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Cadence Minerals #KDNC – European Metals #EMH Cinovec PFS Update Delivers Outstanding Results.

Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH”) has announced the results of the mining update to the 2019 Pre-Feasibility Study (2022 PFS Update), led by mining definitive feasibility study (DFS) consultant Bara Consulting, on the backfilling potential of the Cinovec mine, in which it has a 49% economic interest, in the Czech Republic.

Highlights

  • The 2019 PFS Update for the Cinovec Project has been updated to demonstrate the effect of changes in the mining process to incorporate the use of paste backfill, which results in an increase in annual production, together with changes in lithium and by-product prices to reflect current and expected market conditions.
  • Annual production of battery grade lithium hydroxide monohydrate modelled to increase from 25,267 tpa to 29,386 tpa, an increase of 16%.
  • NPV8 (post tax) increases from US$1.108B to US$1.938B, an increase of 74.9%, based upon a lithium hydroxide price of USD17,000 per tonne which is significantly less than the current price.
  • NPV8 (post tax) increases to over USD 3.09B with a 30% increase in the lithium hydroxide price.
  • Post tax IRR of 36.3% and a payback period of 2.5 years from the commencement of production.
  • Up-front capital cost due to backfilling plant and additional capital costs to produce 29,386 tpa lithium hydroxide increased to US$644m.
  • This 2022 PFS Update assumes the life of mine extraction of 13.1% of the Measured and Indicated JORC Resources at Cinovec.
  • Use of tailings for backfill will result in a far smaller environmental impact, further enhancing the Project’s already strong ESG credentials.

The study updates the outcomes of the previously updated pre-feasibility study announced on 17 June 2019 (2019 PFS Update), for changes in the mining process as well as an increase in annual production and changes in lithium and by-product prices.

As a result of the conclusions of the study, Geomet s.r.o. (Geomet) has changed the planned mining method for the Cinovec orebody from open stoping to longhole stoping with backfill using paste backfill. This change, together with other changes to the material assumptions outlined in this update, increases the Cinovec mine’s proposed ore extraction from 34.5mt up to 54.5mt, enabling an increase in the annual processing rate by approximately 33% per annum over the previous 21-year life of mine, from 1.69mtpa to 2.25mtpa over a now 25-year life of mine.

Link here for the full EMH announcement: https://www.londonstockexchange.com/news-article/EMH/pfs-update-delivers-outstanding-results/15293716

European Metals Executive Chairman Keith Coughlan commented; I am very pleased to report to shareholders on the completion of this 2022 PFS Update for the Cinovec Project which adds significantly to the already robust forecast economics for the project. The results of the study are very positive for the overall economics, resulting in a far greater amount of the ore resource being utilised for production of lithium and increasing the after tax NPV8 from USD1.1B to USD1.94B. The increased NPV assumes a long-term price for lithium hydroxide of US$17,000 per tonne. An increase in the lithium hydroxide price to USD 22,100 would increase the NPV8 (post tax) to over USD 3BN. Given the current price of lithium hydroxide is in the vicinity of USD 40,000 per tonne it is clear that that the Cinovec Project will be critical to European battery self-sufficiency.

“The use of approximately 54% of the plant tailings for backfill will result in a far smaller environmental impact, with much smaller dry stack tailings storage required, further enhancing the already strong ESG credentials of the Project.

“The significant increase in lithium produced will further add to the supply security of the European battery industry. Importantly, even at this increased production rate, the resource is nowhere near fully utilised – paving the way for future assessment of further production increases.

“Cinovec is strategically located in central Europe, in close proximity to the continent’s vehicle manufacturers. With increasing demand for electric vehicles and the expected demands of grid storage capacity, the project is very well placed to supply the European lithium market for many decades.”

Cadence CEO Kiran Morzaria added; “Our congratulations to Keith Coughlan and the European Metals team on an outstanding result at Cinovec. An increased mine life and a resource upgrade that takes the NPV8 from USD1.1bn to USD1.94bn adds substantial value to Cinovec’s already exceptional potential as a future battery grade lithium supply hub for Europe and the rest of the world.”

“Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.”

Cadence Minerals Holding in EMH following placing

In a separate announcement today, EMH stated that it had conducted a Placement at A$1.40 per CDI to raise approximately A$14.4 million. The Placement issue price represents a 0.7% premium to the Company’s last traded price on 18 January 2022 (A$1.39). Following the placing, Cadence holds approximately 8.7% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

Link here for the full EMH placing announcement:  https://www.londonstockexchange.com/news-article/EMH/successful-placing-to-raise-aud14-4m/15293733

– 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
Darshan Patel
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-lookingstatements.

UK Investor Magazine – Cadence Minerals: A Small Company making a Big Difference in Amapa, Brazil

From UK Investor Magazine

By Alan Green

On December 29, Cadence Minerals (AIM: KDNC), a mining investment company listed in London, announced that it had completed all the preconditions to invest into and acquire an initial 20% of the integrated Amapa iron mine, railway and port in North Eastern Brazil.

When we talked to Cadence CEO, Kiran Morzaria, via zoom on Christmas Eve just after the settlement agreement had been signed, he was understandably in good spirits.  His home office is dominated by two framed pictures, one of the head gear at a mine and the second of the three miners drilling a narrow-vein ore body. Kiran relates that these pictures are from a mine that he helped restart and rehabilitate in 2008, and which remains in production, further extending its 100-year history. Morzaria relates the story:

“These images remind me of two key things; the first is that the right asset, proper jurisdiction, and right people make all the difference. The second is that however hard I am working here, there others working in far tougher conditions, so the least I can do is put in that extra mile and ensure we can move the asset forward for all our stakeholders.”

– Subscribe –

There is no doubt that the team involved in the Amapa transaction have put in the hard yards. The process started back in September 2018, when Cadence partnered with commodity trading firm Indo Sino to form a joint venture. Cadence and Indo Sino then engaged with thelocal authorities and commercial courts to acquire Amapa mine owner in administration, DEV Mineração S.A.

A plan was put forward by Cadence to bring the former Anglo American owned Amapa mine,railway and wholly owned port at Santana (complete with 1.39 Mt of iron ore in three stockpiles) out of administration and ultimately back into production. Naturally the process came with some unique challenges. Morzaria explains:

“The judicial restructuring plan was a tough process. Not only did it set some key legal precedents, it also faced challenges from competing investors. This delayed the creditors meeting by one week, and yet despite this, we got over 90% of the creditors, by value to approve our restructuring plan.”

The history of the Amapa iron ore mine goes back to its discovery and ownership by a Brazilian conglomerate, which it then packaged with the massive 6 billion tonne Minas-Rio iron ore deposit and sold on to Anglo American for US$5.5 billion. For Anglo, Amapa was a relatively small transaction, and was certainly not part of the company’s long term strategic focus and plan. As a result, Amapa was sold to Brazilian company Zamin Ferrous in 2013, but during the finalisation of this sale, the company’s wholly owned port suffered a landslide which curtailed exports. Zamin Ferrous then negotiated a lower price, but the absence of a port prevented any meaningful product export and consequently DEV went into administration.

Before its sale in 2013, Anglo American valued its 70% stake in Amapá at US$866 million (100% US$1.2 billion). Anglo impaired the asset in its 2012 Annual Accounts to US$462 million (100% US$660 million).

Given its history, to most smaller listed companies, the challenge of bringing Amapa back to life would in most cases have represented a bridge too far. However, Cadence saw an opportunity, as outlined by Morzaria:

“Once we understood the legal process in Brazil, we saw an opportunity for significant upside for our shareholders. The not inconsiderable technical and existential risks typically associated with developing a mineral resource asset were largely mitigated. The mineral resource was auditable, the mining and processing technology are established, the product mix is well known, and there is a well-trodden path to obtain the required operating licenses, with several key licenses being granted before our investment.”

“Moreover, and critically, although the asset is not a large one in terms of global production, it is very significant for the state of Amapa. Our estimates suggest that once we reach our production targets, it will represent some 3.5% of the state GDP and could contribute some 4,200 jobs to the local and national economy. These facts helped to focus support at local and governmental levels and ensured our efforts didn’t become ensnared in in red tape. A government working committee has also been set up to work with us to troubleshoot any critical issues along our path to production.”

The investment proposition to bring Amapa out of administration sees Cadence acquire a 27% interest by investing US$6 million over two stages in the JV company. The first stage is for20% 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$3.5million. The funds for the first stage of investment are currently held in a judicial trust account of the commercial court of Sao Paulo.The agreement also gives Cadence a first right of refusal to increase its stake to 49%.

As the various pre-conditions set out by the commercial court of Sao Paulo were met, in 2020, DEV received permission to start shipping the iron ore stockpiled at Santana port, which immediately started generating cash. By the end of August 2021, DEV had shipped three cargoes of approximately 143,000 wet tonnes of iron ore. The net proceeds from shipment went to pay labour and small creditors, while also providing funds to invest into the recommissioning of the assets, the upgrading of the Mineral Resource Estimate and commencement of the pre-feasibility Study.

Move forward to December 2021, and with  the preconditions set out by the courts met and satisfied, the final hurdle was to agree a settlement with the banks – no easy task giventhat the team were negotiating with different state owned and private banks, in two jurisdictions, with varying degrees of organizational complexity and internal compliance hurdles. Nonetheless,with Credit Committee approval announced in October 2021, the final settlement with the banks was agreed and signed in December, triggering the initial US $2.5 million investment and a 20% stake for Cadence in the Amapa project.

The final settlement is a remarkable achievement by any standards: in combination with the other unsecured creditors the settlement terms meant that DEV was now only paying 45 cents in the dollar.

After the completion of the feasibility study and project financing, the rehabilitation of the mine,railway and port is expected to take between one and half to two years, following which the mine plans to produce over 5 million tonnes of 65% iron ore. From an investor and shareholder perspective, the financials really highlight and put into perspective what Cadence has achieved here. Assuming that the targets are hit and a current 65% iron ore price (US$ 145 / tonne in Dec 2021) is achieved, gross revenues could be circa US$725 million per annum. With solid demand for iron ore showing little sign of slowing as we go into 2022, quite rightly Cadence shares should see a re rating as investors run the slide rule over the Amapa numbers.

While there is no doubt Amapa is a landmark achievement, the rest of the Cadence portfolio also continues to deliver impressive returns. Cornerstone stakes in projects such as the Cinovec Lithium and Tin Project via AIM listed European Metals Holdings (AIM: EMH) in the Czech republic generated a £3.54 million return in the first 6 months of the year, with pre- tax profits of £2.84 million.

In particular, Cinovec, owned by European Metals Holdings and Eastern European utility giant CEZ is set to become a major European and Global lithium supply hub to meet the boom in batteries and electric vehicles, with demand anticipated to grow exponentially in the coming years.

Cadence also has a range of other ‘passive’ investments, including several ASX listed lithium assets, plus joint ventures at the Yangibana Rare Earths project in Australia, the Sonora Lithium project in Mexico and a hard rock lithium exploration assets 2 km away from Core Lithium’s (ASX:CXO) mining projects in the Northern territories of Australia.

Despite this exceptionally impressive asset portfolio, along with other micro-cap investors and explorers, the sector malaise has seen Cadence shares drift during the second half of 2021, currently rating the company on a modest £32m market cap.

Nonetheless CEO Morzaria remains enthused by the opportunities he expects to materialise in 2022.

“Our shareholders have stuck with us over what has been a hugely frustrating period”

“The completion of the first phase at Amapa marks a huge achievement for everyone involved, and we are really excited about the possibilities in Brazil in 2022” 

A recent visit to Amapá left a deep impression on Morzaria, who reported back to the markets in a live interview from the port at Santana.

“I was delighted to see the rapid progress on the ground, driven by a highly motivated local management team and staff. The rate of reconstruction and recommissioning work already completed gives our board huge confidence in what can be achieved next year.”

There is no doubt that bringing Amapá back to life has in cycling parlance represented a Tour de Brazil equivalent for Cadence. Regardless, Morzaria and his team have now completed the mountain section, and with several stage victories, look set for a great team result as they transition from micro-cap explorer and investor to mid-tier iron ore producer. Solid Cadence!

Podcast- Cadence Minerals #KDNC CEO Kiran Morzaria talks to UK Investor Magazine

Cadence Minerals #KDNC CEO Kiran Morzaria talks to UK Investor Magazine and covers:

– Group investment strategy

– Flagship Amapa Iron Ore project

– Cinovec #Lithium project

– Sonora Lithium project

– Yangibana #RareEarths project

Unlocking value in Lithium, Rare Earth and Iron Ore assets with Cadence Minerals

Cadence Minerals #KDNC – European Metals #EMH Resource Upgrade at Cinovec Lithium Project.

 

Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH”) has announced final drill results and an upgraded mineral resource estimate for the lithium and tin resources in the Cinovec Lithium-Tin deposit in the Czech Republic.

EMH has recently completed a drilling campaign at Cinovec South, comprising 22 diamond drill core holes for 6,622 metres, with the goal of increasing resource certainty in the existing resource model in and around the initial planned mining areas and upgrading part of the resource from the Indicated category to the higher confidence Measured category.

Highlights

  • Re-classification of 53.3 million tonnes ( MT ) into Measured resource category grading 0.47% Li2O and 0.08% Sn.
  • 5 MT of Inferred resource upgraded to Indicated resource category 
  • The Measured and Indicated resource has increased from 372.4 to 413.4 MT @ 0.47% Li2O and 0.05%Sn .
  • The total Measured, Indicated and Inferred resources have increased by 12.3MT to 708.2MT @ 0.43% Li2O and 0.05% Sn (0.1% Li (0.2153% Li2O) Cut-off).
  • Increase in overall resource to 7.39 MT LCE
  • Analysis received for final 10 diamond core holes in the Geomet s.r.o. drilling program including:
    • Hole CIS-16 returned 101.7m averaging 0.59% Li2O, incl. 11.35m @ 0.85% Li2O
    • Hole CIS-32 returned 61m averaging 0.66% Li2O and 0.17% Sn, incl. 30.5m @ 0.30% Sn
    • Hole CIS-33 returned 113.3m averaging 0.54% Li2O, incl. 14.7m @ 0.60% Li2O
    • Hole CIS-34 returned 111.4m averaging 0.54% Li2O and 0.13% Sn, incl. 21.15m @ 0.71% Li2O and 0.57% Sn

Link here for the full EMH announcement:  https://www.londonstockexchange.com/news-article/EMH/resource-upgrade-at-cinovec-lithium-project/15171030

European Metals Executive Chairman Keith Coughlan commented; “The primary stated aim of this drilling program was to convert a larger portion of the resource to the measured category to provide greater certainty of the financial model and security to financiers. The results clearly indicate that the program has been successful and the robustness and consistency of the Cinovec resource further demonstrated. As we move closer to ultimate financing and offtake discussions, this higher degree of certainty provides more funding options for the project. Results from the final drill holes of the program have been in line with or better than expected. 

“As we have reported previously, because zinnwaldite is paramagnetic, wet magnetic separation, the first stage of the ore processing has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%. The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene. This not only improves the economics, it will also have the effect of considerably reducing greenhouse gas emissions of the Project when compared to spodumene projects.”

Cadence CEO Kiran Morzaria added; “Today’s resource upgrade for total Measured, Indicated and Inferred resources adds greater value to Cinovec’s already exceptional potential as a future battery grade lithium supply hub for Europe and the rest of the world. Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.”

Cadence Minerals Holding in EMH

Cadence holds approximately 9.7% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

– 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
Darshan Patel
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-lookingstatements.

Cadence Minerals #KDNC – European Metals #EMH – Confirmation of Refining Process – Strong results from Locked-Cycle Tests.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH”) has today announced results of locked-cycle testwork, a metallurgical processing assessment conducted on ore concentrate extracted from the Company’s flagship Cinovec lithium project.

Highlights:

  • Successful locked-cycle test (“LCT”) results further support the Cinovec project’s credentials to initially produce battery-grade lithium carbonate.
  • European Metals has demonstrated that Cinovec battery grade lithium carbonate can be easily converted into lithium hydroxide monohydrate with a commonly utilised liming plant process.
  • Six LCTs were planned but testwork was stopped after four cycles as the main process stream compositions had successfully stabilised.
  • Battery grade lithium carbonate was produced in every LCT with lithium recoveries of up to 92.0% achieved in the four LCTs performed.
  • The LCTs tested zinnwaldite concentrate from the southern part of Cinovec, representative of the first five years of mining.
  • Improved fluoride removal process step further enhances project’s economic outcomes as a result of the regeneration and reuse of the ion exchange resins.
  • Further optimisation work in hydrometallurgy processing steps expected to improve lithium recoveries from concentrate to >92.0%.

The Cinovec project, located on the German border of the Czech Republic, is the largest hard-rock lithium resource in Europe, containing lithium-bearing mica known as zinnwaldite which the Company intends to refine using a number of processes initially outlined in a Pre-Feasibility Study (“PFS”) (see ASX Announcement dated: 17 June 2019).

Link here for the full EMH announcement and detailed background on the locked-cycle tests:  https://www.londonstockexchange.com/news-article/EMH/strong-results-from-locked-cycle-tests/14983163

European Metals Executive Chairman Keith Coughlan commented; “In a significant vote of confidence for our Pre-Feasibility Study, the proposed process methodology has been confirmed by excellent locked-cycle test results which also include new processes involving recycle streams. The robustness of the process was further confirmed by the stabilisation of the process streams, enabling the work to stop after only four of the six test cycles were completed. The recovery of up to 92% of the lithium in the zinnwaldite concentrate at this early stage of DFS testwork is very promising for increased recoveries during the planned process optimisation work. Further, an improved fluoride removal step which is cheaper and cleaner represents only the beginning of further optimisation work which we expect will result in greater lithium recoveries and even stronger economics for the Cinovec Project.

It is also encouraging to note that the process was as successful as that conducted during the 2019 PFS on the Central/NW part of the orebody, further underlying the consistency of the Cinovec ore body.

We look forward to providing further updates on the Definitive Feasibility Study work as it unfolds.”

Cadence CEO Kiran Morzaria added; “These locked-cycle test results further highlight Cinovec’s potential as a future battery grade lithium supply hub for Europe and the rest of the world. Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.”

Cadence Minerals Holding in EMH

Cadence holds approximately 11% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

– 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-lookingstatements.

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 – European Metals #EMH – Cinovec Project – Measured Resource Drilling Update.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) has today announced initial results from its current nineteen hole resource drilling programme at the Cinovec Project. The current programme of work was announced by the Company on 10 August 2020 (Measured Resource Drilling Commenced). Drilling of twelve of the nineteen holes has been completed and the thirteenth hole is currently underway. Analytical results for first six of the drill holes from the Cinovec South deposit are reported.

Highlights:

  • Completion of 12 of a total of 19 hole programme at the Cinovec Project.
  • Interim results from first 6 holes in line with or better than expectations
  • Cinovec contains the largest hard rock lithium deposit in Europe
  • Cinovec is fully funded to final investment decision with approximately EUR 26.7m in Project Company currently
  • EMH intending to become one of the lowest carbon footprint producers of battery grade Lithium Hydroxide and lithium carbonate in Europe
  • Cinovec is situated within 250 km of numerous existing or proposed end users of battery grade Lithium chemicals

Given the relative ease of beneficiation of the Cinovec deposit through wet magnetic separation it was decided that it was important to report the drill results and the “in lab” beneficiation results.  As reported to the market 21 October 2016 (Outstanding Lithium Recoveries at Coarse Grind) wet magnetic separation (“WMS”) achieved a near pure lithium mica concentrate grading 2.85% Li2O with a lithium recovery of 92%.

Results:

  • Resource drill holes CIS-18, CIS-19, CIS-20, CIS-21, CIS-22 and CIS-23 have been completed including analytical reports.
  • Resource drill holes CIS-24, CIS-25, CIS-26, CIS-28, CIS-29 and CIS-30 have been drilled with analytical results pending.
  • Drilling of resource hole CIS-27 is currently underway.
  • Hole CIS-18 returned 57m averaging 0.41% Li2O, incl. 5m @ 0.96% Li2O, 3 m @ 1.13% Li2O, 0.12% Sn (Tin) and 0.104% W (Tungsten), and 7 m @ 0.136% W.
  • Hole CIS-19 returned 68.9m averaging 0.45% Li2O and 0.11% Sn, incl. 10.8m @ 0.75% Li2O, 10m @ 0.13% Sn, 2.25m @ 0.54% Li2O, 0.15% Sn and 0.13% W, 4m @ 0.95% Sn, and 2m @ 0.15% Sn.
  • Hole CIS-20 returned 82.8m averaging 0.41% Li2O, incl. 8.9m @ 0.66% Li2O.
  • Hole CIS-21 returned 76.3m averaging 0.55% Li2O, incl. 12m @ 0.81% Li2O.
  • Hole CIS-22 returned 115.5m averaging 0.47% Li2O, incl. 3m @ 0.91% Li2O and 3m @ 0.87% Li2O, and 28m @ 0.27% Sn.
  • Hole CIS-23 returned 98.6m averaging 0.51% Li2O, incl. 9.7m @ 0.92% Li2O, 1m @ 1.49% Li2O, and 2.9m @ 1.31% Li2O.

In all of the six holes, the upper section of the drilled ore body is elevated in tin. The best intercept was returned from the hole CIS-22, with an interval of 28m averaging 0.27% Sn. If considered no cut-off and internal waste, following tin intercepts were recorded: 29 m @ 0.1% Sn in CIS-18, 52m @ 0.14% Sn in CIS-19, 74m @ 0.06% Sn in CIS-20, 37m @ 0.1% Sn in CIS-21, 50.5m @ 0.17% Sn in CIS-22, 71.5m @ 0.09% Sn in CIS-23.

The current drill programme has been planned to define blocks of resource for the first 5 years of mining within the Cinovec-South area, with a goal to convert the resource from indicated to measured category. The holes have been terminated in ore consistent with the aim of targeting the first 5 years of resource blocks for the mine.

Link here for the full EMH announcement, detailed mineralized intercepts and lithology, and project background:  https://www.londonstockexchange.com/news-article/EMH/drilling-report/14848789

European Metals Executive Chairman Keith Coughlan commented; “We are pleased to report that these interim results of the current drilling programme at Cinovec are either in line with, or better than our expectations. The primary purpose of the programme is to convert a larger portion of the resource to the measured category to provide greater certainty of the financial model and security to the financiers we are currently in discussions with. It is important to note that the first stage of the proposed process, the wet magnetic separation has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%. 

The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene.  The combined effect of not requiring calcination, energy intensification and use of natural gas is expected to considerably reduce greenhouse gas emissions of the Project when compared to existing spodumene projects.”

Cadence CEO Kiran Morzaria added; “These strong drilling results serve to highlight the overall quality of the Cinovec project, and the reason EMH has attracted a partner of the calibre and size of CEZ Group. With Cinovec set to play a key role in as a battery grade lithium supplier to the lithium market in Europe and Worldwide, Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.”

Cadence Minerals Holding in EMH

Cadence holds approximately 12% percent of the equity in European Metals, which owns 49% of Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

– 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 – European Metals #EMH Appoints Leading Global Engineer for Cinovec Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) has today announced the appointment of SMS group Process Technologies GmbH (“SMS group”) as the lead engineer for the minerals processing and lithium battery-grade chemicals production at the Cinovec Project (the “Agreement”).

The Cinovec Project, a joint venture between European Metals and ČEZ Group through its subsidiary Severočeské doly , has recently received investment in the amount of EUR 29m, funding the Project through to the construction decision.

Under the Agreement, SMS group will provide a complete Front-End Engineering Design (“FEED”) study as the major component of the ongoing Definitive Feasibility Study (“DFS”) work at Cinovec.

Headquartered in Dusseldorf, the German family-owned SMS group is one of the world’s leading companies in plant construction and mechanical engineering for the technology metals and materials sector. Employing more than 14,000 people globally and with a presence in more than 50 countries, SMS group earned global revenues of €2.9bn in the year ended 31 December 2019. SMS group is also a world leader in electrical and automation systems including digital solutions for self-learning processing plants to continously optimise plant performance, product quality and energy consumption. Being in business for more than 150 years, SMS group has a rich track record in the successful development and delivery of complex large-scale integrated plants.

Under the Agreement, SMS will provide the following to the Cinovec Project:

  • Full process integration from the point of delivery of ore to the underground crusher through to the delivery of finished battery-grade lithium chemicals for battery and cathode manufacturers.
  • The FEED will include all of the process steps – comminution, beneficiation, roasting, leaching and purification.
  • The FEED will encompass both the lithium process flowsheet and the tin/tungsten recovery circuit delivering metal concentrates to refineries.
  • The FEED is intended to deliver a binding fixed price lump sum turnkey EPC contract with associated process guarantee and product specification guarantees for battery-grade lithium chemicals. The combination of these will greatly assist to underwrite project financing from leading European and global financial institutions lending into this new energy EV-led industrial revolution.

The FEED study will commence immediately and is expected to deliver the EPC contract, as the final component part of the Cinovec DFS, by the end of 4Q 2021.

The full release can be found at: https://www.londonstockexchange.com/news-article/EMH/appointment-of-leading-global-engineer/14694966

Herbert Weissenbaeck, Senior Vice President for Strategic Project Development at SMS group, commented “Having successfully completed thorough technical due diligence we believe in the compelling value proposition of Geomet’s Cinovec Lithium/Tin/Tungsten project, which is set to become a cornerstone of the e-mobility driven European battery metals landscape. SMS group is delighted to deploy its second-to-none technology metals and materials production know-how and EPC capabilities into this exciting project.”

European Metals Executive Chairman Keith Coughlan commented; SMS is the ideal engineering partner for the Cinovec Project as it is based in neighbouring Germany with a globally-respected process design capability. The appointment of SMS is the culmination of a negotiation and due diligence process that has lasted over a year.  EMH, Geomet and Č EZ have all been consistently impressed by SMS group’s capabilities and insights into the development of efficient high recovery plants capable of producing very high-quality end-products. Successful delivery of the FEED study will provide a gateway to financing institutions and off-takers of the highest quality. We believe that the intended product and process guarantees will greatly enhance the Project finance either directly through commercial lenders or through the recently announced collaborative agreement with EIT InnoEnergy.”

Pavel Čmelík, CEO of Geomet a.s. and Director, New Ventures Development, Č EZ a.s., commented; “Č EZ is very happy to have a world-leading process engineer join the Cinovec Project, an integrated mine and battery-grade chemicals producer which is expected to be a key contributor to the ongoing energy sector transformation within the European Union. We look forward to working together with SMS group to fulfil the considerable potential of this Czech project in the wider European context”. 

Cadence Minerals Holding in EMH

Cadence holds approximately 15% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

– 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 – Interim Results

Cadence Minerals plc (AIM/NEX: KDNC), is pleased to announce its interim results for the six months ended 30 June 2020.

The effects of the COVID-19 pandemic have been deep and fundamental. The pandemic has driven huge changes in the way we work and live the long-term effects of which are hard to predict with any great degree of accuracy. The reaction by governments around the world has for the large part involved economic stimuli with central banks cutting interests and the launch of huge quantitative easing schemes.  

It is the latter, and in particular, the stimulus packages in China that have been beneficial to our investment portfolio. . China’s impact in relation to the rapid increase in iron ore prices has been clear. It is still the world’s biggest buyer of industrial commodities, and the vast majority seaborne trade in iron ore goes there. Indeed, in the first week of June, China’s steel blast furnaces were operating at 92% of capacity, which is above the 80-85% rates considered normal. Currently, indicators of construction activity look strong and a pipeline of orders had already been building before the pandemic struck. In its aftermath, construction has been given an extra push by the Chinese Government’s stimulus package.[1]

With this macroeconomic background, the directors believe that  the Company’s investments have performed well. A detailed review of which was recently published in the annual report released in June 2020 and in further announcements subsequent to this date. We have provided some of the highlights from our investments over the period below.

The Company also raised £1.25 million of new funds (before expenses) from new and existing investors as announced on 21st August. These funds were raised for general working capital and to provide flexibility to the Company to repay loan notes from cash reserves rather than from its holdings in quoted investments. 

HIGHLIGHTS

Amapa, Iron Ore Mine (“Amapa”) 

· Amapa was owned by Anglo American plc and Cliffs Natural Resources and consists of a large-scale iron ore mine, beneficiation plant, railway, and private port.  In 2012 the operation produced 6.1 Mt of iron ore concentrate and reported operating profits from their 70% ownership in the Amapá Project of US$120 million (100% – US$171 million). Before its sale in 2012, Anglo American valued its 70% stake at US$462m in its 2012 Annual Report (100% – US$600m).

· The remaining major precondition for Cadence to make its initial investment into Amapa requires DEV Mineraço S.A’s (“DEV”) to reach a settlement agreement with the secured bank creditors (“Bank Creditors”). On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in Amapa via our joint venture company which will own 99.9% of DEV.

· DEV, Cadence and Indo Sino Pty Ltd (“the Investors”) have continued a constructive dialogue with the secured the Bank Creditors, and the parties are currently negotiating the settlement terms as proposed by the Bank Creditors.

· Iron Ore Stockpile Shipment – as announced on the 21 August – Companhia Docas de Santana (“CDSA”), a public (municipal) company and the port operator requested some additional non-statutory contractual requirements and undertakings. DEV has provided the requested documentation and continues to liaise with the State of Amapa and SEMA (Secretaria de Estado de Meio Ambiente). Cadence understands that SEMA will provide the required documentation imminently. Cadence will provide an update once the first shipment is underway.

European Metals Holdings Limited (“EMH”)

 · In late April 2020, EMH advised that shareholders had approved the investment of EUR 29.1 million by CEZ a.s. (“CEZ”) for a 51% equity interest in Geomet, EMH’s Czech subsidiary and holder of the Cinovec licenses at the Extraordinary General Meeting held on 23 April 2020. The investment of EUR 29.1 million will see the Cinovec project fully funded to the decision to construct.

· In June 2020, EMH   European Metals advised that the Czech Ministry of the Environment had granted Geomet an updated Preliminary Mining Permit related to the Eastern part of the Cinovec deposit. The permit was issued for a period of 8 years. A Preliminary Mining Permit is a necessary legal pre-qualification before obtaining a Final Mining Permit and guarantees EMH the priority right to apply for and obtain a Final Mining Area and a Final Mining Permit.

Macarthur Minerals (“Macarthur”)

· Announced Moonshine Magnetite Mineral Resource upgrade 

· RCR Mining Technologies appointed to examine rail unloading infrastructure solution at Esperance Port

· Proposal for development of a Commercial Track Access Agreement received from Arc Infrastructure

· lodgement of applications for land access to develop a 93km haul road from its Lake Giles Iron Project to a proposed rail siding adjacent to the Perth to Kalgoorlie rail line 

· Finalisation of land tenure agreement for the development of its proposed Magnetite processing plant at Lake Giles

Bacanora Lithium Plc (“Bacanora”)

· Cadence owns a 30% stake in the Mexalit S.A. de CV (“Mexalit”) joint venture which forms part of the Sonora Lithium Project in Northern Mexico. 

· In late May 2020, Bacanora provided an update which included. The Sonora government continues to maintain measures to prevent the spread of Covid-19 which meant Bacanora’s Hermosillo pilot plant was placed in care and maintenance in late March 2020 after shipping samples to its engineering partners in order to maintain the Front End Engineering Design schedule. The pilot plant will remain closed until conditions are considered safe, and the Government lifts its restrictions. 

· As a result of the return to work in China in late April 2020, the Ganfeng lithium test plant and project team resumed work on the Sonora flowsheet optimisation and process engineering. After the completion of the flow sheet engineering Ganfeng will provide Bacanora with an Engineering, Procurement and Construction style engineering proposal to produce downstream battery-grade lithium products from the Sonora Lithium Project. 

Yangibana Rare Earth Project

· Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70%. 

· Hasting’s signed long term binding Master Agreement with German Automotive Tier 1 supplier, Schaeffler technologies AG. Hasting’s obligation is to supply a substantial volume of MREC over an initial period of 10 years 

· Total Yangibana Project CAPEX revised to A$449m from A$517mresulting in 13% or A$68M reduction in CAPEX based on Hydrometallurgical Plant relocation to the Pilbara 

FINANCIAL RESULTS:

During the period the Group made a loss before taxation of £1.26 million (6 months ended 30 June 2019: £0.29 million year ended 31 December 2019: £2.27 million). There was a weighted basic loss per share of 1.336p (30 June 2019: 0.331p, 31 December 2018: 2.544p).  As a result of unrealised foreign exchange differences, comprehensive loss for the period was £1.42 million (30 June 2019: £0.24 million, 31 December 2019: £2.04 million).

The total assets of the group decreased from £18.77 million at 31 December 2019 to £17.89 million. Of this amount £0.37 million represent the market value of our investments at the period end. Borrowings were reduced from £2.98m at 31 December 2019 to £2.08m at 30 June 2020.

During the period our net cash outflow from operating activities was £0.67 million, and our net cash position was up £0.12 million at £2.38 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 
James Sinclair-Ford 
  
Novum Securities Limited (Joint Broker)+44 (0) 207 399 9400
Jon Belliss

Link here for the group financial statements

Cadence Minerals #KDNC – European Metals #EMH Commences Measured Drilling Programme At Cinovec

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that a Measured Resource drilling has commenced at the Cinovec Lithium-Tin Project (“the project” or “Cinovec”).

Highlights:

  • A total of nineteen resource drill holes will be completed during this campaign for a total of 5,550 m, with the first hole well advanced.
  • A further two hydro-geological drill holes and four geotechnical drill holes are planned once resource drilling has been completed.
  • The programme will provide approximately 10t of drill core for further metallurgical testing and to generate samples..

EMH confirms that drilling has commenced and that the first hole, CIS-18, is on schedule for completion at 275 metres. The programme commenced following the Company receiving permission from the statutory authorities in the Czech Republic for this year’s planned diamond drilling campaign.

Drilling is aimed at converting a sufficient portion of the existing Indicated Mineral Resource to the Measured Resource category and subsequently to a Mineral Reserve, to cover the first two years of the scheduled mining plan and obtaining a sufficient amount of ore samples for the next phase of metallurgical testing. The majority of the material will be utilised in the pilot scale testing for the Front End Engineering Design (“FEED”) Study.

A total of nineteen diamond drill holes will be completed for 5,550 metres.  A further four geotechnical holes along the planned underground decline route will be drilled and logged subsequent to the completion of the resource drilling. This data will allow final development ready designs to be completed for the declines.

Cadence Minerals Holding in EMH

Cadence holds approximately 15% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: https://www.londonstockexchange.com/news-article/EMH/measured-resource-drilling-commenced/14646754

EMH Executive Chairman Keith Coughlan commented: “It is very pleasing to be able to get back to drilling on the Project. There are no Covid 19 related movement restrictions or limitations and the drilling is progressing well. The aim of the campaign is to convert the initial years mining into Proven Reserves category. Following consultations with potential lenders, we expect that this will assist greatly in the securing of more attractive debt finance for the Project once we enter that stage of operations.”

– 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.

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