Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to update shareholders on the progress of its principal investments.
Highlights
Completion of Amapa Ore Reserve Estimate supports planned 15-year mine life
Cadence increases Amapa stake to 30% through conversion of loans, capitalisation of management, consultancy, admin and cash investment. No additional capital raising required.
Following the sale of stakes in
Following the sale in working interests in the Yangibana Rare Earths project ('Yangibana') tenements to
Cadence CEO,
I look forward to reporting further progress across all our projects in the coming months.'
Cadence announced in early October the completion of an upgraded and increased Mineral Resource Estimate ('MRE'). The Measured and Indicated portion of this MRE has been used to calculate the Ore Reserve Estimate ('ORE'). The ORE represents the economically mineable part of a Measured and Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by our Pre-Feasibility Study ('PFS').
We are happy to report that the ORE has been completed, and the results support the planned 15-year mine life. The JORC 2012 compliant statement and supporting disclosures will form part of the PFS publication, which is still scheduled for publication this quarter.
Given the excellent progress at Amapa and the economics of the asset, Cadence intends to increase its stake from 27% to 30% while still retaining its previously announced first right of refusal to acquire 49% of the asset.
Cadence will earn this additional three per cent via the conversion of loans that the Company has made to the Project, the capitalisation of management, consultancy and other admin cost and further cash investment in the Project. The total value of these three items is approximately
Once complete, Cadence will have acquired 30% of Amapa for approximately
EMH has announced significant developments in the processing flowsheet for the Cinovec vertically integrated battery metals project ('Cinovec') in the
Highlights
The simplified Lithium Chemical Plant ('LCP') extraction process has delivered exceptionally clean battery-grade lithium carbonate
LCP has the capability to deliver very high-purity lithium hydroxide, lithium carbonate, lithium sulphate or lithium phosphate
The simplified process is expected to reduce both Capex and Opex in the LCP by 10-20%.
LCP recoveries of 88-93% lithium proven in locked-cycle testwork, an outright recovery improvement of 3-6% over locked-cycle testwork for earlier, more complex flowsheet
LCP pilot programme to commence in 4Q CY22 with marketing samples available to offtake partners in 1Q CY23; pregnant leach solution containing 48kg of lithium carbonate equivalent is ready to be processed
Link here for the full EMH announcement: https://www.investi.com.au/api/announcements/emh/a4072882-271.pdf
Other Investments
In
The full announcement concerning the LT & LS sale is available here.
In
Contact:
Tel: +44 (0) 207 220 1666
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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 reect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
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