Cadence Minerals PLC Corporate Update -- European Metals Holdings (7748X)
22 Diciembre 2023 - 2:15AM
UK Regulatory
TIDMKDNC
RNS Number : 7748X
Cadence Minerals PLC
22 December 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - European Metals Holdings #EMH Cinovec DFS to
be Completed in Q1 2024
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement by European Metals Holdings Limited (ASX &
AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that the delivery of the
Definitive Feasibility Study ("DFS") for the Cinovec Lithium
Project in the Czech Republic ("Cinovec" or the "Project") is now
scheduled for Q1 2024. Following detailed analysis, approval has
been granted to a formal request from Geomet and the Project study
team of DRA Global (Lithium Processing DFS) and Bara Consulting
(Mining DFS) for a timetable extension to complete capital and
operating cost estimation and project implementation
scheduling.
The finalisation of the capital and operating cost estimate is
reliant on the timely submission of proposals by numerous external
suppliers and contractors. The process of obtaining sufficient and
diverse proposals is nearing completion. However, the Project study
team has advised that receipt and detailed evaluation of such
proposals is going to take longer than originally scheduled.
The process flowsheet remains as announced on 31 October 2022
and confirmed in pilot testing results announced on 9 November
2023. However, further development of specific areas relating to
engineering, commercial and strategic elements across mining,
processing, procurement and logistics are expected to have a
considerable impact on both capital and operating cost estimates
and Geomet's social licence to operate.
Both Geomet and the Company recognise the importance of ensuring
accurate and comprehensive engineering and cost data for the DFS,
as it forms the foundation of the study's findings and
recommendations. In this regard, the Company believes it is prudent
to allow the necessary time to complete the study to the highest
standard to ensure the delivery of a robust, accurate DFS that
conveys the full economic and resource potential of the Project.
The Company does not expect that the extension of the study period
will impact the overall project timeline, with the permitting
process already well underway.
The ongoing process of offtake and strategic partnering
continues to reflect strategic interest in the Project as one of
the very few advanced stage, large-scale lithium projects in the
European Union.
The Project is underpinned by its Mineral Resource, which hosts
nearly 7.4 million tonnes of contained lithium carbonate equivalent
("LCE") as announced on 13 October 2021 "Resource Upgrade at
Cinovec Lithium Project to 708MT including 53.3MT of New Measured
Resource".
The Company will continue to provide regular updates on any
significant developments during the completion of the DFS. The
Company and Project remain well-funded and the Board remains
confident of the Project's capacity to create sustainable value for
our shareholders.
Link here to view the full EMH announcement
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral exploration licenses awarded
by the Czech State over the Cinovec Lithium/Tin Project. Geomet has
been granted a preliminary mining permit by the Ministry of
Environment and the Ministry of Industry. The company is owned 49%
by EMH and 51% by CEZ a.s. through its wholly owned subsidiary,
SDAS. Cinovec hosts a globally significant hard rock lithium
deposit with a total Measured Mineral Resource of 53.3Mt at 0.48%
Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44%
Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at
0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes
Lithium Carbonate Equivalent and 335.1kt of tin.
Cadence Minerals holds approximately 5.3% percent of the equity
in European Metals Holdings.
For further information contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 20 7220 1666
James Joyce
Darshan Patel
Isaac Hooper
Fortified Securities - Joint
Broker +44 (0) 20 3411 7773
Guy Wheatley
Brand Communications +44 (0) 7976 431608
Public & Investor Relations
Alan Green
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.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed 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 re ect 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.
The information contained within this announcement is deemed by
the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
of U.K. domestic law under the European Union (Withdrawal) Act
2018, as amended. Upon the publication of this announcement via a
regulatory information service, this information is considered to
be in the public domain.
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