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Cadence Minerals (AIM: KDNC)

Last close As at 13/05/2024

GBP0.04

▲ 0.05 (1.39%)

Market capitalisation

GBP7m

Cadence Minerals is an early-stage investment and development company in the mining space. Its public equity holdings include rare earths and lithium developers, and its non-listed interests include a 32.6% interest in the Amapá iron ore restart project in Brazil.

Cadence continues to de-risk and optimise Amapá, with recent work indicating a potential 33% (US$63.2m) reduction in capital costs for the beneficiation plant and a 4.8% increase in forecast production of product. Studies are continuing to reduce mining costs and potentially upgrade the main product from 65% Fe to 67% Fe, which attracts a premium.

Latest Insights

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Metals & Mining | Update

Cadence Minerals — Amapá optimisation adds value

Metals & Mining | Update

Cadence Minerals — Real progress, real value

Metals & Mining | Flash note

Cadence Minerals — Sonora project update

Metals & Mining | Initiation

Cadence Minerals — A mispriced miner
Cadence Minerals_resized
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Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Andrey Litvin

Energy and Resources Analyst

Harry Kilby

Analyst

Key Management

  • Kiran Morzaria

    CEO

Balance Sheet

Forecast net cash (£m)

0.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.4 (30.5) (63.0)
Relative (3.5) (37.6) (65.9)
52 week high/low 10.1p/3.2p

Financials

Cadence Minerals is a mining-focused investment company with unlisted investment assets that the market appears to be clearly mis-pricing. It holds a portfolio of public investments, but its major non-public asset is a 33.6% stake in the Amapá iron ore project in Brazil; we believe a conservative base-case valuation for the asset to be £41.2m at its current stage of development, significantly above the valuation for Cadence in its entirety. We see significant further de-risking of the project in 2024, including licensing and further engineering and optimisation work, with this progress increasing the value of Candence’s stake.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 1.2 (0.6) (0.1) (0.10) N/A N/A
2022A (4.0) (5.5) (5.5) (3.36) N/A N/A
2023E 0.0 (1.8) (1.8) (1.10) N/A N/A
2024E N/A N/A N/A N/A N/A N/A

Research

Cadence Minerals_resized

Update

Metals & Mining

Cadence Minerals — Real progress, real value
Cadence Minerals_resized

Flash note

Metals & Mining

Cadence Minerals — Sonora project update

Metals & Mining

Update

Cadence Minerals — Amapá optimisation adds value

Initiation

Metals & Mining

Cadence Minerals — A mispriced miner

QuickView

Metals & Mining

Cadence Minerals — Moving ahead with Amapa

Update

Metals & Mining

Cadence Minerals — Steadily cantering through

ADR Update

Metals & Mining

Rare Earth Minerals — Update 14 January 2016

Update

Metals & Mining

Rare Earth Minerals — Update 14 January 2016

Flash note

Metals & Mining

Rare Earth Minerals — Update 23 November 2015

Thematics

thematic

Metals & Mining

Shades of the 1970s

thematic

Metals & Mining

Critical minerals: The investment vacuum
samuel-scrimshaw-kp_87tExCwI-unsplash

thematic

Metals & Mining

Lithium’s adolescence

thematic

Metals & Mining

Lepidico: Offer closes, oversubscribed
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