Member Info for jimb2

@Huinhwa, its more than speculation:

https://www.youtube.com/watch?v=MbetSV2OBxI&t=1900s

Any thoughts on what the MOU situation is? I just wonder if whoever was behind the involvement from TCDIR still has an interest?

October 2023:

Cadence CEO Kiran Morzaria added: "From a strategic standpoint, for Cadence and PBA, the MOU with TCIDR represents a potential one-stop shop solution, coupling our requirements for final project funding with engineering, construction and technical expertise. Following this, our next steps will be the completion of the remaining optimisation studies followed by the DFS."

https://www.lse.co.uk/rns/KDNC/strategic-development-and-financing-b3emdmzwcgoalyu.html

It was announced 70% debt with 30% finance, just my thoughts that they could be behind a potential buyout if still interested - why did it not progress any further? They did have sample ore shipped to China for the flowsheet optimisation in late 2024 that confirmed the high grade capability.

@cyberbub,

yes it's possible they will have more than the 2m tonnes of tailings to process, I do recall KM suggesting that might be in the region of 4m tonnes if the grades are favourable, I'm not sure the current assay testing will determine that but the 2m tonnes is the key thing at the moment.

Fingers crossed they receive the assay grades before 29th!

Now when will we get the assay results? - if it's before 29th that could be a tick up!

The Zeus report suggests the finalising of the agreement in early October following the assay grades from the tailing dam -- talk about dangling a carrot!!

Https://www.cadenceminerals.com/wp-content/uploads/2025/09/KDNC-GM-NoticeProxy-09-2025-FINAL.pdf

Plain-English Summary

• What we are asking: Authority to issue new shares without applying statutory preemption rights.

• Why: To give the Company flexibility to raise funds quickly so that Cadence can (i)

contribute its share of a prepayment offtake facility for the restart of the Azteca Plant at

the Amapá Project, (ii) meet essential operational working capital needs, and (iii) support

initiatives to expand marketing and shareholder engagement to broaden the Company’s

investor base.

• How much: Cadence’s share of the Prepay is expected to be 10%–15% of the total

US$4.6 million facility (approx. US$0.5–0.7 million).

• Protection for shareholders:

• Existing eligible shareholders will be given, where practicable, an opportunity to

participate on equivalent terms in any equity raising.

• The authority will be used only where it is in the best interests of all shareholders.

• The Board will report back on any use of this authority.

• Consequence if not approved: Cadence would be unable to participate in the Prepay,

delaying the restart of the Azteca Plant and deferring expected cashflows from the Amapá

Project.

I have the same thoughts mostly, and our partner will be supplying China with the Azteca ore!!

the assay results as I see it should be in line with expectations with samples taken to give some confidence that 2m tonnes of suitable grade from a total of 28m tonnes is achievable - more sampling might lead to higher shipments - my gut feeling is things are further advanced than can be released under rules,

One RNS could drop that will be defining for those who hold, GL

@Bannor,

a suspension could pop up...is that something you have in mind?

@Keepitpositive,

I'm not sure we are talking about the same investment going back 15/16 months as you have suggested - we now have Azteca (a bridge to the larger project) with a possible offtake plus the 37% reduction in mining costs all announced in the last three months. Azteca producing in Q2 2026 is my expectation from the recent interviews.

We are in a far stronger position now than last year when we were looking at 70% finance with the 30% equity needed through JV's or other partnerships.

@Banner, yes conditional but its still an update that will hopefully be finalised early October, let's see if the wider Amapa project also sees an update?

@Keepitpositive, you really should watch the video interviews!

@keepitpositive,

Well yes I did say 20p+ in September conditional on the wider Amapa project financing and of course we have had an offtake announcement that KM said he would hope to provide in September:

From late June. before the August news · 36.7% Mining Cost Reduction: Mining costs reduced from US$17.65/DMT to US$11.17/DMT following re-quotation from one of Brazil's largest mining contractors.

https://youtu.be/YuOHLtgKRb4?si=DszaTIhgGqtgT9ai&t=300

KM words - overall both regards both the Azteca and the uh larger plant we're in a good position in relation to financing partners and potential funding.

I'll repeat - that was prior to the 36.7% mining cost reduction being announced.

Https://hotcopper.com.au/threads/ann-updated-ore-reserve-at-carlton.8761852/

Sell off EG1?

Fingers crossed for you @Barksy1,

like many on here you have lived with the disappointments, odd thinking back a year we looked to be heading into 2025 with the commencement of works in Amapa - despite the year lapse I do believe the options now look achievable in early to mid 2026 with Azteca - and again we may be ripe for a buyout now we are less exposed to the financing risks.

GL

There's always the possibility that any interested party in the full Amapa project may now see this as the best time to make a move, if Azteca starts producing the partnership will be under less pressure to accept a 'silly offer' -- not forgetting world events and the trade within BRICS nations ramping up might make Amapa look very appealing.

Make up your own minds, I'm still expecting news on a JV this month and still believe a buyout may materialise: from the interview today:

https://youtu.be/MbetSV2OBxI?si=BupmxwkF7P4uAcMc&t=2035

Transcript: KM

Of course I I'm thinking a JV is more possible, but I think if there was a buyout um and that's where I think Indo Sino and we would look as well if there was one on the table, we'd take that as well of course.

Um but at the moment I see a JV as the most likely and probable outcome of where given our conversations and where we are with potential partners.

Glass half full - the JV is going well and is the most likely outcome? - That's my thoughts and remember what was said in August in the Alan Green interview:

the site visit occurred which was really successful in relation to providing exact timeline I can't provide that right now but I still want to be able to provide some sort of update in September in relation to the offtake discussions and any finalized agreement that we reach by then.

Should have built it in Mexico with Sonora lithium:

https://www.bbc.co.uk/news/articles/c5yvjnp295xo.amp

There's interest elsewhere so not a concern for me with regards to Amapa,

@witty,

I don't see the US being a leader in green steel, well only of you have coal fired power stations providing the electricity (not so green) Trump has plans to please his fossil fuel backers:

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1. Purpose. In order to secure America’s economic prosperity and national security, lower the cost of living, and provide for increases in electrical demand from emerging technologies, we must increase domestic energy production, including coal. Coal is abundant and cost effective, and can be used in any weather condition. Moreover, the industry has historically employed hundreds of thousands of Americans. America’s coal resources are vast, with a current estimated value in the trillions of dollars, and are more than capable of substantially contributing to American energy independence with excess to export to support allies and our economic competitiveness. Our Nation’s beautiful clean coal resources will be critical to meeting the rise in electricity demand due to the resurgence of domestic manufacturing and the construction of artificial intelligence data processing centers. We must encourage and support our Nation’s coal industry to increase our energy supply, lower electricity costs, stabilize our grid, create high-paying jobs, support burgeoning industries, and assist our allies.

AI response:

In essence, it means the tribunal has decided not to dismiss the case right away. The tribunal will proceed to a full hearing on the merits, and only after considering all the arguments and evidence will it make a final decision on both its jurisdiction and the substance of the claims. This is often done when the jurisdictional objections are complex and are intertwined with the facts of the case itself.

my view is Mexico are much weaker, they need Chinese investment for SA, Canada are forging ahead under Carney globally - I'm not expecting Sonora to deliver anything soon @Bannor - if at all, yes my expectations have changed due to Trump.

CORE, HAS, EG1........................Chasing GOLD