Cadence Minerals (KDNC)

Sector:

Mining

Index:

FTSE AIM All-Share

3.20p
   
  • Change Today:
      0.25p
  • 52 Week High: 5.75
  • 52 Week Low: 2.30
  • Currency: UK Pounds
  • Shares Issued: 227.64m
  • Volume: 1,904,607
  • Market Cap: £7.28m
  • RiskGrade: 426

Cadence Minerals investee partner funded for Hillside exploration

By Josh White

Date: Friday 05 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Cadence Minerals announced on Friday that a joint venture partner of its investee Macarthur Minerals, Fe, has completed of the sale of its Evanston royalty interest over a portion of the wider Koolyanobbing iron ore mine, in the Southern Yilgarn region of Western Australia.
The AIM-traded firm, which holds around 3% of Macarthur Minerals, said TRR Services Australia - a wholly-owned subsidiary of Trident Resources - has purchased the royalty for $7m.

Fe received the first payment of $3.5m, with a further instalment of $3m payable in 12 months.

Cadence said Fe now had cash at bank of $5.2m, and was fully-funded to begin exploration work at the Hillside Copper and Gold Project in the Pilbara region of Western Australia.

Fe was currently finalising plans to conduct a fixed loop electromagnetic ground survey at the Hillside project.

The survey would cover a section of the previously-identified gossan line, as well as a series of individual fixed loop electromagnetic surveys over previously-identified high priority electromagnetic targets across the wider project area.

Results were expected to better indicate any massive sulphide mineralisation which could exist, to assist in targeting the next drilling campaign later in the year.

"We are excited by the news that Fe is adding $7m to its bank balance and will be fully funded for further exploration activities on Macarthur's Pilbara tenements encompassing the Hillside, Panorama, and Strelley projects," said Macarthur president and executive chairman Cameron McCall.

"All results so far have been very encouraging."

At 1333 BST, shares in Cadence Minerals were down 11.12% at 9.96p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

KDNC Market Data

Currency UK Pounds
Share Price 3.20p
Change Today 0.25p
% Change 8.47 %
52 Week High 5.75
52 Week Low 2.30
Volume 1,904,607
Shares Issued 227.64m
Market Cap £7.28m
RiskGrade 426

KDNC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
35.28% above the market average35.28% above the market average35.28% above the market average35.28% above the market average35.28% above the market average
20.63% below the sector average20.63% below the sector average20.63% below the sector average20.63% below the sector average20.63% below the sector average
Price Trend
80.02% below the market average80.02% below the market average80.02% below the market average80.02% below the market average80.02% below the market average
57.35% below the sector average57.35% below the sector average57.35% below the sector average57.35% below the sector average57.35% below the sector average
Income Not Available
Growth Not Available

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16:28 300 @ 3.30p

KDNC Key Personnel

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