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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.

Cadence Minerals #KDNC – European Metals #EMH Partnership Agreement With European Body

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 “Value Added Services Agreement” with KIC InnoEnergy SE (“EIT InnoEnergy”), the principal facilitator and organiser of the European Battery Alliance, has been entered into today by Geomet s.r.o. in respect of the Cinovec Lithium Project in the Czech Republic (“Cinovec” or the “Project”).

The Project, a joint venture between European Metals and CEZ, has been recently funded to the amount of approximately EUR 29m, taking the Project through to construction decision and the purpose of the financing agreement with EIT InnoEnergy (the Agreement) is to support the construction financing and ultimate commercialisation of Cinovec, the largest hard rock Lithium deposit in Europe, by EIT InnoEnergy providing assistance to EMH to support the:

o  Sourcing construction finance;

o  Securing grant funding; and

o  Assisting in offtake introductions and negotiations.

EIT InnoEnergy leads the the European Battery Alliance which was initated by the European Commision in 2017 to create a competetive and sustainable battery cell manufacturing value chain in Europe.

Last week the EU approved the Green Stimulus Plan, agreeing to invest more than 500 billion euros into a climate change plan including electric vehicles and renewable energy.

Based on Cinovec’s economics, long mine life and proximity to the key manufacturing centers in Europe leading the EV development, the Project is well positioned to work with EIT InnoEnergy and other European organisations to ensure timely development to assist in meeting the expected significant increase in this demand.

Cadence Minerals Holding in EMH

Cadence holds approximately 16% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: https://www.londonstockexchange.com/news-article/tidm/headline/14630644

European Metals Managing Director Keith Coughlan said; “European Metals and its development partner, CEZ, look forward to receiving support from EIT InnoEnergy and working together closely with their industrial and financial partners to deliver production at Cinovec, and contribute to a sustainable supply chain for a world leading centre for EV development and manufacture in Europe.”

“Cinovec is the largest hard rock lithium resource in Europe and is strategically located to produce lithium in Europe for Europe.  The requirement for locally sourced raw materials for the e-mobility movement has become more apparent during COVID-19, and Cinovec is well positioned in close proximity to Europe’s manufactures. Over the coming months we look forward to commencing the DFS work programmes, and subsequent permitting and construction of Cinovec.”

Diego Pavia, CEO, EIT InnoEnergy commented, “The clear mandate of the EBA250 and EIT InnoEnergy is to secure raw materials, technological development and industrial production of modern energy technologies in Europe, for Europe to be largely self-supporting in these critical sectors. Lithium is central to this as the single most critical metal required for almost all energy storage technologies – as the lightest metal and with the highest charge density to mass ratio, it cannot be replaced.”

“We see Cinovec as critical to the development of Europe’s energy storage industry – it is the largest hard-rock lithium resource in Europe and the fourth largest globally, as such representing a strategic and accessible source of supply of a raw material critical to meeting the EU’s climate goals of electrification of mobility and large-scale development of renewable energy storage. We very much look forward to supporting the development of Cinovec and full integration of this project into the European battery value chain, with local, ethical, traceable and sustainable production of lithium.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Andrew Hore – Quoted Micro 20 July 2020

AQUIS STOCK EXCHANGE

In the year to February 2020, Rutherford Health (RUTH) nearly quadrupled its revenues from £1.47m to £5.61m, although the loss increased from £21.5m to £29.3m. There were three proton beam cancer treatment centres open at the end of the period, but two were not operating for long. They have continued to operate throughout the Covid-19 lockdown period. A fourth is opening in Liverpool later this month. Net cash was £8.6m at the end of February 2020. There is £43.7m of contracted capital expenditure. Negotiations with the NHS should lead to Rutherford helping to deal with the backlog of cancer patients. Management is in contact with the manager of the Woodford stake.

Arbuthnot Banking (ARBB) made a small pre-tax profit in the first half of 2020 after base rate reductions cost it £2.7m and provisions were increased. NAV was 1248p a share. Customer loans were 27% higher (at £1.62bn) than one year before. The private bank business fell into loss, while the Arbuthnot Latham and commercial bank profit contributions declined.

British Honey Company (BHC) has signed a joint venture with Cottisford Ltd, which is a 29% shareholder. The new JV is called Tusmore Collection and each partner will invest up to £1m (initially £100,000) in order to set up a distillery and bonded warehouse in the grounds of the Tusmore Park Estate in Oxfordshire. That will take 18 months. A new whiskey brand will be developed.

NQ Minerals (NQMI) has negotiated a new $41m bank facility with ING as part of the refinancing of previous debt. The facility will last for six years. This will reduce the interest costs of the Hellyer mine by $2.5m a year.

Hydro Hotel, Eastbourne (HYDP) reported a slump in interim turnover from £1.55m to £1.18m, while the loss more than doubled from £101,000 to £277,000 in the six months to April 2020. This included a period where the hotel was closed. There was £587,000 in the bank. The hotel reopened in early July.

AfriAg Global (AFRI) has yet to complete the acquisition of Apollon UK, which owns a stake in a Jamaican business that cultivates cannabis and has a licence to process it. There was £98,000 in cash at the end of 2019, as well as £1.17m of investments.

IamFire (FIRE) plans to take a 10% stake in Bio2pure, which owns technology to clean lakes and ponds. Richard Griffiths has acquired a 3.21% stake, while Mantis Hldings, Natural Technology Evolution and Max Capital have each taken a 3.57% shareholding. IamFire acquired 10 million shares (4.39%) in Sport Capital (SCG) in a placing that raised £324,000 at 0.3p a share.

Altona Energy (ANR) has launched a pre-funding campaign via NR Private Market (https://lounge.nrprivatemarket.com). The fundraising should happen in the next few weeks. Altona’s new focus is a rare earth metals project in Malawi. Altona believes that raising money in this way will make it easier for private investors to become involved.

Cadence Minerals (KDNC) says that its investee company European Metals Holdings (EMH) plans a Czech listing given the local interest in the Cinovec project. Cadence owns 16% of EMH.

Veni Vidi Vici (VVV) had £339,000 in the bank at the end of June 2020. As part of a joint venture agreement, the company is responsible for the initial spending of A$300,000 on the Shangri La gold copper silver project in Western Australia. Joint venture partner Goldfields will manage the venture and receive a fee of 10% of expenses.

First Sentinel (FSEN) has raised £200,000 by issuing 200,000 Green Finance preference shares.

PCG Entertainment has changed its name to Upper Thames Holdings (UPPT) and trading in the shares has resumed. The consolidation of 100 shares into one new share has been completed.

Coinsilium Group (COIN) is assessing its investment portfolio as part of its strategic review. It wants to sell the portfolio either by selling the subsidiary that owns the stakes or other transactions.

AIM                                                                      

Digital TV technology Mirada (MIRA) increased continuing revenues by 13% to $13m last year and it generated cash. In the year to March 2020, work was carried out on deployments that should yield growing licence and managed services revenues in the future. Capitalised development spending was $4.3m last year and this was partly financed by the cash generated from operations. Net debt was $5.1m. Lockdown has led to increased consumption and take up of services, but it could delay the finalisation of new contracts.

Background check services provider ClearStar (CLSU) says hiring activity levels in the US have soared following an easing of the lockdown. Even so, first half revenues were still lower despite a 74% rise in June, compared with the weak April level, which is back to the level in February. Interim revenues were $8.9m and net debt was $1.4m at the end of June 2020.

Adamas Finance Asia (ADAM) is raising £3.13m at 25p a share via a placing and open offer and each new share comes with a warrant exercisable at 40p a share. The cash will help to finance additional investments by the pan-Asian investment company. The company’s name will be changed to Jade Road Investments Ltd.

Renalytix AI (RENX) is raising $74.3m from an oversubscribed offer and trading has started on Nasdaq. The offer price was 537p a share and $13.50 per ADS. The cash will be spent on the commercialisation of KidneyIntelX.

TV and film subtitling and dubbing services provider Zoo Digital (ZOO) has weathered the short-term problems related to Covid-19 and started the new financial year strongly. Even though newer content creation has been delayed, older programming is being processed. Zoo should get near to breaking even in the year to March 2021.

Omega Diagnostics (ODX) is expected to move into profit this year, but it is difficult to assess sales of the Visitect CD4 (particularly when it gains WHO prequalification) and Covid-19 tests.

MAIN MARKET

Cadmium-free quantum dots developer Nanoco (NANO) has raised £3.4m at 17.5p a share. This will provide cash until the end of 2021. Nanoco has obtained third party funding for its litigation with Samsung. A successful claim could exceed the current market capitalisation of the company.

Interim revenues were 14% lower at LED lighting supplier Luceco (LUCE) although sales started to stabilise by the end of the period. Gross margins have improved, and overheads cut by 15%. Underlying operating profit increased from £7.2m to £9m.

BATM Advanced Communications (BVC) has launched three new diagnostic kits for Covid-19. Sales will commence by the beginning of the fourth quarter.

Andrew Hore

Cadence Minerals #KDNC – European Metals #EMH – Appointment of European Investor Relations Advisor, Proposed Czech Listing & Interim Funding.

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 that it has appointed DGWA, the German Institute for Asset and Equity Allocation and Valuation (“Deutsche Gesellschaft für Wertpapieranalyse GmbH”, “DGWA”), a mining and resource focused European investment banking boutique, as its Investor and Corporate Relations advisor in Europe.

With offices in Frankfurt, Berlin and Vienna as well as representatives in Australia and Canada, DGWA will focus on the growing interest within the German-speaking financial community in the considerable investments being committed to the country’s electric vehicle and energy storage systems industry.

DGWA will collaborate with EMH to help gain investor awareness and drive investment opportunities from the European financial markets and will provide investor relations services to help European Metals position itself in the German-speaking financial markets. DGWA will also introduce EMH to its extensive network within the European corporate and federal community to assist the Company in exploring offtake-agreements and potential grants and subsidies.

Proposed Czech Listing

Cadence is also pleased to note that EMH is in discussions with the Prague Stock Exchange regarding the proposed listing of the Company’s securities. Given the high profile that the Cinovec Project has within the Czech Republic, EMH wishes to provide the opportunity for Czechs to invest directly via their domestic exchange.

Interim Funding

Accordingly, EMH has arranged an interim funding facility to assist in financing these new initiatives and ongoing operations. The facility has been provided by an Australian based sophisticated investor, 6466 Investments Pty Ltd, and allows for a draw down of up to AUD 1 million in tranches as required over 12 months. Any funds drawn down will convert to CDI’s in the Company at a 15% discount to the 10-day vwap in the Company’s securities. The issue of shares pursuant to draw downs is not subject to shareholder approval.

Cadence Minerals Holding in EMH

Cadence holds approximately 16% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: https://www.londonstockexchange.com/news-article/tidm/headline/14613655

European Metals Managing Director Keith Coughlan said; “We are delighted to be partnering with DGWA to attract European and especially German-speaking investors and bring the European Metals opportunity to the European capital markets. Together with our strong industrial partner CEZ, we are moving closer to the development of Europe’s largest hard-rock lithium project. We believe that the battery and EV industries in the EU are set for significant growth, as European battery production is a strategic imperative for clean energy transition and the competitiveness of its automotive sector.

There have been significant financial and political commitments made recently within the EU to the development of a European Battery Industry and an Electric Vehicle future. The need to develop local supply chains in battery metals has been recognised and we believe that DGWA will assist us in conveying our message within the region.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Vox Markets Investor Presentation and Q&A

Cadence Minerals #KDNC CEO, Kiran Morzaria offers an overview and update of the Company’s investments and ongoing strategy.  Kiran then answers questions from the Vox Community where he discusses the Amapa Iron Ore Project, future milestones of European Metals Holding and the Company plans for the coming year.

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

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

Ends –

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

 

For further information:

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce

James Sinclair-Ford

Novum Securities Limited (Joint Broker)

+44 (0) 207 399 9400

Jon Belliss

CHAIRMAN’S STATEMENT

For the year ended 31 December 2019

___________________________________________________________________________________

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Andrew Suckling

Non Executive Chairman

25 June 2020

Link here for the full results and accounts statement

Cadence Minerals #KDNC – Alan Green interviews CEO Kiran Morzaria, plus shareholder Q&A

Alan Green talks to Cadence Minerals #KDNC CEO Kiran Morzaria. Kiran talks about the company’s investments into the Czech Cinovec Lithium project via European Metals #EMH, Macarthur Minerals iron ore projects in Australia, plus Lithium JV’s with Bacanora in Mexico and Hastings Tech Metals at Yangibana, Australia. Kiran then elaborates on the company’s flagship Amapa Iron ore project in Brazil, discusses the latest developments re shipping the ore stockpile, the fundraise for the scoping study plus the value inflection points going forward. Alan and Kiran then go through a shareholder Q&A, before Kiran finally provides key takeaway points for. investors, highlighting the valuations on each of the projects.

UK Investor Magazine – Cadence Minerals #KDNC – Transformation Cycle

AIM listed Cadence Minerals (AIM: KDNC) continues to make substantial progress with the former Anglo American Iron Ore mine, railway and port at Amapá in Brazil.

Since September 2018, the board has conducted an exhaustive, ongoing round of due diligence and legal processes to bring the mine out of administration, into a recommissioning programme and ultimately back to production.

Back in April 2020, Brazil’s Commercial Court of São Paulo ruled that DEV Mineração S.A., owner of the Amapá iron ore project and 99% owned by Cadence, could commence shipment of the iron ore stockpiles situated at the wholly-owned port in Santana, Amapá, Brazil.

Independent surveys of these iron ore stockpiles indicate that some 1.39 Mt of iron ore in three stockpiles are available for immediate export with an average Fe grade of 62.12%.

Despite the impact of the Covid-19 lockdown in Brazil, shipment is still expected
to commence on schedule late Q2, early Q3 2020. The net proceeds will go to pay labour and small creditors, invest in the recommissioning of the assets and essential maintenance.

Currently rehabilitation of the mine, railway and port is expected to be completed in 2022. A production ramp up will see 5.3 million tonnes of iron ore produced per annum within 3 years of completion of the rehabilitation. The local economy will also see significant benefits, with hundreds of new jobs and employment opportunities.
The financials make impressive reading too.

Net revenues after shipping from the former Anglo American mine is forecast to be approximately $265m per annum, with EBITDA of approx $136m per annum based on a conservative iron ore price of $61 per tonne. Currently the iron ore price squeeze sees the commodity trading at up to $100 per tonne.

“This is a huge step change for Cadence,” says Cadence CEO Kiran Morzaria.

“Our range of lithium and iron ore investments continue to add value, but once
settlement is finalized with our creditors, Cadence will own 27% of Amapá, with options to acquire up to 49%. Our EBITDA forecasts will deliver a material change to current valuation metrics for our company.”

While the focus is certainly on Amapá, the rest of the Cadence portfolio is nonetheless impressive. Cornerstone stakes in projects such as the Cinovec Lithium and Tin Project in the Czech republic and Macarthur Minerals’ Lake Giles Iron Project in Western Australia has provided Cadence with opportunities to invest into assets such as Amapá.

Cinovec, 50% owned by European Metals Holdings (AIM: EMH) 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 some 800% by 2030. Cadence also has a range of other lithium and rare metal investments, plus a joint venture at the Yangibana Rare Earths project in Australia with Hastings Technology Metals (ASX: HAS).

Cadence Chairman Andrew Suckling is also a non-executive director of Macarthur Minerals (TSX-V: MMS, ASX: MIO) and chairman of the Audit Committee. Macarthur stated recently it was ‘encouraged by the robust iron ore market’, and also buoyed by the recent share price performance of Cadence Minerals, one of its largest shareholders.

City institutions are also waking up to Amapá’s potential, with broker WH Ireland noting that the “healthy margin from sales of the easy to ship iron-ore stockpile could be used to pay senior bank creditors, complete a feasibility study into the reopening of the mine and pay for some of the new infrastructure required.”

AIM listed Cadence currently trades on an asset backed market cap of just £7m, although with the current transformation cycle the company is undergoing, that
could be unlikely to last.

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