Cadence Minerals #KDNC Zeus Broker Note – 21.8p/share fair value

Zeus view: Positive step to make Cadence a cash-generating producer Provides proof of concept and significantly de-risks Amapá Supports DFS funding from internal cash, avoiding further dilution. Retain 21.8p/share fair value – today’s market cap still undervalues the project. A milestone for Cadence – the Azteca restart could be the catalyst for re-rating