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Cadence Minerals #KDNC – Results for the Year Ended 31 December 2019

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce its final results for the year ended 31 December 2019. A copy of the full results will be made available on the Company’s website from today at https://www.cadenceminerals.com/  

Ends –

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

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

CHAIRMAN’S STATEMENT

For the year ended 31 December 2019

___________________________________________________________________________________

First and foremost our thoughts are with families and friends, shareholders and investors during this shape-shifting pandemic. The Board and I hope all have found comfort and safety, well being and support during these extraordinary and unprecedented times.

There is no doubt that such turbulent conditions have created major disruptions and dislocations. However the Board has been well prepared and ready. I thank my fellow Board members for this dynamism and effort. Cadence Minerals (“Cadence” or the “Company”) staff and management have been used to working remotely and via phone/ video conference and quickly adapted to this new challenge.

The Board has continued its driven agenda to proceed with the support for portfolio companies whilst at the same time progress with the main target of the Amapá iron ore project in Brazil.

To this effect and to highlight a few of the achievement by our portfolio companies I would like, with the Board to offer congratulations to MacArthur Minerals on the successful conclusion of its convertible note, the life of mine Off -take agreement with Glencore and the successful listing on the Australian Stock Exchange. These are noticeable achievements for the company and combined with the ongoing successful drilling campaigns at Lake Giles bodes well.

Further European Metal Holdings  successfully concluded a lengthy negotiation with the Czech utility company CEZ. This will allow EMH to complete many of its strategic goals and to become one of Europe’s largest and lowest cost lithium producers.

Hastings Technology are JV partner in the Yangibana Rare Earths project also concluded and completed a negotiation with the German based Schaffler Group that will enable the company to pursue its targets.

The Board hope that the next few years will witness a significant harvest as projects progress to operation and revenue, and previously identified opportunities realise higher valuations. All management companies of the portfolio companies within Cadence are wished the best of success.

The recent economic contraction has been severe and turbulent. However our investments have always been based on long-term assumptions and not the idiosyncrasies of the market. There is significant hope that recently announced global stimulus measures will lead to a re opening and recovery sooner than later. This will contribute to a significant appreciation in the company’s portfolio and therefore revenue and shareholder return.

Cadence’s focus on iron ore opportunities appears particularly timely. The stimulus measures specifically relate to infrastructure which benefits Steel demand which by derivative benefits Iron Ore consumption. Argus publications have reported April and May 2020 China steel production higher than that in 2019 and have predicted that China will produce over 1 billion tons of Steel in 2020. This will require more Iron Ore globally and should support the long term Iron Ore price.

China have announced over $140 billion in provincial bonds with increasing government incentives in real estate and infrastructure, which account for over fifty percent of Chinese domestic Steel demand. It is clear that steel production and therefore Iron Ore demand is at the front and center of global stimulus policy.

A rapid global supply response to higher iron ore prices and steel demand has some serious headwinds and constraints. The tragic events at Vales Brumadinho operations and the higher capital costs of new projects represent such challenges. Economic and political struggles combined with higher governance and regulation means operational consistency and good fortune is required to continue to supply the insatiable Steel demand.

Cadence has focused enormous efforts on the Amapá iron ore project. It is immensely pleasing for the board that significant milestones and hurdles were recently achieved, all whilst the global economy was on ” pause” Cadence and its partners, lawyers and consultants all maintained dialogue and pressure to focus on the process to achieve significant results. This will initially result in the movement of of iron ore currently stockpiled and ultimately in the rehabilitation of the Amapá system. As the opportunity progresses the Board is cognizant of the need for sustainability at all levels of the opportunity. The performance and Governance metrics that will be required to re habilitate the mine; port and rail will be stringent and strict.

Cadence has proven its ability to be flexible, opportunistic and survive and thrive. The Board feels the underlying conditions are developing to optimise the portfolio.

I would like to personally thank all Cadence’s management, fellow board members, staff ,consultants, partners and of course all Shareholders for their support and confidence in the Company.

Andrew Suckling

Non Executive Chairman

25 June 2020

Link here for the full results and accounts statement

Cadence Minerals #KDNC – European Metals #EMH – Preliminary Mining Permit at Cinovec Granted.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that the Czech Ministry of the Environment has granted Geomet the Preliminary Mining Permit related to the Northwestern part of the Cinovec deposit.

The permit has been issued for a period of 8 years. A Preliminary Mining Permit is a necessary legal pre-qualification before obtaining a Final Mining Permit and guarantees the company the priority right to apply for and obtain a Final Mining Area and a Final Mining Permit. The preliminary approval for the Northwestern part of the deposit covers an area of 1.27 km2 and, together with the existing Preliminary Mining Permits, now encompases the entire Cinovec ore reserve. This permit significantly strengthens Geomet’s position as the only possible miner and paves the way for obtaining the remaining permits to start construction, mining, and processing activities.

Cadence Minerals Holding in EMH

Cadence holds approximately 16% 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..

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14522486.html

European Metals Managing Director Keith Coughlan said; “With 100% of the Cinovec ore reserve now covered by PMP’s, Geomet is now the sole company that can apply for a final mining permit across the Cinovec Ore Reserve which is Europe’s largest hard rock lithium reserve and a globally significant deposit. With the recent investment of € 29.1 million into Geomet by CEZ, this security of tenure now allows Geomet to focus on rapidly advancing the feasibility and permitting of Cinovec.”

– 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 – CEZ Investment into Cinovec Project Approved.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that shareholders have today approved at the General Meeting of the Company, the amended arrangements for the investment of EUR 29.1 million (approximately GBP 25.8 million) by CEZ a.s. (“CEZ”) for a 51% equity interest in Geomet, the Company’s Czech subsidiary and holder of the Cinovec licenses.

The investment of EUR 29.1 million will see the Cinovec project fully funded to the decision to construct, paving the way for Cinovec to become the first European Union producer of battery grade lithium compounds from a local lithium resource.

The transaction is scheduled to complete on Monday, 27 April 2020, and the work program will begin immediately.

Cadence Minerals Holding in EMH

Cadence holds approximately 16% 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.

Cinovec Project – no current effect from COVID-19

With the completion of the agreement with CEZ, Geomet will now immediately commence the Definitive Feasibility Study (“DFS”) and Front-End Engineering Design (“FEED”) programmes of work.

The funds contributed by CEZ will fully finance Geomet and Cinovec through the period to construction permitting and commencement of construction. The principal components of the next phase of work on Cinovec are the availability of management and staff, ore samples for test work and laboratory staff and time.

All management and staff of both EMH and Geomet are unaffected by COVID-19 and the current restrictions on travel and meetings are not expected to have any impact for the foreseeable future; all staff are able and continue to work remotely.

To-date, the Cinovec Project has drilled in excess of 13,800m of diamond drilling under the management of EMH. Extensive sample quantities are available from the resulting drill core as well as material recovered from historic adit drives into the ore body. Significant quantities of ore sample are held at our laboratory partners in Germany and at the project office in the Czech Republic.

European Metals and Geomet have confirmed with our laboratory and engineering partners in Germany and Australia that staff and laboratories involved in the DFS and FEED programmes over the next 3 months are ready and open for work on an immediate basis.

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14513878.html

European Metals Managing Director Keith Coughlan said; “This is a very significant day in the life of the Cinovec Project. To have Europe’s largest hard rock lithium project fully funded to decision to construct ensures that Cinovec is firmly entrenched as the pre-eminent lithium deposit in Europe. We are very pleased to be in partnership with CEZ in the development of the Cinovec Project. CEZ not only provide corporate, technical and financial strength, they fully share the Company’s vision for the development of a lithium ion battery industry in Czech Republic.”

– 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) Reaches Final Agreement with CEZ to make Significant Investment into Cinovec Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that it has today reached final agreement (“Final Agreement”) with CEZ Group (“CEZ”), one of Central and Eastern Europe’s largest power utilities, regarding a strategic partnership and significant investment into the Cinovec Project (“Cinovec” or “the Project”).

The Company announced on 20 November 2019 (“Potential Strategic Partnership with CEZ and Significant Investment into Cinovec Project”) the terms of a conditional agreement (“Conditional Agreement”) with CEZ under which CEZ had the option to subscribe to become a 51% shareholder in Geomet s.r.o. (“Geomet”), the Company’s Czech subsidiary and holder of the rights over the Project.

The Final Agreement reached today is now a binding commitment from CEZ to subscribe to become a 51% shareholder in Geomet, and is conditional only upon EMH shareholder approval, which will be sought at an EGM to be held in April 2020.

The amended terms of the Final Agreement (as compared to the Conditional Agreement) include:

  • in the context of the binding commitment to invest described above and current market conditions, a reduction of the price payable by CEZ upon completing of the subscription of Geomet shares from €34,061,265 to €29,100,000; and
  • allowing CEZ to elect to withdraw from funding of the Project at two separate milestones. The first withdrawal milestone is designed to coincide with completion of the front-end engineering design program and semi-industrial pilot testing of the lithium concentrate processing while the second withdrawal milestone is designed to coincide with completion of the definitive feasibility study. If CEZ elects to withdraw, Geomet will return to it an amount equal to its initial investment minus €250,000 and all costs and expenses incurred in relation to the Project up until the date of notification of the withdrawal. Following a withdrawal, CEZ will reduce its holding on a pro-rata basis to a minority position in Geomet.

The directors of EMH believe that the revised terms provide sufficient funding for the next stage of the development of the Project, setting it on sound footing to progress into production thereafter.

Further details of the Final Agreement will be set out in the supplementary circular to be posted to EMH shareholders shortly.

Cadence Minerals Holding in EMH

Cadence holds approximately 16.7 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.

Background to the Transaction

In July last year, EMH announced that CEZ was conducting due diligence on the Company and the Cinovec Project, and that the successful outcome of the due diligence process could result in CEZ potentially becoming the Company’s largest shareholder and co-development partner for the Cinovec Project. Since then, EMH and CEZ have held detailed discussions on the framework for CEZ’s participation in the Cinovec Project and in November 2019 EMH and CEZ entered into the Conditional Agreement, pursuant to which CEZ had the option to subscribe become a 51% shareholder in Geomet. The Conditional Agreement included conditions precedent that have now all been met.

In light of very significant changes in global markets and the successful completion of CEZ’s due diligence, EMH and CEZ have replaced the Conditional Agreement with the Final Agreement.

The Company considers that CEZ Group is an ideal strategic and financial partner for the Cinovec Project. In addition to CEZ’s financial strength, the Board believes that CEZ provides strong strategic relationships within the Czech Republic, the European Union and abroad. CEZ is a leader in power generation and distribution in the region and has plans to become heavily involved in the development of new energy systems. Through these battery industry activities, CEZ is expected to assist greatly in the securing of off take agreements for the Project.

Financial effects of the Transaction

The primary financial objective of the transaction is to secure the funding for the next stage of the development of the Cinovec Project and to provide a strong platform for the Cinovec Project to progress into production. Whilst the Board believes from the extensive PFS work undertaken to date that Cinovec is a robust project with strong economics, the funding of large mining and processing projects requiring significant capital expenditure is very challenging for smaller mining companies in current economic and market conditions.

The addition of a partner with the financial strength of CEZ, and the strong significant business relationships that it brings, significantly enhances the status of the Cinovec Project at this important stage of its development.

The subscription proceeds from the Final Agreement will be used by Geomet to develop the Cinovec Project through completion of the Definitive Feasibility Study (“DFS”), complete all permitting processes and advance the Cinovec Project to a construction decision. The DFS will bring together the detailed operational and financial implementation plan, including geological, technical, engineering, metallurgical, environmental and financial technical expert reports. The Company has prepared the detailed budget and business plan for the delivery of the DFS, together with the front-end engineering design programme, which is expected to take up to 18 months to complete. In order to facilitate the timely progressing of the DFS, Geomet will enter into a service contract with one or more third party contractors and, under the Geomet Shareholders’ Agreement (to be entered into at the completion of CEZ’s investment), EMH will be appointed to provide services of managing the Cinovec Project development.

On completion of CEZ’s investment pursuant to the Final Agreement, EMH’s ongoing interest in Geomet will reduce to 49%. Under the Geomet Shareholders’ Agreement (to be entered into at the completion of CEZ’s investment), Geomet will have a board of five directors. EMH will have the right to nominate two of the five Geomet directors Further, under the Geomet Shareholders’ Agreement, EMH will be appointed to provide services managing the Cinovec Project development

Accordingly, on completion of the Final Agreement, EMH will cease to consolidate Geomet’s results within the EMH’s consolidated accounts..

AIM Rule 15

The Final Agreement would constitute a fundamental change of business of the Company under Rule 15 of the AIM Rules. The Final Agreement is therefore conditional on, inter alia, Shareholder approval which will be sought at a General Meeting of the Company to be convened in due course. The Company will, however, as previously announced, remain an operating minerals company under the AIM Rules given its remaining material interest and ongoing involvement in the Cinovec Project after the Final Agreement has completed, as described above.

The completion of the Final Agreement will not result in any changes to the Company’s Board or management.

Further information

European Metals expects to publish shortly a supplementary circular to shareholders setting our further details of the amended proposed subscription, the proposed amendments to the Exclusivity and Framework Agreement and Geomet Shareholders’ Agreement, together with notice of the General Meeting. A further announcement will be made in due course.

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14479989.html

European Metals Managing Director Keith Coughlan said; “We are very pleased to have concluded this agreement with CEZ which, subject only to EMH shareholder approval, provides certainty for the future development of the Cinovec Project. Given the current uncertain state of global markets, it is particularly affirming for us to have a partner with the corporate, technical and financial strength of CEZ investing in the Project.”

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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.

EMH’s Potential Cinovec Partner CEZ plans to Build a ‘Gigafactory’ in North Bohemia – Cadence Minerals

EMH’s Potential Cinovec Partner CEZ plans to Build a ‘Gigafactory’ in North Bohemia

An article published on the Radio Prague International website says Czech utility ČEZ plans to build a ‘gigafactory’ for batteries for cars in North Bohemia in the coming years that would use lithium discovered in the Ore Mountains near Cínovec, on the German border.

Cinovec is the largest lithium deposit in Europe and the fourth largest non-brine deposit in the world.

Minister of Industry and Trade Karel Havlíček said during a visit to Berlin on Wednesday that ČEZ plans to use lithium stocks from Germany and the Czech Republic. As such ore from Cinovec will be used to supply the ‘gigafactory’.

The Czech Republic has the biggest lithium reserves in Europe and many politicians have pushed for its mining to be in the hands of a state-controlled company, such as ČEZ.

AIM listed European Metals Holdings (AIM: EMH), through its wholly owned subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium Project.

Currently, CEZ and EMH are close to concluding a deal that will see CEZ become a 51% of Geomet s.r.o., EMH’s wholly owned Czech subsidiary and the holder of the Cinovec licences.

Kiran Morzaria, non-executive director of EMH and CEO of AIM listed mining investment group Cadence Minerals (AIM: KDNC), which owns around 19% of EMH said the proposed development partnership between EMH and CEZ “underscores the importance of Cinovec as a key future battery grade lithium supplier to the European lithium market.”

Notes:

Radio Prague International story link:

https://www.radio.cz/en/section/news/czech-utility-to-build-car-battery-gigafactory-bordering-germany-lithium-deposits

Cadence Minerals (KDNC) – European Metals (AIM: EMH) Cinovec Project Update – Battery Grade Lithium Hydroxide Sample Produced – Clarification on Test Work Process.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by European Metals Holdings Limited (“European Metals” or “EMH”), providing further clarification for the outcomes from a recently completed engineering assessment of the flowsheet and subsequent testwork aimed at demonstrating the ability to produce lithium hydroxide from Cinovec Project ore.  The move by the company to develop a process for the production of lithium hydroxide from the Cinovec project is in response to market forces that continue to move Czech and European manufacturers towards the production of advanced technology batteries.

Highlights:

  • Flowsheet successfully developed and tested for the production of lithium hydroxide from Cinovec ore.
  • A potential production rate in excess of 25,000 t/a lithium hydroxide has been demonstrated to be possible utilising a robust process route proven in the lithium production sector.
  • A formal update of the project PFS reflecting the production of lithium hydroxide is underway and will be completed within the next 6 weeks.

The result of the testwork was the production of a sample of battery grade lithium hydroxide.  The work concentrated on the grade of product produced and not recovery rates. The total amount of product produced was below 10 grams.  

The data is now being used as the foundation for an update of the EMH PFS such that the final product from the process will be battery grade lithium hydroxide with the option to produce battery grade lithium carbonate should the market support both products.  The relevant flowsheets will be available upon completion of this engineering work.

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

The full release can be found at:  https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14032382.html

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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  
   
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 Plc (KDNC) – European Metals (AIM: EMH) Cinovec Drill Programme Update.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the Cinovec Project drilling results published today by European Metals Holdings Limited (“European Metals” or “EMH”). Initial results from its current eight core-hole resource drilling programme announced by the Company on 5 November 2018 confirms that drilling of five of the eight holes has been completed.  Drilling activities remain suspended and will resume after the end of the snow season. Analytical results for the fifth of the drill holes from the Cinovec South deposit are reported.

Key Points:

  • Hole CIS-14 returned 67m averaging 0.43% Li2O (incl. 3m @ 0.99% Li2O and 0.18% Sn); 8m @ 0.67% Li2O and 0.20% Sn (incl. 4.15m @ 1.00% Li2O and 0.35% Sn); 8m @ 0.21% Sn, 4m @ 0.39% Sn; and 3m @ 0.20% Sn.

The drill hole results are very similar to predictions from European Metals’ current geological model, again demonstrating the quality and robustness of the geological and resource model.

Lithological intervals, incl. rhyolite / granite contact and zones of alteration, were intersected where predicted with a high level of accuracy. Also, the Li, Sn and W grades measured corresponded to the block model.

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

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13984412.html

Cadence Minerals CEO Kiran Morzaria commented: “Once again Cadence are pleased to note the progress made by CEO Keith Coughlan and the European Metals team at the Cinovec lithium and tin project drilling programme. As Keith points out in the EMH announcement, the drilling results have either been in line with, or exceeded expectations set out by the geological and resource model, so we now look forward to the impact of these results on the project economics over the next few weeks.”

– 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  
   
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore  
Giles Fitzpatrick  
   
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.

Stockhead – Next year will be huge for electric car launches as Europeans race to catch up – Cadence Minerals (KDNC)

Next year will mark the start of a huge EV ramp-up for the world’s biggest carmakers — and that’s expected to have a serious impact on  demand for key battery metals such as lithium, cobalt, manganese, HPA and nickel.

Euro car-makers have a lot of ground to make up on EV leaders Tesla, Nissan and Chinese manufacturers – who continue to break production and sales records every month.

Tesla sold an estimated 22,250 Model 3s in September in the US alone according to this report — the highest ever for sales of a single plug-in electric car in a month, and the first time an EV has beaten 20,000 sales a month in the US market.

French-owned PSA Group — which sells the Peugeot, Citreon, DS, Opel and Vauxhall brands —   is undergoing an self-described “electrification blitz” from next year, as it aims for 100 per cent EV core models by 2025.

This is a company that made net profit of about $2.4 billion on car sale revenues of $50 billion in the first half of 2018.

Its Peugeot and Citreon brands showed off fully EV and hybrid versions of its popular models — due for rollout next year — at the Paris Motor Show last week.

It also unveiled its beautiful, fully electric concept Peugeot e-Legend car.

In response to a change.org petition to get the e-Legend into production, Peugeot boss Jean-Phillipe Imparato says:

Germany’s Volkswagen Group estimates it will sell 3 million EVs in 2025.

Of that, its I.D. models – which starts production next year – are expected to contribute 1 million of those sales.

Audi, also part of the Volkswagen Group has started production of its e-tron EV ahead of full production in 2019; it’s expected to produce about 20,000 a year.

And the first Mercedes-Benz vehicle under the fully electric EQ brand will be launched by mid-2019 – part of a range that is expected to expand to include 10 new models by 2022.

Cadence Minerals (KDNC) European Metals (EMH) Cinovec Project Update – DFS Level Drilling Permits granted and Lithium Hydroxide Testwork commenced.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by European Metals Holdings Limited (“European Metals”) highlighting further significant advancements made in the development of the Cinovec Lithium-Tin Project (“Cinovec”).

Highlights:

  • Permits required for the DFS resource drilling campaign have been granted, and European Metals has received permission from the relevant statutory authorities in the Czech Republic for the commencement of the planned comprehensive diamond drilling campaign.
  • A total of 13 drill holes for a total drilled length of 3,386 metres have been permitted.
  • The first 4 geotechnical drill holes at the proposed site of the mine portal have been completed. The rig is continuing with drilling a further five geotechnical holes along the planned mining decline route to allow final development ready designs to be completed for the portal and decline designs.
  • Testing of the revised lithium hydroxide product flowsheet commenced on schedule at Dorfner Anzaplan in Germany.

Cadence holds approximately 20% of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=160721 

Cadence Minerals CEO Kiran Morzaria commented: “The commencement of the Cinovec DFS drilling programme ahead of the winter season is a big step forward for European Metals. This, along with the progress made with the lithium hydroxide flowsheet has very positive implications for Cinovec project economics and future valuations. We look forward to the results”

Cadence Holdings

As at the 31 August 2018 Cadence had the following key investments: 19.7% of the equity in European Metal Holdings, which, through its wholly owned Subsidiary, Geomet s.r.o., controls the mineral exploration licenses awarded by the Czech State over Cinovec; 7.5% of the equity in Bacanora Lithium Plc and 30% of Mexalit and Megalit joint venture companies. 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; 6.6% of Auroch Minerals Ltd; 4.5% of Clancy Exploration Ltd; 12.1% of Macarthur Minerals Ltd; 4% of the San Luis lithium exploration project in Argentina; 30% free carried interest in one mining lease and six exploration license in part of the the Yangibana Rare Earth Mineral deposit and a 100% interest in and exploration license on the eastern boundary of boundaries of Greenland Minerals and Energy Limited’s licences that encompass the world-class Kvanefjeld, Sørenson, Zone 3 and Steenstrupfjeld Rare Earth Element deposits.

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

– 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  
   
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore  
Giles Fitzpatrick  
   
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.

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.

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.

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.

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