reports
- David Seers
Cadence Minerals (KDNC LN) - Licensing update for the Amapá iron ore p...
Cadence today provides an update on its licencing and project test work for the plan to produce a single 67% iron product from the Amapá iron ore brownfield restart in Brazil. Licences are all underway following an agreement with the local environment agency to expedite the process as Amapá is a former operating mine; Amapá needs a Mine Extraction and Processing Permit for which it needs an Installation License to begin construction and, when constructed, an Operational License. It also requires...
- Alison Turner
Cadence Minerals - Amapá optimisation adds value
This year will be important for Cadence Minerals’ major asset, the Amapá iron ore project in Brazil. Cadence recently announced the results of an optimisation study that points to the potential to increase production by 4.8% and lower processing plant commissioning costs by 33%. An updated pre-feasibility study (PFS) level NPV will be published in the near future and we explore some of the sensitivities in this report. We have adjusted our valuation to reflect portfolio changes and the rise in C...
- Alison Turner
Cadence Minerals - Real progress, real value
Cadence Minerals remains fundamentally mispriced in our view, with the market not fully recognising the value of its unlisted assets. Cadence has recently announced progress in advancing its major non-public asset, the Amapá iron ore project in Brazil. This includes a memorandum of understanding (MOU) with Chinese firm Sinoma to potentially provide both a definitive feasibility study (DFS) and fixed-price engineering, procurement and construction (EPC) contract for the mine restart. The implied ...
- Alison Turner
Cadence Minerals - Sonora project update
Cadence Minerals has provided an update on the status of the Sonora lithium project in Mexico. The company holds a 30% interest in seven project concessions through the JV entities Mexilit and Megalit, which are majority controlled by Ganfeng. Following the amendments to the Mexican mining law introduced in April and May 2023, the General Directorate of Mines (DGM) issued a formal notice indicating that all lithium concessions underpinning the Sonora project were cancelled, citing a lack of suff...
- Alison Turner
Cadence Minerals - A mispriced miner
Cadence Minerals is a mining-focused investment company with unlisted investment assets that the market appears to be clearly mis-pricing. Its portfolio of public equities accounts for £10.2m of its £12.7m market cap, leaving an implied combined value of £2.5m for its 30% stake in the Amapá iron ore project and its minority stake in the Sonora lithium project. In our view each of these is worth more than this, and we believe a conservative base-case valuation of both to be £45m or 26p/share at t...
- Alison Turner
Cadence Minerals - Moving ahead with Amapa
Cadence Minerals is an experienced investor in mining projects and companies with a portfolio of early-stage and advanced assets spanning lithium, iron ore and REE industries. The company gained early exposure to lithium and, while it retains stakes in a number of lithium assets, it has recently completed a 20% investment in the Amapa iron ore project, a past producing mine with associated transport infrastructure in Brazil.
- Alison Turner
Cadence Minerals - Moving ahead with Amapa
Cadence Minerals is an experienced investor in mining projects and companies with a portfolio of early-stage and advanced assets spanning lithium, iron ore and REE industries. The company gained early exposure to lithium and, while it retains stakes in a number of lithium assets, it has recently completed a 20% investment in the Amapa iron ore project, a past producing mine with associated transport infrastructure in Brazil.
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