Macarthur - Lake Giles consultancy appointments

RNS Number : 4963P

Cadence Minerals PLC

18 February 2021

 

Cadence Minerals Plc

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

Macarthur Minerals (TSX-V: MMS) (ASX: MIO) appoints leading consultants to enhance the delivery of the Lake Giles Iron Project Feasibility Study.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or "Macarthur") has appointed the following leading consultants to enhance the delivery of the Feasibility Study for the high-grade magnetite, Lake Giles Iron Project in Western Australia.

· Study Management: Optimize Group ("Optimize") has been appointed to provide study management services and to assist it in the preparation of the final Feasibility Study Reports.

· Transport Logistics: Projectus Infrastructure ("Projectus") has been appointed to provide transport infrastructure (rail and port) optimisation support for the delivery of the Feasibility Study.

· Economic Modelling: FTI Consulting ("FTI") has been appointed to provide economic and financial modelling services for the Feasibility Study.:

Highlights of Optimize Group Appointment:

·     Highly regarded study management consultant Optimize, appointed to support Macarthur's owners' team.

· Optimize will provide key study management support functions.

· Appointment will provide Macarthur with access to a broad range of technical disciplines necessary for optimal management of externally appointed study consultants, critical assessment of study deliverables and the efficient control of study costs.

· Appointment will provide enhanced rigor to the study process and to ensure that the Feasibility Study is delivered within expected timeframes and approved budget

Highlights of Projectus Infrastructure Appointment:

· Highly regarded Australian infrastructure advisory and services firm Projectus, has been appointed to provide transport infrastructure advisory and feasibility study services.

· Appointment will provide access to specialist services for the development of a robust mine-to- port transport infrastructure configuration and operating model.

· Appointment will assist Macarthur to:

o  identify transport infrastructure alignment, access and interface issues (across road transport, rail and port);

o  create a detailed route to market operating plan to inform Macarthur's approach to commercial rail and port contract negotiations; and

o  mitigate potential project operations risks.

Highlights of FTI Consulting Appointment:

· Highly regarded global management consultancy FTI appointed to support Macarthur's owners' team to provide financial modelling services for development of an advanced financial model for the Feasibility Study.

·     FTI's specialist mining advisory group will accelerate the financial modelling process and will assist with strategy assessment, options resolution and economic optimisation.

·     Appointment to provide Macarthur with access to robust financial modelling functionality for the delivery of the Feasibility Study, to assist project financing negotiations.

For the full announcement click here: https://macarthurminerals.com/wp-content/uploads/2021/02/NR-FS-update-leading-consultants-appointments-16-February-2021.pdf  

Ian McKenzie, Vice President of Engineering - Optimize Group commented: "Optimize Group is pleased to be involved in the development of such an outstanding project. Integration of the study team members will provide an effective study execution plan with positive outcomes. Optimize Group is looking forward to supporting the Macarthur Minerals team and project."

Bryce Jones, Projectus Managing Director commented: "We are delighted to be contributing an important part of the Feasibility Study to support Macarthur in its development of the Lake Giles Project."

Andrew Bantock (Senior Managing Director, Co-Leader of Asia Mining and Mining Services Corporate Finance & Restructuring) at FTI Consulting commented: "FTI is pleased to be working with Macarthur Minerals to develop a best-in-class bespoke DFS financial model for the Lake Giles Iron Project. Our specialist mining advisory team will work closely with Macarthur's management and its technical consultants to enable various project development scenarios to be assessed and resolved quickly and accurately."

Commenting on all of these appointments, Andrew Bruton, Chief Executive Officer of Macarthur Minerals stated: "We are very pleased to be working with the teams at Optimize Group, Projectus and FTI Consulting.   The appointment of these consultants at this critical phase of the Feasibility Study is strategic and is designed to ensure that Macarthur's owners' team is appropriately supported with the disciplines necessary to deliver a robust study that is capable of withstanding the rigour of technical and financial due diligence as we move through project financing.   2021 is set to be a breakout year for Macarthur. Further updates on Feasibility Study progress will be regularly provided to the market throughout the course of the year."

Cadence Minerals Holding in Macarthur

As a result of dilutions Cadence now holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

This news release is not for distribution to United States Services or for Dissemination in the United States. 

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For further information: Cadence Minerals plc   [phone] Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker)   [phone] James Joyce James Sinclair-Ford Novum Securities Limited (Joint Broker)   [phone] 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.

 

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