Cadence Minerals - Edison Group

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

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Metals & Mining |
Update

04.04.24

Cadence Minerals — Amapá optimisation adds value

Metals & Mining |
Update

03.11.23

Cadence Minerals — Real progress, real value

Metals & Mining |
Flash note

31.08.23

Cadence Minerals — Sonora project update

Metals & Mining |
Initiation

06.07.23

Cadence Minerals — A mispriced miner

Cadence Minerals_resized

Sector

Metals & Mining

Equity Analyst

MD - Head of Content, Energy & Resources, Industrials

Energy and Resources Analyst

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	(6.1)	(14.8)	(65.7)
Relative	(2.8)	(12.7)	(68.2)
52 week high/low	6.7p/2.2p

Financials

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 the near future and we explore some of the sensitivities in this report. We have adjusted our valuation to reflect portfolio changes and the rise in Cadence’s stake in Amapá, although we have yet to include the value uplift of the optimisation of Amapá.

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

Metals & Mining

Flash note

Rare Earth Minerals — Update 23 November 2015

Flash note

Metals & Mining

24.11.15

Rare Earth Minerals — Update 23 November 2015

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Metals & Mining

27.04.22

Five (more) things every investor should know about lithium and Lepidico

thematic

Metals & Mining

21.03.22

Decarbonisation – A potential opportunity for aluminium producers

thematic

Metals & Mining

13.12.21

The PGM markets – Outlook and price forecasts

thematic

Metals & Mining

16.05.19

Alliance Mineral Assets secures strategic investment from Galaxy and Jiangxi

thematic

Metals & Mining

24.04.19

Piedmont Lithium increases its mineral resource estimate by 21%

thematic

Metals & Mining

22.01.19

Gold stars and black holes

thematic

Metals & Mining

06.02.15

Mining sector report: Gold: The value of gold and other metals

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Metals & Mining

26.02.14

Making a case for uranium: Life after Fukushima

thematic

Metals & Mining

28.01.14

Indaba special, 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Energy & Resources

28.02.13

Asia-Pacific resources quarterly: February 2013 edition

thematic

Metals & Mining

01.02.13

Indaba special, 2013

thematic

Metals & Mining

02.10.12

Edison mining quarterly: October 2012

thematic

Metals & Mining

14.09.12

Mining catalyst: China’s new stimulus

thematic

Energy & Resources

20.08.12

Asia-Pacific resources quarterly: August edition

thematic

Energy & Resources

10.05.12

Asia-Pacific resources quarterly

thematic

Metals & Mining

25.04.12

Edison mining quarterly: April 2012

thematic

Metals & Mining

16.12.11

Macro Outlook – Price weakness on the cards

thematic

Metals & Mining

07.10.11

Indium and gallium overview

thematic

Metals & Mining

13.06.11

Switzerland: Global Resources Investing Conference