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7.65 0.40 (5.52%)

Bid:

7.30

Ask:

8.00

Spread: 0.70 (9.589%)

Market Cap: £31.31m

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Cadence Minerals says Hastings expands Yangibana offtake agreement

Tue, 12th Sep 2023 18:40

(Alliance News) - Cadence Minerals PLC on Tuesday noted an announcement by Hastings Technology Metals Ltd, in which it holds 1.4% of share capital.

The London-based investor, which finances "undervalued" assets in the mineral resource sector, said that Hastings and thyssenkrupp Materials Trading GmbH have agreed to expand the terms of an offtake agreement signed in April 2021.

The agreement has been altered to align with stage one development for the Yangibana rare earths project. Cadence sold its working interests and tenements in the project to Hastings for GBP5.1 million in June 2022, in exchange for 2.5 million Hastings shares.

According to the new deal, Hastings has agreed with thyssenkrupp to include up to two-thirds of stage one rare earth concentrate from Yangibana. The remaining one-third of production during the first five years not under thyssenkrupp offtake is available to Hastings to maximise value through spot sales or other commercial arrangements.

"Building on our strong relationship with thyssenkrupp Materials Trading, we are pleased to have extended the terms of the offtake to increase the committed volume and include concentrate as well as MREC from stage one of the Yangibana project to meet bankability requirements," said Hastings Executive Chair Charles Lew.

Cadence Minerals shares closed 1.4% higher at 7.86 pence each in London on Tuesday.

By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com