Cadence Minerals PLC
27 August 2026
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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 97% complete and ahead of plan as of 22 August; Operating Licence application submitted
Cadence Minerals plc (AIM: KDNC) announce that, as of 22 August 2026, refurbishment of the Azteca processing plant at the Amapá Iron Ore Project had reached 97% weighted physical completion, compared with 95% planned and 87% reported on 10 August 2026. The Company continues to target completion of the refurbishment works by 31 August 2026. In parallel, DEV Mineração S.A. ("DEV"), the Brazilian operating company for the Amapá Project, has formally submitted its application for the operating licence (Licença de Operação) for the Azteca plant (the "Operating Licence") to the Amapá State Environmental Secretariat ("SEMA/AP").
Once the refurbishment is complete the plant is intended to progress into integrated commissioning. Commercial operations and shipments remain subject to successful commissioning and receipt of the Operating Licence.
Highlights
· Ten-point advance: As of 22 August 2026, weighted physical completion was 97%, compared with 95% planned and 87% reported on 10 August 2026.
· Critical path moves ahead: Electrical installation advanced from approximately 69% to 95%. The principal execution constraint identified in the previous update is now ahead of schedule.
· Core processing systems delivered: The hopper/feed system, transfer conveyor, screen and process tank are complete. Magnetic separation and piping are approximately 99% and 98% complete, respectively.
· Final close-out underway: The remaining work is concentrated in technical handovers, spiral concentrator completion, electrical panels and final equipment connections.
· Commissioning next: The programme continues to target completion of the refurbishment works by 31 August 2026 before progressing into integrated commissioning.
· Operating Licence: DEV Mineração has submitted its application for the Azteca operating licence to SEMA/AP.
Kiran Morzaria, Chief Executive Officer, commented:
"Execution is what matters. Azteca moved from 48% to 77%, then to 87%, and reached 97% by 22 August.
Electrical installation was the principal execution focus. It has advanced to 95%, moving from behind the mechanical workstreams to ahead of plan.
At that reporting date, the remaining work was defined: close the technical handovers, complete the spiral concentrator and electrical panels, connect the equipment and move into commissioning.
Our focus is clear: complete the refurbishment against the 31 August target and maintain execution discipline through commissioning. Successful commissioning and the Operating Licence remain the gateways to commercial operations and the first operating platform at Amapá."
Execution Update
As of 22 August 2026, the refurbishment programme was 97% complete against 95% planned. This represented a ten-percentage-point advance from the 87% reported on 10 August 2026
At that reporting date, 58 of the 64 identified activities had been completed. The remaining six are in progress.
The hopper/feed system, transfer conveyor, screen and process tank are complete. Magnetic separation has reached approximately 99% completion and piping approximately 98%. The spiral concentrator has reached approximately 85% completion, compared with approximately 78% planned.
Electrical installation advanced from approximately 69% to 95%, compared with approximately 87% planned. Electrical works were the principal execution focus on the previous update. That workstream is ahead of plan.
The remaining work is specific. Three of the six outstanding activities are close-out items: the magnetic separation technical handover, the water piping technical handover and the remaining electrical panel activity. The balance comprises completion of the spiral concentrator and the final equipment connections. Management is focused on closing these items, completing the spiral concentrator and executing the final equipment connections.
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.
DEV has formally submitted its application for the Operating Licence to SEMA/AP. The application is now subject to technical review, which may include requests for additional information and a site inspection. Grant of the Operating Licence remains required before commercial operations and shipments can commence.
Next Milestones
Management's immediate priority is to close the remaining technical handovers, complete the spiral concentrator and electrical panels and execute the final equipment connections. The programme continues to target 31 August 2026 for completion of the refurbishment works.
The next execution phase is integrated commissioning. This will test the completed systems together and establish whether the plant is ready to progress towards commercial operations. Commercial operations and shipments remain subject to successful commissioning, completion of the related regulatory workstreams and receipt of the Operating Licence.
Cadence Ownership
As of 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 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 Operating Licence.
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For further information, contact: |
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Cadence Minerals plc |
+44 (0) 20 3582 6636 |
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Andrew Suckling |
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Kiran Morzaria |
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Zeus (NOMAD & Broker) |
+44 (0) 20 3829 5000 |
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James Joyce |
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Darshan Patel Matthew Diaz-Rainey |
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Fortified Securities - Joint Broker |
+44 (0) 20 3411 7773 |
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Guy Wheatley |
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Public & Investor Relations - Brand Communications |
+44 (0) 7976 431608 |
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Alan Green |
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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.
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