£1.80 million raised to advance Azteca

Cadence Minerals PLC

18 September 2026

The company deems the information contained within this announcement to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

Cadence Minerals Plc

("Cadence Minerals", "Cadence", or "the Company")

£1.80 million raised to advance Azteca

Cadence Minerals plc (AIM: KDNC) announces that it has raised, subject to Admission, £1.80 million before expenses through a subscription and placing (the “Fundraise”) of 40,000,000 new ordinary shares of 1 penny each (the “Fundraise Shares”) at 4.5 pence per share (the “Issue Price”). The proceeds will support Azteca infrastructure, optimisation and additional-feed studies, and Cadence working capital. The Company’s ordinary shares of 1 penny each are referred to below as “Ordinary Shares”.

Highlights

• Azteca restart already funded: the £1.80 million Fundraise brings forward supporting infrastructure and studies to assess higher production, lower unit costs and a longer operating life.
• Existing shareholders to be offered the same issue price: a separate WRAP retail offer of up to £0.45 million at 4.5 pence per share is expected to open after this announcement for eligible existing UK shareholders.
• Initial production under Amapá’s staged restart: Azteca commissioning is underway, targeting approximately 380,000 tonnes a year of approximately 65% Fe concentrate. The initial Dyke 5 feed is estimated to support two to three years of operation. Commercial operations and shipments remain subject to successful commissioning and grant of the Operating Licence.
• Bringing forward bridge works: the objective is to complete the Pedra Branca do Amapari bridge (“PBA bridge”) works before first shipment, reducing reliance on temporary controls and the risk of subsequent logistics disruption. Raising capital now is intended to preserve future project cash for the Definitive Feasibility Study (“DFS”) and port and rail licensing.
• Targeting more production, lower unit costs and a longer operating life: optimisation studies will assess higher mass recovery and throughput, while drilling and testwork will evaluate additional feed. Successful results could strengthen and extend Azteca’s cash generation.

Kiran Morzaria, Chief Executive Officer, commented:

“Azteca’s restart and initial working capital are funded. Raising now allows us to bring forward the bridge works, with the objective of completing them before first shipment and reducing a known logistics risk.

“Recent site visits have identified opportunities to assess more saleable concentrate, lower unit costs and a longer operating life. Starting now allows us to establish sooner which improvements justify investment.

“The larger Amapá redevelopment is the main opportunity. Successful Azteca operations would provide an operating track record for financing discussions and cash to help advance it. Funding these works now is intended to preserve that cash for the DFS and port and rail licensing.”

Purpose and Timing of the Raise

Azteca’s initial restart programme, including commissioning and initial operating working capital following grant of the Operating Licence, is already funded under the existing project funding arrangements. As explained in the general meeting materials, the bridge, associated road and additional Tailings Storage Facility (“TSF”) works are separately identified requirements. Raising capital now allows these works to progress without waiting for discretionary operating cash flow.

The Pedra Branca do Amapari bridge remains in use under temporary operating controls. These reduce crossing risk but do not repair the deteriorating timber deck. The objective is to complete the planned works before first shipment, reducing reliance on those controls and the risk of subsequent disruption to project transport and production. This brings forward the infrastructure programme described in the general meeting materials.

Optimisation and Additional Feed Studies

Recent site visits have identified opportunities to assess higher mass recovery—the proportion of feed converted into saleable concentrate—and greater plant throughput. Bringing these studies forward will allow DEV Mineração S.A. (“DEV”), the project owner and operator, to establish sooner which improvements are technically and commercially justified. If successful and implemented, the improvements could increase concentrate production and reduce operating costs per tonne, supporting higher revenue and operating margins. The benefits will depend on product quality, realised prices and implementation costs.

Azteca’s initial feed is stored Dyke 5 pre-flotation material, estimated to support two to three years of operation, subject to actual throughput and recovery. Separately, drilling and metallurgical testwork will assess whether broader historic tailings can provide suitable additional feed once the initial material is depleted, including their potential to produce approximately 65% Fe concentrate. Successful results could extend Azteca’s operating life and its contribution to the larger Amapá development. The scale of any improvement and the investment required remain to be established.

Use of Proceeds

The net proceeds of the Fundraise and any proceeds from the proposed Retail Offer are intended to fund approximately £0.65 million for the PBA bridge, associated road and additional TSF works, identified separately from plant refurbishment; approximately £0.66 million for studies to assess higher mass recovery and throughput and lower operating costs per tonne, together with drilling and test work to evaluate additional feed and potential operating-life extension; and approximately £0.825 million for Cadence corporate working capital. These allocations are indicative and assume full subscription of the Retail Offer. The Company may adjust the allocation and timing of expenditure in light of the proceeds raised, study results, operational requirements and project priorities.

Azteca’s Role in Amapá

Cadence holds a 36.2% indirect interest in the Amapá Iron Ore Project in Brazil. Azteca is its refurbished magnetic and spiral separation plant, intended to establish initial production ahead of the larger redevelopment. That development targets 5.5 million tonnes a year of 67.5% Fe direct reduction grade concentrate from an integrated mine, beneficiation plant, railway and port.

Successful production and shipments at Azteca would demonstrate DEV’s operating capability and provide evidence for project financiers and strategic partners. Cash remaining after operating needs and funding obligations is intended to support the DFS, with commencement planned for 2027, and advancement of the Preliminary Licences for the port and railway. Cash generation depends on plant performance, prices, costs and funding obligations.

Azteca Status and Licensing

Cold and wet commissioning are underway following mechanical completion announced on 4 September 2026. SEMA/AP has inspected the site in connection with hot commissioning. No issues were raised during the visit; DEV awaits the authority’s response.

The next milestone is hot commissioning at 25%–50% of plant capacity, subject to completion of preceding tests and applicable regulatory requirements. Commercial operations and shipments require successful commissioning and grant of the Azteca Operating Licence.

The Preliminary Licence (“LP”) and Installation Licence (“LI”) have been granted for the mine, plant and TSF. These approvals enable permitted development and installation works for Amapá; Azteca’s refurbishment was completed under the LI. The Operating Licence (“LO”) for Azteca remains pending with SEMA/AP. The railway and port have separate licensing workstreams, including Preliminary Licences still to be secured.

The Fundraise

The Fundraise comprises a placing arranged by Shard Capital Partners LLP and Fortified Securities and a subscription arranged directly by the Company, involving an aggregate of 40,000,000 Fundraise Shares at the Issue Price and raising £1.80 million before expenses, subject to Admission. The Issue Price represents a discount of 10 per cent. to the closing mid-market price of 5 pence per Ordinary Share on 17 September 2026, being the latest practicable business day before publication.

Admission

Application will be made for the 40,000,000 Fundraise Shares to be admitted to trading on AIM (“Admission”). Admission is expected at 8.00 a.m. on or around 25 September 2026. The Fundraise Shares will represent approximately 8.4 per cent. of the Company’s issued share capital immediately following Admission, excluding any Retail Offer Shares.

Following Admission, the Company's issued, and fully paid share capital will consist of 478,136,650 Ordinary Shares, all carrying one voting right per share. The Company does not hold any Ordinary Shares in treasury. The figure of 478,136,650 Ordinary Shares may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

The Fundraise Shares will be issued fully paid and will rank pari passu with the Company’s existing Ordinary Shares in all respects.

Retail Offer

In addition to the Fundraise , the Company intends to offer up to 10,000,000 new Ordinary Shares (the “Retail Offer Shares”) through the Winterflood Retail Access Platform (“WRAP”) at the Issue Price to raise up to £0.45 million before expenses (the “Retail Offer”). The Retail Offer will provide eligible existing shareholders in the United Kingdom with an opportunity to participate at the same issue price as the Fundraise. It is expected to launch later today and close at 5.00 p.m. on Wednesday 23 September 2026, with results expected on or around Thursday 24 September 2026 and admission of any Retail Offer Shares (“Second Admission”) expected on or around 1 October 2026. The Retail Offer remains subject to Second Admission and may not be fully subscribed. Completion of the Fundraise is not conditional on completion of the Retail Offer.

Should the Retail Offer not be fully subscribed, the Directors will subscribe for up to £100,000 on the same terms and conditions as the Retail Offer.

A separate announcement setting out the full terms of the Retail Offer will be made shortly. The 10 million retail shares equal 25% of the 40 million Fundraise shares.

Cadence Ownership

As at 31 May 2026, Cadence’s total investment in the Amapá Project was approximately US$16.1 million. Cadence holds a 36.2% equity interest in Pedra Branca Alliance Pte Ltd (“PBA”), which owns 100% of DEV Mineração S.A. (“DEV”), the owner and operator of the Amapá Project.

About the Amapá Project

The Amapá DR Iron Ore Project is a fully integrated iron ore operation in Brazil with established mine, rail, port and beneficiation infrastructure. The Project hosts a JORC-compliant Mineral Resource of 276.3 million tonnes at 38% Fe and a Proven and Probable Ore Reserve of 195.8 million tonnes at 39.34% Fe.

An updated Pre-Feasibility Study published on 3 December 2024 confirmed the potential to produce 67.5% Fe direct reduction grade concentrate at 5.5 Mtpa, with a post-tax NPV (10%) of US$1.97 billion over a 15-year mine life.

For further information, contact:
Cadence Minerals plc	+44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
Zeus (NOMAD & Broker)	+44 (0) 20 3829 5000
James Joyce
Darshan Patel Matthew Diaz-Rainey
Fortified Securities - Joint Broker	+44 (0) 20 3411 7773
Guy Wheatley
Brand Communications	+44 (0) 7976 431608
Public & Investor Relations
Alan Green

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Cautionary and Forward-LookingStatements

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 reflect 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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