Cadence Minerals PLC Corporate Update - Evergreen Lithium (ASX: EG1) (9755Y)

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RNS Number : 9755Y

Cadence Minerals PLC

10 May 2023

10/05/2023

Cadence Minerals Plc

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

Corporate Update - Evergreen Lithium (ASX: EG1)

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the results of its auger geochemical programme at the Kenny project, which has resulted in the identification of significant and widespread lithium. The Kenny Project is located 50km east of Norseman and just 17km east of Liontown Resources' (ASX:LTR) Buldania lithium deposit of 14.9Mt @ 0.97% Li(2) O.

Cadence holds 15,830,138 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.

Kenny Results - Highlights:

-- Geochemical anomalies indicate the potential for Lithium Caesium Tantalum (LCT) pegmatites at Kenny, evidenced by the presence of significant and widespread lithium.

-- 5 priority lithium target zones have been identified with Li(2) O assay results showing maximum values up to 250 ppm Li(2) O.

   --      Lithium pathfinders of interest included maximum values of: 

o 3.54ppm Be, 46.2ppm Cs, 5.17% K,159.00ppm La, 427ppm Rb & 11.9ppm Ta

-- Further geochemical analysis is being undertaken to assess prospectivity for other critical minerals, including Rare Earth Elements.

-- Results demand further work and planning for follow up exploration activities at Kenny is currently underway.

Link here to view the full Evergreen ASX announcement

Evergreen Head of Exploration, Jason Ward commented: "This is an excellent start for Evergreen Lithium. These geochemical results from Evergreen's maiden soil auger program at the Kenny Project in WA show strong lithium values over a widespread area and the coincident anomalies in pathfinder elements have identified several compelling targets for LCT pegmatites. We look forward to following these up with further work including a drilling program."

Evergreen Chairman, Simon Lill commented: "After a successful IPO listing based primarily on the Company's flagship Bynoe Project, it is extremely pleasing to remind the market that we have other quality projects. These initial results should elevate Kenny's status in shareholder perceptions."

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           [phone] 
 Andrew Suckling 
 Kiran Morzaria 
 
 
   WH Ireland Limited (NOMAD 
   & Broker)                      [phone] 
 James Joyce 
 Darshan Patel 
  Enzo Aliaj 
 
 Brand Communications           [phone] 
 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 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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May 10, 2023 07:12 ET (11:12 GMT)