited Period ended Unaudited Period ended Audited
Year ended
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Operating (loss)/profit (5,055) 2,837 (631)
Net realised/unrealised loss/(profit) on
financial investments 4,149 (3,539) (1,170)
Equity settled share-based payments - 197 197
Adjustment for issue of own shares 117 - (70)
Payments made through issue of warrants - - 22
(Increase)/decrease in trade and other
receivables (170) (536) 346
(Decrease)/increase in trade and other
payables (687) (113) 555
Net cash outflow from operating activities (1,646) (1,154) (751)
----------------------- ----------------------- -------------
Taxation - - -
Cash flows from investing activities
Payments for current financial investments (176) (473) (830)
Receipts on sale of current investments 1,256 2,895 3,787
Payments for non-current financial investments (2,305) (318) (2,775)
Net cash (outflow)/inflow from investing
activities (1,225) 2,104 182
----------------------- ----------------------- -------------
Cash flows from financing activities
Proceeds from issue of share capital 4,911 57 57
Share issue costs (376) (1) (2)
Net loan repayments - (219) (220)
Finance cost - (3) (3)
Net cash inflow/(outflow) from financing
activities 4,535 (166) (168)
----------------------- ----------------------- -------------
Net increase/(decrease) in cash and cash
equivalents 1,664 784 (737)
Foreign exchange movements on cash and cash
equivalents 6 7 465
Cash and cash equivalents at beginning of
period 324 596 596
Cash and cash equivalents at end of period 1,994 1,387 324
----------------------- ----------------------- -------------
NOTES TO THE INTERIM REPORT
FOR THE PERIODED 30 JUNE 2022
1 BASIS OF PREPARATION
The interim financial statements have been prepared in
accordance with applicable accounting standards and under the
historical cost convention. The financial information set out in
this interim report does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006. The Group's
statutory financial statements for the year ended 31 December 2021
have been delivered to the Registrar of Companies. The auditor's
report on those financial statements was unqualified.
The principal accounting policies of the Group are consistent
with those detailed in the 31 December 2021 financial statements,
which are prepared under the historical cost convention and in
accordance with UK adopted International Accounting Standards
(IAS).
GOING CONCERN
The Directors have prepared cash flow forecasts for the period
ending 30 September 2023. The forecasts demonstrate that the Group
has sufficient funds to allow it to continue in business for a
period of at least twelve months from the date of approval of these
financial statements. Accordingly, the accounts have been prepared
on a going concern basis.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
The Group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom
equal the related actual results
2 SEGMENTAL REPORTING
The Company operates a single primary activity to invest in
businesses so as to generate a return for the shareholders.
3 EARNINGS PER SHARE
The calculation of the earnings per share is based on the loss
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2022 30 June 2021 31 December 2021
(restated)
GBP'000 GBP'000 GBP'000
Profit/(loss) on ordinary activities after tax (GBP'000) (5,045) 2,841 (144)
----------------- ----------------- -----------------
Weighted average number of shares for calculating basic
earnings per share 167,656,144 148,420,359 148,535,664
----------------- ----------------- -----------------
Less: shares held by the Employee Benefit Trust
(weighted average) (6,804,309) (7,020,000) (7,020,000)
Weighted average number of shares for calculating basic
earnings per share 160,851,835 141,400,359 141,515,664
Share options and warrants exercisable 8,562,500 8,198,405 8,998,405
Weighted average number of shares for calculating
diluted earnings per share 176,218,644 149,598,764 150,514,069
----------------- ----------------- -----------------
Basic (loss)/profit per share (pence) (3.136) 2.009 (0.102)
----------------- ----------------- -----------------
Diluted profit per share (pence) n/a 1.899 n/a
----------------- ----------------- -----------------
4 SHARE CAPITAL
Unaudited Unaudited Audited
30 June 2022 30 June 2021 31 December 2021
GBP'000 GBP'000 GBP'000
Allotted, issued and fully paid
172,719,813 ordinary shares of 1p (30 June 2021 148,649,098
ordinary shares of 1p, 31 December
2021: 148,649,098 ordinary shares of 1p) 1,727 1,486 1,486
173,619,050 deferred shares of 0.24p (30 June and 31 December
2021: 173,619,050) 417 417 417
------------- ------------- -----------------
2,144 1,903 1,903
------------- ------------- -----------------
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