Member Info for tomcat-14

Bedtime reading… 📖

https://www.lse.co.uk/rns/KDNC/updated-pfs-economic-study-delivers-increased-npv-1ck3uerdxou8848.html …

An updated Pre-Feasibility Study published on 3 December 2024 confirmed the potential to produce 67.5% Fe direct reduction ("DR") grade concentrate at 5.5 Mtpa, with a post-tax NPV (10%) of US$1.97 billion over a 15-year mine life…

2-weeks into an 8-week period since the li was granted until the end of June… just 6-weeks to go… is 25% into the timeline to commissioning… with the early start on pre-licensing prep works… actual progress is hopefully a little bit ahead of this…

Having had the rns below… would be nice to see some progress photos and a high level progress report in tomorrow ‘s newsletter…

https://www.lse.co.uk/rns/KDNC/amap225-8211-installation-licence-granted-ki3j89bn5ch5b1k.html …

wwtboototw… 😹😹😹

Bannor… they’re still #1 on my list of most likely mystery offtaker 😜…

I wouldn’t get too ate up about it… these basically replace the ones that just expired on 30apr26…

Interesting from a muted market perspective…

at project level though… pre-licensing… we were investing / converting at a project valuation around 3x our current mcap / sp… ($200m amapa valuation)…

post-licensing???

Realistically… what order of increase to the project level valuation can be expected when it becomes fully licensed…

considering land values pre and post planning can typically increase from around £20k/ha to £2m/ha… 100x…

are there any similar metrics for mine project licensing…

Encouraging to know that on receipt of the installation licensing… commissioning remains targeted for the end of June 2026… which is now only 8weeks/56days away… shipping commences end august on that timeline…

⏰ 🕖…

Sounds likely that dev had no-one in the office to receive and forward notifications through on Friday… but should have sent it today… and uk closed for business means tomorrow 7am is the earliest they could rns…

4’s tomorrow… 😉🕔🕓🕒🕑🕐🕛🚀…

Yep… 9 days float on a 90day refurbishment programme… 17th the new target date… 📅 🎯 🤞🤞

As of the end of March 2026, Cadence's total investment in the Amapá Project is approximately US$16.1 million, representing a 36.2% equity stake…

increase $0.6m for 0.3% shows the amapa project valuation we are investing in / converting at is now $200m… (that’s at 10% of the $2bn npv)…

$200m x 36.2% = $72.4m kdnc…

Amapa licensing this week… before the next full moon… 🤞

In particular, those measures include the cancellation of the mining concessions in which Cadence and REM Mexico held a significant interest against the backdrop of Mexico's nationalisation of its lithium sector. Those measures breached protections owed by Mexico to Cadence and REM Mexico and their investments in Mexico under the UK-Mexico BIT, including protections against unlawful expropriation and unfair, arbitrary or discriminatory treatment…

https://www.lse.co.uk/rns/KDNC/scoping-study-xjxyxnaq8qqrql3.html …

Always thought gold was fifo…

US$15.5 million, representing a 35.9% equity stake… rns 13 March 2026…

US$15.5 million, representing a 35.7% equity stake… rns 06 January 2026…

Why hasn’t it closed on the auction ut price…

The second comma is a decimal place… it’s just the way that they write their numbers in brazil…

translation = 45,646.903t…