REG - Cadence Minerals PLC - Corporate Update - Evergreen Lithium (ASX: EG1)

Cadence MineralsAnnouncement

07/05/2024 08:30

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RNS Number : 3962N  Cadence Minerals PLC  07 May 2024

Cadence Minerals Plc

 

("Cadence Minerals", "Cadence", or "the Company")

 

Corporate Update - Evergreen Lithium (ASX: EG1) Fully Permitted to Commence
Exploration at Bynoe

 

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed
Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the approval
of its Mine Management Plan (MMP), enabling EverGreen to commence high impact
exploration activities such as auger sampling and drilling at its flagship
Bynoe project.

 

Geochemical, geophysical and mapping activities completed to date demonstrate
the potential for lithium bearing LCT pegmatite style mineralisation within
EverGreen's EL 31774 lease, spanning 231 square Kilometers of tenure.

 

Highlights:

·      EverGreen has received approval for its Mine Management Plan
(MMP) which will allow for drilling and other higher impact activities to
commence at its Bynoe Project. These activities include auger sampling,
AC/RAB, RC and diamond drilling.

·      Aboriginal Areas Protection Authority certificate (AAPA) has
already been received in December 2023.

·      The Bynoe project is now fully permitted to commence exploration.

·      Auger sampling and drilling contractors have been secured and
work is scheduled

·      to commence when field conditions are suitable.

·      Planned work programs for 2024 will include auger, RAB/AC and RC
drilling testing of geochemical and geophysical anomalies, with potential
follow-up diamond drilling.

 

Link here
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02804136-6A1206476)
to view the full Evergreen ASX announcement

 

Evergreen Exploration Manager Andrew Harwood commented: "With all Bynoe
exploration and drilling approvals now received and field conditions
improving, it is expected that field activities will commence in the coming
weeks. The Company looks forward to drilling on its 231Km2 lease at Bynoe, one
of the largest land holdings in the Bynoe Pegmatite Field. The Company
believes that its Bynoe Lithium Project hosts excellent and compelling
drill-ready targets".

 

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 (£1.86 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
(https://evergreenlithium.com.au/wp-content/uploads/2023/06/Prospectus-Evergreen-Lithium-13-01-23-ASIC-Version3135111.1.pdf)
. 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 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 reflect 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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