Home » Posts tagged 'andrew suckling' (Page 2)

Tag Archives: andrew suckling

Cadence Minerals #KDNC – Further to Director share purchases

Further to the announcement by the Company yesterday, Andrew Suckling has recently purchased ordinary shares in the Company in the following amounts.

Date Purchased

Director

Position

Number of ordinary shares acquired

 Price paid per share (pence)

05/03/2018

Andrew Suckling

Executive Chairman

500,000

0.27

After these acquisitions the total notifiable share interest in the Company for the directors is as follows

Director

Position

Total Notifiable Interests (shares)

Andrew Suckling

Executive Chairman

840,000

Kiran Morzaria

Director & CEO

9,271,564

Donald Strang

Finance Director

6,932,011

Adrian Fairbourn

Non-Executive Director

7,407,605

 Total

24,451,180

 

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

Hannam & Partners LLP (Joint Broker)

+44 (0) 207 907 8500

Neil Passmore

Giles Fitzpatrick

Square1 Consulting

+44 (0) 207 929 5599

David Bick

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Andrew Suckling

2

Reason for the notification

a)

Position/status

Director & CEO

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Cadence Minerals PLC

b)

LEI

213800TUZWG9C2GRNO58

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Ordinary Share

 

 

 

GB00B067JC96

b)

Nature of the transaction

Defined Directors Share Purchase Programme

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.0027

500,000

d)

Aggregated information

–      Aggregated volume

–      Price

 

500,000

0.0027

e)

Date of the transaction

05/03/2018

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With circa £20 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Cadence Minerals #KDNC – Director share purchases

As announced in December 2017 the Directors all entered into a Defined Director Purchase Programme (“DDPP”) in which they will each purchase £1,000 of ordinary shares per month for 12 months. These shares will be purchased from the market on the first Friday of each month starting on 2nd February 2018 and ending the 4th January 2019. The market will be notified of the purchases on the next trading day via a PDMR; Directors dealing notification.

The Directors have entered into a DDPP in an open period and under this programme are therefore committed to the purchase of shares in what otherwise may be a close period. Entering into the DDPP does not preclude the directors from buying additional shares in the Company during open periods.

Mr Andrew Suckling did not complete his scheduled DDPP on 2 March 2018, due to an error by his broker, as such it is anticipated that this will be completed during the course of this week.

Details of the Director purchases are contained in the table below:

Date Purchased

Director

Position

Number of ordinary shares acquired

 Price paid per share (pence)

02/03/2018

Kiran Morzaria

Director & CEO

400,801

0.25

02/03/2018

Donald Strang

Finance Director

400,000

0.25

02/03/2018

Adrian Fairbourn

Non-Executive Director

400,802

0.25

After these acquisitions the total notifiable share interest in the Company for the directors is as follows

Director

Position

Total Notifiable Interests (shares)

Andrew Suckling

Executive Chairman

340,000

Kiran Morzaria

Director & CEO

9,271,564

Donald Strang

Finance Director

6,932,011

Adrian Fairbourn

Non-Executive Director

7,407,605

 Total

23,951,180

 

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

Hannam & Partners LLP (Joint Broker)

+44 (0) 207 907 8500

Neil Passmore

Giles Fitzpatrick

Square1 Consulting

+44 (0) 207 929 5599

David Bick

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Kiran Morzaria

2

Reason for the notification

a)

Position/status

Director & CEO

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Cadence Minerals PLC

b)

LEI

213800TUZWG9C2GRNO58

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Ordinary Share

 

 

 

GB00B067JC96

b)

Nature of the transaction

Defined Directors Share Purchase Programme

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.0025

400,801

d)

Aggregated information

–      Aggregated volume

–      Price

 

400,801

0.0025

e)

Date of the transaction

02/03/2018

f)

Place of the transaction

XLON, AIM

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Donald Strang

2

Reason for the notification

a)

Position/status

Finance Director

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Cadence Minerals PLC

b)

LEI

213800TUZWG9C2GRNO58

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Ordinary Share

 

 

 

GB00B067JC96

b)

Nature of the transaction

Defined Directors Share Purchase Programme

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.0025

400,000

d)

Aggregated information

–      Aggregated volume

–      Price

 

400,000

0.0025

e)

Date of the transaction

02/03/2018

f)

Place of the transaction

XLON, AIM

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Adrian Fairbourn

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Cadence Minerals PLC

b)

LEI

213800TUZWG9C2GRNO58

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 

Identification code

Ordinary Share

 

 

 

GB00B067JC96

b)

Nature of the transaction

Defined Directors Share Purchase Programme

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.0025

400,802

d)

Aggregated information

–      Aggregated volume

–      Price

 

400,802

0.0025

e)

Date of the transaction

02/03/2018

f)

Place of the transaction

XLON, AIM

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With circa £20 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Cadence Minerals #KDNC – Director Share Purchase and Defined Director Purchase Programme

Cadence Minerals #KDNC announces that the Directors of the Company have acquired 6.7 million shares in the company at an average price of 0.28 pence. In addition, all of the Directors have entered into a Defined Director Purchase Programme.

Director Share Purchase

Details of the Director purchases are contained in the table below:

Date Purchased

Director

Position

Number of ordinary shares acquired

 Price paid per share (pence)

11/12/2017

Kiran Morzaria

Director & CEO

3,508,772

0.29

11/12/2017

Donald Strang

Finance Director

3,182,011

0.27

Total

6,690,783

0.28

After these acquisitions the total notifiable share interest in the Company for the directors is as follows

Director

Position

Total Notifiable Interests (shares)

Kiran Morzaria

Director & CEO

8,508,772

Donald Strang

Finance Director

3,182,011

Adrian Fairbourn

Non-Executive Director

6,666,667

 Total

18,357,450

Defined Director Purchase Programme

Andrew Suckling, Kiran Morzaria, Donald Strang and Adrian Fairbourn have all entered into a Defined Director Purchase Programme in which they will each purchase £1,000 of ordinary shares per month for 12 months. These shares will be purchased from the market on the first Friday of each month starting on 2nd February 2018 and ending the 4th January 2019. The market will be notified of the purchases on the next trading day via a PDMR; Directors dealing notification.

The Directors have entered into a DDPP in an open period and under this Programme are therefore committed to the purchase of shares in what otherwise may be a close period. Entering into the DDPP does not preclude the directors from buying additional shares in the Company during open periods.

 Ends –

 

For further information, please contact.

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

Hannam & Partners LLP (Joint Broker)

+44 (0) 207 907 8500

Neil Passmore

Giles Fitzpatrick

Square1 Consulting

+44 (0) 207 929 5599

David Bick

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today. 

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Cadence Minerals #KDNC acquires up to 100% of Hard Rock Lithium Prospects in Argentina

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is delighted to inform shareholders that it has executed binding investment agreements with Lithium Technologies Pty Ltd and Lithium Supplies Pty Ltd to acquire up to 100% of six prospective hard rock lithium assets in Argentina.

These transactions mark the start of the Company’s strategic shift to earn in to early stage lithium assets in well-known lithium jurisdictions where we see the potential to deliver shareholder value by investing in projects that have shorter development timeline to cashflow than a typical lithium carbonate producer.

HIGHLIGHTS

  • The Vendors have claims over 55,773 hectares for six exploration permits within the known spodumene bearing pegmatite fields in San Luis Province, Central Argentina.
  • Initial site visit and reviews by Cadence have confirmed multiple pegmatite outcrops across the six claims. Some of these occurrences are proximate or along strike from known mineralised pegmatites that have been previously mined for lithium minerals (such as spodumene or lepidolite).
  • The pegmatite fields of San Luis have an important past record of producing mica, beryl, spodumene, tantalite (tantalum oxide), columbite (niobium oxide), and recently potassium feldspar, albite and quartz.
  • Historic mines outside of the claims have produced lithium oxide (“Li2O”) at grades ranging from 4.5% to 6.5%.
  • The properties have good access and infrastructure support for exploration activities on a year-round basis.
  • On grant of the exploration permits Cadence will acquire up to 49% by spending £1.1m on exploration and drilling, and by issuing £0.4 million of new ordinary shares in Cadence to The Vendors.
  • Cadence has an option to acquire up to 100% by issuing a further £1.75m of new ordinary shares in Cadence.

Kiran Morzaria, Chief Executive Officer of Cadence, commented: “These assets tick all the boxes that we were looking for: located in a well-known lithium producing country and in a large pegmatite field with known lithium compound production; potential to deliver quicker and cheaper development timelines and produce lithium oxide concentrate; near-term value triggers in the form of sampling and drilling and low cost in terms of the acquisition itself and the mineral exploration.”

Andrew Suckling, Executive Chairman of Cadence, added: “After an extensive review of opportunities, this acquisition enables us to deliver on our strategic objectives.It also provides us with an excellent platform to investigate building a larger portfolio of interests in a country with an established lithium industry, good infrastructure and supportive regulatory and fiscal regimes.  The presence of operators of the calibre of SQM and others in our view is a testament to this. The next year promises to be an exciting period for Cadence, and, we look forward to providing further updates on our progress in due course.”

New lithium assets

The Vendors have claims over a total of six hard rock lithium assets in San Luis Province, Central Argentina. Combined, the total area of the six assets is 55,773 hectares which delivers Cadence a large potentially mineralised footprint to ramp up exploration activities with the target of proving up a commercially viable JORC code compliant resource.

There are over a dozen historic mines (mined between 1936-80) in the Sans Luis area which produced lithium oxide at grades from 4.5% to 6.5% Li2O. In recent years, assay results taken from the spodumene outcrops across the region have returned results ranging from 5% up to 8.1% Li2O. Aggregating historic estimates for the legacy mines, there is an estimated 55,000 tonnes of lithium oxide. However, with the application of modern exploration techniques, we believe that there is potentially considerable exploration upside across the six assets.

More broadly, there are several other competitive advantages:

  • Readily accessible infrastructure – the assets are close to main roads, power lines, railroads, and small cities for labour and supplies; with highly competitive labour mining services available
  • Relatively low topographic height range and smooth fields enabling easy access to all project areas;
  • Mining friendly communities and active quarries provide advantages for exploration; and
  • No cities or lakes inside project areas which mitigates environmental issues to a large degree.

Background of the Lithium – Bearing Pegmatite Fields of San Luis

The San Luis and Córdoba lithium bearing pegmatite fields belong to the Pampean pegmatite province that was defined to include the economic fields of granitic pegmatites of central and north-western Argentina. It contains more than 95% of the granitic pegmatites of the country, with mineral resources that have been mined during the past 80 years, producing most of the potassium feldspar, quartz and mica plus Be‐, Li‐, Ta‐, Bi‐ and Rb‐ bearing minerals.

Of particular importance for hard rock lithium exploration are those pegmatite districts located in San Luis and western Córdoba.

Two parallel belts of Lithium-Caesium-Tantalum (“LCT”) pegmatites are found orientated NNE-SSW. In the western belt, pegmatites are enriched with Sn, whereas in the eastern belt pegmatites are Nb-Ta rich. The Sn-enriched pegmatite bodies were exploited for cassiterite during the 1940’s. The lithium mineralisation is predominantly represented by spodumene with minor amblygonite and lepidolite.

Future Work Program

We are looking to evaluate and define the most prospective targets across the six areas. Initially, this will focus on geological mapping, mineralogical studies of exposed pegmatites and the mapping and any newly identified historical workings. We anticipate we will be able to start this in Q1 of 2018.

This will be followed by an extensive sampling programme to identify any potential mineralisation, after which we can develop a drill programme with a target of identifying a JORC code compliant economic resource.

Argentine Background

Since 2015, reformist economic and political policies have placed Argentina back on the radar as a favourable investment destination: the economic landscape is improving while inflation is being tamed. Further, a US free trade deal has been negotiated, while debt issues are mostly resolved, and exchange controls eliminated, which has seen credit ratings improve.

For the mining sector, the government has eliminated export taxes on metals and allowed foreign-owned mining groups to repatriate profits overseas. More recently, the government signed a mining deal with 20 provincial governors to harmonise taxes and regulations to attract mining investment away from Chile and Peru.

Argentina is a growing lithium producer, and since 2015 Argentina has received more investment than any other country in the ‘lithium triangle’.  It is currently the world’s third-largest producer, with at least five new projects slated to come into production over the coming years.

Details of the Assets

Lithium Technologies Pty Ltd and Lithium Supplies Pty Ltd each own 100% of Argo Mining S.A (“Argo”) and Mining and Metals (S.A) (“MinMet”) respectively. On grant of the exploration permits, Argo and MinMet will become the titleholders of the exploration permits. Further details of exploration permits are outlined below.

Assets

Titleholder

Interest

Licence area (hectares)

Carpa

MinMet

100%

9,948

Chutunsa

MinMet

100%

9,943

Conejo

Argo

100%

8,913

Lagu

MinMet

100%

8,910

Lulu

Argo

100%

9,810

Martin

MinMet

100%

8,249

Details of the Transactions

Cadence can acquire 100% of the interest in the exploration permits and will initially earn 49% via staged investments of cash spent on exploration and development and the issue of new ordinary shares in Cadence to The Vendors. Ninety percent of the cash investment and all of the share consideration is contingent on the grant to the titleholders of the exploration permits. Cadence also has a one-year option to acquire the remaining 51% of the interest in the exploration permits. Key details of transactions are contained in the table below.

Stage

Ownership %

Total Ownership %

Lithium Technologies Pty Ltd

Lithium Supplies Pty Ltd

Purpose

Stage 1

4%

4%

£0.05 M

£0.05 M

Earn-in early non-invasive exploration (pre -exploration permits being granted)

Stage 2

20%

24%

95,153,846

shares in Cadence

57,692,308

shares in Cadence

On grant of exploration permits – acquisition of Lithium Technologies and Lithium Supplies shares

Stage 3

7.5%

31.5%

£0.15 M

£0.15 M

Earn – in on commencement of exploration works after grant exploration permits

Stage 4

17.5%

49%

£0.35 M

£0.35M

Earn – In on identification of suitable drill targets

Stage 5

51%

100%

480,769,231

shares in Cadence

192,307,692 shares in Cadence

1-year option to acquire all the outstanding share capital of Lithium Technologies and Lithium Supplies

The vendors will retain a 1.5% net smelter royalty on products produced from the assets. The royalty will be deferred and only become payable upon the repayment of the capital and any debt associated with establishing a mineral processing facility.

Lithium Technologies Pty Ltd and Lithium Supplies Pty Ltd reported a loss of A$ 31,950 and A$ 4,680 respectively for the 5-month period ending 30 November 2017.

– Ends –

For further information, please contact.

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

Hannam & Partners LLP (Joint Broker)

+44 (0) 207 907 8500

Neil Passmore

Giles Fitzpatrick

Square1 Consulting

+44 (0) 207 929 5599

David Bick

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. 

About Cadence Minerals

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Technical Glossary

The following is a summary of technical terms:

“amblygonite”

is a fluorophosphate mineral, composed of lithiumsodiumaluminiumphosphatefluorideand hydroxide. The mineral occurs in pegmatite deposits and is easily mistaken for albiteand other feldspars. Its density, cleavage and flame test for lithium are diagnostic.Geologic occurrence is in granite pegmatites and high-temperature tin veins. Amblygonite occurs with spodumeneapatitelepidolitetourmaline, and other lithium-bearing minerals in pegmatite veins. It contains about 10% lithium, and has been utilized as a source of lithium.

“beryl”

is a well-known mineral varieties of beryl include emerald and aquamarine. Naturally occurring, hexagonal crystals of beryl can be up to several meters in size.

“columbite”

is a black mineral group that is an ore of niobium. It has a submetallic lustre and a high density.

“deposit”

a coherent geological body such as a mineralised body

“exploration”

the method by which ore deposits are evaluated

“exploration permit”

Under the Argentine legislation, The holder of this right can explore an area during the period granted. In case of discovering mineral evidence, the holder has an exclusive right to apply for an exploitation concession. The only way to acquire an exploration permit is through an application to the proper mining authority to explore an area which is free of other mining tenements.

“geological map” & “geological mapping”

A geological map is a graphical presentation of geological observations and interpretations on a horizontal plane. Making, or otherwise acquiring, a geological map is invariably the first step in any mineral exploration programme, and it remains an important control document for all subsequent stages of exploration and mining, including drilling, geochemistry, geophysics, geostatistics and mine planning. They allow theories on ore deposit controls to be applied and lead (hopefully) to predictions being made on the location, size, shape and grade of potential ore bodies. They are the essential tool to aid in developing 3-dimensional concepts about geology and mineralisation at all scales.

“grade”

relative quantity or the percentage of ore mineral or metal content in an ore body

“JORC Code”

Joint Ore Reserve Committee Code; the Committee is convened under the auspices of the Australasian Institute of Mining and Metallurgy

“LCE”

the total equivalent amount of lithium carbonate (see explanation below entitled Explanation of Lithium Classification and Conversion Factors)

“lepidolite”

lilac-grey or rose-coloured member of the mica group of minerals. It is the most abundant lithium-bearing mineral. It is associated with other lithium-bearing minerals like spodumene in pegmatite bodies. It is one of the major sources of the rare alkali metalsrubidium and caesium. Associated minerals include quartzfeldsparspodumeneamblygonitecolumbitecassiterite, and beryl.

“Lithium-caesium-tantalum pegmatites” or “LCT pegmatites”

comprise a compositionally defined subset of granitic pegmatites; they are typically enriched with lithium caesium and tantalum. They are products of plate convergence and mountain building episodes. Most LCT pegmatites intruded metasedimentary rocks, typically at relatively low pressures and low temperatures.

“lithium”

a soft, silvery-white metallic element of the alkali group, the lightest of all metals

“lithium carbonate”

Lithium carbonate is an inorganic compound, the lithium salt of carbonate with the formulaLi2CO3. Lithium is extracted from primarily two sources: pegmatite crystals and lithium salt from brine pools. Lithium carbonate has many uses and is the primary lithium compound that is used in the manufacture of lithium-ion batteries.

“lithium oxide”

lithium oxide or lithia is an inorganic chemical compound. Lithium oxide is formed along with small amounts of lithium peroxide when lithium metal is burned in the air and combines with oxygen. Lithium oxide concentrate is produced from the mining and processing of spodumene ore.

“metallurgical”

describing the science concerned with the production, purification and properties of metals and their applications

“mica”

is a group of sheet minerals that have a layered or platy texture. Micas are used in a variety of applications. Mica’s value is based on several of its unique physical properties.

“Mineral Resource”

a concentration or occurrence of material of intrinsic economic interest in or on the Earth’s crust in such a form that there are reasonable prospects for the eventual economic extraction; the location, quantity, grade geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge; mineral resources are sub-divided into Inferred, Indicated and Measured categories

“mineralisation”

process of formation and concentration of elements and their chemical compounds within a mass or body of rock

“pegmatite”

A pegmatite is an intrusive igneous rock composed of crystals usually larger than 2.5 cm in size. Pegmatite bodies are usually of minor size compared to typical intrusive rockbodies. Pegmatite body size is on the order of magnitude of one to a few hundred meters. Compared to typical igneous rocks they are rather inhomogeneous and may show zones with different mineral assemblages. Crystal size and mineral assemblages are usually oriented parallel to the wall rock or even concentric for pegmatite lenses. Pegmatites are the primary source of lithium either as spodumene or lepidolite.

“processing” or “mineral processing”

is the science of treating crude ores and mineral products in order to separate the valuable minerals from the waste rock. It is the first process that most ores undergo after mining in order to provide a more concentrated material for the procedures of extractive metallurgy. The primary operations are comminution and concentration, but there are other important operations in a modern mineral processing plant

“recovery”

the proportion of valuable material obtained in the processing of an ore, stated as a percentage of the material recovered compared with the total material present

“spodumene”

is a pyroxene mineral consisting of lithium aluminium inosilicate, and is a source of lithium. It occurs as colourless to yellowish, purplish, or lilac kunzite (see below), yellowish-green or emerald-green hiddenite, prismatic crystals, often of great size. Spodumene is an important source of lithium for use in ceramicsmobile phone and automotive batteriesmedicine and as a fluxing agent. Lithium is extracted from spodumene by fusing in acid.

“ore”

is a type of rock that contains sufficient minerals with important elements including metals that can be economically extracted from the rock. The ores are extracted from the earth through mining; they are then refined to extract the valuable element, or elements.

“tantalite”

is the primary source of the chemical element tantalum. It is chemically similar to columbite, and the two are often grouped together as a semi-singular mineral called coltan or “columbite-tantalite” in many mineral guides.

Lithium Classification and Conversion Factors

Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a per cent. lithium oxide (Li2O) content or per cent. lithium carbonate (Li2CO3) content.

Lithium carbonate equivalent (“LCE”) is the industry standard terminology for, and is equivalent to, Li2CO3. Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included further below to get an equivalent Li2CO3 value in per cent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li2COfrom the deposit.

Lithium resources and reserves are usually presented in tonnes of LCE or Li.

The standard conversion factors are set out in the table below:

Table: Conversion Factors for Lithium Compounds and Minerals

Convert from

Convert to Li

Convert to Li2O

Convert to Li2CO3

Lithium

Li

1.000

2.153

5.323

Lithium Oxide

Li2O

0.464

1.000

2.473

Lithium Carbonate

Li2CO3

0.188

0.404

1.000

Cadence Minerals (KDNC) – Interim Results for six months ended 30 June 2017 – Further Growth in the Portfolio

Cadence Minerals plc, (AIM/NEX: KDNC; OTC: REMMY), which invests in highly prospective lithium and rare earth mineral projects, announces its interim results for the six months ended 30 June 2017.

Highlights

·      Each of our exploration investments made good progress

·      Bacanora Minerals signed an offtake and strategic partnership with Hanwa, a Japanese global trading company

·      European Metals Holdings, the owner of the Cinovec project in the Czech Republic, issued its Pre-Feasibility Study which estimated a net present value of US$540m

·      Offtake agreements signed for Yangibana’s Mixed Rare Earth Carbonate

·      Name of the Company changed to Cadence Minerals

·      Post period end: partial sale of Bacanora Minerals stake made for £6.23m and a realised return of 75%.

Commenting on the half year, Kiran Morzaria, Chief Executive Officer, said: “The first six months was another very busy and productive period for Cadence Minerals. We continued to focus on progressing our portfolio and identifying new early stage projects with the potential for achieving superior investment returns. We achieved further growth in our asset base and the recent partial sale of our stake in Bacanora demonstrated the quality of the returns we are able to make. We expect to continue to make good progress on our investments.” 

For further information please contact

Cadence Minerals plc

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

James Joyce

James Bavister

Hannam & Partners LLP (Joint Broker)

Neil Passmore

Giles Fitzpatrick

Square1 Consulting

David Bick

 

Chairman’s Statement

The era of the electric vehicle is now demonstrably fast approaching. More and more governments are committing to phasing out oil-fuelled motor transport and investment in new battery technology continues apace. Recent significant announcements from the world’s major automakers to boost production of hybrid and fully electric vehicles is complementing this global drive to legislate for more rapid and intensive take up of carbon-free transport.

Cobalt, lithium and rare earth elements, have been identified as key strategic minerals in this rapidly expanding market, the supply of which will have to increase substantially over the coming years. This is precisely where Cadence is focussed and particularly on mining projects that are low-cost and scalable.

Our principal investments now include stakes in Bacanora Minerals, European Metals Holdings, Macarthur Minerals, Yangibana North Project and Auroch Minerals.

The recent sale of part of our stake in Bacanora was a strategic decision so that we are able redeploy some of the profits for reinvestment in other early stage mineral exploration companies where we can both hold larger stakes and add our considerable mining and financial management expertise to achieve returns of a similarly high level to those made on our Bacanora investment to date.

Cadence continues to have great confidence in Bacanora Minerals and its management team, and we look forward to being a supportive shareholder and joint venture partner in the development of the Sonora Lithium Project. We continue to believe that the Sonora Lithium Project has the potential to be a significant producer of battery grade lithium carbonate and will form an important part of the global lithium compound supply chain in the coming years.

The board and its strategy have evolved significantly since the Company took a stake in Bacanora four years ago and it will be an increasingly stronger theme with our new investments that we take a more active role in the management of the companies we invest in.

The future remains very exciting for the Company. We will continue to support our investee companies and identify new investments – mainly new lithium exploration opportunities – with the potential to be brought into commercial production.

Andrew Suckling

Executive Chairman

28 September 2017

 

INVESTMENT REVIEW

Our focus during the period was to continue to develop our investment strategy, that is, to identify, invest and play an active role in the development and progress in assets and companies that have unique access to projects that have the right chemistry, are low cost and represent a value investment.

Cadence typically invests at the early stage of the resource development cycle. This can be as early as target delineation and up to scoping study level. The risk associated with investing in any resource projects at an early stage is particularly high within the lithium sector, which is not commoditised and the success or failure of a project is highly dependent on the metallurgical risks.

Our approach to mitigate this risk is to obtain a deep fundamental understanding of the resource, its chemistry and management team. By doing so we can eliminate the many potential investments that we review during the year and fund projects that we believe will come to production and deliver value to our shareholders. Importantly we also take an active approach to our investments by either being part of the management team or, if not, assisting incumbent management in their endeavours.

Table 1: Absolute Return Figures

31/12/2016

30/06/2017

Mark to Market Equity Value (GB£ ‘000)

24,152

31,626

Absolute Return on Equity (%)

36%

88%

Bacanora Minerals Ltd 

At the period end Cadence owned 16.1% of Bacanora’s equity. On the 7 September Cadence sold approximately 8.90 million of the Company’s shares in Bacanora for gross proceeds of £6.23.

Cadence purchased these shares between September 2013 and September 2014 for £3.56 million. The realised gross profit from this sale was £2.67 million, or a 75% realised return on our equity investment. After this sale Cadence owned 9.3% of Bacanora’s equity and a 30% stake in the Mexalit S.A. de CV (“Mexalit”) joint venture which forms part of the Sonora Lithium Project in Northern Mexico.

Bacanora’s principal asset is the Sonora Lithium Project in northern Mexico, which completed its preliminary feasibility study (“PFS”) in March 2016. The PFS has an initial targeted production of 17,500 tonnes (t) of lithium carbonate (Li2CO3) per annum, expanding to 35,000 t of Li2CO3 per annum two years later. The PFS has a pre-tax NPV of US$776 million and an IRR of 29%. The PFS mine plan currently has some 16% of the plant feed being mined from the 30% joint venture areas owned by Mexalit.

In April, Bacanora entered in into offtake and strategic partnership with Hanwa Co., LTD, a leading Japan-based global trading company and one of the larger traders of battery chemicals in the Asia region.

Bacanora has commenced the Feasibility Study (“FS”), which is scheduled for completion in Q4 2017. Bacnanora has also reported that discussions are already underway with long term debt providers with regards to funding for the construction of the lithium operation in Sonora which will allow them to commence the estimated 18 month build programme.

Both the equity stake in Bacanora and our ownership in the Mexalit joint venture could represent a substantial return for Cadence in the form of cash flow from the Sonora Lithium Project. To understand the possible outcomes, we have varied the operational costs and revenue per tonne of lithium carbonate to derive a matrix of potential total NPV’s (US$millions) attributable to Cadence from the joint venture and the 9.31% equity stake in Bacanora* as at 07/09/2017.

Table 2: Matrix of potential total NPV (US$ millions) returns from Cadence’s joint venture and indirect equity stakes in the Sonora Lithium Project 

Revenue / tonne of 99.5 % Lithium Carbonate Price US$

* Company estimates are based on discounted cash flowsfrom both equity and joint venture or direct projectinterests. The Company has used pre- feasibility or scoping studies in the public domain and has estimated the future cash flows that it could receive assuming all free cash flow is distributed to equity and that theproject is entirely equity funded with Cadence retainingits interest and contributing on a pro rata basis.

7,000

8,000

9,000

10,000

US$/tonne Lithium Carbonate (cost)

3,500

109

149

189

228

4,000

88

128

168

207

4,500

68

107

147

187

5,000

48

87

127

167

European Metals Holdings Limited (“EMH”)

As a result of some small share issues in EMH Cadence now holds a equity stake of 20.4% in EMH, slightly lower than the 20.8% reported in the year end accounts. Through this equity holding we have an economic interest in the Cinovec lithium and tin deposit.

The development of this asset has progressed well, with both a 50% upgrade in indicated lithium resources, and a summary of the pre-feasibility study published during the period. The PFS estimated the net present value of the project at US$540m. One of the significant positive aspects of Cinovec is the potential tin credits from any mining operation would assist greatly in keeping the unit costs of lithium in the lowest quartile of global producers.

The study and confirmed our analysis of the project in 2015, in that it could represent a low-cost and potentially significant producer of battery grade lithium carbonate for the expanding battery market in Europe.

EMH has now commissioned its FS which is scheduled for completion in the second half of 2018.

Yangibana

Cadence owns a 30% free carried interest in the Yangibana North, Gossan, Hook , Kanes Gossan, Lions Ear and Bald Hill North rare earth projects (“Yangibana North Project”) in Western Australia. These projects form part of the larger Yangibana Rare Earth Project (“the Project”). The free carry is up to the commencement of the FS.

Hastings Technology Metals Ltd (“Hastings”), which is the operator of the Project and the owner of the remaining 70% in the Yangibana North Project, made considerable progress during the year to date. This included upgrading and expanding the mineral resource, lodging mining permit applications and successfully completing the hydromet testing on the ore.

Subsequent to the period end Hastings received firm commitments for a A$15.5 million capital raise which will be used for infrastructure works before processing plant construction, in addition Hastongs also three offtake memorandums of understanding for the Projects eventual rare earth products.

To assess and publish the potential economic value that Cadence’s stake in the Yangibana North Project, we have asked Hastings to provide both the mine plans and economic models which will form part of the final FS. It is anticipated that once the FS is published we will be able to provide a clear indication of the potential net present value attributable to our interests.

Auroch Minerals

Cadence has a 7.7% interest in Auroch Minerals which exploration properties for Cobalt-Copper-Gold project in the Czech Republic (Tisová), a Copper-Zinc project in Portugal (“Alcoutim”) and a lithium project in Namibia. Drilling is underway at both Tisova and Alcoutim

Macarthur Minerals

Cadence has a 15.7% equity interest in Macarthur, which is an Australian mining exploration company focused on lithium and iron ore, primarily in the Pilbara region of Western Australia. It also has a lithium project in the USA.

During the period, Macarthur continued to progress and explore its existing projects and made some further investments in new exploration projects.

From its current projects Macarthur reported some anomalous lithium grades in the Nevada brine prospects, discovered further pegmatite swarms and anomalous gold and copper results at its assets in the Pilbara region and also looked to advance its permitted Iron Ore project in the Yilgarn Region of Western Australia.

During the period Cadence exercised its options in Macarthur, which increased our shareholding to 20.3%, subsequent to this Macarthur has raised further capital in which we did not participate, which has reduced our ownership to 15.7%.

Clancy Exploration

Clancy has a number of exploration licences at the Leogang Cobalt-Nickel Sulphide Project in Austria (the “Leogang Project”). Cadence owns a 10% direct interest in these licenses. In September this year Clancy notified the Company that there were overlapping licenses over 15% of the original license areas.

We have agreed with Clancy that we will continue to explore the potential of the Leogang Project and we will work together to identify and acquire additional strategic mineral properties.

Outlook & Strategy

The management of Cadence continues to liaise closely with and support each of its investee companies. We believe that we have a good spread of investments and joint ventures which diversifies our shareholders’ risks.

In addition, we plan to invest some of our profits made from the sale of our equity stake in Bacanora to identify new early stage exploration assets that have the potential to deliver the same level of returns we have seen in our other investments. 

FINANCIAL REVIEW

During the period, the Group made a profit before taxation of £0.90 million (6 months ended 30 June 2016 (restated): profit £6.64 million; year ended 31 December 2016: profit £0.62 million). This was primarily due to the large increase in market value of our available for sale investment in the period ending 6 months ended 30 June 2016, which was not replicated in the current six-month period.

There was a weighted basic profit per share of 0.01p (30 June 2016 (restated): profit per share 0.09p, 31 December 2016: profit per share 0.01p).  As a result of unrealized foreign exchange differences, comprehensive income for the period was £1.45 million (30 June 2016 (restated): total comprehensive income of £6.50 million, 31 December 2016: total comprehensive expenditure of £0.01 million).

Administrative expenses increased by £0.20 million compared to the same period last year, this increase was primarily attributed to payments to outside consultants and legal counsel involved in due diligence and reviews of potential new investments.

The total assets of the group increased from £35.45 million at 31 December 2016 to £36.15 million. Of this amount £18.5 million represent the market value of our available for sale investments at the period end. It is important to note that this does not include our investment in EMH. Our investment in EMH is classified as an investment in an associate and held at a value of £12.9 million. EMH is classified as such because we hold in excess of 20% and Kiran Morzaria, the Chief Executive Office of Cadence is also a Non-Executive Director of EMH.

During the period, our net cash outflow from operating activities was £1.46 million compared to £1.23 million during the same period last year. The variance is attributable to the increased administrative expenses as highlighted above. We invested a further £0.51 million in assets which brought our net cash position down to £2.13 million.        

Kiran Morzaria

Chief Executive Officer

28 September 2017

 

CADENCE MINERALS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2017 

Notes

Unaudited Period ended 30 June 2017

Unaudited Period ended 30 June 2016 (Restated)

Audited Year ended  31 December 2016

£’000

£’000

£’000

Income

Unrealised profit on available for sale assets

2,331

7,744

5,701

Realised profit/(loss) on available for sale assets

2

(123)

(107)

Other income

60

90

189

2,393

7,711

5,783

Share based payments

(717)

Other administrative expenses

(1,123)

(889)

(2,223)

Total administrative expenses

(1,123)

(889)

(2,940)

Operating profit

1,270

6,822

2,843

Share of associates losses

(103)

(51)

(200)

Finance cost

(272)

(133)

(2,027)

Profit before taxation

895

6,638

616

 

 

 

Taxation

(14)

Profit attributable to the equity holders of the Company

895

6,624

616

Other comprehensive income

Foreign currency translation differences

553

(122)

(484)

Other comprehensive income for the period net of tax

553

(122)

(484)

Total comprehensive income/(expenditure) for the period

1,448

6,502

132

Profit per share

Basic  (pence per share)

4

0.0115

0.0914

0.0083

Diluted  (pence per share)

4

0.0095

0.0846

0.0067

CADENCE MINERALS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2017

Share capital

Share premium account (restated)

Share-based payment reserve

Hedging, Loan & Exchange reserves

Retained earnings

Total equity

£’000

£’000

£’000

£’000

£’000

£’000

Balance at 1 January 2016 (restated)

1,098

22,161

2,783

(277)

(8,826)

16,939

Issue of share capital

65

3,486

3,551

Share issue costs

(139)

(139)

Transfer on lapse of options

(80)

80

Transactions with owners

             65

         3,347

           (80)

                –  

             80

       3,412

Foreign exchange

(122)

(122)

Profit for the period

6,624

6,624

Total comprehensive profit(loss) for the period

              –  

                –  

              –  

(122)

6,624

6,502

Balance at 30 June 2016 (unaudited and restated)

1,163

25,508

2,703

(399)

(2,122)

26,853

Issue of share capital

29

1,637

1,666

Share based payments

717

717

Warrants issued

1,152

1,152

Transfer on exercise of options

(162)

162

Transactions with owners

             29

1,637

1,707

                –  

162

       3,535

Foreign exchange

(362)

(362)

On issue of loan notes

507

507

Loss for the period

(6,008)

(6,008)

Total comprehensive profit(loss) for the period

              –  

                –  

              –  

145

(6,008)

(5,863)

Balance at 31 December 2016

1,192

27,145

4,410

(254)

(7,968)

24,525

Issue of share capital

2

157

159

Transfer on lapse of warrants

(396)

396

Transactions with owners

               2

             157

(396)

                –  

          396

          159

Foreign exchange

 –

 –

553

 –

553

On conversion of loan notes

 –

 –

 –

(33)

 –

(33)

Profit for the period

895

895

Total comprehensive profit for the period

              –  

                –  

              –  

520

895

1,415

Balance at 30 June 2017 (unaudited)

1,194

27,302

4,014

266

(6,677)

26,099

 CADENCE MINERALS PLC

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2017 

Unaudited

Unaudited

Audited

 30 June 2017

 30 June 2016 (Restated)

31 December 2016

Assets

Notes

£’000

£’000

£’000

Non-current

Intangible assets

2,228

1,774

1,909

Tangible assets

1

Investment in associate

12,879

2,753

12,982

15,107

4,528

14,891

Current assets

Trade and other receivables

421

731

402

Available for sale asset

18,498

21,479

15,967

Cash and cash equivalents

2,125

1,917

4,192

Total current assets

21,044

24,127

20,561

Total assets

36,151

28,655

35,452

EQUITY AND LIABILITIES

Current liabilities

Trade and other payables

227

306

603

Borrowings

9,825

1,496

10,324

Total current liabilities and total liabilities

10,052

1,802

10,927

Equity

Share capital

4

1,194

1,163

1,192

Share premium

27,302

25,508

27,145

Share based payment reserve

4,014

2,703

4,410

Hedging & Exchange reserve

266

(399)

(254)

Retained earnings

(6,677)

(2,122)

(7,968)

Total equity and liabilities

to owners of the company

26,099

26,853

24,525

Total equity and liabilities

36,151

28,655

35,452

CADENCE MINERALS PLC

CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 30 JUNE 2017

Unaudited Period ended

Unaudited Period ended

Audited Year ended

30 June 2017

30 June 2016 (restated)

31 December 2016

£’000

£’000

£’000

Cash flows from operating activities

Operating profit

1,270

6,822

2,843

Unrealised profit on AFSA

(2,333)

(7,621)

(5,594)

Equity settled share-based payments

717

(Increase) in trade and other receivables

(19)

(502)

(173)

(Decrease)/increase/ in trade and other payables

(376)

76

373

Net cash outflow from operating activities

(1,458)

(1,225)

(1,834)

Taxation

(14)

Cash flows from investing activities

Payments for investments in AFS assets

(214)

(883)

(7,847)

Receipts on sale of AFS assets

16

970

1,040

Purchase of tangible fixed assets

(1)

Investment in exploration costs

(312)

(105)

Net cash (outflow)/inflow from investing activities

(510)

86

(6,912)

Cash flows from financing activities

Proceeds from issue of share capital

3,551

3,728

Share issue costs

(139)

(139)

Net (loan repayments)/borrowings

(1,102)

9,331

Finance cost

(99)

(133)

(875)

Net cash inflow from financing activities

(99)

2,177

12,045

Net (decrease)/increase in cash and cash equivalents

(2,067)

1,024

3,299

Cash and cash equivalents at beginning of period

4,192

893

893

Cash and cash equivalents at end of period

2,125

1,917

4,192

NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 JUNE 2017

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 2016 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 2016 financial statements, which are prepared in accordance with International Financial Reporting Standards (IFRSs), as adopted by the European Union.   

GOING CONCERN

The Directors have prepared cash flow forecasts for the period ending 30 September 2018. 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

An operating segment is a distinguishable component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group’s chief operating decision maker to make decisions about the allocation of resources and assessment of performance and about which discrete financial information is available.

The chief operating decision maker reviews financial information for and makes decisions about the Group’s performance as a whole. The Group has not actively traded during the period. 

Subject to further acquisitions the Group expects to further review its segmental information during the forthcoming financial year.

 3.     PROFIT PER SHARE 

The calculation of the profit per share is based on the profit 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 2017

30 June 2016 (restated)

31 December 2016

£’000

£’000

£’000

Profit on ordinary activities after tax (£’000)

895

6,624

616

Weighted average number of shares for calculating basic profit per share

  7,773,489,131

  7,248,431,515

  7,418,126,097

Share options and warrants exercisable

  1,689,215,294

     578,298,201

  1,738,283,823

Weighted average number of shares for calculating diluted profit per share

  9,462,704,425

  7,826,729,716

  9,156,409,920

Basic and profit per share (pence)

0.0115

0.0914

0.0083

Diluted profit per share (pence)

0.0095

0.0846

0.0067

4.     SHARE CAPITAL 

Unaudited

Unaudited

Audited

30 June 2017

30 June 2016

31 December 2016

£’000

£’000

£’000

Allotted, issued and fully paid

173,619,050 deferred shares of 0.24p (30 June and 31 December 2016: 173,619,050)

417

417

417

7,777,690,338 ordinary shares of 0.01p (30 June 2016: 7,461,273,165, 31 December 2016: 7,753,160,709)

                      777

                      749

                      775

                  1,194

                  1,166

                  1,192

 

 

Cadence Minerals (KDNC) – Notice of AGM

Cadence Minerals announces that notice of the Annual General Meeting of the Company, to be held at 11 am on 29 August 2017 at the offices of Hill Dickinson LLP, The Broadgate Tower, 8th Floor, 20 Primrose Street, London, EC2A 2EW, has been posted today. 

The Notice of AGM will shortly be available online at www.cadenceminerals.com . 

For further information please contact

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 Bavister

Square1 Consulting

+44 (0) 207 929 5599

David Bick

Brian Alexander

Cadence Mineral (KDNC) exercises Warrants in Macarthur Minerals

Cadence Minerals Plc (AIM/NEX: KDNC; OTC: KDNCY) has today exercised its remaining 7,500,000 warrants in Macarthur Minerals Limited at an exercise price of CAD$0.05, for a total consideration of CAD$375,000. This exercise of warrants will increase Cadence’s interest in Macarthur Minerals to 20.3%.

Andrew Suckling, Executive Chairman of Cadence Minerals, commented: Cadence Minerals sees its strength as financially supporting emerging lithium exploration and development companies with excellent growth potential, as we have done and continue to do so with both Bacanora Minerals Limited and European Metals Holdings Ltd, the owners of the Sonora and Cinovec Lithium Projects respectively. We see tremendous potential in Macarthur Minerals large lithium exploration portfolio in Western Australia and we are particularly encouraged by Macarthur Minerals’ significant lithium results recently reported from their Lida Valley play in Nevada.” 

For further information please contact

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 Bavister

Square1 Consulting

+44 (0) 207 929 5599

David Bick

Brian Alexander

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £40 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.