Cadence Minerals to note that ASX listed Evergreen Lithium Limited has announced the preliminary analysis of its EXOSPHERE BY FLEET® Ambient Noise Tomography (ANT) geophysics survey at Bynoe. ANT is a ground geophysics method that uses natural or man-made seismic noise as a signal source to measure the seismic velocity of the subsurface in three dimensions. The key objective of the survey was to identify potential lithium bearing pegmatites at depth otherwise known as blind pegmatites, and the ANT analysis has identified priority pegmatite targets within Bynoe Northern Area 1 adjacent to Core Lithium.

The Bynoe Project is located contiguous to Core Lithium's Finniss Project which contains an estimated Total Mineral Resource of 30.6Mt at 1.31% Li2O. Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.

Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies ("LT and LS") to Evergreen as announced on 27 June 2022. A further AUD 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved.

Further details of these milestones can be found in the Evergreen prospectus available here . Cadence's shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.