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Cadence Minerals #KDNC – Interim Results

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

Highlights

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

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

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

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

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

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

Private Investments (Active) 

The Amapa Iron Ore Project, Brazil

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Private Investments (Passive)

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

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

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

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

Public Equity

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

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

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

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

European Metals Holdings Limited (‘European Metals’)

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

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

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

Trading Portfolio Public Equity (Passive)

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

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

Financial Results

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

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

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

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

For further information:

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

CADENCE MINERALS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2021

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

CADENCE MINERALS PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2021

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

CADENCE MINERALS PLC

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

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

 

CADENCE MINERALS PLC

CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 30 JUNE 2021

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

 

NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 JUNE 2021

1 BASIS OF PREPARATION

The interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention.  The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended 31 December 2020 have been delivered to the Registrar of Companies. The auditor’s report on those financial statements was unqualified.

The principal accounting policies of the Group are consistent with those detailed in the 31 December 2020 financial statements, which are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (adopted IFRSs).

PRIOR PERIOD RESTATEMENT

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

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

GOING CONCERN

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

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

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

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

2 SEGMENTAL REPORTING

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

3 PROFIT PER SHARE

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

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

4 SHARE CAPITAL

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

 

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Update – Feasibility Study key consultant site visit to Esperance Port completed.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that progress towards completion of the Feasibility Study for Macarthur’s high grade magnetite Lake Giles Iron Project is continuing to build pace with a further site visit undertaken this week by its key consultants Stantec, at the Port of Esperance, to inspect the site and facilities.

Highlights:

This week, the Company’s lead consultants (Stantec) visited the Port of Esperance to undertake a formal site visit. Stantec are advising the Company on the design of the non-process infrastructure requirements for the Company’s planned high grade magnetite project in Western Australia, including the design and construction requirements for new rail unloading infrastructure and associated supporting infrastructure such as a planned 300kt storage shed.

The site visit at the Port of Esperance in Western Australia (located approximately 500 km south of the Company’s high grade magnetite project at Lake Giles), was conducted under guidance by representatives of Southern Ports Authority. Macarthur management team representatives accompanied Stantec on the visit, which took in all relevant aspects of Esperance Port that will be necessary to support the engineering design works for on-port infrastructure that will also inform capital and operating cost outputs for the Feasibility Study.

The visit by the Stantec team to the Port of Esperance follows on from a detailed site visit that was completed by the Stantec team at Lake Giles last week (see 19 August 2021 announcement here). The previously announced geotechnical diamond core drill programme at Moonshine and Moonshine North is continuing to progress (see the 12 August 2021 announcement here).

Full Macarthur announcement here: https://finance.yahoo.com/news/lake-giles-feasibility-study-feasibility-120000191.html

Andrew Bruton, CEO of Macarthur Minerals commented: “This week’s visit to the Port of Esperance is an important milestone in the development of the Feasibility Study for Macarthur. We are grateful to the Southern Ports Authority for facilitating the site visit and for extending their cooperation and assistance to the Macarthur and Stantec study teams. The site visit to the Port of Esperance will help inform engineering design works for potential new on-port infrastructure and will also help underpin realistic capital and operating cost assumptions and outputs for the Feasibility Study. We are pleased to be working with Stantec and the Southern Ports Authority. This week’s positive and collaborative activity between our study team and our future partner at the Port brings us another week closer to the completion of the Feasibility Study.”

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Update: Feasibility Study closing in on delivery with key consultant site visit completed

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that progress towards completion of the Feasibility Study for Macarthur’s high grade magnetite Lake Giles Iron Project is continuing to build pace.

Highlights

  • Site visit conducted by Stantec engineers and consultants at Moonshine and Moonshine North.
  • Geotechnical drilling programme of works to support mine planning work continues at site.
  • Future site visit for Port of Esperance planned shortly.
  • Feasibility Study remains on track for delivery.

Last week, the Company’s lead consultants (Stantec) visited Moonshine and Moonshine North to undertake a formal site visit. Stantec are advising the Company on the design of the process flow sheet for the magnetite process plant, as well as on the non-process infrastructure requirements for the Company’s planned high grade magnetite project in Western Australia.

The detailed visit to the project site, located approximately 115km west of Menzies in Western Australia, was conducted under guidance by Company representatives and took in all relevant aspect of the Lake Giles Iron Project that will be covered by the Feasibility Study at the proposed mine site, as well as other areas required for the development of key non-process infrastructure (including transport logistics infrastructure such as the proposed haul road and rail siding).

The previously announced geotechnical diamond core drill programme at Moonshine and Moonshine North is continuing to progress (see the 12 August 2021 announcement here), and the Company and its study consultants will shortly be undertaking a separate site visit to the Port of Esperance to support the engineering design works for on-port infrastructure that will also inform capital and operating cost outputs for the Feasibility Study.

Andrew Bruton, CEO of Macarthur Minerals commented: “Last week’s site visit is another important milestone in the development of the Feasibility Study for Macarthur. The foundational work required to underpin the delivery of the study will position Macarthur to advance with the execution phase of the project. However, engineering and design works must be married with reality, and in order to deliver truly successful outcomes for future mining operations, the teams responsible for assisting with delivery must experience and understand the landscape and environment within which the project will be developed. Properly examining and experiencing the terrain and conditions will help underpin realistic capital and operating cost assumptions and outputs for the Feasibility Study. We are very encouraged by all the work completed to date. The Study continues to progress within budget and on schedule, and we look forward to updating the market with the final results shortly. Walk with us and discover something big.” 

Link here for the full announcement: https://finance.yahoo.com/news/lake-giles-feasibility-study-feasibility-120000427.html

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Update – Geotechnical Drill Programme advancing

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that a geotechnical diamond core drilling programme is presently underway at Lake Giles to support the current Feasibility Study for Macarthur’s high grade magnetite Lake Giles Iron Project, located approximately 115km west of Menzies in Western Australia.

The drilling programme (announced on 6 July 2021 – see announcement here) includes a series of drill holes of between 175 to 220m in depth for a total of 1,560 metres for the purposes of supporting the mine planning work which is necessary for the delivery of the Feasibility Study. The drilling will focus on areas necessary to define the foot wall and the hanging wall parameters of the Moonshine and Moonshine North magnetite pit shells being designed by Orelogy Mine Consulting and Pells Sullivan Meynink.

The Company has engaged iDrilling and Drillwest to undertake the drilling works at locations across Moonshine and Moonshine North. Drill rigs have been mobilised to site and have commenced drilling. The drill programme is expected to take approximately 8 weeks to complete.

Andrew Bruton, CEO of Macarthur Minerals commented: “The geotechnical drilling work is an important component of the current Feasibility Study for Macarthur’s high grade magnetite Lake Giles Iron Project. The Feasibility Study remains on track and this programme of works is another example of the consistent work that is being undertaken by the Company to deliver improved value outcomes for shareholders. We are pleased to be working with iDrilling and Drillwest and look forward to the completion of an efficient and successful programme of works over the coming weeks. Walk with us and discover something big.” 

Link here for the full announcement: https://finance.yahoo.com/news/lake-giles-feasibility-study-geotechnical-120000527.html

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Strengthens DSO Export Position in the Yilgarn Region With Additional Rail Haulage Deal.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it has agreed terms with Aurizon (“Aurizon”), for the transport of direct shipment ore (DSO) at a rate of up to 500,000 tonnes per annum between West Kalgoorlie and Kwinana.

Macarthur’s combined rail position now extends the Company’s potential access to rail haulage capacity in Western Australia to almost 1 million tonnes over the next 12 months, and up to 2.1 million tonnes in aggregate over 4 years, subject to securing matching port access.

Increasing Macarthur’s aggregated rail access is critical to accelerating the Company’s early revenue objectives. The maximising of rail capacity is subject to successfully securing matching capacity at Fremantle and Esperance ports.

The Company’s continued incremental approach to building rail access is both deliberate and strategic as it seeks to maximise opportunities for the export of iron ore products at the earliest available opportunity.

Key Agreement Terms

The rail haulage agreement with Aurizon requires the transport of a minimum of 450,000 tonnes over a term of 12 months and is subject to satisfaction of certain conditions precedent (which include Macarthur securing matching port access on commercially acceptable terms, and Aurizon achieving a number of regulatory approvals).

Enhancing the Pathway for Export

The agreement with Aurizon increases Macarthur’s potential contracted rail capacity in Western Australia to just under 1 million tonnes over the next 12 months (and up to 2.1 million tonnes in aggregate over the next 4 years).

Aurizon’s Bulk business is the largest transporter of Iron Ore outside the Pilbara. Rail Capacity is an important link in an emerging transport solution that will enable Macarthur to take advantage of the strong iron ore pricing conditions and target early revenue generation in the current commodity cycle. Macarthur’s early revenue generation targets include the export of GWR’s DSO products whilst the Company completes its planning mining, production and export of a DSO product from Ularring at the earliest available opportunity.

DSO and Magnetite Project Financing to be Accelerated

With Macarthur’s various production strategies now gaining material traction, the Company is determined to accelerate its project financing.

Anticipated cash inflows from Warrants

During the course of September and December this year, a material number of in-the-money warrants are anticipated to be exercised. Those warrant holders electing to exercise will be delivered an opportunity to consolidate their position, and this will in turn, provide the Company with funds to support the pursuit of revenue generating activities.

DSO Funding

In response to material milestones being achieved on project and logistics planning, Macarthur now intends to accelerate arrangements for project financing to support DSO mining operations at Ularring. Management has already advanced its pre-planning over the course of the last several months, and a funding process (at a yet to be determined future price) to support the debt/equity capital requirements for the DSO mining operations is being progressed.

The Company is intending to open formal negotiations for mandates for the purpose of settling the engagements and structuring for the raise of required debt/equity funding to support future DSO mining operations.

Magnetite Funding

Finally, the Company intends to open negotiations for a mandate (or mandates) to secure an early, conditional equity and debt funding deal that will enable Macarthur to progress towards first magnetite production following delivery of the current Feasibility Study. Part of this funding would be allocated to necessary pre-production activities to streamline the delivery of the magnetite project. Opportunities for an early combined funding solution that can support both the planned DSO mining operations and financing of magnetite mining operations through to first production are being actively pursued.

The acceleration of Macarthur’s financing strategy is now firmly in motion as it strengthens its resolve to transition into production as quickly as possible.

Andrew Bruton, CEO of Macarthur Minerals commented: “This agreement has the potential to increase Macarthur’s overall access to rail haulage capacity and enhances the foundations for the Company’s ambitions to commence iron ore exports as soon as possible. It is another pleasing step towards realising our objective to transition to revenue generating activities and Macarthur is delighted to be partnering with Aurizon. With continued diligence, resolve and respectful engagement with key stakeholders, we remain very optimistic that it is now not a matter of if, but when, the Company will finally conclude the balance of the necessary arrangements that will enable it to commence moving and exporting iron ore products. This is only the beginning of the next phase of Macarthur’s journey – walk with us and discover something big.”

Link here for the full announcement: https://finance.yahoo.com/news/macarthur-strengthens-dso-export-position-120000481.html

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) says Perth based CPS Capital Group to manage ASX listing of Gold and Copper Assets.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that CPS Corporate Advisors (“CPS”) has been appointed as the lead Broker for the proposed spin out of the Company’s Pilbara gold, copper and lithium tenements (“Pilbara Assets”).

The Company’s wholly owned subsidiary Macarthur Lithium Pty Ltd, which holds the Company’s Pilbara Assets will be renamed Infinity Mining Limited (“Infinity”) and converted to a public company (subject to finalisation of ASIC approvals). Under the agreement with CPS, Infinity proposes to undertake an initial public offering (IPO) and make application for listing on the Australian Securities Exchange (ASX) in the coming months. Under an agreement with Zanil Pty Ltd, Infinity retains the rights to acquire additional assets in the Central Goldfields upon completing the listing process.

Infinity Exploration Program

Infinity intends to commence a programme of work that is focused on fast tracking drill targets to support an early 2022 drilling campaign across multiple gold and copper targets defined by Macarthur’s previous exploration at the Hillside Gold and Copper Project near Marble Bar in the Pilbara region.

Infinity has completed its due diligence on 10 historic gold and copper tenements in the Leonora area of the Central Goldfields region of Western Australia, which Zanil Pty Ltd (“Zanil”) is authorised to deal with on behalf of the tenement holders (“Central Goldfields Assets”). An independent technical report on the Pilbara Assets and the Central Goldfields Assets has been compiled to support a transaction, and Infinity and Zanil are finalising the terms of a sale and purchase agreement for the Central Goldfield Assets. The Central Goldfields Assets will be vended into Infinity following the listing on ASX.

The Company will provide further details with respect to the spin out transaction and IPO listing in a subsequent news release.

Joe Phillips, Managing Director of Macarthur Minerals commented: “The appointment of CPS Capital Group will trigger a Seed funding round during August 2021, to support the IPO listing and advance the exploration programs for the Hillside Project and three key areas around Leonora that host historic drilling results. This 2021 program is designed to build the platform for an early 2022 Pilbara exploration campaign. The Company will provide further details with respect to the seed funding round and progress on the spin-out transaction and IPO listing in a subsequent news release.”

Jason Peterson Managing Director / Head of Corporate, CPS Capital Group commented:CPS is excited to be working again with the Board of Macarthur to achieve the spin-out listing, of the non- Iron Ore assets of Macarthur, into the new entity to be IPO’ed, Infinity Mining Limited. CPS has had a very good working relationship with Macarthur as a supporter of Macarthur and introducing Macarthur to investors via our client base. We look forward to achieving the same goals with Infinity with this highly professional team. 

Link here for the full announcement: https://finance.yahoo.com/news/perth-based-cps-capital-group-120000190.html

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Study Advancing under Steady Hand of Global Consultancy Stantec.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has provided an update on the progress of the current Feasibility Study for the Company’s flagship Lake Giles Iron Project.

The Company’s lead consultant, Engenium now Stantec (Stantec), are advancing metallurgical process test work, process flow sheet development and key non-process infrastructure engineering design work for the Feasibility Study that is presently being undertaken on the Company’s flagship high grade magnetite Lake Giles Iron Project in Western Australia.

Stantec’s highly experienced metallurgical process consultant Mr Neville Dowson leads the metallurgical test work and development of the process flow sheet and engineering works for a metallurgical process plant design that will target delivery of a high grade +65% Fe magnetite concentrate. Under Stantec’s guidance, metallurgical sample testing is underway in Perth utilising the expertise of Bureau Veritas (a world leader in inspection, resting and certification). The results of this test work will provide Stantec with the crucial outputs to complete the metallurgical process flow sheet engineering design work.

Stantec is a highly regarded global consultancy with extensive experience in the mining sector. Stantec’s presence in Australia and Canada provides the perfect platform to deliver Macarthur’s Feasibility Study to required standards for the Australian and Canadian markets. The Stantec team have considerable experience in the design of magnetite processing plants. Dr Richard Peck, Macarthur’s magnetite processing subject matter expert is providing oversight on Stantec’s process design, metallurgical test work programme and preparation of the process design criteria, flow diagram and mass balance.

Jose Granado, Stantec Country Leader for Australia commented:We are proud to leverage our global expertise and passion for applying sustainable best practice to help advance the Lake Giles Iron Project. By continuing our partnership with Macarthur Minerals, we are ready to deliver a feasibility study that paves the way forward for this important project.”

Macarthur Minerals CEO Andrew Bruton commented: “Following the onset of the Global Covid-19 pandemic early last year and throughout the balance of 2020, the Company has been steadily progressing the foundational work required to underpin the delivery of the study. Much of that work has focused on necessary background work to advance route to market concepts and delivery mechanisms. Although much of that work has not been visible to the market, it is essential. 

The Feasibility Study is on track for delivery this year, and with the combined technical capabilities and experience of Stantec’s team lead by Neville Dowson and Macarthur’s highly experienced metallurgical consultant Dr Richard Peck and mining engineer Bernard Holtshousen, the Company has high expectations, and an equally high level of confidence, that the Feasibility Study will meet the expectations of the market.

Stantec’s involvement in key areas will help bring the Feasibility Study in on time and within budget. We look forward to continuing to work with them through these final phases of delivery.”

Link here for the full announcement: https://finance.yahoo.com/news/lake-giles-feasibility-study-lake-120000253.html

Cadence Minerals Holding in Macarthur 

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

 

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) a Step Closer to DSO Export Pathway With Pacific National Rail Deal

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it has entered into a term sheet with rail haulage service provider Pacific National, regarding the transport by rail of up to 400,000 tonnes per annum of iron ore between Kalgoorlie and Esperance. The deal will support a potential direct shipment ore (DSO) export pathway.

The Company’s plans to pursue commencement of mining, production and export of a DSO product at Ularring Lake Giles Iron Project at the earliest available opportunity are being advanced. With suitable rolling stock anticipated to be available from Q1 2022, the Company aims to complete the balance of its transport solution as quickly as possible.

Highlights

The Term Sheet with Pacific National provides for an exclusive negotiation period within which the parties will negotiate a rail haulage agreement, subject to the satisfaction of certain conditions precedent (which include Macarthur securing matching port access and materials handling arrangements on commercially acceptable terms) and agreement of the terms and conditions by both parties. Any such rail haulage agreement will be for an initial term of 24 months with options to extend for up to a further 2 years.

The potential deal will deliver an innovative solution for access to above and below rail haulage capacity for Macarthur by enabling the Company to leverage off existing rail paths along the Kalgoorlie to Esperance rail line. This places Macarthur in a unique position to access rail transport in the current market.

Paul Scurrah, Chief Executive Officer and Managing Director of Pacific National commented: “We are delighted to be progressing discussions with Macarthur Minerals to commence direct shipment of ore from their Lake Giles project for export out of Esperance. 

The proposed service will utilise available capacity on our existing services operating between Esperance and Kalgoorlie and presents an opportunity to support a greenfield mining operation and create capacity on the network without requiring additional paths. We look forward to supporting Macarthur Minerals in this initial phase of the Lake Giles project and building a sustaining partnership for the future.”

Andrew Bruton, CEO of Macarthur Minerals commented: “At the top of the current strong iron ore market, securing new export pathways for bulk iron ore products in Western Australia remains challenging. Despite these challenges, Macarthur has worked hard to achieve an innovative transport solution in collaboration with the team at Pacific National – placing us in a unique position to access the rail network to Esperance.

The Company intends to continue to target commencement of commercial DSO mining operations at Ularring, and this deal with Pacific National will help lay the foundation for Macarthur’s ambitions to commence iron ore exports at the earliest available opportunity. 

Macarthur is very pleased to be partnering with Pacific National. We look forward to updating the market on further developments shortly.”

Link here to view the announcement: https://finance.yahoo.com/news/macarthur-step-closer-dso-export-120000259.html

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Study Update. Macarthur to commence geotechnical drill programme at Moonshine to support mine planning for flagship magnetite project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it is about to commence a geotechnical drilling campaign to support mine planning work being undertaken as part of the current Feasibility Study for its flagship Lake Giles Iron Project in the Yilgarn region of Western Australia.

The drill programme is planned to commence during July and will involve the drilling of 8 diamond core holes for a total depth of 1560m, with varying depths of between 175 to 230m each.

The drill programme will be undertaken as efficiently as possible and is expected to take between 6 to 8 weeks to complete.

An image accompanying this announcement showing the planned geotechnical holes at the Lake Giles Iron Project preliminary layout is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c0def0e3-a8f6-47ed-bb00-eb689b97cc27

Macarthur Minerals CEO Andrew Bruton commented: “This important phase of drilling work will provide information targeting the footwall and the hanging wall of the main pits for the first phase of magnetite mining operations at Moonshine and will be used to support mine planning work being undertaken by Orelogy Mine Consulting and Pells Sullivan Meynink (“PSM”) as part of Macarthur’s current Feasibility Study for our flagship, high grade magnetite Lake Giles Iron Project.

The scheduling of the drill programme aligns with the Company’s expectations for delivery of the Feasibility Study. The mobilisation of the drill crew and equipment on site will commence shortly and we look forward to keeping investors updated on the progress of this work over the course of the next few months.”

Link here to view the full announcement and drill hole detail:

https://finance.yahoo.com/news/lake-giles-feasibility-study-macarthur-120000554.html

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) makes application for additional tenure adjacent to flagship Lake Giles Iron Project to support planned DSO operation

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has advised that it has made an application for a Miscellaneous Licence covering an area of 74 hectares adjacent to its flagship Lake Giles Iron Project in the Yilgarn region of Western Australia.

The tenure, which is adjacent to the Snark deposit of the Ularring Hematite Project, will support Macarthur’s non-process infrastructure for its planned direct-shipping iron ore (“DSO”) campaign, initially targeting mining of the Snark and Drabble Downs deposits at Lake Giles.

A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/55cc022b-92db-4bf9-898f-1862e15aad8d

Macarthur recently executed an Access Agreement to support the Application over this ground with its long-term associate, local prospector Mel Dalla-Costa. Macarthur intends to advance the Application as quickly as possible to allow the Company to target commencement of DSO production at the earliest available opportunity. The tenure will accommodate the mining operations centre that includes support infrastructure such as vehicle workshops, water storage, site offices, fuel supply and product stockpiling and loadout facilities.

Macarthur Minerals CEO Andrew Bruton commented: “Macarthur continues to advance mine and transport planning for a DSO mining operation at Ularring. This tenure application is another important step towards that objective. 

The earliest commencement of revenue generating activities remains one of the Company’s key priorities. With a clear view of the transport logistics challenges that are always evident in a heated commodity market, Management has been taking time over the last several months to ensure that this objective can be optimised in its delivery, to enable the Company to take advantage of current iron ore prices.

The market has been patiently awaiting further details on our progress, and as we continue to advance arrangements for the mining of DSO at Ularring, we expect to provide further updates on this and other planned product export activities shortly.” 

Link here for the full Macarthur announcement: https://finance.yahoo.com/news/lake-giles-ularring-dso-macarthur-120000697.html?guccounter=1

Cadence Minerals Holding in Macarthur

Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States.

– 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 Cadence Minerals Plc’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

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