Cadence Minerals (KDNC)

Business description

Cadence Minerals (previously Rare Earth Minerals) is a minerals investment company with direct and indirect interests in lithium and rare earth projects. It has a 43.9% effective interest in the Sonora Lithium Project concessions in Northern Mexico.

Stock data

Market cap.£35.4m
Last close0.46p
High / Low (52 weeks)0.9p / 0.4p
Stock market listingLN
Forecast net debt (£m)6.2
Forecast gearing ratio (%)33
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(8.1)(18)(11.7)
Relative *(10.8)(21.5)(26)

* % Relative to local index

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Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2014A 0.0 (1.3) (1.6) (0.03) N/A N/A
2015A 0.0 (1.6) (2.1) (0.03) N/A N/A
2016E 0.0 (2.0) (2.2) (0.03) N/A N/A
2017E N/A N/A N/A N/A N/A N/A

Last updated on 10/05/2017

Latest research

Steadily cantering through

Update | Mining | 10/05/2017

A bull market in lithium?

ADR Update | Mining | 19/01/2016

A bull market in lithium?

Update | Mining | 15/01/2016

Sonora resource increases

Flash note | Mining | 24/11/2015

Lithium's magnetic attraction

Initiation | Mining | 24/02/2015

Investment summary

Until now, Cadence’s (KDNC) various direct and indirect project interests have been viewed largely on their respective market valuations. With three main technical studies now published, however, there is enough information to warrant at least early-stage assessment of the Cinovec lithium project (held by European Metals Holdings) on a DCF basis and, to a lesser extent, the value attributable to Cadence via its direct holding in the Yangibana rare earth project, held 70:30 with Hastings Technology Metals.

Last updated on 10/05/2017

Industry outlook

KDNC also has equity stakes of 7.7% and 16.5% in Auroch Minerals and MacArthur Minerals respectively. KDNC also has a 30% direct interest in the Yangibana REE project in WA, along with JV partner Hastings Technology Metals.

Last updated on 02/05/2017

Key management

Kiran Morzaria, CEO

Company address

Suite 3B Princes House
38 Jermyn Street
London
SW1Y 6DN
United Kingdom
+44 (0)20 7440 0647
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