Edison Research – Cadence Minerals: Azteca moves into execution phase

The broader Amapá project remains Cadence’s main long-term value driver. It is a fully integrated iron ore operation with established mine, rail, port and beneficiation infrastructure, a JORC-compliant resource of 276Mt at 38% Fe and a proven and probable reserve of 195.8Mt at 39.3% Fe. The updated pre-feasibility study in 2024 confirmed the potential to […]

Cadence Minerals Green iron champion – Edison Research

Cadence is advancing the past-producing, integrated Amapá iron ore project in Brazil, where it has so far earned a 35.7% interest. The project was brought through a PFS and has recently been granted a preliminary environmental licence. It is expected to deliver a premium direct reduction (DR) grade pellet feed concentrate aimed at the fast-growing […]

Edison Research – Cadence Minerals #KDNC Amapa 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 […]

Edison Research – Cadence Minerals #KDNC – 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 […]

Edison Research Note: Cadence Minerals #KDNC – A mispriced miner?

Cadence Minerals #KDNC 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 #ironore project and its minority stake in the […]

Edison Research – Cadence Minerals (KDNC). Steadily cantering through.

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 […]