Cadence Minerals #KDNC – Azteca Refurbishment Complete. Mechanical completion achieved; commissioning scheduled next week

Cadence Minerals plc (AIM: KDNC) announces that refurbishment of the Azteca processing plant at the Amapá Iron Ore Project is complete, with mechanical completion achieved on 3 September 2026. The plant now moves into commissioning. Commercial operations and shipments remain subject to successful commissioning and receipt of the operating licence (Licença de Operação) for Azteca (the “Operating Licence”).

Highlights

• Mechanical completion achieved: Refurbishment finished on 3 September 2026. All eight plant systems are complete.
• Execution delivered: Azteca advanced from approximately 48% completion on 2 July 2026 to mechanical completion on 3 September 2026.
• Commissioning next: Cold commissioning is scheduled to start next week. Wet commissioning will follow, with hot commissioning subject to completion of the applicable regulatory requirements.
• Safe delivery: No safety incidents were recorded during the reporting period.
• Remaining gates clear: Commercial operations and shipments remain subject to successful commissioning and grant of the Operating Licence.

Kiran Morzaria, Chief Executive Officer, commented: “Mechanical completion closes the refurbishment phase. The next job is to prove the plant through commissioning.

We will progress sequentially through cold, wet and hot commissioning, identifying and resolving issues as they arise. Commercial operations and shipments remain dependent on successful commissioning and grant of the Operating Licence.

Azteca is intended to establish the first production and cash-flow platform at Amapá. Successful delivery would move the project from refurbishment into operations and support the wider redevelopment strategy.”

Execution Update

All eight plant systems are complete: the hopper/feed system, transfer conveyor, screen, process tank, magnetic-separation circuit, piping, spiral concentrator and electrical system. The Company recorded no safety incidents during the reporting period.

Regulatory Position

The previously granted installation licence (Licença de Instalação) (the “Installation Licence”) authorised the refurbishment and installation works now completed at Azteca. DEV has submitted its application for the Operating Licence to SEMA/AP.

DEV is permitted to undertake cold and wet commissioning. Hot commissioning remains subject to completion of the applicable regulatory requirements.

Grant of the Operating Licence remains required before commercial operations and shipments can commence.

Next Steps

Cold commissioning is scheduled to start next week. The completed equipment, electrical distribution and control systems will be tested without ore. Completion of this stage will allow the programme to move into wet commissioning.

Wet commissioning will introduce process water and trial material through the wet circuit. Following completion of this stage, hot commissioning will commence once the applicable regulatory requirements have been completed.

Hot commissioning will involve limited processing of run-of-mine material to tune plant grade and recovery. Any concentrate produced during this stage will be stockpiled. Commercial operations and shipments will remain subject to successful completion of commissioning and grant 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 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.

For further information, contact;

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.