Cadence Minerals Plc

("Cadence Minerals", "Cadence", or "the Company")

European Metals Announcement: Testwork Realises Continued Outstanding Lithium Recoveries

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that it has achieved favourable testwork results which confirm separation efficiency and capability of flotation of lithium-bearing zinnwaldite.

Highlights:

·      Testwork confirms separation efficiency and capability of flotation of lithium- bearing zinnwaldite from the Cinovec Lithium / Tin Project.

·      Flotation testwork repeatedly reached >95% lithium recovery to flotation concentrates at target Li-grades and mass yield

·      DFS remains on track for completion in Q4 2023

The updated flotation testwork recently undertaken at Nagrom Laboratories (Perth) has repeatedly reached >95% lithium recovery from flotation concentrates at target Li-grades and mass yield. Ongoing testwork to confirm the robust nature of the process and optimise the DFS design has surpassed previous performance indicators.

Results from testing and optimisation of flotation for the concentration of zinnwaldite in fine ore has exceeded expectations and further demonstrated the potential for high overall lithium recoveries when combined with magnetic separation for the coarse particle size ranges.

European Metals Executive Chairman Keith Coughlan commented; "The exceptional lithium extraction results are outstanding and further underline the commercial viability of operations at Cinovec. These results show repeatability of >95% lithium recovery at neutral pH and confirm both capex and opex reductions, demonstrating the strong operational viability of the FECAB plant. We look forward to further results of the ongoing optimisation work as part of the DFS. The neutral pH of the flotation further enhances the already strong ESG credentials of the Cinovec Project particularly when compared to the acid flotation used on micas elsewhere around the globe. We expect the current testwork to be completed by the end of June and will publish the full results."

Cadence CEO Kiran Morzaria added; "These outstanding lithium recoveries further enhances Cinovec's already exceptional potential as a future battery grade lithium supply hub for Europe and the rest of the world. We are pleased to remain shareholders and supporters of EMH, and we look forward to further developments."

Link here to view the full EMH announcement

Cinovec Lithium/Tin Project

Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and 335.1kt of tin.

Cadence Minerals holds approximately 6.8% percent of the equity in European Metals Holdings.

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Cautionary and Forward-Looking Statements

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as "believe", "could", "should", "envisage", "estimate", "intend", "may", "plan", "will", or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the company's future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.

The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.