Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that, further to the Hydromet Plant relocation announcement, Hastings Technology Metals (ASX: HAS) ('Hastings'), Cadence's joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia ('Yangibana' 'Yangibana Project'), has updated its Capital expenditure requirements previously estimated at approximately AUD$517m (ASX Investor Presentation 2 December 2019), which included a 114km gas pipeline and 14Mw gas fired power station.

Charles Lew, Hastings Executive Chairman, said: 'This new CAPEX clearly demonstrates the robust nature of the Yangibana Project and the options that it presents. Significant optimisations in project construction capital, mining and processing are starting to show the true value of the Yangibana Project to Hastings and its shareholders. We will now push ahead with re-defining operational costs to reflect the capital changes taking place and to delivering the final results to the market shortly and getting on with the job of building the project as quickly as we can. Lenders are encouraged by the Capex reduction during this challenging period for debt and equity capital market currently affecting small companies and greenfield projects.'

Cadence Minerals CEO Kiran Morzaria commented: 'Securing a 13% reduction in CAPEX costs at this relatively advanced stage is a testament to the value, opportunities and potential on offer at Yangibana, and provides additional validation for our investment into this project. We look forward to further developments.'

Cadence Minerals Yangibana Holding

Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% ('Hastings'). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at: https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/

The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report

Contact:

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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 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 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.

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