Home » Posts tagged 'ccz'

Tag Archives: ccz

Cadence Minerals #KDNC – Castillo Copper #CCZ Option to acquire Litchfield and Picasso Lithium Projects extended

Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce that it has been advised by Castillo Copper (ASX/LON: CCZ) (“Castillo”) that it will be extending the 90-day option to acquire the Picasso and Litchfield Lithium Projects in prime regions in Western Australia (WA) and the Northern Territory (NT) respectively. This is primarily due to processing delays at the laboratories, due to the huge demand to process samples, which is extending timelines significantly.

For the full Castillo announcement, please click link here

Highlights

  • CCZ is extending the 90-day option period to acquire the Litchfield and Picasso Lithium Projects1:
    • More than 650 surface assays for the Litchfield Lithium Project1, which is contiguous to Core Lithium’s (ASX: CXO) strategic Finniss Lithium Project (JORC compliant ore reserves: 7.4Mt @ 1.3% Li2O)2, remain in process queues at the laboratory
    • Analysing and interpreting these assay results should potentially enable CCZ’s geology team to determine if lithium mineralisation is contiguous between the Lichfield and Finniss Lithium Projects1
  • Under the terms of the option agreement, the extension remains effective until 30 days after the receipt of the full suite of assay results.

Option Extended: 

Whilst reviewing available information for both projects has been positive, enhancing their potential to host lithium mineralisation, the assays are critical to enable due diligence to be finalised. This is especially the case for the Litchfield Lithium Project as it is contiguous to CXO’s Finniss Lithium Project which has JORC compliant ore reserves of 7.4Mt @ 1.3% Li2O2.

There are over 650 surface samples from four zones on the boundary with the Finniss Lithium Project. Analysing and interpreting these assay results should enable CCZ’s geology team to potentially determine if there is contiguous lithium mineralisation apparent and finalise due diligence.

Due to unprecedented demand, the timelines to process samples at laboratories have been extended significantly. CCZ’s geology team are in regular contact with the laboratories and hope to have clarity on when the assays will be received shortly. 

Simon Paull, Managing Director of Castillo Copper, commented“The Board has advised the Vendor Group that it is extending the option period to acquire the Litchfield and Picasso Lithium Projects due to ongoing delays in receiving key assay results for both projects. Encouragingly, however, the Board is pleased with the due process undertaken to date and believes both assets have considerable potential to host lithium mineralisation. The Board looks forward to receiving these assays and concluding due diligence shortly thereafter.”

Cadence CEO Kiran Morzaria added: “We are both pleased to extend Castillo’s option to acquire the Litchfield and Picasso Lithium projects and to note the findings of the Castillo team and their belief that both assets have considerable potential to host lithium mineralisation. We look forward to further progress.”

Overview

Lithium Technologies Pty Ltd (“LT”) and Lithium Supplies Pty Ltd (“LS”), in which Cadence owns a 29% shareholding, eachown 50% of Synergy Prospecting Pty Ltd (“Synergy”) and have granted , as announced on 29 September 2021, Castillo a 90-day option toacquire 100% of the outstanding shares of LT and LS and by implication 100% of Synergy.

During this 90-day period, Castillo will be conducting due diligence on all three entities to ensure the underlying assets are in good standing and there are no material adverse issues. Under the terms of the option agreement, Castillo can exercise its right to acquireLT, LS and Synergy at any time during the 90-day period.

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

  • A large footprint in the in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.
  • Four high-quality prospective assets across Zambia’s copper-belt which is the second largest copper producer in Africa.
  • A large tenure footprint proximal to Broken Hill’s world-class deposit that is prospective for zinc-silver-lead-copper-gold.
  • Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines.

The primary assets of Synergy, which are wholly-owned, comprise the Litchfield Lithium Project (EL31774) in NT and Picasso Lithium Project (E63/1888) in WA. In addition, Synergy has an application in NT – EL31828 – known as the Alcoota Lithium Project, which comprises ground proximal to Alice Springs. Castillo will need to undertake further geological due diligence on this application.

LT and LS also hold applications for six lithium properties in San Luis Province, Central Argentina. Again, Castillo will need toundertake further geological due diligence on these applications.

Further details on these assets and all the applications and permits are contained on our website here

Option terms & consideration

The terms of the 90-day option are as follows:

  • A$50,000 non-refundable deposit in cash on formally granting the option that will go directly to Synergy for working capital purposes.

Upon exercising the option within the 90-day period, the binding consideration terms are as follows:

  • A$1m script payment in CCZ shares will become payable to the Vendor Group based on the 14-day WVAP calculated from the date of which the option agreement is announced to the ASX. Note, the Vendor Group will be subject to a 6-month voluntary escrow period for 50% of the shares and 12-months for the 50% balance from the date of settlement. In addition, both parties agree to sign off on a binding term sheet.

Incremental consideration terms are applicable if the following milestones are achieved:

  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if two drill-holes produce assayed intercepts greater or equal to a true width of at least 10m @ 1.3% Li2O.Note, the two holes will be at least 100m apart, but not greater than 200m.
  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if a JORC compliant total inferred resource of at least 7Mt @ 1.3% Li2O is modelled by SRK Consulting.
  • In the event of commercial mining operations commencing a 2% NSR will be payable to the nominees of the facilitator.

References

1)     CCZ ASX Release – 29 September & 20 October 2021

2)     CXO ASX Release – 21 September 2021 (Annual Report)

– Ends –

 

For further information: Cadence Minerals plc  

+44 (0) 7879 584153

Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)

James Joyce

+44 (0) 207 220 1666
Darshan Patel
Novum Securities Limited (Joint Broker)

Jon Belliss

+44 (0) 207 399 9400

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 notbased on historical facts but rather on the Directors’ current expectations and assumptions regarding Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of fundingthereof) 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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are basedupon what the Directors

believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with suchforward-looking statements.

Cadence Minerals #KDNC – Castillo Copper #CCZ field trip to the Picasso Lithium Project identifies circa 10km zone of pegmatites.

Further to the announcement of 27 October 2021, Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce that Castillo Copper (ASX/LON: CCZ) (“Castillo”) has provided an update on the Picasso Lithium Project following the visit of its geology team who mapped and collected samples from the high-density corridor.

For the full Castillo announcement, please click link here.

Highlights

  • A circa 10km zone of pegmatite occurrences was confirmed in the north-eastern part of the tenure, which significantly exceeds government mapping; and
  • The observed pegmatites are potentially related to lithium mineralisation which enhances prospectivity of the tenure’s north-eastern quadrant
  • Due diligence for the Litchfield Lithium Project is progressing with the laboratory expected to return assays within 2-3 weeks

Field Trip Findings: 

Castillo’s geology team undertook considerable mapping across the Picasso Lithium Project, though much of the time was focused on the tenure’s north-east quadrant where the high-density pegmatite corridor is located. Encouragingly, a circa 10km zone of pegmatite occurrences was confirmed in the tenure’s north-east quadrant which is the best exposed part of the Picasso Lithium Project. Notably, the pegmatites potentially host lithium mineralisation though this is subject to further investigation.  There are several areas of outcropping basement where granite is the dominant rock type. Interestingly, there is potential to discover further pegmatites across the tenure as there is significant shallow sand cover. 

Simon Paull, Managing Director of Castillo Copper, commented“The geology team’s visit to the Picasso Lithium Project delivered encouraging news, confirming that a 10km zone of pegmatites is apparent in the tenure’s north-east quadrant. The Board’s preliminary conclusion, based on due diligence undertaken to date, is the Picasso Lithium Project is prospective for lithium mineralisation and delivers significant incremental exploration potential.”

Cadence CEO Kiran Morzaria added: “We are pleased to note the progress and initial conclusions announced today by Castillo following the field trip work undertaken at the Picasso Project. We look forward to further progress.” 

Overview

Lithium Technologies Pty Ltd (“LT”) and Lithium Supplies Pty Ltd (“LS”), in which Cadence owns a 29% shareholding, each own 50% ofSynergy Prospecting Pty Ltd (“Synergy”) and have granted , as announced on 29 September 2021, Castillo a 90-day option to acquire100% of the outstanding shares of LT and LS and by implication 100% of Synergy.

During this 90-day period, Castillo will be conducting due diligence on all three entities to ensure the underlying assets are in good standing and there are no material adverse issues. Under the terms of the option agreement, Castillo can exercise its right to acquireLT, LS and Synergy at any time during the 90-day period.

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

  • A large footprint in the in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.
  • Four high-quality prospective assets across Zambia’s copper-belt which is the second largest copper producer in Africa.
  • A large tenure footprint proximal to Broken Hill’s world-class deposit that is prospective for zinc-silver-lead-copper-gold.
  • Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines.

The primary assets of Synergy, which are wholly-owned, comprise the Litchfield Lithium Project (EL31774) in NT and Picasso Lithium Project (E63/1888) in WA. In addition, Synergy has an application in NT – EL31828 – known as the Alcoota Lithium Project, which comprises ground proximal to Alice Springs. Castillo will need to undertake further geological due diligence on this application.

LT and LS also hold applications for six lithium properties in San Luis Province, Central Argentina. Again, Castillo will need toundertake further geological due diligence on these applications.

Further details on these assets and all the applications and permits are contained on our website here

Option terms & consideration

The terms of the 90-day option are as follows:

  • A$50,000 non-refundable deposit in cash on formally granting the option that will go directly to Synergy for working capital purposes.

Upon exercising the option within the 90-day period, the binding consideration terms are as follows:

  • A$1m script payment in CCZ shares will become payable to the Vendor Group based on the 14-day WVAP calculated from the date of which the option agreement is announced to the ASX. Note, the Vendor Group will be subject to a 6-month voluntary escrow period for 50% of the shares and 12-months for the 50% balance from the date of settlement. In addition, both parties agree to sign off on a binding term sheet.

Incremental consideration terms are applicable if the following milestones are achieved:

  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if two drill-holes produce assayed intercepts greater or equal to a true width of at least 10m @ 1.3% Li2O.Note, the two holes will be at least 100m apart, but not greater than 200m.
  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if a JORC compliant total inferred resource of at least 7Mt @ 1.3% Li2O is modelled by SRK Consulting.
  • In the event of commercial mining operations commencing a 2% NSR will be payable to the nominees of the facilitator.

– Ends –

 

For further information: Cadence Minerals plc  

+44 (0) 7879 584153

Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)

James Joyce

+44 (0) 207 220 1666
Darshan Patel
Novum Securities Limited (Joint Broker)

Jon Belliss

+44 (0) 207 399 9400

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’ currentexpectations and assumptions regarding Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitiveadvantages 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 otherregulatory 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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will beconsistent with such forward-looking statements

 

Cadence Minerals #KDNC Castillo Copper #CCZ to undertake comprehensive site visit to test all known pegmatites at Picasso Lithium Project

Further to the announcements of 29 September 2021, 7 October 2021 and 20 October 2021 Cadence Minerals (AIM/AQX: KDNC;OTC: KDNCY) is pleased to announce that the Castillo Copper (ASX/LON: CCZ) (“Castillo”) geology team will undertake a field trip to the Picasso Lithium Project, near Norseman in Western Australia.

For the full Castillo announcement, please link here

This is a lithium rich region, as the Mt Marion and Bald Hill Mines are located within 120km to the north-west of the tenure. Moreover, the Picasso Lithium Project is proximal to LTR’s Buldania Project which has a JORC compliant resource at 14.9Mt @ 0.97% Li2O2.

Highlights

  • Geology team will visit the Picasso Lithium Project shortly to gather more geological evidence – over a wide area – to verify if known / newly discovered pegmatites host lithium mineralisation
  • The focus area is the high-density corridor that hosts most of the 69 government mapped pegmatites on the eastern boundary, which is coincident to historical lithium occurrences at surface, coupled with selected outcropping targets seen elsewhere across the tenure1
  • The scope for the field trip is comprehensive and includes undertaking a drone survey to identify new granite / pegmatites targets; visit and collect samples from prospective zones; determine potential for lithium mineralisation; and update geological maps
  • Once complete, the team should have ample evidence to finalise the due diligence as significant historical data has already been reviewed, while more than 30 rock-chip samples1are due to be received in coming weeks
  • The Picasso Lithium Project is proximal to Liontown Resources’ (ASX: LTR) Buldania Project2and is mostly situated on crown land, which makes access a relatively straight forward process

Castillo’s Managing Director Simon Paull commented: “With the global lithium market showing continued strength, the Board has decided to send a team to site to collect more data points to advance the case for the Picasso Lithium Project. Whilst there is compelling historical evidence already and surface assays pending, the Board is keen to fully map and test all potential targets for lithium mineralisation within the tenure to hasten closing out due diligence.”

Cadence CEO Kiran Morzaria added: “Further to the progress made by Castillo in regard to the due diligience at Litchfield, we are pleased that Castillo have also committed to send a geology team to fully assess the potential at the Picasso Lithium Project. We look forward to further progress.”

Field Trip – Picasso Lithium Project

Castillo’s geology team will visit the Picasso Lithium Project shortly to collect more evidence to ascertain if known and newly discovered pegmatites host lithium mineralisation. The main focus zone is on the eastern boundary which comprises the high-density, government mapped, pegmatite corridor that is coincident with known lithium surface occurrences.

In addition, the team expect to survey pegmatite outcropping along the western boundary which is more wide-spread and scattered. Overall, according to government mapped data, there are 69 known pegmatites within the tenure1.

Scope

The geology team have been set a broad scope to collect as much incremental evidence as feasible during the field trip to determine the extent lithium mineralisation is apparent within pegmatites across the tenure. The key tasks comprise:

  • Conducting a drone survey across a significant area of the tenure;
  • Identify new granite / pegmatites from the drone survey and note dimensions;
  • Visit newly identified granite / pegmatite locations, conduct geological mapping and identify underlying mineralisation; and
  • Collect as many rock-chip samples as possible from newly identified pegmatites >1m wide and record XRF readings, if any.

Once this exercise is complete, the geology team should have sufficient evidence to finalise the due diligence. To date, significant historical data and geological reports have already been reviewed, while more than 30 rock-chips samples1 are due back from the laboratory in coming weeks.

Overview

Lithium Technologies Pty Ltd (“LT”) and Lithium Supplies Pty Ltd (“LS”), in which Cadence owns a 29% shareholding, each own 50% of Synergy Prospecting Pty Ltd (“Synergy”) and have granted , as announced on 29 September 2021, Castillo a 90-day option to acquire 100% of the outstanding shares of LT and LS and by implication 100% of Synergy.

During this 90-day period, Castillo will be conducting due diligence on all three entities to ensure the underlying assets are in good standing and there are no material adverse issues. Under the terms of the option agreement, Castillo can exercise its right to acquireLT, LS and Synergy at anytime during the 90-day period.

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

  • A large footprint in the in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.
  • Four high-quality prospective assets across Zambia’s copper-belt which is the second largest copper producer in Africa.
  • A large tenure footprint proximal to Broken Hill’s world-class deposit that is prospective for zinc-silver-lead-copper-gold.
  • Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines.

The primary assets of Synergy, which are wholly-owned, comprise the Litchfield Lithium Project (EL31774) in NT and Picasso Lithium Project (E63/1888) in WA. In addition, Synergy has an application in NT – EL31828 – known as the Alcoota Lithium Project, which comprises ground proximal to Alice Springs. Castillo will need to undertake further geological due diligence on this application.

LT and LS also hold applications for six lithium properties in San Luis Province, Central Argentina. Again, Castillo will need toundertake further geological due diligence on these applications.

Further details on these assets and all the applications and permits are contained on our website here

Option terms & consideration

The terms of the 90-day option are as follows:

  • A$50,000 non-refundable deposit in cash on formally granting the option that will go directly to Synergy for working capital purposes.

Upon exercising the option within the 90-day period, the binding consideration terms are as follows:

  • A$1m script payment in CCZ shares will become payable to the Vendor Group based on the 14-day WVAP calculated from the date of which the option agreement is announced to the ASX.Note, the Vendor Group will be subject to a 6-month voluntary escrow period for 50% of the shares and 12-months for the 50% balance from the date of settlement. In addition, both parties agree to sign off on a binding term sheet.

Incremental consideration terms are applicable if the following milestones are achieved:

  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if two drill-holes produce assayed intercepts greater or equal to a true width of at least 10m @ 1.3% Li2O.Note, the two holes will be at least 100m apart, but not greater than 200m.
  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if a JORC compliant total inferred resource of at least 7Mt @ 1.3% Li2O is modelled by SRK Consulting.
  • In the event of commercial mining operations commencing a 2% NSR will be payable to the nominees of the facilitator.

References

  1. Satellite imagery from Geological Survey of Western Australia. Available at: https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx and CCZ ASX Release – 4 October 2021
  2. LTR ASX Release – 2 August 2021 and CCZ ASX Release – 29 September 2021 & 4 October 2021

 

– Ends –

 

For further information: Cadence Minerals plc  

+44 (0) 7879 584153

Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)

James Joyce

+44 (0) 207 220 1666
Darshan Patel
Novum Securities Limited (Joint Broker)

Jon Belliss

+44 (0) 207 399 9400

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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Comprehensive surface sampling campaign undertaken by Castillo Copper (ASX/LON: CCZ) at the Litchfield Lithium Project.

Further to the announcements of 29 September 2021 and 7 October 2021, Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) ispleased to announce that a comprehensive surface sampling campaign has been undertaken by Castillo Copper (ASX/LON: CCZ)(“Castillo”) at the Litchfield Lithium Project in Australia’s Northern Territory. Castillo is the only third-party to date which has reviewed extensive site visit reports on the Litchfield Lithium Project that were arranged by Cadence’s geology consultant.

For the full Castillo announcement, please click link here.

The reports have highlighted four target zones where comprehensive surface sampling was undertaken, primarily along the western boundary which is contiguous to Core Lithium’s (“CXO”) (ASX: CXO) Finniss Lithium Project1 and coincident with government mapped pegmatite occurrences2.

Due diligence 

Reviewing historical data, as well as the extensive site visit reports, has provided considerable insight into the Litchfield Lithium Project’s exploration potential. With satellite imagery3 already confirming there is comparable geology between the Finniss and Litchfield Lithium Projects, assay results for 657 surface samples are likely to have a key bearing on the due diligence process, especially if the lithium mineralisation proves to be contiguous.  

Castillo’s Managing Director Simon Paull commented: The depth of the surface sampling programme conducted by the Vendor Group’s geology consultant is impressive, especially as it covers our main area of interest within the tenure. Favourable assay results should make the case for the Litchfield Lithium Project significantly more compelling and hasten our due diligence efforts.”

Cadence CEO Kiran Morzaria added: “We are pleased to note the progress announced today by Castillo as it advances its due diligence programme. The data review undertaken once again bears out the initial findings announced by Cadence to the market on March 4th 2019. We look forward to the assay results.” 

Overview

Lithium Technologies Pty Ltd (“LT”) and Lithium Supplies Pty Ltd (“LS”), in which Cadence owns a 29% shareholding, each own 50% ofSynergy Prospecting Pty Ltd (“Synergy”) and have granted , as announced on 29 September 2021, Castillo a 90-day option to acquire100% of the outstanding shares of LT and LS and by implication 100% of Synergy.

During this 90-day period, Castillo will be conducting due diligence on all three entities to ensure the underlying assets are in good standing and there are no material adverse issues. Under the terms of the option agreement, Castillo can exercise its right to acquireLT, LS and Synergy at anytime during the 90-day period.

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

  • A large footprint in the in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.
  • Four high-quality prospective assets across Zambia’s copper-belt which is the second largest copper producer in Africa.
  • A large tenure footprint proximal to Broken Hill’s world-class deposit that is prospective for zinc-silver-lead-copper-gold.
  • Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines.

The primary assets of Synergy, which are wholly-owned, comprise the Litchfield Lithium Project (EL31774) in NT and Picasso Lithium Project (E63/1888) in WA. In addition, Synergy has an application in NT – EL31828 – known as the Alcoota Lithium Project, which comprises ground proximal to Alice Springs. Castillo will need to undertake further geological due diligence on this application.

LT and LS also hold applications for six lithium properties in San Luis Province, Central Argentina. Again, Castillo will need toundertake further geological due diligence on these applications.

Further details on these assets and all the applications and permits are contained on our website here

Option terms & consideration

The terms of the 90-day option are as follows:

  • A$50,000 non-refundable deposit in cash on formally granting the option that will go directly to Synergy for working capital purposes.

Upon exercising the option within the 90-day period, the binding consideration terms are as follows:

  • A$1m script payment in CCZ shares will become payable to the Vendor Group based on the 14-day WVAP calculated from the date of which the option agreement is announced to the ASX.Note, the Vendor Group will be subject to a 6-month voluntary escrow period for 50% of the shares and 12-months for the 50% balance from the date of settlement. In addition, both parties agree to sign off on a binding term sheet.

Incremental consideration terms are applicable if the following milestones are achieved:

  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if two drill-holes produce assayed intercepts greater or equal to a true width of at least 10m @ 1.3% Li2O.Note, the two holes will be at least 100m apart, but not greater than 200m.
  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if a JORC compliant total inferred resource of at least 7Mt @ 1.3% Li2O is modelled by SRK Consulting.
  • In the event of commercial mining operations commencing a 2% NSR will be payable to the nominees of the facilitator.

References

  1. CXO ASX Release – 21 September 2021 (Annual Report) & CCZ ASX Release – 29 September 2021
  2. Frater, K. (2005). Tin-Tantalum Pegmatite Mineralisation of the Northen Territory – Report 16 ISSN 0814-7477. Northern Territory Geological Survey; and, Rawlings, D. (2017, March). Lithium-rich pegmatites of the Bynoe Field. AGES 2017 Proceedings, NT Geological Survey (p. 3pp). Northern Territory Government.
  3. Satellite imagery from Geological Survey of Western Australia. Available at: https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx & CCZ ASX Release – 29 September 2021

 

– Ends –

 

For further information: Cadence Minerals plc  

+44 (0) 7879 584153

Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)

James Joyce

+44 (0) 207 220 1666
Darshan Patel
Novum Securities Limited (Joint Broker)

Jon Belliss

+44 (0) 207 399 9400

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 notbased on historical facts but rather on the Directors’ current expectations and assumptions regarding Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of fundingthereof) 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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are basedupon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will beconsistent with such forward-looking statements.

Cadence Minerals #KDNC – Castillo Copper (ASX/LON: #CCZ) Identifies Significant pegmatite outcropping along Litchfield Lithium Project’s western boundary

Further to the announcement of 29 September 2021, Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce that initial due diligence undertaken by Castillo Copper(ASX/LON: CCZ) (“Castillo”) on the Litchfield Lithium Project in Australia’s Northern Territory has highlighted significant pegmatite outcropping along the north-west boundary. This follows the Castillo announcement on Monday October 4th 2021, that preliminary due diligence on the Picasso Lithium Project, near Norseman in Western Australia, has verified multiple lithium surface occurrences across the tenure that align with pegmatite outcropping.

For full release of the Castillo announcement, please see here

Highlights:

 

  • Follow up site visit to the Litchfield Lithium Project in the Northern Territory highlighted significant pegmatite outcropping along the western boundary
  • This is contiguous to Core Lithium’s (“CXO”) (ASX: CXO) Finnis Lithium Project1which has JORC compliant ore reserves (7.4Mt @ 1.3% Li2O) 1
  • With satellite imagery2verifying the geology in the Litchfield Lithium Project (NW quadrant) is comparable to CXO’s ground, CCZ is awaiting assay results on 657 surface samples (taken along the NW boundary) to determine the potential for contiguous mineralisation:
  • Encouragingly, the site-visit geological reports noted the areas sampled mostly comprised metamorphic rocks linked to the Burrell Creek formation – a host rock for the regional occurrences of pegmatites.

As announced on September 29th 2021, satellite imagery has verified the geology along the Litchfield Lithium Project’s north-west boundary is comparable to CXO’s ground. Cadence’s geological consultant conducted intensive surface sampling across four target areas within the NW quadrant, taking 657 samples to determine the potential for contiguous mineralisation. The sampled areas mostly comprised metamorphic rocks linked to the Burrell Creek formation – a host rock for the regional occurrences of pegmatites. The samples are at the laboratory undergoing further analysis, with results expected in the coming weeks. 

Castillo’s Managing Director Simon Paull commented: Initial due diligence at the Litchfield Lithium Project is off to an excellent start, with demonstrable photographic evidence of pegmatite outcropping along the western boundary. The Board now awaits the outcome of assay results which will determine the potential for contiguous mineralisation with CXO’s Finniss Lithium Project.”

Cadence CEO Kiran Morzaria added: “We are pleased to note that the initial due diligence conducted by Castillo both at Litchfield and Picasso bears out the initial findings announced by Cadence to the market on March 4th 2019. We look forward to further developments” 

Overview

LT and LS each own 50% of Synergy Prospecting Pty Ltd (“Synergy”), and have granted Castillo a 90-day option to acquire 100% of theoutstanding shares of LT and LS and by implication 100% of Synergy.

During this 90-day period, Castillo will be conducting due diligence on all three entities to ensure the underlying assets are in good standing and there are no material adverse issues. Under the terms of the option agreement, Castillo can exercise its right to acquireLT, LS and Synergy at anytime during the 90-day period.

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

  • A large footprint in the in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.
  • Four high-quality prospective assets across Zambia’s copper-belt which is the second largest copper producer in Africa.
  • A large tenure footprint proximal to Broken Hill’s world-class deposit that is prospective for zinc-silver-lead-copper-gold.
  • Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines.

The primary assets of Synergy, which are wholly-owned, comprise the Litchfield Lithium Project (EL31774) in NT and Picasso Lithium Project (E63/1888) in WA. In addition, Synergy has an application in NT – EL31828 – known as the Alcoota Lithium Project, which comprises ground proximal to Alice Springs. Castillo will need to undertake further geological due diligence on this application.

LT and LS also hold applications for six lithium properties in San Luis Province, Central Argentina. Again, Castillo will need toundertake further geological due diligence on these applications.

Further details on these assets and all the applications and permits are contained on our website here

Option terms & consideration

The terms of the 90-day option are as follows:

  • A$50,000 non-refundable deposit in cash on formally granting the option that will go directly to Synergy for working capital purposes.

Upon exercising the option within the 90-day period, the binding consideration terms are as follows:

  • A$1m script payment in CCZ shares will become payable to the Vendor Group based on the 14-day WVAP calculated from the date of which the option agreement is announced to the ASX.Note, the Vendor Group will be subject to a 6-month voluntary escrow period for 50% of the shares and 12-months for the 50% balance from the date of settlement. In addition, both parties agree to sign off on a binding term sheet.

Incremental consideration terms are applicable if the following milestones are achieved:

  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if two drill-holes produce assayed intercepts greater or equal to a true width of at least 10m @ 1.3% Li2O.Note, the two holes will be at least 100m apart, but not greater than 200m.
  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if a JORC compliant total inferred resource of at least 7Mt @ 1.3% Li2O is modelled by SRK Consulting.
  • In the event of commercial mining operations commencing a 2% NSR will be payable to the nominees of the facilitator.

References

1. CXO ASX Release – 21 September 2021 (Annual Report) & CCZ ASX Release – 29 September 2021

2.  Satellite imagery from Geological Survey of Western Australia. Available at:  https://www.dmp.wa.gov.au/Geological-Survey/Geological-Survey-262.aspx  & CCZ ASX Release – 29 September 2021

– Ends –

For further information: Cadence Minerals plc  

+44 (0) 7879 584153

Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)

James Joyce

+44 (0) 207 220 1666
Darshan Patel
Novum Securities Limited (Joint Broker)

Jon Belliss

+44 (0) 207 399 9400

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 notbased on historical facts but rather on the Directors’ current expectations and assumptions regarding Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of fundingthereof) 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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are basedupon what the Directors

believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with suchforward-looking statements.

Cadence Minerals #KDNC – Option Granted to Castillo Copper (ASX/LON: CCZ) to Acquire the Litchfield and Picasso Lithium Projects in Australia.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Castillo Copper (ASX/LON: CCZ) (“Castillo”) has entered into a 90-day option agreement with Lithium Technologies Pty Ltd (“LT”) and Lithium Supplies Pty Ltd (“LS”), in which Cadence owns a 29% shareholding, to acquire  subject to due diligence  the Litchfield and Picasso Lithium Projects in the Northern Territory (NT) and Western Australia (WA) respectively.

Highlights:

  • ASX and London listed Castillo has a 90-day option to acquire – subject to due diligence – the Litchfield and Picasso Lithium Projects.
  • Consideration for 100% of the holding companies which hold these assets (plus others) is up to AUS$ 3 million in equity of Castillo.
  • Castillo is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects.
  • The Litchfield Lithium Project is contiguous to Core Lithium’s (ASX: CXO) strategic Finniss Lithium Project which has JORC compliant ore reserves (7.4Mt @ 1.3% Li2O), with production slated to start in 2H 20221. There is potential for lithium pegmatite bodies along Litchfield’s north-west boundary.
  • The Picasso Lithium Project in WA is proximal to Liontown’s Resources’ (ASX: LTR) Buldania Project, with a JORC compliant resource at 14.9Mt @ 0.97% Li2O3 and has mapped pegmatites that potentially host lithium mineralisation.

Cadence CEO Kiran Morzaria added: “The potential acquisition by Castillo provides Cadence with an exposure to developing copper assets which complements our already substantial lithium portfolio. Moreover, given Castillo’s established in country leadership and cash position we see this potential acquisition by Castillo as the best strategic approach to maximize returns for our shareholders. We look forward to seeing Castillo develop these assets further.”

Castillo’s Managing Director Simon Paull commented: “Acquiring prospective lithium projects, which complement the copper assets, arguably provides Castillo with a strong comparative advantage moving forward. In focusing on developing copper and lithium projects, the Board is positioning Castillo to potentially create significant incremental value from the transition towards renewable energy sources and accelerating demand for electric vehicles globally.”

Overview

LT and LS each own 50% of Synergy Prospecting Pty Ltd (“Synergy”) and have granted Castillo a 90-day option to acquire 100% of the outstanding shares of LT and LS and by implication 100% of Synergy.

During this 90-day period, Castillo will be conducting due diligence on all three entities to ensure the underlying assets are in good standing and there are no material adverse issues. Under the terms of the option agreement, Castillo can exercise its right to acquire LT, LS, and Synergy at any time during the 90-day period.

Castillo Copper Limited is an Australian-based explorer primarily focused on copper across Australia and Zambia. The group is embarking on a strategic transformation to morph into a mid-tier copper group underpinned by its core projects:

  • A large footprint in the in the Mt Isa copper-belt district, north-west Queensland, which delivers significant exploration upside through having several high-grade targets and a sizeable untested anomaly within its boundaries in a copper-rich region.
  • Four high-quality prospective assets across Zambia’s copper-belt which is the second largest copper producer in Africa.
  • A large tenure footprint proximal to Broken Hill’s world-class deposit that is prospective for zinc-silver-lead-copper-gold.
  • Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines.

The primary assets of Synergy, which are wholly owned, comprise the Litchfield Lithium Project (EL31774) in NT and Picasso Lithium Project (E63/1888) in WA. In addition, Synergy has an application in NT – EL31828 – known as the Alcoota Lithium Project, which comprises ground proximal to Alice Springs. Castillo will need to undertake further geological due diligence on this application.

LT and LS also hold applications for six lithium properties in San Luis Province, Central Argentina. Again, Castillo will need to undertake further geological due diligence on these applications.

Further details on these assets and all the applications and permits are contained on our website here

Option terms & consideration

The terms of the 90-day option are as follows:

  • A$50,000 non-refundable deposit in cash on formally granting the option that will go directly to Synergy for working capital purposes.

Upon exercising the option within the 90-day period, the binding consideration terms are as follows:

  • A$1m script payment in CCZ shares will become payable to the Vendor Group based on the 14-day WVAP calculated from the date of which the option agreement is announced to the ASX. Note, the Vendor Group will be subject to a 6-month voluntary escrow period for 50% of the shares and 12-months for the 50% balance from the date of settlement. In addition, both parties agree to sign off on a binding term sheet.

Incremental consideration terms are applicable if the following milestones are achieved:

  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if two drill-holes produce assayed intercepts greater or equal to a true width of at least 10m @ 1.3% Li2O.Note, the two holes will be at least 100m apart, but not greater than 200m.
  • A$1m script payment in CCZ’s shares to the Vendor Group based on the 14-day WVAP if a JORC compliant total inferred resource of at least 7Mt @ 1.3% Li2O is modelled by SRK Consulting.
  • In the event of commercial mining operations commencing a 2% NSR will be payable to the nominees of the facilitator.

 Ends 

For further information: Cadence Minerals plc

 

+44 (0) 7879 584153

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

James Joyce

+44 (0) 207 220 1666

Darshan Patel

Novum Securities Limited (Joint Broker)

Jon Belliss

+44 (0) 207 399 9400

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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors

believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

Andrew Hore – Quoted Micro 8 March 2021

AQUIS STOCK EXCHANGE

Installation services provider and engineer Field Systems Designs Holdings (FSD) reported a dip in interim revenues due to Covid-19 and lack of work in the water sector. In the six months to November 2020, revenues halved from £11.5m to £5.7m and the loss increased to £209,000. Net assets improved from £3.87m to £3.93m with cash increasing from £4.34m to £5.6m. There are signs of water projects being announced.

Gunsynd (GUN) says its investee company Rogue Baron should join the Access segment on around 12 March. Gunsynd will own 28.48% of the drinks company and retain £111,000 of convertible loan notes.

Forbes Ventures (FOR) says that a £40m tranche of two-year notes is expected to take place in Malta in the middle of March. A further £60m should be listed within two months of the first tranche. A subsidiary of Forbes will receive a one-off fee of 2% of the funds raised.

Capital for Colleagues (CFCP) had net assets of 57.96p a share at the end of February 2021. There was cash of £2.68m. It has subsequently sold the investment in Anthesis Consulting for £1.15m. This was previously valued at £705,000.

Upper Thames Holdings (UPPT) is changing its name to Valereum Blockchain. The company has initiated the launch of the first series of securitised derivative tokens on a regulated cryptocurrency exchange, which should happen within two months. This will enable trading in currency and other products.

KR1 (KR1) has raised nearly $256,000 by selling tokens in Stake DAO. KR1 still has the rights to more than 700,000 SDT tokens and these will vest over 23 months. KR1 has spent $75,000 of the cash on a stake in LazyLedger Labs.

Exploration by Wishbone Gold (WSBN) has identified high grade silver and base metals potential at the Cottesloe project in Patersons Range Western Australia.

Coinsilium Group Ltd (COIN) is linking with 10%-owned Indorse to launch a Non-Fungible Token development studio in Gibraltar.

Quetzal Capital (WENP) has appointed Peterhouse as corporate adviser and raised £432,000 at 0.7p a share. Chris Akers will own a 9.4% stake.

Block Commodities (BLCC) has appointed First Sentinel as corporate adviser and trading in the share has recommenced. Altona Rare Earths (ANR) has appointed Optiva Securities as broker, and it hopes to move to the standard list in the second quarter.

World High Life has changed its name to Love Hemp Group (LIFE). It has appointed Hannam and Partners as financial advisor. Chris Cleverly and Elias Pungong have left the board.

AIM

Coral Products (CRU) has completed the sale of two plastic mouldings businesses and acquired Customised Packaging for £1.25m in cash and shares issued at 11p each. If 2021 profit is greater than £250,000 the vendors will receive 30% of the excess profit (capped at £250,000). Customised Packaging generated revenues of £2.3m in 2020. The Manchester-based business designs plastic products using sheet extrusion technology and vacuum forming capability. WH Ireland has been appointed as nominated adviser and broker.

Interims from parcel and freight delivery company DX (LSE:DX.) showed a 7% rise in revenues to £182.7m with strong growth in freight offsetting a fall in the express division. That enabled DX to move from loss to a pre-tax profit of £3.8m. New depots are being opened because of the demand for the company’s services, while the document exchange business is being revamped. Non-executive director Paul Goodson has acquired 176,810 shares at an average price of 28.25p.

In 2020, Franchise Brands (FRAN) improved pre-tax profit from £4.07m to £4.84m, helped by a full contribution from Willow Pumps. The dividend was increased from 0.95p a share to 1.1p a share. Income returned to growth in the fourth quarter and there has been a good start to 2021. That sparked a forecast upgrade for pre-tax profit to £6.1m.

The bid for AFH Financial (AFHP) has been increased from 463p a share to 480p a share.

BlueRock Diamonds (BRD) has raised £1.5m at 40p a share. This cash will be used to complete the weather delayed installation of the new processing plant at the Kareevlei diamond mine so that annual production can be raised to one million tonnes. There have been 29 production days lost to rain. The first two diamond tenders of 2021 have achieved an average diamond price of $423/carat, which is higher than the average price assumed for the full year.

Maestrano (MNO) has taken advantage of its strong share price to raise £2m at 13p a share. This will help to grow revenues of the Corridor.ai digital surveying platform for the rail sector. There is still manual rail survey business that can be done digitally.

In 2020, the revenues of MTI Wireless Edge (MWE) rose by 2% to $40.9m, while pre-tax profit jumped from $3.41m to $4.06m. The net cash position was better than expected at $9.44m. The dividend has been increased by one-quarter to 2.5 cents a share. The antennas business is winning larger 5G orders and the electronic components division is converting design wins into production orders.

Virgin Wines (VINO) ended the week at 225.5p a share, having floated at 197p a share.

Prospex Energy (PXEN) has completed the purchase of a 49.9% stake in the El Romeral gas and power operation in Spain. There is potential to increase production from the three producing gas wells and this could also help increase the amount of electricity generated from the 8.1MW power station, which is running well below capacity. An offshore gas well should start production later this year.

Safestay (SSTY) has sold the smallest of its three hostels in Barcelona for the book value of €900,000. Safestay is due to the final consideration of €1.18m for one of the other Barcelona hostels.

MAIN MARKET

Caerus Mineral is acquiring New Cyprus Copper and joining the standard list. A placing has raised £2.25m at 10p. There is a portfolio of exploration licences in Cyprus. There is potential for near-term mining of resources on closed copper mines and extensions of existing orebodies.

Argo Blockchain (ARB) says from this month chief executive Peter Wall will be paid in Bitcoin and other employees will be given the chance to follow suit. Argo held 599 Bitcoin at the end of February, having mined 129 (equivalent to £4.34m) during the month.

Emmerson (EML) plans to switch from the standard list to AIM ahead of the commencement of construction of its mine at the Khemisset potash project.

HeiQ (HEIQ) is acquiring 51% of Chrisal NV, a profitable industrial biotechnology company that has developed a symbiotic interior cleaner called Synbio with enhanced cleaning performance.

Castillo Copper (CCZ) expects the modelling of a JORC resource for the Big One deposit should be completed shortly. Drilling will resume when the wet season ends.

Boston International Holdings (BIH) is not going ahead with the reverse takeover of invoice factor Alexanders Discount. The shares remain suspended.

Starcrest Education The Belt and Road (OBOR) says that the purchase of 60% of The London School of Science and Technology is unlikely to happen before June.

Andrew Hore

Andrew Hore – Quoted Micro 15 February 2021

AQUIS STOCK EXCHANGE

Oberon Investments Group (OBE) has joined the Access segment following the reversal of the wealth management business into standard list shell Baskerville Capital. Assets under administration are more than £400m. Oberon was formed in 2017 and acquired investment manager MD Barnard. It also has a corporate broking business, and it is joint broker to MyHealthChecked (MHC). There was £1.44m raised at 4p a share at the time of the reversal.

Brewer Curious Drinks is being placed into administration and the business will be acquired by Risk Capital Partners, which was founded by Luke Johnson. This will have to be agreed by the HMRC and the secured creditor HSBC. There should be no redundancies Majority owner Chapel Down Group (CDGP) is offering small shareholders in Curious Drinks a share swap. There will be 1.57 Chapel Down shares issued for each Curious Drinks share. In 2015, Curious Drinks raised £1.71m via a crowdfunding with Seedrs, which equates to a market capitalisation of £17.7m. That funding was equivalent to 9.66% of Curious Drinks and there were 886 shareholders. The share swap should provide around 50% of the initial investment. There will be less than 1% dilution for Chapel Down shareholders. Chapel Down net debt will be slashed from £7.2m to £100,000. There was a loan from Chapel Down to Curious Drinks of £7.77m included in the 2019 accounts.

Coinsilium (COIN) holds $1.98m of cryptocurrency and tokens, which is a 17% increase in fewer than three weeks.

Gunsynd (GUN) has sold all its shares in Angold Resources. This raised £163,000. Chris Akers has increased his stake in Gunsynd to 5.36%.

Tectonic Gold (TTAU) continues to have a 100% success rate for its exploration drilling. According to managing director Brett Boynton the latest hole shows “multiple stacked veins somewhat like a palm tree spraying out mineralised fronds from the primary fault zone”.

NQ Minerals (NQMI) has raised £301,000 at 7p a share from one institution and private investors. Vulcan Industries (VULC) has raised a further £185,000 with some shares placed at 3.6p and some at 4p.

Western Selection (WESP) has bought a further 150,000 shares in Bilby (BILB) at 29.8p each. The total stake is 11%.

AIM

Joules (JOUL) has acquired the Garden Trading Company, which takes it into the home and garden market and adds annual revenues of £168m. Joules is paying £4.5m in cash and 2.83 million shares. Peel Hunt has increased its 2021-22 pre-tax profit forecast by £2m to £10.6m.

Engineer Avingtrans (AVG) maintained its interim revenues at £54.1m and the stemming of losses at recent acquisitions has helped pre-tax profit to nearly double to £3.5m. It offset the lower demand from the oil and gas sector. The recent merging of the MRI operations with Magnetica, will enable niche MRI products to be developed, but it will take time for the revenues to come through. Meanwhile, Avingtrans is stopping supplying third parties. The valuable Luton site could be sold in the next year or so if market conditions allow.

Kromek (KMK) is raising up to £13m via a placing and open offer at 15p a share. The cash will be used to accelerate the commercialisation of its bio-security products and boost the marketing of medical imaging and nuclear detection products. Intuitive Investments Group (IIG) is investing £250,000 in the placing.

Packaging manufacturer Robinson (RBN) is acquiring blow moulded containers producer Dhela Plast for up to £7.7m. There will be additional investment of £2.4m in the Danish company. The customer sectors are similar to Robinson and the deal widens its geographic reach.

MAIN MARKET

Motor finance provider S & U (SUS) expects a rebound in demand when lockdown restrictions are eased. In the past two months new deal transactions are running at nearly 80% of previous levels. Investment in Aspen Bridging has been increased because of the strong demand. A second interim dividend of 25p a share has been announced.

A planned demerger of assets by Aseana Properties Ltd (ASPL) has been stopped because the banks have not agreed to the proposal.

Castillo Copper Ltd (CCZ) confirms an extension to the 100%-owned Big One deposit and JORC modelling is underway.

Argo Blockchain (ARB) intends to acre 320 acres in Texas where it will build a new mining facility in the next 12 months. The overall cost will be $17.5m in shares.

UP Global Sourcing (UPGS) grew interim sales by 11%. Beldray represented 28% of sales, with the next biggest contributions coming from licenced brands Salter and Russel Hobbs.

One Heritage Group (OHG) is taking advantage of the share price rise over the past two months to raise £548,500 at 30p a share. The residential developer floated before Christmas at 10p a share. One Heritage plans to buy an office block in Stockport, which can be converted into residential. Plus House will cost £725,000.

Tirupati Graphite (TGR) is increasing the planned flake graphite capacity of the first module at the Vatomina project by 50% to 9,000 tonnes a year. The project will be commissioned in the second quarter. Carboflamex and other expandable graphite products produced by the company have gained certification to be sold in the EU.

Avation (AVAP) has entered into a lease with an Asian airline for an ATR72-600 aeroplane, which should be delivered in March.

Andrew Hore

Andrew Hore – Quoted Micro 25 January 2021

AQUIS STOCK EXCHANGE

Rutherford Health (RUTH) has signed contracts with the NHS that underpin a significant proportion of its fixed costs. More cash will be required in order to take advantage of the potential for the cancer care clinics. The cash will be needed in the next few months and could be raised at the same time as moving to AIM. Capacity of the Cardiff site could be fully utilised in 2021 and patients have been booked in at three other sites.

Broadband services provider Rural Broadband Solutions (RBBS) has grown its number of connections to 2,500 by the start of January and is signing up 25 a month. Digital marketing is being increased to attract clients that have access to the Rural Gigabit voucher funding scheme. There is interest from 300 households so the company can apply for £1m of government funding. The target is 5,000 monthly paying customers by October 2023.

S-Ventures (SVEN) has acquired 75.1% of We Love Purely Ltd by issuing 1.53 million shares at 9p a share, which is equivalent to £137,600 and paying off a loan of £30,000. We Love Purely is a snacks supplier and it sells Purely plantain chips. Under new ownership the product range will be expanded. Two S-Ventures directors held shares in the acquired company.

Investment company Gledhow Investments (GDH) raised £1.69m from investment disposals in the year to September 2020. That generated a profit of £508,000 after admin expenses. NAV increased from £884,000 to £1.3m. That includes £382,000 of cash compared with a market capitalisation of £539,000.

Coinsilium Group Ltd (COIN) says that the value of its crypto currency position has increased by two-fifths. On 21 January, there was cash of $1.5m, which is mainly crypto currencies. There are also $164,000 of RIF tokens that will vest over 22 months.

Gunsynd (GUN) has converted part of its loan to Rogue Baron at 3.97p a share and that gives it a 19.7% stake in the drinks company. Once Rogue Baron joins Aquis Stock Exchange the rest of the loan stock will be converted. Warrants have been exercised that raised £200,000 for Gunsynd.

Engineer Vulcan Industries (VULC) says third quarter trading was in line with expectations. Third quarter revenues were 14% higher the second quarter at £1.6m. Order books are strong. The proposed acquisition of E Lowe will not happen.

Capital for Colleagues (CFCP) has maintained its NAV at 52.75p a share at the end of November 2020. There are 16 investments in the portfolio.

NQ Minerals (NQMI) has filed a draft prospectus for its move to the standard list.

Dozens Savings has issued just over £1m of retail bonds and demand is outstripping supply.

AIM

Business restructuring company Begbies Traynor (LSE: BEG) has acquired rival CVR Global for up to £20.8m, which is its largest acquisition. CVR’s annual profit was £1.2m and there are potential cost savings of £750,000 a year.

Beximco Pharmaceuticals (BXP) is acquiring Sanofi Bangladesh for £35.5m. The deal is still subject to regulatory approval. This will broaden the product range and helps the group move into new sectors. It will also add more manufacturing capacity. The deal should be earnings enhancing. Sanofi made a pre-tax profit of £4.3m in 2019.

Ground engineering contractor Van Elle (VANL) made a loss in the first half of 2020-21 and trading remains mixed. Interim revenues fell by 21% due to the original lockdown and delayed rail work, but there should be a recovery in the second half. Cost reductions are coming through and helping to stem the loss. This puts Van Elle in a stronger position for the next financial year. Improving utilisation of equipment will help the company return to profit and start paying dividends again.

Acoustic materials supplier Autins (AUTG) would have reported halved second-hand revenues without the contribution from PPE. Full year revenues fell from £26.9m to £21.5m as one major automotive customer was hit by production problems. The loss increased from £1.54m to £1.76m. The high depreciation charge means that £1.48m of cash was generated from operations during the year. The Neptune product is gaining new contracts, particularly for electric vehicles.

Flexible printed circuit technology developer Trackwise Designs (TWD) disappointed the market with its trading statement. Growth in revenues has been slower than expected due to short-term problems, but finnCap has maintained its 2021 forecast, which predicts a rise in revenues from £6.2m to £14.2m. That would be enough to make the company profitable.

Alumasc (LSE: ALU) traded ahead of expectations in the six months to December 2020 and this has led to a large upgrade in the full year pre-tax profit forecast to £8.9m. There has been a bounce back in building and construction activity.

Trans-Siberian Gold (TSG) produced 15,217 ounces of gold at the Asacha mine in the fourth quarter, taking the total for the year to 45,066 ounces. Annual revenues were $81m. Production has stopped at Vein 25 because of an accident that killed two people. Mining in the main zone continues.

CCTV equipment supplier UniVision Engineering Ltd (UVEL) has signed a supplementary agreement with MTR Corp in Hong Kong for an additional £1.53m of work.

Jade Road Investments (JADE) is the new name for Adamas Finance Asia.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LUCE) traded at the top of expectations in 2020, helped by a strong second half. Pre-tax profit will be around £29m, up from £15.8m in 2019. Cash generation is strong and net debt has declined to £18.3m.

Castillo Copper (CCZ) is considering selling its Broken Hill Alliance (BHA) project. This will enable the company to focus on the Mt Oxide project in Queensland, where there have been positive drilling results. Plans are being made to accelerate the development of this project. There should be more news about the other assays from the drilling and there will be modelling of a JORC resource. It makes sense to focus on this asset. BHA has is highly prospective for silver, zinc and lead in the west zone and iron oxide copper gold in the east zone. There should be interest from companies operating in the region. BHA could be sold or spun off into a quoted vehicle.

Personal care products supplier InnovaDerma (IDP) is raising £4m from a placing with up to £500,000 more to come from an open offer. This cash will finance investment in ecommerce and improve the balance sheet. The business continues to lose money. It could be profitable in 2021-22.

Argo Blockchain (ARB) has raised £22.4m at 80p a share and the cash will be invested in more crypto currency mining equipment. This will be installed between February and June. Capacity will be increased by nearly three-fifths.

Strong footwear sales helped Zotefoams (ZTF) to achieve slightly higher revenues in 2020 with pre-tax profit at the top end of expectations.

Flavour ingredients supplier Treatt (TET) continues to perform strongly in the first four months of the financial year. Drinks volumes have increased despite Covid-19 restrictions and this has helped Treatt. Forecasts have been raised with the 2020-21 pre-tax profit figure increased from £15.2m to £18.2m.

Tiziana Life Sciences (TILS) has switched from AIM to the Main Market.

Pensana Rare Earths (PRE) will drop the ASX listing on 24 February.

Andrew Hore

Alan Green talks Cadence Minerals #KDNC, Castillo Copper #CCZ & Blue Prism #PRSM on Vox Markets podcast

Alan Green discusses Cadence Minerals #KDNC, Castillo Copper #CCZ & Blue Prism #PRSM with Justin Waite on the Vox Markets podcast. Interview is 23 minutes in.

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