Further to the announcements of 29 September 2021, 7 October 2021 and 20 October 2021, Cadence Minerals is pleased to announce that the Castillo Copper's (ASX/LON: CCZ) ('Castillo') geology team will undertake a field trip to the Picasso Lithium Project, near Norseman in Western Australia.

This is a lithium rich region, as the Mt Marion and Bald Hill Mines are located within 120km to the north-west of the tenure. Moreover, the Picasso Lithium Project is proximal to LTR's Buldania Project which has a JORC compliant resource at 14.9Mt @ 0.97% Li2O2.

Highlights

Geology team will visit the Picasso Lithium Project shortly to gather more geological evidence - over a wide area - to verify if known / newly discovered pegmatites host lithium mineralisation

The focus area is the high-density corridor that hosts most of the 69 government mapped pegmatites on the eastern boundary, which is coincident to historical lithium occurrences at surface, coupled with selected outcropping targets seen elsewhere across the tenure1

The scope for the field trip is comprehensive and includes undertaking a drone survey to identify new granite / pegmatites targets; visit and collect samples from prospective zones; determine potential for lithium mineralisation and update geological maps

Once complete, the team should have ample evidence to finalise the due diligence as significant historical data has already been reviewed, while more than 30 rock-chip samples1 are due to be received in coming weeks

The Picasso Lithium Project is proximal to Liontown Resources' (ASX: LTR) Buldania Project2 and is mostly situated on crown land, which makes access a relatively straight forward process

Castillo's Managing Director Simon Paull commented: 'With the global lithium market showing continued strength, the Board has decided to send a team to site to collect more data points to advance the case for the Picasso Lithium Project. Whilst there is compelling historical evidence already and surface assays pending, the Board is keen to fully map and test all potential targets for lithium mineralisation within the tenure to hasten closing out due diligence.'

Cadence CEO Kiran Morzaria added: 'Further to the progress made by Castillo in regard to the due diligence at Litchfield, we are pleased that Castillo have also committed to send a geology team to fully assess the potential at the Picasso Lithium Project. We look forward to further progress.'

Field Trip - Picasso Lithium Project

Castillo's geology team will visit the Picasso Lithium Project shortly to collect more evidence to ascertain if known and newly discovered pegmatites host lithium mineralisation. The main focus zone is on the eastern boundary which comprises the high-density, government mapped, pegmatite corridor that is coincident with known lithium surface occurrences.

In addition, the team expect to survey pegmatite outcropping along the western boundary which is more wide-spread and scattered. Overall, according to government mapped data, there are 69 known pegmatites within the tenure1.

Contact:

Tel: +44 (0) 7879 584153

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 Cadence Minerals Plc'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 reect 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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

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