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Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) – Works Permit Granted to Construct the Yangibana Rare Earths Project Process Plant
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has received a works permit to construct the Yangibana Rare Earths Project (Yangibana Project) process plant under Part V of the Environmental Protection Act 1986 (Western Australia).
Department of Water and Environmental Regulation issues works permit
Following a rigorous assessment process and a public advertisement period, the Department of Water and Environmental Regulation (DWER) has issued a works permit subject to conditions for a number of prescribed facilities (i.e. facilities that emit pollutants) at the Yangibana Project including:
- Category 5: Process or beneficiation of metallic or non-metallic ore
- Category 6: Mine dewatering
- Category 52: Electric power generation
- Category 64: Class II or III putrescible landfill site
- Category 73: Bulk storage of chemicals etc.
- Category 85: Sewage facility.
Of these facilities, the process plant (Category 5 under Schedule 1 of the Environmental Protection Regulations 1987) and the associated tailings storage facilities are the most important. The conditions include design and construction requirements, pollutant emission limits, monitoring requirements and compliance reporting.
The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on site processing of ore, tailings storage facilities, and supporting infrastructure such as access and haul roads, accommodation facilities, administration buildings and an airstrip.
Hastings is working on satisfying the approval conditions and when completed, the work can commence subject to financial close for the Yangibana project.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200617/pdf/44jq1r7fwrzg3k.pdf
Andrew Reid, Hastings Chief Operating Officer commented: “While Hastings has received State and Commonwealth environmental approvals, the additional focus and rigorous nature of this approval process on polluting facilities such as the process plant provides us and our shareholders with further confidence that the Yangibana Project is able to meet the high regulatory standards set by the Western Australian (WA) government. The regulatory standards set by the WA government also provide the international community and our major offtake customer, Schaeffler Technologies AG with assurance that the extraction component of the rare earths supply chain is undertaken in an environmentally responsible manner.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). The updated resource ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019:
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668 .
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 5 and continue to the end of mine life. Further details can be found in the Hastings 2019 Annual Report.
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For further information:
| Cadence Minerals plc | +44 (0) 207 440 0647 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| James Sinclair-Ford | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| Jon Belliss |
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.
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-lookingstatements.
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Signs Long Term Binding Master Agreement with German Automotive Tier 1 Supplier Schaeffler Technologies AG.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has entered into a binding Master Agreement (MA) with one of the leading German automotive Tier 1 suppliers, Schaeffler Technologies AG (Schaeffler) for the targeted supply of its MREC, being the product mined and processed from the Company’s Yangibana Project in the Gascoyne region, Western Australia.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668.
Highlights:
- Hastings signs binding long term Master Agreement with German automotive Tier 1 supplier, Schaeffler Technologies AG.
- Hastings obligation is to supply a substantial volume of MREC over a period of 10 years as initial period.
- Schaeffler continues its support for German government’s untied loan guarantee (UFK).
This Master Agreement governs in general the purchasing, scheduling, quality compliance and regulations, and ethical business conduct between Hastings and Schaeffler.
With the signing of this Master Agreement, Schaeffler also continues to support Hastings in its eligibility for the German government’s untied loan guarantee scheme (known as UFK) in its project financing for the construction of its mine and processing plant in the Upper Gascoyne of Western Australia.
Since the announcement of the MOU in June 2019, Schaeffler and Hastings have expressed their joint commitment to work together on a long term partnership to enable Schaeffler to develop an independent supply chain for its e-motor business for the emerging Electric Vehicle industry. Neodymium and praseodymium are critical raw materials used in the manufacture of permanent magnets, the key component found in electric motors.
Schaeffler is a global automotive and industrial supplier of high-precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearing solutions for a large number of industrial applications, primarily focussed on the automotive industry. In 2019 it generated sales of approximately €14.4 billion with around 87,700 employees globally. Schaeffler is one of the world’s largest family companies operating in approximately 170 locations in over 50 countries and has a worldwide network of manufacturing locations, research and development facilities and sales offices.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200603/pdf/44jbt45nrpmpvb.pdf
Hastings Exec Chairman Charles Lew commented: “This contract represents a very important milestone in the development of Hastings as an emerging supplier of rare earth carbonate from Australia to Germany, an industrialised nation with a growing demand for a critical raw material used in many advanced technologies where a permanent magnet is needed. We look forward to strengthening our cooperation with Schaeffler in the years to come.”
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For further information:
| Cadence Minerals plc | +44 (0) 207 440 0647 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| James Sinclair-Ford | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| Jon Belliss |
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.
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-lookingstatements.
Cadence Minerals (KDNC) – Hastings Technology Metals (ASX: HAS) – Commonwealth Environmental Approval Received for Yangibana Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced that the Yangibana Project has received Commonwealth Environmental Approval.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.
Highlights:
- Commonwealth Environmental approvals in place for mining Rare Earths at the Yangibana Rare Earths Project.
- The Commonwealth Approvals are in place to construct and operate an open pit rare earths mine, processing facility and associated support infrastructure, approximately 270 km east-northeast of Carnarvon, Western Australia.
- Commonwealth Government environmental assessment process completed pursuant to the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) under sections 130(1) and 133(1).
Hastings has advised that Mr Gregory Manning, delegate of the Hon. Sussan Ley MP, Australian Minister for the Environment, has granted the Commonwealth Environmental permit for the Yangibana Rare Earths Project.
Receipt of the Commonwealth Environmental Permit (EPBC reference 2016/7845) was granted under section 130(1) and 133(1) of the Environment Protection and Biodiversity Conservation Act 1999. The permit is subject to conditions in Annexure A of the Approval, which has been published on the Department of Environment and Energy website. The conditions require validation of the groundwater model during the construction phase, an ecohydrological model and the development of a groundwater dependent ecosystem monitoring program.
The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on-site processing of ore, tailings storage facilities, and supporting infrastructure such as access and haul roads, accommodation facilities, administration buildings and an airstrip.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200414/pdf/44gxf4cy9qwm00.pdf
Hastings Executive Chairman, Charles Lew commented: “We have now received all material approvals (i.e. land tenure, Native Title Agreement, State and Commonwealth Environmental Permits) required for the development of the Yangibana Rare Earths Project. This environmental permit complements the State approval received in August 2019. Both approvals demonstrate confidence by State and Commonwealth governments that the Project can be implemented in an environmentally sound manner.”
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For further information:
| Cadence Minerals plc | +44 (0) 207 440 0647 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| James Sinclair-Ford | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| Jon Belliss |
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.
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-lookingstatements.
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Progress Update on Debt Funding for the Yangibana Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has provided a progress update on Project Debt Funding.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.
Highlights:
· KfW and Euler Hermes confirm continuing support for Yangibana project financing.
· Negotiations on long-form term sheet initiated.
· Completion of due diligence and application for credit approval targeted for Q1 2020.
In July 2018 announced In July 2018, KFW IPEX-Bank (“KfW”) was mandated by Hastings as the Lead Arranger to provide project finance loan advisory services and assistance to Hastings in relation to securing approval from Euler Hermes Aktiengesellschaft (“Euler Hermes”) for the German government sponsored UFK scheme (untied loan guarantee).
On 30 April 2019, Hastings received in principal eligibility for the UFK scheme for an indicative amount of up to USD140 million based on a planned off take from Schaeffler AG for 5,000 tonnes per annum of mixed rare earth carbonate from the Project’s processing plant. (ASX release dated 11 June 2019.)
In June 2019, Euler Hermes and the German government’s Inter Ministerial Committee (IMC) provided Hastings with a confirmation of their cursory favourable assessment of the Yangibana project and to proceed with the lenders due diligence process and collating documentation for credit submission to the IMC for binding credit approval pending completion of due diligence and successful loan negotiations.
An all parties site visit was successfully conducted in mid-September followed by further meetings in Singapore in October with senior representatives of KfW and Euler Hermes and their legal counsels and technical advisors from Behre Dolbear Australia (BDA) as well as PricewaterhouseCoopers, Germany (PwC) acting in their role as mandated Independent Expert Advisor to Euler Hermes.
KfW and Euler Hermes are now at the final stage of their independent in-depth due diligence study, which included a review of the legal, technical, environmental, social and market aspects of the Project. Whilst progressing the due diligence process, negotiations on a long-form term sheet have been initiated.
KfW and Euler Hermes have reaffirmed their continuing support for the Project. Once the due diligence process is satisfactorily completed, KfW and Euler Hermes will apply for credit approval to their respective credit committees and boards. This is targeted for 1Q 2020.
The full release can be found at: https://www.asx.com.au/asxpdf/20191127/pdf/44bzsnrctdc4tp.pdf
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For further information:
|
Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
|
|
Kiran Morzaria |
|
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
|
James Joyce |
|
|
James Sinclair-Ford |
|
|
Novum Securities Limited (Joint Broker) |
+44 (0) 207 399 9400 |
|
Jon Belliss |
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.
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
Cadence Minerals (KDNC) – Hastings Technology Metals (ASX: HAS) announces 95% Recovery of Ore and 52% improvement in Head Grade from Bulk Ore Sorting Trial at Yangibana..
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced successful completion of bulk sample testing through an ore sorting circuit. These outstanding results confirm earlier results from smaller drill core derived samples, which were tested with two different ore sorter vendors.
Previous small-scale test work has shown that off-the-shelf x-ray transmission (XRT) ore sorting technology could be applied to separate out a barren waste stream from the ore. This presents an opportunity to remove waste dilution material from the mining process before the material is fed into the processing plant, potentially resulting in energy and reagent savings in the beneficiation circuit.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.
Highlights:
- 95.1% recovery of contained Nd2O3+Pr6O11 on 1.8 tonne sorted bulk sample.
- 52% increase in head grade from 0.71% to 1.08% Nd2O3+Pr6O11 .
- 37.1% of the sample mass rejected from ore sorting testwork.
- Standard commercial ore sorting technology, X-Ray transmission (XRT), has proven to be extremely effective at removing dilution on samples used in the testing programme.
- Technical and engineering programs will continue to investigate the operating scenarios where benefits can be realised for the project.
The full release can be found at: https://www.asx.com.au/asxpdf/20191125/pdf/44bxg9nh63v6kd.pdf
Hastings COO Andrew Reid commented: “The Yangibana orebody continues to amaze us. Not only with its world-class ratios of Nd2O3+Pr6O11, but now these results have confirmed that ore sorting presents a real and future prospect to gain higher operational efficiencies from the Yangibana Processing Plant.”
Cadence CEO Kiran Morzaria commented: “This is another key step for Yangibana, providing further ongoing validation for our investment strategy into the joint venture. We await further news with great interest.”
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For further information:
| Cadence Minerals plc | +44 (0) 207 440 0647 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| James Sinclair-Ford | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| Jon Belliss |
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.
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.
Cadence Minerals (KDNC) – The former Rare Earth Minerals (REM) changes its name
Further to the announcement of 20 March 2017, the Directors are pleased to confirm that the former Rare Earth Minerals (REM) has changed its name to Cadence Minerals Plc and will be using the AIM symbol KDNC henceforth.
In addition, Cadence has engaged Vox Markets, the agnostic IR platform. By engaging with Vox Markets, Cadence can ensure that both shareholders and the wider professional investment community are fully informed at all times. Investors can download the Vox Markets app www.voxmarkets.co.uk/app and follow ‘KDNC’ at www.voxmarkets.co.uk/company/KDNC to receive push notifications when Cadence feature in the press, release an RNS or feature on a podcast interview.
Cadence’s website can be found at www.cadenceminerals.com, which also contains the Company’ latest presentation that was made at the Master Investor show on the 25 March 2017.
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For further information please contact |
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
|
Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Bavister |
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Square1 Consulting |
+44 (0) 207 929 5599 |
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David Bick |
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Brian Alexander |
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.
Daily Actions – UK Main & AIM markets 06042016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London
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| Brady | Neutral | Sell |
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Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report. The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK. Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Intellisys Fusion Report – Friday 8th January 2016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.
AIM Market
| ST Rec. changed | ||
| Basic Resources | From | To |
| Condor Gold | Neutral | Buy |
| Atalaya Mining | Neutral | Buy |
| Kemin Resources | Neutral | Buy |
| Mariana Resources | Neutral | Buy |
| Asa Resource Group | Buy | Neutral |
| Rare Earth Minerals | Neutral | Buy |
| Construction | From | To |
| React Energy | Neutral | Buy |
| Financial Services | From | To |
| Advanced Oncotherapy | Neutral | Buy |
| Zoltav Resources | Neutral | Buy |
| EKF Diagnostics Holdings | Neutral | Buy |
| Public Services Properties Investments | Buy | Neutral |
| Ortac Resources | Neutral | Buy |
| Health Care | From | To |
| Abcam | Neutral | Sell |
| Nanoco Group | Neutral | Buy |
| Summit Corporation | Neutral | Buy |
| ValiRx | Neutral | Buy |
| Industrial Good & Services | From | To |
| Hydro International | Neutral | Sell |
| Impellam Group | Neutral | Sell |
| Surface Transforms | Neutral | Buy |
| Tangent Communications | Sell | Neutral |
| Media | From | To |
| Mirada | Buy | Neutral |
| Totally | Neutral | Buy |
| Oil & Gas – Producers | From | To |
| Hydrodec Group | Strong Buy | Buy |
| Pantheon Resources | Neutral | Buy |
| Retail | From | To |
| Stanley Gibbons Group | Neutral | Buy |
| Technology | From | To |
| Cyan Holdings | Buy | Neutral |
| Forbidden Technologies | Neutral | Buy |
| Travel & Leisure | From | To |
| GVC Holdings | Sell | Neutral |
| Minoan Group | Neutral | Buy |
| Utilities | From | To |
| Greenko Group | Sell | Neutral |
Main Market
| ST Rec. changed | ||
| Building Materials & Fittings | From | To |
| Wolseley | Neutral | Buy |
| Engineering & Machinery | From | To |
| Castings | Neutral | Sell |
| Vesuvius | Buy | Neutral |
| Rotork | Buy | Neutral |
| Food Producers & Processors | From | To |
| Cranswick | Neutral | Sell |
| General Retail | From | To |
| Burberry Group | Buy | Neutral |
| JD Sports Fashion | Neutral | Sell |
| SuperGroup | Buy | Neutral |
| Leisure & Hotels | From | To |
| Millennium & Copthorn Hotels | Neutral | Buy |
| Media & Entertainment | From | To |
| Pearson | Neutral | Buy |
| Oil & Gas | From | To |
| Hunting | Neutral | Buy |
| Personal Care & Household Products | From | To |
| PZ Cussons | Buy | Neutral |
| Pharmaceuticals & Biotechnology | From | To |
| Dechra Pharmaceuticals | Neutral | Sell |
| Oxford Biomedica | Neutral | Buy |
| Software & Computer Services | From | To |
| ComputaCenter | Neutral | Sell |
| Speciality & Other Finance | From | To |
| Rathbone Brothers | Neutral | Sell |
| Support Services | From | To |
| Dignity | Neutral | Sell |
| RPC Group | Neutral | Sell |
| Telecommunication Services | From | To |
| Inmarsat | Neutral | Sell |
| Utilities | From | To |
| Severn Trent | Neutral | Sell |
RISK WARNING
Intellisys Intelligent Analysis Limited (‘Intellisys’) does not make personal recommendations. The information in this publication is provided solely to enable you to make your own investment decisions. If you are unsure about dealing in shares and other equity investments, you must contact your financial adviser as these types of investments may not be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well as rise and you may not get back the full amount you originally invested. If denominated in a foreign currency, fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them. Past performance is not necessarily a guide to future performance. You agree to abide fully with Intellisys’ Term & Conditions, which are available to www.intellisys.uk.com
The full reports are available from Intellisys Intelligent Analysis website (www.intellisys.uk.com) by clicking on the ‘Research’ tab.
| DISCLAIMER: Intellisys Intelligent Analysis Limited has prepared this report. Intellisys (“Intellisys”) is the trading name of Intellisys Intelligent Analysis Limited. Intellisys Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of quoted company shares. The information contained within any and all of Intellisys’ reports are designed to present an objective assessment of the possible value or relative value of a company and/or an actuarial sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and proprietary systems to derive its outputs. The base data for the models are derived from sources believed to be accurate but Intellisys Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the Intellisys’ research outputs when forming specific investment decisions but should seek advice specific to their situation and investment requirements from a person authorised under the Financial Services and Markets Act 2000, before entering into any investment agreement.Intellisys Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will Intellisys Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party for any direct, indirect, special or other consequential damages arising from the use of this report.The Intellisys Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Intellisys Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such prohibitions apply must not access the Intellisys Intelligent Analysis Limited and/or Intellisys reports. Neither this document, nor any copy in whatever form of media, may be taken or transmitted into the United States, Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Recipients of Intellisys Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the rules and regulations made for the protection of investors in the UK.
Any user distributing information taken from any Intellisys Intelligent Analysis Limited or Intellisys report and/or the Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the terms set forth. Intellisys’ published reports are published for information purposes and only available to market counterparties, high net-worth and sophisticated individual investors. No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other financial instruments in any company or any interest therein, nor shall it form the basis of any contract entered into for the sale of shares or any other financial instrument in any company. Intellisys Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or mis-statements, negligent or otherwise. Intellisys Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person may have positions in or options or other financial instruments on any of the securities mentioned within a report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internal rules. Subscribers, and casual reader, are reminded that the value of any financial instrument may go up or down and that past performance is not necessarily a guide to future performance. Intellisys Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does not offer, provide or purport to provide or offer investment advice. Intellisys Intelligent Analysis Limited can be contacted at Woodfield Cottage, The Street, Mortimer, Berkshire, United Kingdom RG7 3DW. |
Quoted Micro 2 November 2015
ISDX
Leni Gas Cuba (CUBA) starts trading on the ISDX Growth Market on 2 November, having raised £200,000 at 5p a share. Directors Donald Strang and Jeremy Edelman invested £50,000 and £25,000 respectively, while a further £50,000 was raised via the Teathers app. This cash paid for part of the £326,000 of admission and fundraising costs. LGC had already raised £4.525m prior to the flotation. Most of this cash was raised at 2p a share but the majority of shares in issue at the end of July 2015 were issued at 0.01p a share. Pro forma cash is £3.29m and investments of £829,000 give a NAV of £4.1m, compared with a market value of £24.7m at 5p a share. The board have total annual salaries of £340,000.
Another Lenigas company Rare Earth Minerals (REM) has gained an ISDX quotation on top of its AIM quotation, while UK Oil & Gas, where Rare Earth chief executive Kiran Morzaria is finance director, is expected to join on 12 November.
Via Developments (VIA1) is raising up to £3.5m via an issue of 7% debenture stock, which lasts for five years, and trading should commence on 5 November. Manchester-based Via, which is a 100% owned subsidiary of Pyramid Court Investments, will focus on residential developments and has already identified two development sites. The strategy is to acquire projects with planning permission.
Additional contracts in the energy to waste area have more than offset the cyclically weak revenues from the water sector for Field Systems Designs Holdings (FSD). In the year to May 2015, revenues improved from £12m to £14.4m, while pre-tax profit increased from £157,000 to £207,000. There is £1.32m in the bank and net assets are £2.34m. At 15.5p (14p/17p) a share, Field is valued at £900,000 – less than cash in the bank.
Energy efficiency products supplier Sandal (SAND) reported a 14% increase in annualised revenues in the year to May 2015. Sandal made a loss of £317,000 on revenues of £3.34m. Overheads have been cut but marketing and development spending has increased. There was £348,000 in the bank. Sandal has introduced a 20% discount scheme for shareholders.
Trading in BWA (BWAP) shares has been suspended ahead of a potential logistics acquisition. It appears that the acquisition will require much more cash than BWA currently has so additional funds will be required.
Social media software developer Ganapati (GANP), which switched from GXG to ISDX, has reported figures for the year to July 2015. The loss of £178,000 was slightly lower than the year before. Puzzlingly, Ganapati claims to have net assets of £12.2m, but this does not include non-current liabilities/loans of £12.6m so there are really net liabilities.
All Star Minerals (ASMO) has relinquished its remaining exploration asset and 55.21%-owned Blue Doe Gold is being liquidated. All Star will receive its share of Blue Doe’s stake in ISDX-quoted NQ Minerals, which is 5.521 million shares. This is currently worth £704,000. At 0.15p (0.1p/0.2p) a share, All Star is valued at £1.2m. All Star has amended the terms of the £20,000 convertible loan note provided by Valiant Investments so that the loan matures in May 2016 and has an annual interest charge of 20% and a conversion price of 0.14p a share. All Star subsequently issued 4.55 million shares (at 0.1p and 0.14p a share) to Valiant in lieu of £5.565 interest.
Former Globo boss Konstantinos Papadimitrakopoulos resigned as a director of Hellenic Capital (HECP) soon after his departure from Globo, following revelations about its accounts. It is unclear whether he still owns 16.2% of Hellenic, which floated as a shell in April 2008 but has never managed to secure a reverse takeover deal. The remaining director is Sanlam Securities corporate finance director Gavin Burnell, another former director of Globo. There was £86,000 in the bank at the end of June 2015 – Hellenic raised £419,000 after expenses when it floated. At 0.3p (0.2p/0.4p) a share, Hellenic is capitalised at £186,000.
AIM
Cancer drugs developer Sareum (SAR) had £1.48m in the bank at the end of June 2015 and this will be enough to finance operating costs and the phase I trials for potential cancer treatment Checkpoint Kinase 1 (CHK1). Two clinical trials are planned to assess the safety and determine dose levels. The first trial will assess the effectiveness in combination with chemotherapies and the other will assess the compound on its own as a treatment for various cancers. Prior to the start of the clinical trials, Sareum will pay £797,500 to cover their cost. There are two other programmes which are not as advanced. A £140,000 grant has been obtained for a one year project based on the TYK2 inhibition-based potential cancer treatment.
Residential property developer Telford Homes (TEF) is raising £50m at 360p a share so that it can finance the acquisition of additional development sites. The cash should be spent over the next two years. In the six months to September 2015, a profit of around £19m is expected. The new shares will dilute short-term earnings and Telford says that it will pay more than one-third of earnings as dividends to offset dilution. The plan is to be making a profit of £45m a year by 2018-19.
Pantheon Resources (PANR) has successfully completed its flow testing of the VOBM#1 well in Polk County, east Texas. Pantheon has a 50% working interest in the well, which flowed natural gas at a stabilised rate of 6,145 Mcf per day and 504 barrels of oil per day. This equates to gross production of more than 1,500 barrels of oil equivalent per day. Pantheon believes that the prospective resource could be higher than the current estimate of 1.4MM barrels of oil equivalent. Environmental and other permissions are required before any sales are made and this could take until next February. Operating costs are relatively low so this should be a good cash generator.
Skin cancer treatment developer Biofrontera AG (B8F) intends to launch a one-for-four open offer and placing at a maximum price of €2.50 a share. This will raise up to €14.7m. The final share price will be determined by the volume-weighted average price through the XETRA electronic trading system between 28 October and 4 November, minus a discount. The cash will be used for clinical studies and marketing.
MAIN MARKET
Oil and gas shell Upland Resources (UPL) has joined the standard list, having raised £1.3m at 1p a share. This raised £1.11m net of £190,000 expenses. Upland had previously raised nearly £400,000 after expenses and there was £169,000 left in the bank at the end of March 2015. Derbyshire-based Upland has already applied for UK onshore exploration blocks and is seeking acquisitions. Chief executive Dr Stephen Staley previously founded Fastnet Oil & Gas and Independent Resources. He receives a salary of £125,000 a year based on 108 hours worked each month. The share price rose to 1.3p but ended the week at 1.08p, which values Upland at £2.3m – slightly less than twice the cash pile.
ANDREW HORE