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

Cadence MineralsAnnouncement

30/05/2024 09:15

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RNS Number : 4430Q  Cadence Minerals PLC  30 May 2024

Cadence Minerals Plc

 

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

 

Corporate Update - Evergreen Lithium (ASX: EG1) Commences Field Activities at
Bynoe

 

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note that ASX listed
Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the
commencement of the next round of field work at its highly prospective Bynoe
Project directly east of Core Lithium's Finniss Mine. The commencement of the
2024 field program follows the approval of its Mine Management Plan (MMP),
enabling EverGreen to commence high impact exploration activities at its
flagship Bynoe project.

 

This initial auger program will operate for approximately eight weeks with
samples analyzed in the field by pXRF. RAB/AC drilling contractors have been
secured and are expected to commence drilling shortly to test higher priority
areas for prospective for LCT pegmatites.

 

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

 

Highlights:

·      Following receiving approval for its Mine Management Plan (MMP)
auger sampling has commenced at the Bynoe Project.

·      RAB/AC Drilling contractors have been secured and are scheduled
to commence shortly.

·      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/2924-02812112-6A1209681)
to view the full Evergreen ASX announcement

 

Evergreen Exploration Manager Andrew Harwood commented: "Following the receipt
of the approved MMP, our exploration team is now in the field undertaking the
planned exploration program. The active auger program will help us explore
under the thin cover layer and assist us to locate extensions of the pegmatite
units identified by Core Lithium to our west."

 

"With field conditions continuing to dry out following a record wet season,
the team is also keen to get the RAB/AC drill rig into the field in the coming
weeks. This drilling unit is quick and efficient at testing large areas of our
high potential ground and will also be used to delineate shallow LCT pegmatite
targets."

 

Background to Cadence's investment in Evergreen Lithium

 

Cadence Minerals received approximately 15.8 million shares, representing 8.7%
of the issued share capital, 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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