Cadence Minerals (KDNC)

Sector:

Mining

Index:

FTSE AIM All-Share

2.50p
   
  • Change Today:
      0.010p
  • 52 Week High: 5.75
  • 52 Week Low: 2.30
  • Currency: UK Pounds
  • Shares Issued: 227.64m
  • Volume: 826,595
  • Market Cap: £5.69m
  • RiskGrade: 426

Cadence Minerals upbeat on resource update from Amapa

By Josh White

Date: Friday 07 Oct 2022

LONDON (ShareCast) - (Sharecast News) - Cadence Minerals announced on Friday that DEV Mineração has completed a new mineral resource estimate for the Amapá iron ore project in Brazil.
The AIM-traded firm reported a "substantial" increase in total measured, indicated and inferred mineral resources, to 276.24 million tonnes grading 38.33% iron.

New measured resource totalled 55.33 million tonnes grading 39.26% iron, while measured and indicated resource increased to 229.48 million tonnes at 38.76% iron, from 176.7 million tonnes at 39.75% iron, reported within an optimised pit shell and using a cut-off grade of 25% iron.

The inferred mineral resource increased to 46.76 million tonnes at 36.20% iron, from 8.7 million tonnes at 36.9% iron, reported within an optimised pit shell and using a cut-off grade of 25% iron.

"The main aim of our new mineral resource statement was to provide a sound basis for pre-feasibility studies. In particular, to convert a significant portion of the indicated mineral resource into the measured category," said Cadence chief executive officer Kiran Morzaria.

"The results reported today have achieved this goal and more - the results clearly indicate the robustness and consistency of the Amapá resource."

Morzaria said that as the company moved closer to the next stage of development, the higher degree of certainty in its mineral resource estimate provided more funding options for the project.

"The new measured resource and the overall increase in the mineral resource provides a sound basis for an initial 15-year mine life, with the potential to expand this further by upgrading the 46.76 million tonnes of inferred resources."

At 1042 BST, shares in Cadence Minerals were up 4.23% at 9.85p.

Reporting by Josh White at Sharecast.com.

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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 2.50p
Change Today 0.010p
% Change 0.40 %
52 Week High 5.75
52 Week Low 2.30
Volume 826,595
Shares Issued 227.64m
Market Cap £5.69m
RiskGrade 426

KDNC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
35.69% above the market average35.69% above the market average35.69% above the market average35.69% above the market average35.69% above the market average
19.05% below the sector average19.05% below the sector average19.05% below the sector average19.05% below the sector average19.05% below the sector average
Price Trend
84.9% below the market average84.9% below the market average84.9% below the market average84.9% below the market average84.9% below the market average
67.65% below the sector average67.65% below the sector average67.65% below the sector average67.65% below the sector average67.65% below the sector average
Income Not Available
Growth Not Available

KDNC Dividends

No dividends found

Trades for 06-Dec-2024

Time Volume / Share Price
13:35 8,461 @ 2.43p
13:24 21,405 @ 2.53p
12:55 10,900 @ 2.53p
12:31 250,000 @ 2.53p
12:02 200,000 @ 2.53p

KDNC Key Personnel

Finance Director Donald Strang
CEO Kiran Morzaria

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