Cadence Minerals PLC on Wednesday noted the update from Hastings Technology Metals’ about progress at Yangibana rare earths project in Western Australia.

Cadence Minerals is a London-based early stage investment and development company within the mineral resource sector.

Cadence said in the last two months, ‘significant progress’ had been made, with a total of $146 million in contractual commitments demonstrating ‘the high degree of confidence by the Hastings board in the future of the Yangibana project.’ It highlighted that ore reserves increased by 25% to 20.93 million tonnes at 0.90% total rare earth oxides, increasing mine life to 17 years.

Cadence sold its 30% stake in various tenements of the Yanginbana to Hastings in January, in exchange for 2.5 million new Sydney-listed shares in Hastings worth A$9 million, around 1.9% of Hastings’ issue share capital.

‘As is the nature of any investment company, our value is driven by the sum of our parts. With the recent reduction in Hastings share price our portfolio valuation has also reduced. However, we see no fundamental reason for this price volatility given the substantial progress,’ said Cadence Chief Executive Officer Kiran Morzaria.

Hastings closed up 11% to A$2.75 in Sydney on Wednesday, but is down 19% over the past month.

‘Hastings is making in the construction of the Yangibana rare earth project and we look forward to them advancing to project towards production in 2024,’ he added.

Cadence Mineral shares were 5.5% higher at 14.11 pence each on Wednesday morning in London.

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