These tenements are shown above. The tenements in which Cadence holds a 30% interest are in joint-venture with Australian listed Hastings Technology Metals (“Hastings”) and Hastings carries all costs up to the decision to commission a Bankable Feasibility Study.
The Yangibana Project (the Project) is a significant Australian Rare Earths Project, containing substantial Neodymium and Praseodymium resources. The Project currently covers approximately 650 square kilometres. The Project is located in the Gascoyne region of Western Australia, some 250 kilometres northeast of Carnarvon.
Hastings Technology Metals (“Hastings”) completed a Definitive Feasibility Study in November 2017, which did not include Cadence’s joint venture interests. However Hastings has subsequently issued production targets in their annual report of September 2019, which showed production from licenses M09/159 and M09/163 in 2027 to 2033.
Yangibana JORC Ore Reserves & Resource
Snowden Mining Industry Consultants has completed pit optimisations, mine design and mine scheduling that has established the ore reserves as show in the table below (January 2019):
Probable Ore Reserves within tenements held 30% by Cadence are shown in the table below:
These Ore Reserves are derived from the JORC Resources reported below: