Corporate Update - Evergreen Lithium (ASX: EG1)

Cadence Minerals PLC

22 January 2024

 

Cadence Minerals Plc

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

Corporate Update - Evergreen Lithium (ASX: EG1) - Aboriginal Areas Protection Authority (AAPA) Certificate Granted

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited ("Evergreen") (ASX: EG1) has announced the receipt of its Aboriginal Areas Protection Authority Certificate for the Bynoe Project in the Northern Territory, where the Company has identified multiple large and significant lithium pegmatite targets for drill testing.

Highlights:

·      EverGreen's Aboriginal Areas Protection Authority (AAPA) Certificate granted.

·      A revised Mine Management Plan (MMP) for Bynoe is being finalised for approval.

·      Contractors for maiden drill program at Bynoe have been secured.

·      Geochemical and geophysical activities during the 2023 field season have identified multiple high priority drill targets.

·      Drill testing of these targets will commence on MMP approval, subject to weather conditions.

·      Drilling of high priority targets identified.

·      2,050 soil sample assays are at the laboratory awaiting assay.

Aboriginal Areas Protection Authority Certificate

Under the Northern Territory Aboriginal Sacred Sites Act, the Aboriginal Areas Protection Authority is responsible for overseeing the protection of Aboriginal sacred sites on land and sea across the whole of Australia's Northern Territory.

The Authority consults with Aboriginal custodians to ensure they are fully informed about development; and to ensure land users and developers are given clear conditions regarding proposed work in the vicinity of sacred sites.

Through the work of the Authority, developers can have confidence to proceed with investment.

The authority certificate covers aspects of exploration including but not limited to:

·      Exploration drilling (RC, Diamond, Air Core & Rotary techniques)

·      Track related works (new tracks, update of existing tracks and maintenance)

·      Construction of drill pads and sumps

Cadence holds 15,830,138 million 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.

Link here to view the full Evergreen ASX announcement

Evergreen Chairman Simon Lill commented: "Receipt of AAPA is a significant milestone in progressing the Bynoe project and ensuring the protection and preservation of Aboriginal sacred sites. With so many compelling drill targets and a drill rig on standby, we look forward to a very active and successful 2024 exploration season."

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 . 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
Fortified Securities - Joint Broker	[phone]
Guy Wheatley
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 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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