Azteca refurbishment progresses from 77% to 87%

Cadence Minerals PLC

10 August 2026

 

The company deems the information contained within this announcement to constitute Inside Information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK 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")

Azteca Refurbishment Update

Refurbishment progresses from 77% to 87%; completion target maintained

Cadence Minerals plc (AIM: KDNC) announces that refurbishment of the Azteca processing plant at the Amapá Iron Ore Project has progressed from 77% to 87% weighted physical completion since the Company's announcement of 27 July 2026. The programme continues to target operational readiness by the end of August 2026. Commercial operations and shipments remain subject to successful commissioning and receipt of the Operating Licence

Highlights

·    Refurbishment on plan: Weighted physical completion has increased from 77% to 87%, matching planned progress. The 31 August 2026 completion target is unchanged.

·    Key processing circuits completed: The hopper/feed system, transfer conveyor, screen and process tank are complete. The spiral concentrator is approximately 64% complete against 50% planned.

·    Electrical execution advances: Electrical installation has increased from approximately 43% to 69% completion and is now in line with plan, materially advancing the principal execution focus identified in the previous update.

·    Remaining work concentrated: Magnetic separation has reached approximately 75% completion and is the principal processing workstream to close out.

Kiran Morzaria, Chief Executive Officer, commented:

"Execution is what matters. Azteca has moved from 77% to 87% completion and is now in line with plan.

Electrical installation was the principal execution focus in our previous update. It has advanced from 43% to 69% and is now in line with plan.

The remaining work is defined. Magnetic separation is the principal processing workstream to close, together with the remaining piping, concentrator and electrical activities.

Management's priority is straightforward: complete the refurbishment against the 31 August target, move into commissioning and complete the regulatory workstreams required before commercial operations can commence."

Execution Update

The refurbishment programme is 87% complete against 87% planned, compared with 77% completion at the previous reporting date. Forty-nine of the 64 identified activities are now complete.

The hopper/feed system, transfer conveyor, screen and process tank are complete.

The spiral concentrator is approximately 64% complete against 50% planned, while piping is approximately 88% complete against 85% planned.

Electrical installation has advanced from approximately 43% to 69% completion and is now in line with plan. Electrical works were the principal remaining execution focus in the Company's previous announcement.

Magnetic separation has reached approximately 75% completion and is now the principal processing workstream to close out. Two related activities, including technical handover, remain outstanding.

Management's immediate priority is completion of magnetic separation and the remaining piping, concentrator and electrical activities, together with preparation for integrated plant commissioning.

The Company recorded no lost time injuries or reportable safety incidents during the reporting period.

Operating Licence Workstreams

The previously granted installation licence (Licença de Instalação) (the "Installation Licence") authorises the approved refurbishment and installation works at Azteca. Commercial operations and shipments remain subject to receipt of the operating licence (Licença de Operação) (the "Operating Licence"). The Operating Licence process continues alongside completion of the refurbishment programme. DEV Mineração S.A. continues to engage with the State of Amapá Environmental Authority (SEMA/AP) and, as at the date of this announcement, the associated Operating Licence workstreams are progressing as expected.

Next Milestones

Management's immediate focus is completion of the remaining plant close-out activities, including magnetic separation technical handover, outstanding water piping works, tank measurement and handover, completion and delivery of the spiral concentrator workstream, and final equipment connection and electrical completion. The current programme continues to target 31 August 2026 for completion of the refurbishment works.

Following completion of the refurbishment programme, the plant is intended to progress into integrated commissioning. Commercial operations and shipments remain subject to successful commissioning, completion of the related regulatory workstreams and receipt of the Operating Licence. The Pedra Branca do Amapári bridge, associated road works and additional Tailings Storage Facility works described in the Company's announcements of 27 July 2026 and 5 August 2026 do not form part of the Azteca refurbishment programme, and there has been no change to the position set out in those announcements.

Cadence Ownership

As at the end of 31 May 2026, Cadence's total investment in the Amapá Project is approximately US$16.1 million, representing a 36.2% equity stake.

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 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 ("DR") grade concentrate at 5.5 Mtpa, with a post-tax NPV (10%) of US$1.97 billion over a 15-year mine life.

As part of a staged redevelopment strategy, Azteca is intended to be recommissioned as the initial production facility, targeting approximately 380,000 tonnes per annum of approximately 65% Fe concentrate from existing tailings. This initial production is intended to generate early cash flow to support ongoing operations and the broader development of the Project, subject to successful commissioning, completion of related regulatory workstreams and receipt of the LO.

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 Chris Wardley
Fortified Securities - Joint Broker	+44 (0) 20 3411 7773
Guy Wheatley
Public & Investor Relations - Brand Communications	+44 (0) 7976 431608
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-Looking Statements

This announcement contains forward-looking statements. Such statements are based on the current expectations, assumptions and beliefs of the Directors and are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and may often be identified by words such as "believe", "expect", "intend", "may", "plan", "should", "will", "could" and similar expressions. Actual results may differ materially from those expressed or implied by such statements due to a range of factors, many of which are outside the control of the Company, including changes in economic conditions, market conditions, regulatory developments, the actions of governmental authorities, the availability of funding and other risks affecting the Company's operations. Readers should not place undue reliance on forward-looking statements, which speak only as at the date of this announcement. Except as required by law or applicable regulation, the Company undertakes no obligation to update or revise any forward-looking statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.