TIDMKDNC
RNS Number : 3492U
Cadence Minerals PLC
22 November 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") regarding the project financing process for the
Yangibana Rare Earths Project ("Yangibana Project") . Hastings has
agreed an at-the-market equity financing facility for up to $50
million with Alpha Investment Partners ("AIP").
Highlights:
-- At-the-Market equity financing facility for up to $50 million
established with AIP to provide working capital funding flexibility
as project financing process is advanced
-- Project financing process for Yangibana Project advancing
through first stage financiers' investment and credit committee
approvals
-- Multiple non-binding financing proposals received from global
mining funds and debt capital market investors to fund the
Yangibana Project debt size in the order of the target gearing
ratio of 60%
-- Discussions ongoing with Federal Government, following recent
announcement of $2 billion expansion in critical minerals
financing
-- Strategic partner and joint venture indicative proposals received from global mining funds
-- Certification of Green Financing Framework to enable issue of
green finance instruments, accredited
by Second Party Opinion ("SPO") provider, Det Norske Veritas
("DNV") Business Assurance Australia
-- Next steps include shortlisting preferred
financier(s)/syndicated lender group to conduct final due
diligence, long form term sheet, intercreditor terms (if required)
and site visits.
During the September quarter, Hastings completed early
infrastructure works at the Yangibana Project, including the
Kurrbili Accommodation Village, Yangibana Airstrip, access roads,
production borefields, water pipelines and clearing and grubbing of
the entire plant site.
Link here to view the full Hastings announcement
Hastings Executive Chairman Charles Lew commented: "Securing
multiple indicative funding proposals is a significant milestone.
We are pleased by the strong response we have received from various
potential financiers validating the economic and technical
viability of the Yangibana Project."
"As we evaluate each option, we are focused on choosing the path
that best aligns with our strategic objectives and drives the best
economics for the business. As we work towards finalising the
funding stack, we will continue to look at opportunities to
optimise our working capital and operating efficiencies to deliver
value for our shareholders."
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.
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. Currently Cadence holds approximately 1.4% of Hastings issued
share capital.
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) 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.
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the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
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