Cadence Minerals PLC Completion of Sale of Yangibana JV Interest (8189N)
January 25 2023 - 3:35AM
UK Regulatory
TIDMKDNC
RNS Number : 8189N
Cadence Minerals PLC
25 January 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Completion of Sale of Yangibana Joint Venture Interest to
Hastings Technology Metals
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
announce that it has completed the sale of its working interests in
the Yangibana Rare Earths project ("Yangibana Project") tenements
to Hastings Technology Metals (ASX: HAS) ("Hastings").
Highlights:
Ø Cadence has received AS$9 million of new ordinary shares in
ASX-listed Hastings for its 30% stake in various tenements of the
Yangibana Rare Earth Project
Ø Cadence has received some 2.45 million shares of Hastings,
roughly 1.9% of the issued share capital of Hastings
Ø Hastings is constructing the world's next producer of
neodymium and praseodymium concentrate, with maiden production
forecast to start in 2024
Ø NPV of project AS$ 1 billion, Hastings current market
capitalisation AS$472 million (24/01/2023)
Further transaction details are available in Company's RNS dated
23 June 2022 here . Cadence has sold its 30% working interest in
the Yangibana Project tenements to the operator and owner of the
remainder of the Yangibana Project, Hastings, for A$9 million
(GBP5.1 million), which has been satisfied via the issue of
2,452,650 new ordinary shares in Hastings to Cadence. These shares
represent approximately 1.9% of the current issued share capital of
Hastings Technology and are subject to a 12-month voluntary escrow.
As of 31 December 2021, the total carrying values of the tenements
in the Company's balance sheet was approximately GBP905,000. Based
on the transaction announced, the initial profits on the sale of
our interest is approximately GBP4.2 million.
About Hastings
Hastings is a well-managed Perth-based rare earths company
primed to become the world's next producer of neodymium and
praseodymium concentrate (NdPr). NdPr are vital components used to
manufacture permanent magnets used daily in advanced technology
products ranging from electric vehicles to wind turbines, robotics,
medical applications and digital devices.
Hastings' flagship Yangibana project, in the Gascoyne region of
Western Australia, contains a highly valued NdPr deposit with NdPr:
TREO ratio of up to 52%. The site is permitted for long-life
production and with offtake contracts signed and debt finance in an
advanced stage. Construction has commenced, and Hastings is
planning to start commissioning the beneficiation plant in late
2023, with the delivery of maiden production to key customers in
2024.
In February of last year, Hastings published a revised NPV
calculation, which increased the NPV by 84% to AS$ 1 billion.
Hastings also owns and operates the Brockman project, Australia's
largest heavy rare earths deposit, near Halls Creek in the
Kimberley. For further information on the Company and its projects,
visit www.hastingstechmetals.com
For further information
contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
- Ends -
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 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 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 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.
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
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