Category Archives: Cadence Minerals (KDNC)

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.

Refurbishment 97% complete and ahead of plan as of 22 August; Operating Licence application submitted

Cadence Minerals plc (AIM: KDNC) announces 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.

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

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.