Cadence Minerals PLC (LON:KDNC, OTC:KDNCY) said it had completed the due diligence process on two early-stage lithium assets in which it plans to invest.
It hopes to tie up binding agreements by the year-end with the aim of beginning the exploration process in earnest in the first quarter of next year.
READ: Cadence Minerals investee company Macarthur Minerals confirms lithium mineralisation at Tambourah Project in Western Australia
In its corporate and investment update, the company said the plan is to earn-in at the project level, which essentially means building a stake for carrying out value-added work on the assets.
In the same announcement Cadence revealed it had followed its money by investing £345,000 in European Metals Holdings’ (LON:EMH) £2.3mln City fundraiser. In doing so, it maintains its 20% stake in the mine developer, which owns the Cinovec deposit in the Czech Republic, Europe's largest lithium resource.
Finally, Cadence said it is in talks with its partner, Hastings Technology Metals, on how they might best realise value from the Yangibana Rare Earth Project, in Western Australia, which is host to a 5.6mln-tonne resources.