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There are now more electric vehicle charging points than petrol stations in UK

The latest figures have revealed there are 9,300 EV charging stations in the UK compared to 8,400 fuel stations

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Joint Venture Partner FE Limited Identifies Areas of Prospectivity in the Pilbara

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that FE Limited (“FEL”) has completed reconnaissance trips to several of Macarthur’s lithium, gold and base metals projects in the Pilbara region of Western Australia.

FEL has reported that areas of prospectivity were identified in most of the tenements and rock chips were taken for initial tests (results pending). The results from the reconnaissance trips are detailed in the location map, photos and descriptions in the figures below.

Cadence Minerals Holding in Macarthur

Cadence holds approximately 9.8% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

About FE Limited

FE Limited (ASX: FEL) is a listed mineral exploration Company that holds or has rights or interests in various projects and tenements prospective for battery metals, copper, iron ore, gold and base metals located in Australia. The Company is focused on the exploration of battery metal projects. In March 2019, FEL entered into an agreement to acquire the Pippingarra Lithium Project and the Marble Bar Lithium Project (Project) from Mercury Resources Group Pty Ltd. These areas complement the tenement portfolio of Macarthur Minerals, establishing an 1800 square kilometre exploration footprint in the important Lithium and Gold region of Western Australia.

On May 14, 2019 Macarthur announced it had entered into an exclusive option agreement with FE Limited (ASX: FEL), for FEL to acquire an interest of up to 75% in the tenements held by Macarthur’s wholly owned subsidiary Macarthur Lithium Pty Ltd (“MLi”).

Mr Ian S Cooper, B.Sc., A.R.S.M., F.G.S. FAusIMM, a Fellow of the Australasian Institute of Mining and Metallurgy (membership number 107348), is a consultant of Macarthur and is a Qualified Person as defined in NI 43-101. Mr Cooper has reviewed and approved the technical information contained in the Macarthur news release.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8779951354202610&qm_symbol=MMS

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
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 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.

Cadence Minerals #KDNC – European Metals #EMH, Extension of Cinovec Exploration License

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” or “EMH”) has announced that it has been granted an extension to the Cinovec Exploration Licence (“the licence”) that covers the two granted Preliminary Mining Permits (“PMP’s”). The granted PMP’s convey the sole and exclusive rights upon the Company to apply for a Final Mining Permit, however do not allow for further drilling. As the Company wishes to conduct further metallurgical and measured resource drilling, the extension to the exploration license that was due to expire in July 2019 was sought.

The licence has now been extended until 31 December 2020.

The Czech Ministry of the Environment stated in its extension decision the possibility of a further extension of the licence if necessary to complete all planned work. The Company does not envisage that a further extension will be necessary.

Cadence Minerals Holding in EMH

Cadence holds approximately 19.1 percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

Czech Permitting

After granting of the exploration licence, a company needs to undertake a summary geological and reserves calculation report that is submitted to the Ministry of Environment (“MoE”) and if successful, results in granting of a Deposit Certificate. Approval from MoE and a Deposit Certificate issued entitles the Company to apply for a PMP.

Geomet has already carried out a geological survey at all 3 deposit territories – the East, South and Northwest and successfully presented all final reports and reserves calculations to MoE. Deposit Certificates have been granted for all 3 deposits.

The Company currently holds PMP’s for East and South deposits. A PMP application for the Northwest deposit area is currently in the permitting process. If the process is successfully completed, the 3 granted PMP’s will cover the entire area of the Cínovec deposit. The Company holds an exclusive right to apply for this permit until the end of 2021.

The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically.

The full release can be found at:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14175424.html

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
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-LookingStatements:

Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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-lookingstatements.

Cadence Minerals (KDNC) – Bacanora Lithium (BCN) Update on Strategic Investment by Ganfeng Lithium.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Bacanora Lithium (AIM:BCN) (“Bacanora”) on its Investment Agreement and Offtake Agreement (‘the Strategic Investment’ or ‘the Agreements’) with leading global lithium company Ganfeng Lithium Co., Ltd. (“Ganfeng” or “GFL”). As announced on 28 June 2019, the signed Agreements have been submitted to the relevant authorities in China for approval and completion.  The first of the approvals, from the PRC Ministry of Commerce, has now been received. The remaining two approvals required ahead of completion of the Strategic Investment are currently being processed by Ganfeng and further updates will be provided as the approval process proceeds. 

Bacanora is a lithium exploration and development company. Cadence holds 30% of Mexalit and Megalit joint venture companies and approximately 0.5% of Bacanora’s equity. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.

Completion of the Strategic Investment would form a major part of the Bacanora’s finance package for an initial 17,500 tonnes per annum lithium carbonate operation at the large scale, high grade Sonora Project in Mexico.  For further details of the Agreements please refer to the Company’s announcement on 20 May 2019, however the key terms of the Strategic Investment are provided below:

Summary of Key Terms of the Ganfeng Strategic Investment:

  • GFL to acquire 29.99% of Bacanora
  • GFL to acquire 22.5% of Sonora Lithium Ltd (“SLL”), the holding company for the Sonora Lithium Project
  • Additional long-term offtake at a market-based price per tonne
    • 50% of Stage 1 lithium production
    • Up to 75% of Stage 2 lithium production

About GFL

GFL is the world’s third largest and China’s largest lithium compounds producer and the world’s largest lithium metals producer in terms of production capacity as of 31 December 2017, according to CRU International Limited.  GFL’s operations are vertically integrated, encompassing all critical stages of the value chain, including upstream lithium extraction, midstream lithium compounds and metals processing as well as downstream lithium battery production and recycling.  GFL has one of the most comprehensive product offerings split into five major categories of more than 40 lithium compounds and metals products.

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14171449.html

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

Restructuring of Outstanding Loan Note

As announced on the 15 July 2019 Cadence had restructured two of its three outstanding Amortising Loan Notes (http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2842635) and was finalising terms to fund the balance of the Amortising Loan Note. Cadence is pleased to announce it has now completed the restructuring of the third Amortising loan on substantially the same terms as outline in the announcement of 15 July 2019.

In addition, and to, in part, fund the working capital requirements of the Amapá Project, Cadence has drawn down a further US$ 0.5 million of the Convertible Loan Note under the same terms. After this draw down the outstanding balance on the Convertible Loan Note is US$3.98 million. Which is comprised of US$2.29 million of the restructured Amortising Loan notes plus a total of US$1.75 million of additional drawdowns. The note is secured over the Company’s assets.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
   
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce  
James Sinclair-Ford  
   
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 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.

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
   
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce  
James Sinclair-Ford  
   
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 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.

 

Alan Green covers Thomas Cook #TCG, Volga Gas #VGAS, Feedback #FDBK, Open Orphan #ORPH and European Metal Holdings #EMH on Vox Markets podcast

Alan Green covers Thomas Cook #TCG, Volga Gas #VGAS, Feedback #FDBK, Open Orphan #ORPH and European Metal Holdings #EMH with Justin Waite on the Vox Markets podcast

India looks to lead electric vehicle race with latest push in budget

  • The finance minister announced tax rebates of up to 1.5 lakh on interest paid on loans to buy EVs
  • India, though, like China or countries in the EU, has not set a target for automakers to convert a certain part of their total vehicle production to electric or other electrified offerings

New Delhi: With a host of incentives unveiled in the Union budget for electric vehicles, India has joined governments in China and Europe that have backed the development of the nascent EV industry by offering extensive fiscal incentives and a favourable regulatory environment.

Pushing ahead with its goal to have more electric vehicles to curb rampant pollution afflicting major cities and trim costly oil imports, the government has started from 1 April 2019, the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) scheme, with an outlay of 10,000 crore. Although this sum may not be significant compared to some developed countries, the incentives announced in the budget for this sector will go a long way in restoring the confidence of investors and customers alike.

In her maiden budget, finance minister Nirmala Sitharamanannounced income tax rebates of up to 1.5 lakh to customers on interest paid on loans to buy electric vehicles, with a total exemption benefit of 2.5 lakh over the entire loan period. The minister also announced customs duty exemption on lithium–ion cells, which will help lower the cost of lithium-ion batteries in India as they are not produced locally. Makers of components such as solar electric charging infrastructure and lithium storage batteries and other components will be offered investment linked income tax exemptions under Section 35 AD of the Income Tax Act, and other indirect tax benefits.

Most of these steps are similar to the one taken by the governments in China and Europe.

India, though, like China or countries in the European Union (EU), has not set a target for automakers to convert a certain part of their total vehicle production to electric or other electrified offerings. The NITI-Aayog is considering a policy proposal to ban all internal combustion engine two-wheelers under 150cc by 2025 and three-wheelers by 2023.

China, the world’s largest electric vehicle market, has already imposed restrictions on investment in new manufacturing plants for traditional vehicles and the local government has also mandated a quota for EV production for all manufacturers.

Through its New Energy Vehicle mandate, the Chinese government wants carmakers to shift a tenth of their capacity to electric, rising to 12% by 2020. It has also offered major incentives for manufacturing and lithium-ion batteries.

According to a report by the International Energy Agency (IEA), China was home to half of the world’s electric vehicles in 2018, followed by EU countries and the US. China plans to sell 4.6 million electric vehicles by 2020, according to an article published by the World Economic Forum in December.

Japan and South Korea, too, have significantly increased incentives for electric vehicles.

While Japan plans to reduce 80% of green house gas emission from vehicles by 2050, South Korea has extended its National Subsidies to 57,000 electrified vehicles in 2019, compared to 32,000 vehicles in 2018, according to the IEA.

Despite the government incentives, India still lags behind China in setting up an EV ecosystem, according to analysts.

“In developed nations, government subsidies provide for 20-25% of the vehicle cost. Just offering tax breaks would not have much impact unless they are accompanied by non-fiscal incentives. Also, there should be a mandate that leading manufacturers should have a certain share of their sales from EVs after a particular time period,” said Puneet Gupta, associate director, vehicle sales forecasting at IHS Markit

“In major cities in developed markets such as Frankfurt and others, EVs are given free parking space and in certain parts of the cities only such eco-friendly vehicles are allowed. All we can say is that the Indian government has shown some intent from its side to develop India as a potential market for such vehicles,” he added.

EU countries are trying to evolve into a hub for developing batteries and other spare parts for electric vehicles through the Strategic Action Plan For Batteries.

The continent hosts the countries with the largest base of electric car sales. Norway, for instance, leads the electric vehicle market—EVs comprised 46% of the total vehicles sold in the country in 2018. Its figure was over 2.5 times more than the next highest country, Iceland (17.2%), and six times higher than Sweden (7.9%), which comes third in Europe.

In terms of sales volumes, Norway is followed by Germany, the UK and France, the report further notes.

The government in Norway removed import taxes on electric vehicles and cut taxes on their purchase and lease.

The Indian government’s move to reduce goods and services tax on EVs to 5% from the existing 12%—compared to the tax range of 29% to 45% on internal combustion ones—can spur demand for such vehicles here as well.

In the US, California has taken a lead over other states when it comes to legislating tough emission norms for vehicles and providing fiscal incentives for plug-in hybrid and battery electric vehicles.

Sweden seeks lithium tie-ups in South America amid ‘white gold’ rush – Reuters

LIMA (Reuters) – Sweden is turning its gaze towards Peru and other South American countries for lithium tie-ups amid a global race to lock in supply of the “white gold” metal that is key for the batteries that power electric vehicles.

A senior trade official from the Scandinavian nation told Reuters by phone that firms in Sweden – which is making a push in such batteries is home to global car brand Volvo – were looking for alliances with regional lithium and copper producers.

Governments and automakers around the world, with an eye on huge expected demand for electric cars, are looking to seal tie-ups for the light metal, including in the so-called “lithium triangle” centered on Chile, Bolivia and Argentina.

Peru – a major copper producer – is also looking to edge in on the action. Canada’s Plateau Energy Metals (PLU.V) last year announced the discovery of 2.5 million tons of high-grade lithium resources in the south of the country, with the potential to be the largest lithium mine in the world.

“What you see in Sweden, Germany, in many countries now is how we are going out to obtain the materials and minerals needed for the future of electrification,” Niklas Johansson, State Secretary to the Minister for Foreign Trade told Reuters.

“This is not only lithium, but also copper, which is very important in Peru.”

CHINA CONTROL

Johansson added that a major push by China in lithium was putting a spotlight on global supply. The Asian giant is making a major strategic drive to bolster its home-grown electric carmakers and battery manufacturers.

“If someone controls a lot, this is not good for (lithium) prices, it’s not good for the competition and it also becomes a safety issue and a safety supply problem,” he said, adding it was important for countries like Sweden to have a “range of supplies in different parts of the world”.

China produces nearly two-thirds of the world’s lithium-ion batteries, and controls the majority of lithium processing facilities globally, according to data from Benchmark Minerals Intelligence, which tracks lithium prices.

In the region, China’s Tianqi Lithium Corp (002466.SZ) has taken a major stake in Chilean miner SQM (SQMa.SN). Germany has also made a major push with a deal in Bolivia to help exploit the country’s huge largely untapped reserves.

Sweden’s home-grown auto industry includes Volvo cars, now controlled by Chinese auto giant Geely, and truck makers AB Volvo and Scania. Swedish firm Northvolt will start construction in August of a huge lithium-ion battery plant.

In copper, also needed for the electric revolution, Peru is the second largest producer in the world.

Johansson added Swedish firms were both interested in potential lithium supplies in the region, but also in helping develop the deposits.

“There are many companies that are interested in lithium and buying lithium, and there are also other Swedish companies that are suppliers of mines that are very interested in helping to make the mines more sustainable,” he said.

Iron ore price firm after BHP confirms lower exports – Financial Times

Price surge of steelmaking ingredient has created a huge cash windfall for big producers

The price of iron ore remained above $120 a tonne on Wednesday after BHP Group, one of the world’s biggest suppliers of the steelmaking ingredient, revealed annual exports had declined for the first time this century.

In a trading update, the Anglo-Australian miner said it had shipped 270.5m tonnes of iron ore in the 12-months to June, down from 273.2m tonnes in 2018 — the first year-on-year decline in sales since at least 2000. Supply disruptions in Australia and Brazil and record steel production in China has seen the price of iron ore climb by almost 67 per cent this year to more than $120 a tonne, a level it last traded at in 2019.

The price surge has created a huge cash windfall for big producers like BHP and Rio, which at current prices are making more than $100 on every tonne of the commodity they ship to China, the world’s biggest consumers.

Both companies are tipped to announce big dividends when the announce results next month. At the start of its 2018/19 fiscal year, BHP expected to ship between 287m and 283m tonnes of iron ore but was forced to lower guidance after its mines in Western Australian were hit by a tropical cyclone and a major train derailment.

Rival Australian producer Rio has also suffered disruptions and has lowered its production forecasts twice since January. It expects to ship between 320m-330m tonnes of iron ore in 2019, down from 338.2m in 2018. Brazil’s Vale is also shipping less ore following a deadly dam disaster in January.

With BHP and Vale planning major maintenance programmes in September and October respectively, analysts reckon the iron ore market will remain tight. “BHP are expecting a modest production increase of 1 per cent to 6 per cent in 2020 [273m to 286m)”, said Paul Gait, an analyst at Bernstein Research.

“A planned maintenance programme . . . aimed at improving productivity has temporarily put a pause on any potential volume growth in the system.” In a report issued this week, analysts at Deutsche Bank said iron ore prices would not “break” sustainably below the $100 a tonne level until the first half of next year and then remain around $80 until 2021.

“One of the key takeaways from our [recent] China trip regarded clear evidence of a positive trajectory for infrastructure investment activity in the second half of the year, and only a modest deceleration in new [housing] starts during the same timeframe,” wrote analyst Nick Snowdon. “This points to a relatively healthy demand setting for iron ore in the second half of the year.”

In its trading update, BHP said it was likely to record $600m of exceptional items or charges to cover the costs of decommissioning a tailings dam in Brazil and redundancy costs. The company also flagged a $1bn hit from the impact of declining copper grades and the train derailment.

Cadence Minerals Plc (KDNC) Auroch Minerals (ASX: AOU) – Saints Nickel Project Exploration Programme.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) on the Company’s exploration strategy for the recently-acquired Saints Nickel Project (“Saints”). Auroch entered into a formal Share Sale Agreement with Minotaur Exploration Ltd (ASX: MEP, “Minotaur”) on the 11th July 2019 to acquire 100% of Saints and the Leinster Nickel Project (“Leinster”).

Cadence currently owns approximately 6.5% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

Highlights:

  • Auroch entered into a formal Share Sale Agreement with Minotaur to acquire 100% of the Saints Nickel Project and the Leinster Nickel Project in Western Australia on the 11th July 2019.
  • 97.5% of the existing JORC 2012-compliant high-grade nickel Resources at Saints is fresh primary sulphide mineralisation (total Mineral Resources of 1.05Mt @ 2.00% Ni, 0.20% Cu & 0.06% Co).
  • Significant upside potential to add to the Saints nickel resources through near-resource exploration and drill testing of postulated extensions along strike and/or down-plunge of known nickel sulphide mineralisation.
  • Program of Work (PoW) applications have been submitted to the Department of Mines, Industry, Regulation and Safety (DMIRS) with drilling to commence in August 2019.

The Saints Nickel Project is located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. The tenement package comprises two mining leases covering an area of approximately 20km2 of prospective Archaean greenstone belt geology within the Eastern Goldfields province of the Yilgarn Craton.

The Saints Nickel Project high-grade deposit of 1.05Mt @ 2.00% Ni, 0.20% Cu, 0.06% Co1 has historically seen limited nickel exploration over the past decade, remaining open down-plunge and along strike with noteworthy proximal exploration potential through untested or partially tested electromagnetic (EM) conductors. Significant high-grade intercepts at Saints include 2.0m @ 3.17% Ni from 171m depth.

Auroch plans to commence its 2019 exploration programme at its high-grade Saints Nickel Project through a three-phase drilling programme that includes extensional, confirmatory and regional drilling. The Company’s proposed exploration strategy will provide greater confidence and aims to significantly increase the current mineral resources.

The full release can be found at: https://www.investi.com.au/api/announcements/aou/74bab91c-3b2.pdf

Cadence Minerals CEO Kiran Morzaria commented: “Cadence views the acquisition of Saints and Leinster Nickel projects as excellent additions to Auroch’s existing portfolio of projects. As stated by Auroch CEO Aidan Platel, the maiden drill programme at Saints comes at an exciting time as the LME nickel price recently surpassed US$14,000/t. We look forward to further developments when drilling commences next month.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
   
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce  
James Sinclair-Ford  
   
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 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.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX:HAS) Confirms No Appeals on EPA Recommendation of Environmental Approval for Yangibana

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana Project”), has announced that the Appeals Registrar (WA Office of the Appeals Convenor) has not received any appeals on the EPA Assessment Report, which recommends approval of the Yangibana Project subject to the proposed conditions.

Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.

Highlights:

  • The Appeals Registrar (WA Office of the Appeals Convenor) has notified Hastings that they have received no appeals on the EPA’s recommendation to approve the Yangibana Project.
  • Next step in the approvals process is consultation with the Decision Making Authorities (“DMAs”), i.e. Ministers for Water, Mines and Aboriginal Affairs to obtain their agreement to the implementation of the project in accordance with the proposed conditions.

The DMAs will be provided with the draft conditions (as detailed in the EPA Assessment Report) for their consideration and must then provide their agreement to the implementation of the proposal subject to the draft conditions. The Minister for Environment will then consider the proposal and EPA recommendation.

The Yangibana project includes the development of five open pit mines, groundwater abstraction, on-site processing of ore, tailings storage facilities, access and haul roads and supporting infrastructure such as accommodation facilities, administration buildings and an airstrip.

The full release can be found at: https://www.asx.com.au/asxpdf/20190717/pdf/446p7m8wcdgm40.pdf

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
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-LookingStatements:

Certain statements in this announcement are or may be deemed to beforward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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-lookingstatements.

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