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Cadence Minerals PLC on Friday heralded the completion of a pre-feasibility study at the Amapa iron ore project, its primary asset in Brazil.
Cadence is a London-based early stage investment and development company focused on the mineral resource sector.
Following the completion of the study, Cadence said it expected to release a further update on the project early in the New Year.
In other news, Cadence announced that the preconditions for the completion of the sale of its working interests and tenements in the Yangibana rare earths project have been satisfied.
In June 2022, the company entered a binding agreement to sell its interests in Yangibana to Hastings Technology Metals for £5.1 million, to be satisfied through the issue of Hastings shares.
Cadence’s 30% interest in tenements covers a small portion of the Yangibana project, and potentially represents one year of the 16-year mine life. It is now waiting for state approval for the transfer of mineral licences.
Cadence also said that it was still waiting on regulatory approval for the sale of its 31.5% stake in Lithium Technologies and Lithium Supplies to Evergreen Lithium Pty Ltd, as announced in July.
The terms of the sale included an initial payment to Cadence of £1.8 million in Evergreen shares, with a further £3.7 million due in Evergreen equity on the achievement of performance milestones.
Cadence Minerals shares closed 12% higher at 11.35 pence each in London on Friday.
By Holly Beveridge; Alliance News reporter
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