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Cadence Minerals #KDNC – Interim Results

Cadence Minerals plc (AIM/NEX: KDNC) is pleased to announce its interim results for the six months ended 30 June 2021.

Highlights

The focus of the Company since the beginning of the year has been its investment into the Amapa Iron Ore Project (‘Amapa Project’). This investment continues to be our top priority which has involved finalising the settlement agreement with the secured bank creditors and the advancement of the pre-feasibility study on the asset. The delays in crystallising our investment are a result of the secured bank creditors’ internal bureaucratic process, which is required when settling a loan of this value and under the terms agreed. Nonetheless we have continued to move the Amapa Project forward which has included, amongst other things, the iron ore stockpile shipments commencing in March and the pre-feasibility studies starting soon after that.

We are also in the process of reviewing our privately held assets, in particular, our early-stage lithium prospects in north Australia. We believe that these could be of some strategic importance given their proximity to the Finniss Project, owned by ASX listed Core Lithium.

During the period our equity investments have performed very well, primarily driven by the performance of European Metals Holdings.  Our equity investments generated a total income of £3.54 million resulting in profit before taxation of £2.84 million for the six months ended June 2021.

At a macro-economic level, the first half of 2021 saw the continued global recovery from the physical demand shock from COVID-19 experienced in 2020. According to the World Bank Group, the global economy is set to expand some 5.6% in 2021, its most robust post-recession pace in 80 years. However, this recovery is expected to be uneven and primarily reflects sharp rebounds in some major economies – most notably the United States – driven by substantial fiscal support. These ongoing monetary easing programmes have continued to support commodity prices and, in particular iron ore in the first half of this year. In addition, the accelerated transition and electrification of vehicles has increased lithium compound pricing, with the Benchmark Lithium Price Index up 85.3% on a year-to-date basis.

After the period end, we saw a softening of iron ore and other commodities (although lithium compound pricing remains strong). We believe this is primarily driven by China’s protectionist policies, including the possible imposition of steel quotas, crackdowns on speculative trading and the potential spread of the COVID-19 Delta variant. We expect the demand–supply balance to remain relatively tight for iron ore and lithium compounds in the medium term although there is still some residual uncertainty about how vaccine deployment and the policy and behavioural response to the newer, more infectious strains of COVID-19 will interact over the coming quarters.

As outlined in our annual report and accounts, Cadence operates an investment strategy that includes both investments in private projects via a private equity model and investments in public equity. In both investment classes, we take either an active or passive role. We have reported on each class below.

Private Investments (Active) 

The Amapa Iron Ore Project, Brazil

The Amapa Project is a large-scale open-pit iron ore mine with associated rail, port and beneficiation facilities that commenced operations in December 2007. In 2019, Cadence entered into a binding investment agreement to invest in and acquire up to 27% of the Amapa iron ore mine, beneficiation plant, railway and private port owned by DEV Mineração S.A (‘DEV’) (‘The Agreement’). The Agreement also gave Cadence a first right of refusal to increase its stake to 49%.

To acquire its 27% interest, Cadence will invest US$6 million over two stages in a joint venture (‘JV’) company. The first stage is for 20% of the JV, the consideration for which is US$2.5 million. The second stage of investment is for a further 7% of the JV for a consideration of US$3.5 million. The investments are wholly contingent on DEV delivering several key preconditions. The funds for the first stage of investment are currently held in a judicial trust account of the commercial court of Sao Paulo.

All of our shareholders are aware that the remaining major precondition for Cadence to make its first stage investment in the Amapa Project requires DEV and the investors (Cadence and Indo Sino via our JV company) to reach a settlement agreement with the secured bank creditors. As of the date of the publication of these interims, the investors, DEV, and the secured bank creditors have agreed on the principal terms of the settlement agreement, which include the quantum, timing and all other material terms. The final settlement agreement is in near-final form, and the secured bank creditors have either had credit committee approval or are awaiting it.

We understand that this process has been frustrating, given that we agreed on the principal terms of the settlement in September 2020, but this matter has been outside of our control. The alternative to the current agreed (in principle) settlement would be hugely detrimental to the secured bank creditors, nonetheless. We have a high degree of confidence that we will execute a settlement agreement and will be announced as soon as it is completed.

As of the end of August 2021, DEV had shipped three cargoes totalling approximately 143,000 wet tonnes of 58% iron ore. DEV is also contracted to carry out logistical and shipping activities for third parties who have stockpiles held at DEV’s port, which it has been doing since it completed its third shipment in May of this year. These third-party stockpiles are separate from the 1.25 million tonnes of 58% iron ore (+/- 10%) owned by DEV. At this point, DEV intends to continue to carry out these shipping activities for these third parties. This is because current shipping rates have increased dramatically (US$80–90 per tonne), which is reducing the profitability of shipping DEV’s material. We believe that these rates should normalise over the medium term; therefore, the shipping of DEV’s material will recommence at a later stage.

The first portion of the net revenues has been used to pay historic small and employee creditors. Approximately US$6 million of the net revenues will be used to begin recommissioning studies on the Amapa Project and to start maintenance and monitoring of the current tailing dam facilities. The remaining net revenues will provide working capital for the operations and will be used as payment against the outstanding amount due to the secured bank creditors.

After the period end, DEV was permitted to export a further US$10 million (after the deductions of all logistical, regulatory, shipping and sales costs) of iron ore from its stockpiles situated at its port in Santana, Amapa, Brazil. This authority is in addition to the first permission granted to DEV on 10 February 2021, in which it was permitted to ship an initial US$10 million (net of costs) of iron ore.

Work on the started earlier in the year on the Pre-feasibility Study (‘PFS’). DEV has appointed internationally accredited engineering and consulting firms to carry out the engineering and conditioning study on the beneficiation and processing plant. These firms will also review the power supply options for the mine and plant, particularly the possibility of connecting to the grid network, enabling the mine and the plant to be predominantly powered by low-cost renewable energy. In addition, PFS work has started on the railway with the inspection of some 193km of rail and associated infrastructure. Both of these studies, once complete, will form part of the PFS. In the coming months, we expect DEV to appoint a consulting and engineering firm to start work on the port studies and conduct a geotechnical investigation of the mine.

As previously announced in May of this year, DEV began tailing dam maintenance. DEV has now employed a civil engineer and two geotechnical consulting firms to advance the work programme, including monitoring, geotechnical stability testing and statutory reporting. The end goal is to ensure that the current dams will be suitable for future operations amid Brazil’s more stringent regulatory environment.

In addition to the PFS work, DEV has worked with Companhia Docas de Santana (‘CDSA’) to increase loading capacity at the public port. Together with CDSA, DEV has established and tested a process at CDSA’s port in Santana for loading a 45,000-tonne vessel with iron ore at Pier Two from the berth side. This operation was the first of its kind and will allow shipment of the DEV stockpile at a faster rate if required.

Lithium Technologies Pty Ltd and Lithium Suppliers Pty Ltd (‘LT’ and ‘LS’)

Cadence owns 25.85% of LT and LS, which owns or has applied for three prospective hard rock lithium assets in Australia and six exploration applications in Argentina.

With the increase in lithium compound pricing, we have seen renewed interest in hard rock lithium projects in Australia. Our assets are prospective for pegmatites and especially our Litchfield exploration licence, which is adjacent to Core Lithium’s Finniss Project. A feasibility study was completed on the Finniss Project, which shows a pre-tax net present value of AU$384 million.

Given the progress being made at the Finniss Project, we will be reviewing the targeting and fieldwork studies carried out in 2019 to determine if it is worth pursuing further exploration in our joint venture areas.

Private Investments (Passive)

Our two passive private investments consist of our 30% equity stake in five lithium concessions that form part of the Sonora Lithium Project and our 30% interest in three mining leases, six exploration licences and two general-purpose licences that form part of the Yangibana Rare Earth Project. Our joint venture partners for these assets are Bacanora Lithium and Hastings Technology Metals, respectively. Further details on the Sonora Lithium and Yangibana Rare Earth Projects can be found here and here, respectively.

Although Hastings Technology Minerals has progressed the development of the Yangibana Rare Earth project, most of this has been in relation to its wholly owned assets, with the only a change being reassessment of our joint venture mineral resources and reserves occurring in July 2021. There was no material difference in the recalculation of our portion of the resource and reserves; an updated summary can be found on our website here.

In May 2021, Bacanora Lithium and Ganfeng International Trading (Shanghai) Limited (‘Ganfeng’) entered into an agreement regarding the terms of a possible cash offer by Ganfeng for the entire issued share capital of Bacanora Lithium, other than that which it already owns, for 67.5 pence per Bacanora Lithium share (the ‘Possible Offer’). The preconditions to the Possible Offer are progressing, with the latest update provided here on 29 July 2021. The Possible Offer remains subject to certain other preconditions, including the Due Diligence Precondition. The satisfaction or waiver of the Due Diligence Precondition is at the sole discretion of Ganfeng’ s board.

As far as the Company is aware, the Possible Offer has no direct effect on our joint ventures. Should the cash offer be successful, it will be highly encouraging for the development of the project, given Ganfeng’s involvement in the development of the asset to date, their extensive experience in the lithium market and the fact that their holding company is the world’s third-largest (and China’s largest) lithium compounds producer.

Public Equity

The public equity investment segment includes both active and passive investments as part of our trading portfolio. The trading portfolio consists of investments in listed mining entities that the board believes possess attractive underlying assets. The focus is to invest in mining companies that are significantly undervalued by the market and where there is substantial upside potential through exploration success and/or the development of mining projects for commercial production. Ultimately, the aim is to make capital gains in the short to medium term. Investments are considered individually based on various criteria and are typically traded on the TSX, ASX, AIM or LSE.

During the period, our public equity investments generated an unrealised gain of £3.12 million and a realised gain of £0.42 million. The majority of these profits were derived from the sale of European Metals Holdings shares.

As of 30 June 2021, our public equity stakes consisted of the following:

Company Listing Value £’000 Type of Investment
European Metals Holdings Limited (ASX & AIM: EMH) (NASDAQ: EMHXY) 14,180 Active
MacArthur Minerals Limited (ASX: MIO) (TSX-V: MMS) 327 Passive
Celsius Resources (ASX: CLA) 103 Passive
Eagle Mountain Mining Limited (ASX: EM2) 153 Passive
Charger Metals NL (ASX: CHR) 109 Passive
Miscellaneous Various 6 Passive
Total   14,878  

European Metals Holdings Limited (‘European Metals’)

Cadence has held an investment in European Metals since June 2015. As of the period end, Cadence held approximately 9.7% of the Cinovec deposit in the Czech Republic through a direct holding in the share capital of European Metals that owns 100% of the exploration rights to the Cinovec lithium/tin deposit.

Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4Mt at 0.45% Li2O and 0.04% Sn, and an Inferred Mineral Resource of 323.5Mt at 0.39% Li2O and 0.04% Sn, containing a combined 7.18 million tonnes of lithium carbonate equivalent and 263kt of tin (as reported on 28 November 2017). An initial Probable Ore Reserve of 34.5Mt at 0.65% Li2O and 0.09% Sn (as reported on 4 July 2017) had been declared to cover the first 20 years of mining. A projected output of 22,500tpa of lithium carbonate was reported on 11 July 2018.

The project has been significantly de-risked and is moving towards a final investment decision. European Metals has continued to progress the development of the assets across all the critical areas of the project. This includes further resource drilling to upgrade areas into measured resources and the completion of the locked cycle testing, which further supports the project’s credentials to produce battery-grade lithium carbonate and convert it to lithium hydroxide.

Trading Portfolio Public Equity (Passive)

Cadence’s passive investments are typically direct purchases of listed mining equities but may include other investment structures. The aim is to make capital gains in the short to medium term. Investments are considered individually based on a variety of criteria. Investments are typically traded on the TSX, ASX, AIM or LSE. During the period, we invested in a broader range of publicly listed investments and retained our stake in MacArthur Minerals Limited. Our trading portfolio generated a realised gain of £0.02 million over the period. A summary of our holdings is detailed in the table above.

Given that none of our trading portfolio investments represent more than 10% of our net assets and are below the relevant reporting thresholds in the applicable jurisdiction, we have determined that going forward, we will not republish regulatory announcements associated with these investments unless, of course, they become material. We will report on the performance of the trading portfolio investments via our annual and interim financial statements.

Financial Results

During the period, the Company made a profit before taxation of £2.84 million (six months ended 30 June 2020: loss of £1.40 million, the year ended 31 December 2020: profit of £7.82 million). There was a weighted basic profit per share of 1.914p (six months ended 30 June 2020: loss of 1.521p, the year ended 31 December 2020: profit of 6.705p).

The total assets of the Company increased from £22.61 million as of 31 December 2020 to £25.37 million. Borrowings were reduced from £0.22 million at 31 December 2020 to zero at 30 June 2021.

During the period, our net cash outflow from operating activities was £1.15 million, and our net cash position increased by £0.78 million to £1.39 million.

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

For further information:

Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling  
Kiran Morzaria  
   
WH Ireland Limited (NOMAD & Joint Broker) +44 (0) 207 220 1666
James Joyce  
Darshan Patel  
   
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss  

CADENCE MINERALS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2021

Notes Unaudited Period ended 30 June 2021 Unaudited Period ended 30 June 2020 (restated) Audited Year ended 31 December 2020
£’000 £’000 £’000
Income
Unrealised profit/(loss) on financial investments 3,116 (383) 10,252
Realised profit/(loss) on financial investments 423 (34) 65
Other income 54
3,539 (417) 10,371
Share based payments (197) (57)
Other administrative expenses (505) (599) (1,379)
Total administrative expenses (702) (599) (1,436)
Operating profit/(loss) 2,837 (1,016) 8,935
Foreign exchange gains/(losses) (21) (181) (820)
Finance income 29 6
Finance cost (4) (199) (298)
Profit/(loss) before taxation 2,841 (1,396) 7,823
           
Taxation
Profit/(loss) attributable to the equity holders of the Company   2,841 (1,396) 7,823
Total comprehensive profit/(loss) for the Period, attributable to the equity holders of the Company 2,841 (1,396) 7,823
Loss per share
Basic (pence per share) 3 1.914 (1.521) 6.705
Diluted (pence per share) 3 1.814 n/a 6.609

CADENCE MINERALS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2021

Share capital Share premium account Share-based payment reserve Retained earnings Total equity
£’000 £’000 £’000 £’000 £’000
Balance at 1 January 2020 (restated) 1,471 30,357 1,383 (22,225) 10,986
Transfer on lapse of warrants (203) 203
Issue of share capital 238 1,471 1,709
Costs of share issue (81) (81)
Transactions with owners 238 1,390 (203) 203 1,628
Loss for the Period (1,396) (1,396)
Total comprehensive loss for the Period (1,396) (1,396)
Balance at 30 June 2020 (unaudited and restated) 1,709 31,747 1,180 (23,418) 11,218
Share based payments 57 57
Transfer on lapse of warrants (1,166) 1,166
Transfer on exercise of warrants (32) 32
Issue of share capital 187 1,522 1,709
Costs of share issue (110) (110)
Transactions with owners 187 1,412 (1,141) 1,198 1,656
Profit for the Period 9,219 9,219
Total comprehensive loss for the Period 9,219 9,219
Balance at 31 December 2020 1,896 33,159 39 (13,001) 22,093
Share based payments 197 197
Transfer on exercise of warrants (9) 9
Issue of share capital 7 50 57
Costs of share issue (1) (1)
Transactions with owners 7 49 188 9 253
Profit for the Period 2,841 2,841
Total comprehensive loss for the Period 2,841 2,841
Balance at 30 June 2020 (unaudited) 1,903 33,208 227 (10,151) 25,187

CADENCE MINERALS PLC

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

Unaudited Unaudited Audited
 30 June 2021  30 June 2020 (restated)  31 December 2020
Assets Notes £’000 £’000 £’000
Non-current
Financial Assets 3,203 2,837 2,885
Investment in associate
3,203 2,837 2,885
Current assets
Trade and other receivables 5,901 6,033 5,365
Financial Assets 14,878 4,222 13,761
Cash and cash equivalents 1,387 362 596
Total current assets 22,166 10,617 19,722
Total assets 25,369 13,454 22,607
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 182 158 295
Borrowings 2,078 219
Total current liabilities and total liabilities 182 2,236 514
Equity
Share capital 4 1,903 1,709 1,896
Share premium 33,208 31,747 33,159
Share based payment reserve 227 1,180 39
Retained earnings (10,151) (23,418) (13,001)
Total equity and liabilities
to owners of the Company 25,187 11,218 22,093
Total equity and liabilities 25,369 13,454 22,607

 

CADENCE MINERALS PLC

CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 30 JUNE 2021

Unaudited Period ended Unaudited Period ended Audited Year ended
30 June 2021 30 June 2020 (restated)  31 December 2020
£’000 £’000 £’000
Cash flows from operating activities
Operating profit/(loss) 2,837 (1,016) 8,935
Net realised/unrealised (profit)/loss on financial investments (3,539) 417 (10,317)
Equity settled share-based payments 197 57
(Increase)/decrease in trade and other receivables (536) 111 32
(Decrease) in trade and other payables (113) (185) (68)
Net cash outflow from operating activities (1,154) (673) (1,361)
Taxation
Cash flows from investing activities
Payments for current financial investments (473) (50)
Receipts on sale of current investments 2,895 806 2,052
Payments for non-current financial investments (318) (624) (645)
Net cash inflow from investing activities 2,104 182 1,357
Cash flows from financing activities
Proceeds from issue of share capital 57 1,295 2,723
Share issue costs (1) (81) (191)
Net loan repayments (219) (643) (2,120)
Finance cost (3) (199) (292)
Net cash (outflow)/inflow from financing activities (166) 372 120
Net increase/(decrease) in cash and cash equivalents 784 (119) 116
Foreign exchange movements on cash and cash equivalents 7 (1)
Cash and cash equivalents at beginning of Period 596 481 481
Cash and cash equivalents at end of Period 1,387 362 596

 

NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 JUNE 2021

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 2020 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 2020 financial statements, which are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (adopted IFRSs).

PRIOR PERIOD RESTATEMENT

Cadence Minerals plc is an investment entity and its interests are held exclusively with a view to subsequent resale. Historically the Company adopted a consolidation policy which didn’t reflect the nature, purpose and cashflows of the entity. This policy has been amended and the periods prior to 31 December 2020 have been restated in recognition of the change in accounting policy in line with IAS 8.

All investments preciously wrongly classified have been reclassified as Financial Assets held at Fair Value through Profit and Loss (“FVPTL”). The prior year accounts have been restated as a result. Additionally, deposits have been reclassified from cash and cash equivalent to other debtors as it is not considered to be readily available. Full details of the restatement are included in the financial statements for the year ended 31 December 2020.

GOING CONCERN

The Directors have prepared cash flow forecasts for the Period ending 30 September 2022. The forecasts demonstrate that the Group has sufficient funds to allow it to continue in business for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the accounts have been prepared on a going concern basis.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

2 SEGMENTAL REPORTING

The Company operates a single primary activity to invest in businesses so as to generate a return for the shareholders.

3 PROFIT PER SHARE

The calculation of the loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the Period.

Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2021 30 June 2020 (restated) 31 December 2020
£’000 £’000 £’000
Profit/(loss) on ordinary activities after tax (£’000) 2,841 (1,396) 7,823
Weighted average number of shares for calculating basic profit/loss per share 148,420,359 91,777,913 116,675,272
Share options and warrants exercisable 8,198,405 n/a 1,698,405
Weighted average number of shares for calculating diluted profit per share 156,618,764 n/a 118,373,677
Basic profit/(loss) per share (pence) 1.914 (1.521) 6.705
Diluted profit per share (pence) 1.814 n/a 6.609

4 SHARE CAPITAL

Unaudited Unaudited Audited
30 June 2021 30 June 2020 31 December 2020
£’000 £’000 £’000
Allotted, issued and fully paid
173,619,050 deferred shares of 0.24p (30 June and 31 December 2020: 173,619,050) 417 417 417
148,649,098 ordinary shares of 1p (30 June 2020 129,264,891, 31 December 2020: 147,949,098) 1,486 1,292 1,479
1,903 1,709 1,896

 

Cadence Minerals #KDNC – Results for the year ended 31 December 2020

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce its final results for the year ended 31 December 2020. A copy of the full results will be made available on the Company’s website at https://www.cadenceminerals.com/  and will be posted to shareholders today.

– 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

 

CHAIRMAN’S STATEMENT

I am pleased to present the Company’s Annual Report and Audited Financial Statements for the year ended 31 December 2020.

In my previous statement to you as Chairman, I surmised that the economic contraction, whilst severe and turbulent, would hopefully recover rapidly due to global stimulus measures. Today, despite the persistent dislocations and disruptions of the global pandemic, this view is supported by several key metrics, including higher commodity prices. 

On behalf of the Board of Directors (“Board”) and management, I wish to express our thanks and gratitude to all our service providers, consultants, advisors and most importantly to our shareholders for their support throughout a difficult year. Despite the unpredictable nature of the pandemic, the Board and the Company have been able to operate efficiently and successfully. We are well-positioned to transition back to our regular pre-COVID work schedule as and when that is permitted. Our sincere hope that all within our community have kept themselves and their families safe and well.

Without any specific order or priority, our Board wishes to congratulate the successes and achievements of our portfolio companies. Bacanora has successfully negotiated agreements with one of the Worlds biggest Lithium producers, European Metal Holdings has continued to develop Cinovec, the largest hard rock Lithium deposit in Europe, Macarthur Minerals has taken great strides forward with the Lake Giles Iron project and its respective BFS, and Hastings Technology Metals has been at the front and centre of the global focus on rare earth metals. While remaining as supportive shareholders to these companies, our Board remains focused on unlocking and accelerating the value across our entire portfolio. To this extent, despite the challenges thrown up by COVID in conducting thorough due diligence, we have continued to look for new investment opportunities to complement our geographic and geological spread.

The pandemic has provided new perspectives on developing our portfolio, none more so than at our key pending investment – the Amapa Iron Ore (“Amapa Project”) project in Brazil. The main priority for the Board has been following the processes and protocols outlined in the Judicial Review Procedure, which have been meticulously and publicly disclosed at every step of the journey. Our management team have maintained a patient and persistent approach, following what was always expected to be a protracted route to bring the mine and community back to life. Today, supported by a 21% increase in total mineral resources compared to the equivalent MRE published by Anglo American 2012 and with the global supply of iron ore still falling short of predicted global demand, the Amapa opportunity looks better than ever.

The unprecedented levels of global economic stimulus, combined with a focus on infrastructure and an overarching need for strategic supply chains for metals and minerals, suggests our portfolio is well-positioned to benefit. Commodity prices have responded to a rapid economic recovery, especially in China. If legislated clean energy goals, electric vehicle production and infrastructure spending is executed and adopted as announced by the incumbent administrations around the globe. In that case, we envisage strong demand growth for the underlying commodities at the heart of the Cadence portfolio. We do not predict prices, but it is worth noting that peak predictions often come at peak prices. As such, our focus on the long-term fundamentals of each commodity allows for a more sustainable and longer-term investment thesis.

While the challenges of the pandemic remain in focus, I would like to conclude by personally thanking our Cadence Community, management, fellow Board members, staff and partners and of course, all Shareholders for their continued support and confidence in the Company.

Andrew Suckling

Non-Executive Chairman, 29 June 2021

CHIEF EXECUTIVE OFFICER’S COMMENTARY

I am pleased to present the audited results for the year ended 31 December 2020. Alongside the financial statements and supporting notes, a full review of business activities during the year is provided within the Strategic Report.

Given the results presented for the period ended 31 December 20, they reflect a historical position in terms of the Company progress and its financial position, so we have included within the Strategic Report further information on key events post year-end. 

Despite 2020 being a year of turbulence, Cadence has continued to pursue its strategic objectives because we believe that assets that are undervalued, de-risked, or have strategic advantages will outperform their peers in the long term. During 2020 this strategy bore fruit with the Company delivering both a net profit of £7.8 million (2019 loss of £1.9 million) and reporting considerable progress across its key investments. Furthermore, in 2020, the Company repaid the vast majority of its outstanding convertible debt and in April 2021 repaid it entirely.

The challenges faced with the onset of the COVID-19 pandemic earlier in 2020 presented the Company with some potentially large risks to its concentration of investments. In October 2020, the IMF stated that the total bill for the global pandemic would reach some $28tn (£21.5tn) in lost output. The rapid intervention by global governments with rate cuts, looser monetary policies and fiscal stimulus has certainly avoided a financial catastrophe, but at the same, increased demand for commodities. Historically the consequences of such events invariably see a strong recovery in commodity markets. This factor was clearly in evidence as 2020 progressed. Prices of commodities such as Iron Ore and Nickel and precious metals including Gold and Silver all increased in value. 

In the wake of the sharp economic contractions in 2020, the IMF forecast that only China was expected to emerge with any economic growth during the year. 2021 is set to be a different story, however, and with the vaccine rollout accelerating globally, there are expectations for sharp recoveries across most leading economies. Added to this, the new $1.9tn stimulus package in the US from the Biden administration will see heavy investment into ageing US infrastructure. These factors should ensure sustained demand and pricing for iron ore and base metals.

There is also the revolution taking place within the automotive industry to consider. The move towards EV’s is accelerating rapidly, with a plethora of commitments from key automotive manufacturers such as Ford, Volvo, BMW and Jaguar to switch to electric-only production in the next few years. This move, of course, sounds the death knell for the internal combustion engine, but at the same time is driving the cost of battery metals and component commodities such as lithium, nickel, cobalt and graphite.

The net effect is that specific commodities and minerals assets that we have invested in are undergoing a significant global resurgence. I believe that our diverse and complementary nature of investments is uniquely positioned, with downside risk protection and several potential scenarios which could create substantial value to the Company

Our portfolio has been focused on two main investments, and the first is the private Amapa Project. The terms of our investment and the judicial recovery plan were finalised in 2019. The key outstanding item for Cadence to complete its initial US$2 million (20%) investment in the Amapa Project is the execution of a settlement agreement with the secured bank creditors. During the year, we reached an agreement in principle with secured banks creditors. At the time of writing, we understand the secured creditors either have credit committee approval or are awaiting it. The final settlement agreement has been circulated and is with the respective legal teams for review. 

Given the time it had taken for the secured bank creditors to obtain internal approval for the settlement agreement in February 2021, the Commercial Court of São Paulo (“the Court”) ruled that DEV Mineração S.A’s (“DEV”) the owner of the Amapa Project could commence the shipment of the iron ore stockpiles situated at DEV’s wholly-owned port in Santana, Amapa, Brazil. DEV was permitted to export sufficient iron ore to realise a US$10 million profit from the Amapa stockpiles at the port. As of the end of June 2021, DEV had shipped three of the estimated four shipments of 58% iron ore required to net US$ 10 million profit. DEV is also contracted to carry out logistical and shipping activities for third parties who have stockpiles held at DEV’s port. 

Despite the lack of a settlement agreement, Cadence, our joint venture partners, Indo Sino Pte Ltd (“Indo Sino”), and DEV determined that it was essential to progress the Amapa Project. In this vein, we completed an updated mineral resource statement increasing the total mineral resources by 21%. In addition, we have commenced various other work streams which will enable us to complete and a pre-feasibility study. 

As we have mentioned on numerous occasions, the opportunity to invest in such a project is rare within our industry, and we believe this project provides us with a potentially transformative asset for our Company. The Amapa Project gives Cadence the potential for an exceptional return on investment in the run-up to full production and an opportunity to become a significant shareholder in a mid-tier iron ore producer.

The second of our key investments is European Metals Holdings (“EMH”), whose strategy is to become a Czech based lithium and tin producer. During the year, EMH’s Cinovec Project has been significantly de-risked and is moving rapidly towards a final investment decision. The year was marked primarily by the completion of an agreement with CEZ a.s., the Czech national power utility, by which CEZ became a 51% shareholder of the Project Company, Geomet and injected approximately EUR 29 million into Cinovec. This agreement not only provides all necessary funding to move the Project to the final investment decision, but it also provides strong business and management support within the Czech Republic. 

I would like to record my thanks to the team members at Cadence and our investee companies who have all worked incredibly hard to bring the Company and its investment to its present strong position. We continue to deliver on identifying opportunities in line with our investment strategy, and we believe the concentration of risk across a few key assets and commodities will bear fruit. Our investments have some downside protection, optionality and exposure to potentially significant upside.

We look forward to continuing to actively assess investment opportunities as well as managing them actively and diligently.

Kiran Morzaria

Chief Executive Officer, 29 June 2021

Link here for the full review and financial statements

Cadence Minerals #KDNC – Issue of Share Options Exercisable at 29p

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) announces the award of 7,200,000 share options. Each Share Option is exercisable over one ordinary share in the capital of the Company. The Share Options are exercisable at a price of 29 pence per share being a 22% premium to the closing price of the Ordinary Shares on 29 April 2021 of 23.75 pence. These options will vest immediately and will expire on 30 April 2026.

The total options granted over Ordinary Shares to Persons Discharging Managerial Responsibilities within the Company (each being a “PDMR”) are detailed below: 

Director, PDMR

Position

Options

Andrew Suckling

Non-Executive Chairman

1,800,000

Kiran Morzaria

Chief Executive Officer

1,800,000

Donald Strang

Finance Director

1,800,000

Adrian Fairbourn

Non-Executive Director

1,800,000

 

The Share Options represent in aggregate 4.8% of the existing issued share capital. There are currently no other options outstanding.

The Directors of the Company accept responsibility for the contents of this announcement.

– Ends –

 

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

 

For further information:

 

Cadence Minerals plc

+44 (0) 7879 584153

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

Cadence Minerals #KDNC – First Amapa Iron Ore Shipment Completed and En Route

Further to the announcement made on the 29 March, Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A’s (“DEV”) has completed the sale and shipment of the first Iron Ore from the Amapa Iron Ore Project since 2015.

Loading of the ship was completed on the 30 March and she left the port of Santana yesterday, en route to the buyer. Operations continue at DEV to prepare for the next shipment, which, with all things being equal, we expect to be in four to five weeks.

Other Updates

Cadence is also pleased to announce that it has made the final repayment due under the convertible loans announced in 2019. There are not further convertible loan notes outstanding.

Webinar

Cadence will be presenting an investor webinar hosted by Vox Markets.The webinar will take place on 7th April 2021 at 5.30pm. Please register your interest and submit questions at: https://voxmarkets.brand.live/c/vox-markets-webinar-wednesday-april-7th

Cadence CEO Kiran Morzaria commented, “We are delighted to announce that the first Amapa iron ore shipment has completed and is now en route.”

“On behalf of the Cadence board, I would like to put on record our gratitude and appreciation of the tireless efforts of DEV, IndoSino and the port contractors to ensure the shipment completed on time and on schedule. This landmark first shipment from Amapa would not have been possible without the unwavering support of the local authorities and the state & federal agencies who have not only assisted us in completing our first shipment but have also made a material difference in our efforts to create new  employment and economic activity in the region.” 

“I look forward to updating you further in the upcoming webinar after Easter.”

Cadence Interest In the Amapa Iron Project

In early September 2020, we announced that DEV Mineração S.A’s (“DEV”), Cadence and Indo Sino Pty Ltd (“the Investors”) agreed in principle to the settlement terms proposed by the secured bank creditors (“Bank Creditors”). Detailed discussions and drafting of the legal documents continue.

The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence’s remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.

– Ends –

 

For further information:

Cadence Minerals plc                                                       +44 (0) 7879 584153
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 – Inaugural Shipment of Iron Ore from the Amapa Iron Ore Project, Brazil

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A’s (“DEV”) has commenced the shipment of the iron ore stockpiles from Santana, Amapa, Brazil. This shipment was approved via a court petition (details of which can be found here) and represents the first shipment of Iron Ore from this asset since its closure in 2015.

Highlights:

  • The first shipment of 45,000 tonnes of iron ore from the Amapa Iron Ore Project has commenced
  • The vessel is currently loading and is due to sail this week
  • Iron Ore 62% Fe, CFR China at US$167.05 per tonne (26/02/2021)
  • Approximately 1.39Mt of iron ore currently stockpiled as DEV’s wholly-owned port
  • Operations are continuing in Brazil to prepare for the next shipment

On 19 February 2021, the State of São Paulo Upper Court published the ruling allowing DEV to export sufficient iron ore to realise a US$10 million profit. Soon after, operations restarted moving material from DEV’s wholly-owned port to Docas De Santana some 2 km away.

DEV worked with Indo Sino Pty Ltd (“Indo Sino”) and Cadence to start operations, charter a vessel and carry out a competitive bid process for the cargo. The buyer is one of the world’s largest globally diversified natural resource companies and a major producer and marketer of commodities.

The first portion of the net revenues shall be used to pay historic small and employee creditors (~US$2.5 million), after which approximately US$ 6 million of the net revenues will be used to begin recommissioning studies on the Amapa Iron Ore Project. The remaining net revenues with be used to provide working capital for the operations and payment against the outstanding amount due to the Bank Creditors.

Operations continue at the port in preparation for the next shipment, and at the mine, security has been put in place and tailing dam maintenance has commenced.

Settlement of Bank Creditors

In early September 2020, we announced that DEV Mineração S.A’s (“DEV”), Cadence and Indo Sino Pty Ltd (“the Investors”) agreed in principle to the settlement terms proposed by the secured bank creditors (“Bank Creditors”). Detailed discussions and drafting of the legal documents continue. Positive steps have been made, and we believe all parties are aligned to complete and execute this agreement.

The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence’s remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.

Further announcements will be made concerning the Settlement once available.

Cadence Chairman Andrew Suckling commented; “I would once again like to put on record my sincere thanks and gratitude for the tireless efforts by Cadence management, IndoSino and DEV and advisors to bring the project to fruition. This inaugural iron ore shipment brings Amapá back to life, and in time we expect the mine and infrastructure to play a key role in helping to regenerate the regional economy, with all the employment, health and educational  benefits that will bring to this part of Brazil.”

“Despite the severe disruption created by COVID-19, management has remained focused on delivering the Amapa project as planned, all the while supported by a robust iron ore market that continues to justify the opportunity. Throughout, our primary concern has been to ensure the safety and wellbeing of all our staff, and we continue to maximise our efforts to ensure that employees, shareholders, contractors and their families continue to remain safe and secure through these challenging times.”

Cadence CEO Kiran Morzaria commented: “The first iron ore shipment from Amapa since 2015 and the resultant earnings represent a milestone of huge significance, both for our board and team who have worked tirelessly on bringing the project back to life and for the potential opportunities and benefits it will bring to the wider Amapa community.”

“As regards the secured bank creditors, we believe all parties are aligned to complete and execute the agreement which will see Cadence become a 20% shareholder in Amapa. I look forward to updating you on further developments as we move to complete the final stage of phase 1 of our Amapa investment plan.”

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 7879 584153
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 – Vox Markets Elevator Pitch

Cadence Minerals #KDNC CEO, Kiran Morzaria discusses the Company’s investments including:

  • Amapa Iron Ore Project
  • Macarthur Minerals Lake Giles Iron Project
  • European Metals Holdings #EMH and Cinovec Lithium project
  • Joint Ventures:
    • Yangibana Rare Earths project
    • Sonora Lithium project
    • Hard Rock Lithium assets

 

Cadence Minerals #KDNC – Update on the Amapa Iron Ore Stockpile Shipment

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on its investment in the Amapa Iron Ore Project (“Amapa Project”), Brazil.

Further to Cadence’s announcement on the 10 February 2021, we can confirm that the court ruling has been published and therefore it is now effective.

DEV Mineração S.A’s (“DEV”) can now commence operations to ship sufficient iron ore to realise a US$10 million profit from the Amapa stockpiles situated at its port (after the deductions of all logistical, regulatory, shipping and sale costs). We look forward to updating shareholders when operations recommence at the port.

Discussions continue between DEV, Cadence and Indo Sino Pty Ltd (“the Investors”) and the secured bank creditors (“Bank Creditors”) in relation to a final settlement agreement. The execution of a final settlement agreement with the Bank Creditors would represent the satisfaction of Cadence’s remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 7879 584153
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 – Update on Amapa Iron Ore Project Creditor Agreement & Court Petition to Commence Iron Ore Shipments

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on its investment in the Amapa Iron Ore Project (“Amapa Project”), Brazil. 

Settlement of Bank Creditors

In early September 2020, we announced that DEV Mineração S.A’s (“DEV”), Cadence and Indo Sino Pty Ltd (“the Investors”) agreed in principle to the settlement terms proposed by the secured bank creditors (“Bank Creditors”). Detailed discussions and drafting of the legal documents continue, and we look forward to updating the market once binding documents are executed.

The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence’s remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.

Update on Court Petition to Commence Iron Ore Shipments

In April 2020 Commercial Court of São Paulo (“the Court”) ruled that DEV., owner of the Amapa Project could commence the shipment of the iron ore stockpiles situated at DEV’s wholly owned port in Santana, Amapa, Brazil.

After this and as announced in August and September 2020, the Bank Creditors filed and had an interim order approved by the State of São Paulo Upper Court (“Upper Court”).  Yesterday the Upper Court rejected the Bank Creditors appeal (“the Ruling”), and once the Ruling is effective (up to one week from the date of publication), the interim order is annulled, and DEV’s original petition is valid. This will allow the recommencement of port operations and the shipment of iron ore stockpiles.

Details of Approved DEV Court Petition

DEV is permitted to export sufficient iron ore to realise a US$10 million profit from the Amapa stockpiles at the port (after the deductions of all logistical, regulatory, shipping and sale costs).

The first portion of the net revenues shall be used to pay historic small and employee creditors (~US$2.5 million) after which approximately US$ 6 million of the net revenues will be used to begin recommissioning studies on the Amapa Project and to start maintenance and monitoring of the current tailing dam facilities. The remaining net revenues with be used to provide working capital for the operations and for a payment against the outstanding amount due to the Bank Creditors.

A certified translation of the Upper Court ruling is available here.

Further announcements will be made concerning both the Settlement Agreement and the outcomes from the Ruling once available.

– Ends –

 

For further information:

Cadence Minerals plc

                                                   +44 (0) 7879 584153

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 – Further Director Share Purchases

Cadence (AIM:KDNC), the mining investment company, announces that on the 2 December the following directors purchased ordinary shares in the Company.

Director

Position

Number of ordinary shares acquired

Price paid per share (£)

Andrew Suckling

Non-Executive Director

13,559

0.1475

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

Director

Position

Total holding of ordinary shares

Kiran Morzaria

Director & CEO

1,112,000

Donald Strang

Finance Director

797,545

Andrew Suckling

Non-Executive Director

221,502

Adrian Fairbourn

Non-Executive Director

571,005

– Ends – 

For further information:

 

Cadence Minerals plc

+44 (0) 7879 584153

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

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

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

Share Purchase

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.1475

13,559

d)

Aggregated information

–  Aggregated volume

–  Price

 

13,559

0.1475

e)

Date of the transaction

02/12/2020

f)

Place of the transaction

XLON, AIM

Cadence Minerals #KDNC – Further Director Share Purchases

Cadence (AIM:KDNC), the mining investment company, announces that on the 18 November the following directors purchased ordinary shares in the Company. 

Director

Position

Number of ordinary shares acquired

Price paid per share (£)

Andrew Suckling

Non-Executive Director

15,044

0.158

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

Director

Position

Total holding of ordinary shares

Kiran Morzaria

Director & CEO

1,112,000

Donald Strang

Finance Director

797,545

Andrew Suckling

Non-Executive Director

208,043

Adrian Fairbourn

Non-Executive Director

571,005

 

– Ends –

 

For further information:

 

Cadence Minerals plc

+44 (0) 7879 584153

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

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

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

Share Purchase

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.158

15,044

d)

Aggregated information

–  Aggregated volume

–  Price

 

15,044

0.158

e)

Date of the transaction

18/11/2020

f)

Place of the transaction

XLON, AIM

 

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