Cadence Minerals reports £3.33 million loss for 2024

LONDON - Cadence Minerals (AIM:KDNC) reported a loss of £3.33 million for the year ended December 31, 2024, slightly higher than the £3.02 million loss recorded in the previous year, according to the company’s annual results released Wednesday.

The mining investment company’s financial position showed net assets of £17.21 million at year-end, down from £18.45 million in 2023. The company’s public equity investments incurred an unrealized loss of £1.02 million and realized losses of £1.10 million during the period.

Cadence continued advancing its flagship Amapá Iron Ore Project in Brazil, completing metallurgical testing that confirmed the project’s capability to produce high-grade iron concentrate with 67.5% Fe content. The company updated its preliminary feasibility study for the project, reporting a post-tax NPV of $1.97 billion for its "Green Iron" flowsheet case.

"Despite challenges across markets, we achieved critical milestones, made tangible progress at our flagship projects, and continued to position the Company for long-term value creation," said Andrew Suckling, Non-Executive Chairman.

The company reported administrative expenses of £1.10 million, down from £1.30 million in 2023. Basic loss per share was 1.650p compared to 1.762p in the previous year.

Regarding its investment in the Sonora Lithium Project in Mexico, Cadence noted ongoing legal and diplomatic processes following the Mexican government’s cancellation of lithium concessions. In November 2023, the company submitted a formal Request for Consultations under the UK-Mexico Bilateral Investment Treaty.

Cash and cash equivalents stood at £655,000 at year-end, up from £215,000 in 2023, with borrowings of £755,000. The company raised approximately £2.28 million through share issuances during the year.

The annual results were based on a press release statement from the company.

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