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RNS Number : 4503A
Cadence Minerals PLC
22 January 2024
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Evergreen Lithium (ASX: EG1) - Aboriginal
Areas Protection Authority (AAPA) Certificate Granted
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1)
has announced the receipt of its Aboriginal Areas Protection
Authority Certificate for the Bynoe Project in the Northern
Territory, where the Company has identified multiple large and
significant lithium pegmatite targets for drill testing.
Highlights:
-- EverGreen's Aboriginal Areas Protection Authority (AAPA) Certificate granted.
-- A revised Mine Management Plan (MMP) for Bynoe is being finalised for approval.
-- Contractors for maiden drill program at Bynoe have been secured.
-- Geochemical and geophysical activities during the 2023 field
season have identified multiple high priority drill targets.
-- Drill testing of these targets will commence on MMP approval,
subject to weather conditions.
-- Drilling of high priority targets identified.
-- 2,050 soil sample assays are at the laboratory awaiting assay.
Aboriginal Areas Protection Authority Certificate
Under the Northern Territory Aboriginal Sacred Sites Act, the
Aboriginal Areas Protection Authority is responsible for overseeing
the protection of Aboriginal sacred sites on land and sea across
the whole of Australia's Northern Territory.
The Authority consults with Aboriginal custodians to ensure they
are fully informed about development; and to ensure land users and
developers are given clear conditions regarding proposed work in
the vicinity of sacred sites.
Through the work of the Authority, developers can have
confidence to proceed with investment.
The authority certificate covers aspects of exploration
including but not limited to:
-- Exploration drilling (RC, Diamond, Air Core & Rotary techniques)
-- Track related works (new tracks, update of existing tracks and maintenance)
-- Construction of drill pads and sumps
Cadence holds 15,830,138 million shares, equivalent to 8.74% of
the issued share capital of Evergreen and is its largest
shareholder. Evergreen was listed on the Australian Stock Exchange
on 11 April 2023.
Link here to view the full Evergreen ASX announcement
Evergreen Chairman Simon Lill commented: "Receipt of AAPA is a
significant milestone in progressing the Bynoe project and ensuring
the protection and preservation of Aboriginal sacred sites. With so
many compelling drill targets and a drill rig on standby, we look
forward to a very active and successful 2024 exploration
season."
Background to Cadence's investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in
Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium
Technologies and Lithium Supplies ("LT and LS") to Evergreen as
announced on 27 June 2022. A further AS$ 3.47 million (GBP1.86
million) of shares in Evergreen are due to Cadence on the
achievement of certain performance milestones by Evergreen. The
pricing of Evergreen shares associated with this consideration is
based on a defined pricing mechanism linked to the VWAP and the
date at which the performance milestones are achieved. Further
details of these milestones can be found in the Evergreen
prospectus available here . Cadence's shares are subject to a
2-year escrow agreement as determined by the listing rules of the
ASX .
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
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
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END
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January 22, 2024 03:56 ET (08:56 GMT)
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