Cadence Minerals (AIM: KDNC)

Currency in GBP

Last close As at 22/09/2023


−0.50 (−6.06%)

Market capitalisation


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 lithium in Mexico and a 30% interest in the Amapá iron ore restart project in Brazil.

Cadence’s commodity exposure is favourable in our view, with exposure to rare earth minerals and lithium, which both have strong structural end-use demand, and iron ore, where we see continued need for projects such as Amapá. Cadence is a relatively small investment company in a large sector so has been overlooked by investors.

Latest Insights

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Metals & Mining | Flash note

Cadence Minerals — Sonora project update

Metals & Mining | Initiation

Cadence Minerals — A mispriced miner

Metals & Mining | QuickView

Cadence Minerals — Moving ahead with Amapa

Metals & Mining | Update

Cadence Minerals — Steadily cantering through

Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Kiran Morzaria


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.0 (4.9) (22.7)
Relative (5.6) (6.6) (27.3)
52 week high/low 16.6p/6.5p


Cadence Minerals is a mining-focused investment company with unlisted investment assets that the market appears to be clearly mis-pricing. Its portfolio of public equities accounts for £10.2m of its c £14m market cap, leaving an implied combined value of £3.8m for its 30% stake in the Amapá iron ore project and its minority stake in the Sonora lithium project. In our view each of these is worth more than this, and we believe a conservative base-case valuation of both to be £45m or 26p/share at their current stages of development. This values Cadence at 32.2p/share, more than four times its current valuation. Our high-case valuation is 57p/share.

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



Metals & Mining

Cadence Minerals — Steadily cantering through

ADR Update

Metals & Mining

Rare Earth Minerals — Update 14 January 2016


Metals & Mining

Rare Earth Minerals — Update 14 January 2016

Flash note

Metals & Mining

Rare Earth Minerals — Update 23 November 2015



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