Tag Archives: kiran morzaria

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.

Cadence Minerals plc (AIM: KDNC) is pleased to announce that refurbishment of the Azteca processing plant at the Amapá Iron Ore Project has progressed from 48% to 77% weighted physical completion since the Company’s previous operational update and continues to run ahead of schedule, exceeding the planned 72% completion at the reporting date.

Highlights

• Refurbishment continues ahead of plan: Weighted physical completion has increased from 48% to 77% since the previous operational update, exceeding planned progress and maintaining the targeted operational readiness schedule. The Company continues to target operational readiness by the end of August 2026.
• Key processing circuits nearing completion: The hopper, transfer conveyor and process tank installation have been completed, while screen refurbishment is approximately 98% complete, progressively reducing execution risk across the processing plant.
• Critical workstreams progressing: Magnetic separation has reached approximately 69% completion and electrical installation approximately 43% completion, with electrical works representing the principal remaining execution focus.
• Metallurgical programme completed: Test work has confirmed the proposed processing flowsheet for production of approximately 65% Fe iron ore concentrate from feed material grading approximately 48% Fe, establishing the operating parameters for commissioning.
• Operating Licence workstreams continue: Installation Licence workstreams continue to progress as planned. Commercial operations and shipments remain subject to receipt of the Operating Licence.

Kiran Morzaria, Chief Executive Officer, commented:

“Projects create value through execution. Advancing from 48% to 77% completion while remaining ahead of schedule demonstrates that the Azteca refurbishment is moving through its critical execution phase as planned.

With the metallurgical programme complete, the technical pathway to commissioning is now established. Our focus is increasingly shifting from rebuilding the plant to preparing it for reliable operations, while refining the infrastructure required to support long-term production.

Management’s priority is straightforward: complete the remaining execution work, secure the Operating Licence and transition Azteca into commercial operations. Achieving that will establish the first operating platform within the wider Amapá Project and position the Company for its next phase of development.” 

Execution Update

The refurbishment programme continues to perform ahead of the approved execution schedule. Weighted physical completion has increased from 48% to 77%, compared with planned progress of 72%, with 43 of the 64 identified work packages now complete.

Completion of the principal mechanical workstreams has progressively shifted the execution focus towards electrical installation, integrated commissioning and Operating Licence readiness. The feed hopper, transfer conveyor and process tank installation have been completed, while screen refurbishment is substantially complete.

Electrical installation remains the principal execution activity during the final phase of refurbishment. Management’s immediate priority is completion of the remaining electrical systems, commissioning of the magnetic separation circuit and preparation for integrated plant commissioning.

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

Technical Update

The planned metallurgical programme has been completed. The programme confirmed the proposed processing flowsheet required to produce approximately 65% Fe iron ore concentrate from the planned feed material and established the operating parameters for commissioning.

The test work demonstrated approximately 53% mass recovery and 72.8% iron recovery, with feed material grading approximately 48% Fe required to achieve the target concentrate specification.

Completion of the programme provides technical validation of the proposed processing route and further reduces execution risk ahead of commissioning

Infrastructure and Funding

As engineering work has progressed, the Company has refined the infrastructure required to support sustained commercial operations.

These requirements principally comprise road infrastructure together with additional Tailings Storage Facility (“TSF”) works identified following completion of the dam break assessment. These infrastructure requirements are separate from the Azteca refurbishment programme and do not affect the Company’s current refurbishment activities or targeted operational readiness.

The existing prepayment facility continues to fund refurbishment and commissioning of the Azteca plant. The Company is assessing the scope, timing and funding of these longer-term infrastructure investments and will provide further updates as those assessments progress.

Operating Licence Workstreams

The Installation Licence authorises the approved refurbishment and installation works at Azteca. Commercial operations and shipments remain subject to receipt of the Operating Licence.

The Operating Licence process continues to progress alongside completion of the refurbishment programme. Environmental monitoring, environmental management and implementation of the applicable licence conditions continue in accordance with the approved work 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 electrical installations, integrated plant commissioning and completion of the Operating Licence workstreams.

Subject to successful commissioning and receipt of the Operating Licence, the Company continues to target operational readiness by the end of August 2026.

The refurbishment programme continues to be undertaken under the previously granted Installation Licence. Commercial operations and shipments remain subject to receipt of the Operating Licence.

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.

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 works at the Azteca plant, part of the Amapá Iron Ore Project in Brazil, are ahead of the current works schedule.

The refurbishment programme had reached approximately 48% weighted physical progress, compared with 41% planned progress. The Company continues to target operational readiness by the end of August 2026, subject to completion of the remaining refurbishment, electrical installation, equipment connection, commissioning preparation and technical handover activities.

Commercial operations and shipments remain subject to receipt of the Operating Licence (“LO”). The related LO workstreams continue to progress as expected.

Highlights

• Refurbishment ahead of plan: Azteca had reached approximately 48% weighted physical progress as at 2 July 2026, compared with 41% planned progress.
• Works programme advancing: The current schedule tracks 64 activities, of which 21 have been completed, 10 are in progress and 33 have not yet started.
• Key processing areas advanced: The hopper is approximately 83% complete, the conveyor system is approximately 79% complete and the screen is approximately 69% complete.
• Critical workstreams remain: Magnetic separation is approximately 35% complete and the electrical system is approximately 23% complete.
• Operating Licence workstreams continue: Commercial operations and shipments remain subject to receipt of the Operating Licence, with the related LO workstreams progressing as expected.

Kiran Morzaria, Chief Executive Officer of Cadence, commented:

“Azteca has moved from planning into measurable site execution. The current progress is encouraging and reflects the benefit of the preparation completed before mobilisation.

The plant is now advancing through the workstreams that matter: refurbishment, electrical installation, operational readiness and the regulatory pathway to commercial operations.

Azteca remains the practical first step in bringing Amapá back into production. The focus is on disciplined delivery, schedule control and converting execution progress into the operating platform for the wider project.” 

Current Status

The Azteca restart programme is being carried out under the approved refurbishment and installation programme authorised by the Installation Licence.

The current works schedule tracks 64 activities across the plant, including mobilisation, feed preparation, conveyors, screens, magnetic separation, spiral concentration, piping, tanks and electrical systems. As at 2 July 2026, 21 activities had been completed, 10 were in progress and 33 had not yet started.

The Company measures the refurbishment programme using weighted physical progress. This takes account of the relative size and importance of each activity and provides a clearer view of execution progress than a simple count of completed tasks.

On this basis, Azteca had reached 47.8% weighted physical progress as at 2 July 2026, compared with planned progress of 41.0%.

The Company continues to target operational readiness by the end of August 2026. This remains subject to completion of the remaining works and no material slippage in the remaining critical activities.

Progress by Area

The hopper, conveyor system and screen are the most advanced areas of the plant. The hopper is 82.9% complete. The conveyor system is 78.9% complete. The screen is 68.8% complete.

These areas include completed or advanced work relating to access, mechanical inspection, structural alignment, component refurbishment and industrial painting.

Magnetic separation is 35.0% complete and remains an important processing workstream. Electrical works remain a key workstream before operational readiness. The electrical system is 22.7% complete. Panel dismantling and lighting dismantling have been completed. Motor testing associated with the screen is underway.

Schedule Status

The current works status does not change the Company’s target for Azteca to be operationally ready by the end of August 2026.

Operational readiness remains subject to completion of the remaining refurbishment activities, electrical installation, equipment connection, commissioning preparation and technical handover activities.

Management has not identified any material schedule slippage against the current works programme as at the date of this announcement. Commercial operations and shipments remain subject to receipt of the LO and completion of the related regulatory workstreams.

Operating Licence Workstreams

The Installation Licence authorises the approved refurbishment and installation works at Azteca. It does not authorise commercial operations or shipments. The Operating Licence (“LO”) remains the regulatory approval required before commercial operations and shipments can commence.

The LO is assessed following completion of the relevant installation works and demonstration that the applicable Installation Licence conditions have been satisfied. These conditions include environmental monitoring, environmental management and implementation of applicable environmental control plans.

DEV Mineração S.A. (“DEV”) continues to progress the LO process with the State of Amapá Environmental Authority, Secretaria de Estado do Meio Ambiente (“SEMA/AP”). Several of the workstreams required to support the LO process are being undertaken during alongside the installation of the Azteca plant.

As at the date of this announcement, these workstreams are progressing as expected.

Strategic Context

Azteca remains Cadence’s near-term operational focus within the staged redevelopment strategy for Amapá.

Subject to successful completion of refurbishment works, commissioning activities, completion of the related regulatory workstreams and receipt of the LO, Azteca is intended to establish the first operating platform at Amapá.

The broader Amapá development remains subject to further technical studies, financing, construction planning and regulatory approvals.

Cadence Ownership

As of the end of 31 May 2026, Cadence’s total investment in the Amapá Project is approximately £14.13 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.