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Edison Research Note: Cadence Minerals #KDNC – A mispriced miner?

Cadence Minerals #KDNC is a mining-focused investment company with unlisted investment assets that the market appears to be clearly mis-pricing.
Its portfolio of public equities accounts for £10.2m of its £12.7m market cap, leaving an implied combined value of £2.5m for its 30% stake in the Amapá #ironore project and its minority stake in the Sonora #lithium project. In our view each of these is worth more than this, and we believe a conservative base-case valuation of both to be £45m or 26p/share at their current stages of development.
This values Cadence at 32.2p/share, more than four times its current valuation. Our high-case valuation is 57p/share.
Full research note here

Edison Research – Cadence Minerals (KDNC). Steadily cantering through.

Until now, Cadence’s (KDNC) various direct and indirect project interests have been viewed largely on their respective market valuations. With three main technical studies now published, however, there is enough information to warrant at least early-stage assessment of the Cinovec lithium project (held by European Metals Holdings) on a DCF basis and, to a lesser extent, the value attributable to Cadence via its direct holding in the Yangibana rare earth project, held 70:30 with Hastings Technology Metals.

KDNC also has equity stakes of 7.7% and 16.5% in Auroch Minerals and MacArthur Minerals respectively. KDNC also has a 30% direct interest in the Yangibana REE project in WA, along with JV partner Hastings Technology Metals.


Charles Gibson
Tom Hayes

More at the Edison Research website here

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