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I don't think the DFS is the be all and end all as far as a sale goes, the licensing is the main value add Cadence can achieve short term. I disagree with this: "No-one would buy it pre DFS."
@Dallasdaz http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=311428232513600167
Development Programme
Under the MOU, TCIDR will provide a final proposal to complete the Definitive Feasibility Study ("DFS"), and on completion of a successful DFS, will submit a fixed price Engineering Procurement and Construction ("EPC") contract for the Amapá Project. The DFS, EPC contact and any other services provided by TCIDR are subject to both the services being provided on a competitive basis and to PBA's and DEV's commercial evaluation and approval. TCIDR will be appointed the General EPC contractor for the Amapá Project once these approvals have been granted and the provision of TCIDR-facilitated project financing is secured. This will require the execution of legally binding documents.
IMO a Chinese company with deep pockets will buy the mine from us and pay off the banks. Hence why the DFS is also being done by a Chinese company and the financing is coming from China. Iron Ore has been strong too.
We are listed here as selling down further... Cadence Minerals Plc(i) Shares: 835,501 Capital: 0.65%
https://www.marketindex.com.au/asx/has
1.4% of 129m shares outstanding would imply 0.5% ownership was sold last year as otherwise would be 1.9%
.....
Ah, I didn't spot this at the time.... looks like some 650k shares were sold around the $1 mark last year.
04 August 2023:
Cadence shareholding in Hastings
On 25 January 2023, Cadence completed the sale of its 30% stake in several mineral concessions forming part of the Yangibana Rare Earths project for a consideration of 2.45 million Hastings shares, equating to approximately 1.9% Hastings issued share capital. This consideration was a premium over the Net Present Value ("NPV") of the Cadence portion of the mineable material, based on the definitive feasibility ("DFS") updated by Hastings on 21 February 2022.
12 September 2023:
Cadence shareholding in Hastings
On 25 January 2023, Cadence completed the sale of its 30% stake in several mineral concessions forming part of the Yangibana Rare Earths project for a consideration of 2.45 million Hastings shares. This consideration was a premium over the Net Present Value ("NPV") of the Cadence portion of the mineable material, based on the definitive feasibility ("DFS") updated by Hastings on 21 February 2022. Currently Cadence holds approximately 1.4% of Hastings issued share capital.
Forgetting the other assets even if we sold our 33% stake for what we paid to add the extra which is $1.1m per 1% you have $36m which is £28.5m and roughly a treble from today's price. Obviously it should fetch a heck of a lot more than that once licenses are in place.
Hence https://www.marinetraffic.com/en/ais/home/shipid:649952/zoom:13
Any deal with Amapa should be greater than book value and book value is a 4x from here so there's a lot of room to run should the new year bring lower interest rates and some liquidity to AIM.
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