TIDMKDNC
RNS Number : 5486C
Cadence Minerals PLC
13 June 2023
13/06/2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Hastings Technology Metals
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement by Hastings Technology Metals (ASX: HAS)
("Hastings") and Neo Performance Materials Inc (TSX: NEO) ("Neo")
regarding the signing of a non-binding Heads of Agreement for rare
earth concentrate offtake from the Yangibana Rare Earths Project
("Yangibana") and further downstream collaboration.
The agreement signals the intention of Hastings and Neo to take
an important step forward in a potential strategic partnership
between the two companies to strengthen their shared vision for an
integrated mine-to-magnet rare earth supply chain. The Agreement
outlines the framework for both parties to negotiate a binding
offtake agreement and pursue further downstream technical and
commercial collaboration.
Highlights:
-- Hastings and Neo sign a non-binding Heads of Agreement,
outlining the framework for the parties to negotiate a binding
commercial offtake agreement for the supply of rare earth
concentrate from Stage 1 of the Yangibana Rare Earths Project.
-- In Yangibana Stage 1, Hastings would supply up to 25,000
tonnes per annum of concentrate from Q1 CY2025 for Neo's downstream
processing facilities across Europe and Asia, to be followed by up
to 10,000 tonnes per annum of Mixed Rare Earth Carbonate upon
completion of Stage 2
-- The offtake arrangement for concentrate from Yangibana would
provide an additional source of feedstock for NPM Silmet OÜ
("Silmet"), Neo's rare earth separation facility in Sillamäe,
Estonia
-- Silmet plans to produce separated rare earth oxides for Neo's
sintered rare earth permanent magnet manufacturing plant under
development in nearby Narva, Estonia, which is expected to supply
the European electric vehicle and renewable energy markets
-- The contemplated offtake arrangement could cover up to 70% of
Stage 1 and 2 Yangibana production for an initial period of 10
years
-- The Agreement also provides for cooperation in the areas of
evaluating joint downstream processing opportunities, technical,
and commercial collaboration
Link here to view the full Hastings announcement
Hastings Executive Chairman Charles Lew commented: "The signing
of this Heads of Agreement builds on Hastings' strategic investment
in Neo Performance Materials, representing a significant step
forward in our vision to advance synergies between both companies
with a view to creating a fully integrated mine-to-magnet supply
chain. We share this vision with our partner Wyloo Metals, who has
been very supportive in our mine-to-magnet strategy as we see a
unique opportunity to be a major player in building a European
centric magnet supply chain during this decade. This agreement with
Neo represents the first step in a strategic partnership that will
establish Hastings as a reliable supplier of rare earth feedstock
to the European permanent magnets industry, and further strengthens
the staged development strategy for the Yangibana Project, with a
pathway to early project cashflows from Stage 1 concentrate
sale."
Neo Performance Materials CEO, Constantine Karayannopoulos,
said: "This initiative supports Neo's strategic efforts to continue
to globally diversify our sources of rare earth feedstock and to
provide our customers with maximum supply chain optionality. The
Yangibana resource is an attractive potential source of magnetic
rare earths--NdPr in particular--and it could contribute to meeting
the feedstock targets of our planned Estonia magnet manufacturing
facility as well as a potential future Page 2 of 4 expansion in
North America. Neo looks forward to working toward a definitive
agreement with Hastings on the material from the Yangibana
project."
Cadence CEO Kiran Morzaria, commented: "To echo the words of
Hastings Chairman Charles Lew, today's agreement marks another step
along the road for the Yangibana mine-to-magnet chain. Cadence
remain enthusiastic shareholders and supporters of Hastings
Technology Metals and the Yangibana Rare Earths project, and we
look forward to further updates."
Cadence shareholding in Hastings
On 25 January 2023, Cadence completed the sale of its 30% stake
in several mineral concessions forming part of the Yangibana Rare
Earths project for a consideration of 2.45 million Hastings shares,
equating to approximately 1.9% Hastings issued share capital. This
consideration was a premium over the Net Present Value ("NPV") of
the Cadence portion of the mineable material, based on the
definitive feasibility ("DFS") updated by Hastings on 21 February
2022.
The full announcement concerning the Yangibana sale is available
here .
For further information
contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
Enzo Aliaj
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
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"could", "should", "envisage", "estimate", "intend", "may", "plan",
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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
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the Directors. Many factors could cause actual results to differ
materially from the results discussed in the forward-looking
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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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END
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