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Cadence Minerals #KDNC – Amapá – Installation Licence Granted
Key regulatory approval unlocks approved site works and advances fully funded Azteca restart toward production, cash flow and the broader Amapá development pathway.
Cadence Minerals plc (AIM: KDNC) is pleased to announce that DEV Mineração S.A. (“DEV”), owner and operator of the Amapá Iron Ore Project in Brazil (“Amapá” or the “Project”), has received the Installation Licence from the State of Amapá Environmental Authority, Secretaria de Estado do Meio Ambiente (“SEMA/AP”).
The Installation Licence (“LI”) authorises refurbishment, construction and installation works within its scope at the Amapá site, including those required for the restart of the Azteca Plant (“Azteca”) and the larger US$1.9bn NPV Amapá Project. This represents a key transition for the Project from planning and permitting into execution.
The immediate operational focus remains the restart of Azteca as a low-capital reprocessing operation, intended to provide the first operating platform and near-term cash flow for Amapá.
Highlights
- Installation Licence granted: DEV has received Installation Licence No. 006/2026 from SEMA/AP, enabling approved works at the Amapá site.
- Execution gateway: Azteca now moves from engineering, funding and regulatory preparation into site mobilisation and delivery.
- Azteca restart in focus: The initial phase targets the processing of partly processed material to establish operations and early cash flow.
- Fully funded restart pathway: The binding US$4.6 million prepayment offtake facility provides funding for licensing, refurbishment, commissioning and initial working capital.
- Cash-flow platform: Subject to successful commissioning and operation, Azteca is expected to generate early cash flow to support working capital, ongoing operations and the funding of the DFS.
- Broader development retained: The LI also supports the staged pathway toward the larger 5.5 Mtpa DR-grade Amapá Project, which remains subject to further studies, financing and operating licenses.
Kiran Morzaria, Chief Executive Officer of Cadence Minerals, commented:
“The grant of the Installation Licence is a major milestone for DEV and for Amapá. It marks the transition of the Project into its next phase — from preparation into approved execution and then production.
Azteca is positioned as the practical first step in bringing Amapá back into production. It is supported by a fully funded structure, benefits from existing plant, and is designed to establish the initial cash-flow platform for the wider Project.
Our focus is now on disciplined delivery — mobilisation, procurement, licence compliance, refurbishment and commissioning.
On behalf of Cadence, I would like to congratulate the DEV team, our JV partners and advisers for their continued focus and execution, and to recognise the efficiency and constructive engagement of SEMA and the State of Amapá in advancing this important regulatory milestone. Azteca provides a clear pathway to near-term production and cash flow, while supporting the longer-term development of the Amapá Project and the enduring benefits it can bring to the State.”
Installation Licence
DEV has received Installation Licence No. 006/2026 from SEMA/AP. The LI authorises approved installation works within its scope at the Amapá site, including refurbishment and replacement of existing operational structures, construction of new processing components (including magnetic separation, ball mill and screening circuits), and associated site infrastructure.
The licence is subject to conditions including environmental management, monitoring and reporting obligations, and health, safety and site-management requirements during the works programme. The LI does not replace or remove the requirement for any additional licences or consents that may be required under federal, state or municipal legislation, such as the Termo de Ajustamento de Conduta with Instituto do Patrimônio Histórico e Artístico Nacional. DEV will continue to manage all approvals in accordance with applicable statutory processes.
Azteca Execution Plan
Detailed mechanical and electrical engineering has been completed, and the refurbishment execution programme is in place. Certain preparatory activities were undertaken within the scope permitted prior to LI issuance; the LI now enables the wider approved refurbishment, construction and installation programme.
DEV is progressing into mobilisation and execution for the approved works. Initial activities will focus on contractor mobilisation, sequencing of work programmes, activation of funding drawdowns and commencement of approved works in accordance with licence conditions and applicable environmental, health and safety requirements.
Operating Licence and Timetable
Following completion of the approved works and commissioning activities, DEV will progress the Operating Licence (“LO”) process required for commercial operations and shipments at Azteca.
The LO process is expected to be principally focused on demonstrating satisfaction of the applicable LI conditions and implementation of the approved environmental control measures, rather than a new project design approval process.
Subject to licence-condition compliance, execution progress and receipt of the LO, commissioning remains targeted for the end of June 2026. The Company will update shareholders should there be any material variation to this timetable.
Funding Structure
As previously announced, the Azteca restart is supported by a binding US$4.6 million prepayment and working capital facility provided by Cadence and its offtake partner.
The facility comprises approximately US$3.45 million allocated to licensing, refurbishment and commissioning activities, together with approximately US$1.15 million of working capital to support logistics and the first shipment.
With the grant of the LI, the remaining funds from the US$3.45 million is available to support the approved works programme. The working capital component becomes available upon commencement of production and is intended to support logistics and the first shipment.
Repayment of the facility is linked to future iron ore shipments, aligning funding with operational cash flow generation. As previously disclosed, the structure is intended to fund the full restart of Azteca, with no further equity currently expected to be required from Cadence to bring the plant into production.
Strategic Context
Azteca remains Cadence’s near-term operational focus within its staged redevelopment strategy. Subject to successful commissioning and operation, Azteca is expected to provide an initial operating platform and near-term cash flow, supporting ongoing operations and the advancement of the broader development pathway, including the DFS and early-stage works for the 5.5 Mtpa DR-grade project.
The broader Amapá development remains a longer-term pathway subject to further technical studies, financing, construction planning and regulatory approvals. Cadence will provide further updates as material milestones are achieved.
Cadence Ownership
As of the end of March 2026, Cadence’s total investment in the Amapá Project is approximately US$16.1 million, representing a 36.2% equity stake.
About Amapá
Amapá is formed of two distinct developments: the Azteca Project, and the larger Amapá Iron Ore Project.
Azteca is intended to be recommissioned as the initial production facility, targeting approximately 380,000 tonnes per annum of ~65% Fe concentrate from existing partly processed material. This initial production is intended to generate early cash flow to support ongoing operations and the broader development of the Project, subject to permitting.
The much larger Amapá 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 the 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.
| 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 | |
| Fortified Securities (Joint Broker) | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| (Public & Investor Relations) | |
| Alan Green |
Cadence Minerals #KDNC – Amapá Project Update – Licensing and Azteca Progress
Cadence Minerals plc (AIM: KDNC) is pleased to provide an update on progress towards the grant of the Installation Licence (“LI”) for the Amapá Iron Ore Project in Brazil (“Amapá” or the “Project”), and on continuing execution readiness at the Azteca Plant (“Azteca”).
Highlights
- Permitted early works and procurement activities continue at the Azteca Plant
- Remaining Installation Licence workstreams with Instituto do Patrimônio Histórico e Artístico Nacional (“IPHAN”) and State of Amapá Environmental Authority SEMA/AP continue to advance
- IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas
- The remaining archaeological workstream is now focused on finalisation of the Termo de Ajustamento de Conduta (“TAC”) process as the route to IPHAN clearance to SEMA
- The Project remains in execution readiness for Azteca refurbishment and commissioning activities, subject to receipt of the required permits
Kiran Morzaria, Chief Executive Officer of Cadence Minerals, commented:
“The path to licence is now clearer, narrower and lower risk than before. The outstanding workstreams are now well identified and continue to advance through the regulatory process
Importantly, IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas. In practical terms, this moves the remaining archaeological workstream onto a defined regulatory pathway through the TAC process, rather than a broader technical process, which we view as an important step in de-risking the path to LI.
Alongside this, permitted early works and procurement continue at Azteca, preserving execution readiness and supporting a rapid move into refurbishment activity once permitting is in place. Subject to permitting and execution, we believe commissioning by the end of June 2026 remains achievable, with Azteca representing the first stage in unlocking near-term cash flow and the broader value of the Amapá Project.”
Azteca Plant Progress
As announced on 13 March 2026, detailed mechanical and electrical engineering for the Azteca Plant has been completed, and the refurbishment execution package remains in place.
Permitted early works and procurement activities continue. These activities are intended to maintain execution readiness pending receipt of the LI and to support efficient mobilisation once permitting is in place.
Based on contingency within the current execution programme, the Company believes commissioning by the end of June 2026 remains achievable, subject to permitting and execution.
Installation Licence Progress
As previously disclosed, progression to the Installation Licence remains subject to completion of a small number of defined regulatory items, principally:
- archaeological clearance from IPHAN and
- water abstraction and tailings-related permitting issued by SEMA/AP.
IPHAN – Archaeological Workstream
Following submission of the archaeological material previously requested by IPHAN, and subsequent engagement with the federal authority, IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas of the Project, including locations affected by legacy mining activities. This is an important development, as it narrows the remaining archaeological workstream to a defined regulatory pathway, rather than further technical fieldwork in those previously disturbed areas.
As a result of historic impacts that predate the Company’s involvement in the Project, IPHAN has indicated that the appropriate mechanism for progressing the archaeological workstream, and for supporting clearance to SEMA for issuance of the Installation Licence, is the execution of a Termo de Ajustamento de Conduta (“TAC”).
IPHAN has indicated proposed measures for inclusion in the TAC, centred on cultural heritage publication, exhibition materials and studies, and project work associated with a community museum / exhibition initiative.
Amapá continues to engage with IPHAN to finalise the TAC and once agreed and executed, the TAC is expected to form the basis for IPHAN’s clearance to SEMA in respect of archaeological matters for the Installation Licence.
Water Abstraction & Tailings Disposal Permitting (SEMA/AP)
SEMA requested some further information in late March 2026. All documentation and information requested was submitted last week, and the application has progressed back to the Coordination of Water Resources Management (CGRH/SEMA/AP) we understand the applications are progressing through final administrative review, with no further studies requested.
Strategic Context
As previously announced on the 1 December 2025, Cadence and its partners have established a funding structure to support licensing, refurbishment, and initial working capital for the Azteca Plant . The Company continues to view Azteca as the first stage of its broader redevelopment strategy at Amapá.
Subject to receipt of the required licences, recommissioning of Azteca is intended to provide an initial production platform and near-term operational cash flow, while supporting the continued advancement of the wider 5.5 Mtpa DR-grade development.
In this context, the Company believes the current regulatory workstreams are important not only for the restart of Azteca, but also for unlocking the next stage of value at Amapá.
Issue of shares to EBT and Total Voting Rights
View the separate announcement here
Cadence Ownership
As of the end of March 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 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 the 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 ~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 permitting.
| 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 | ||
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 | |
| Guy Wheatley | ||
| Public & Investor Relations – Brand Communications | +44 (0) 7976 431608 | |
| Alan Green | ||
Cadence Minerals #KDNC – Sonora Lithium Project Arbitration Funding Confirmation Notice
Cadence Minerals plc (AIM: KDNC) is pleased to announce that LCM Funding SG Pty Ltd (“LCM “) has completed due diligence and issued a Funding Confirmation Notice (“FCN”) under the Arbitration Funding Agreement (“AFA”) entered into between LCM, Cadence and Cadence’s wholly owned subsidiary, REM Mexico Limited (“REM Mexico”), regarding claims in relation to Cadence and REM Mexico’s investments in the Sonora Lithium Project in Sonora State, Mexico. With funding secured, Cadence and REM Mexico intend to commence international arbitration against the United Mexican States under the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United Mexican States for the Promotion and Reciprocal Protection of Investments (“UK-Mexico BIT”).
Following LCM’s issuance of the FCN, non-recourse litigation financing is now available to Cadence and REM Mexico, subject to the terms of the AFA, to support Cadence and REM Mexico in pursuing their claims under the UK-Mexico BIT. Under the signed arrangements, the LCM has agreed to pay Cadence and REM Mexico’s arbitration costs in accordance with an agreed budget on a non-recourse basis.
Highlights
- FCN issued by LCM following completion of LCM’s due diligence in relation to Cadence and REM Mexico’s claims against Mexico under the UK-Mexico BIT.
- Non-recourse litigation funding now available to support Cadence and REM Mexico’s legal claims in relation to their investments in the Sonora Lithium Project in accordance with an agreed budget and the terms of the AFA.
- Cadence believes this funding materially strengthens its ability to pursue its legal claims in relation to the Sonora Lithium Project in a well-resourced manner, while preserving corporate balance sheet flexibility.
Kiran Morzaria, Chief Executive Officer of Cadence Minerals, commented: “We are pleased that LCM has completed its due diligence and issued the Funding Confirmation Notice in relation to Cadence and REM Mexico’s legal claims regarding the Sonora Lithium Project. This is an important milestone as it provides dedicated non-recourse funding to support the advancement of the claims.
The measures that Mexico took against our interests in the Sonora Lithium Project breached the protections afforded to us under the UK-Mexico BIT. This funding materially strengthens our ability to pursue the arbitration in an appropriately resourced manner, while preserving balance sheet flexibility and supporting our objective of protecting shareholder value and seeking appropriate redress.”
Cadence and REM Mexico’s legal claims under the UK-Mexico BIT
Cadence and REM Mexico’s claims arise from measures taken by the United Mexican States that destroyed the value of Cadence’s investments in the Sonora Lithium Project. In particular, those measures include the cancellation of the mining concessions in which Cadence and REM Mexico held a significant interest against the backdrop of Mexico’s nationalisation of its lithium sector. Those measures breached protections owed by Mexico to Cadence and REM Mexico and their investments in Mexico under the UK-Mexico BIT, including protections against unlawful expropriation and unfair, arbitrary or discriminatory treatment.
Cadence and REM Mexico have previously approached the Mexican Government to seek consultations and negotiations under the UK-Mexico BIT and now intend to pursue their claims in international arbitration to protect the value of their investments and seek appropriate redress. Notwithstanding, Cadence and REMML remain open to a negotiated settlement with Mexico.
Arbitration Funding Agreement
Under the Arbitration Funding Agreement, sums advanced by LCM are made available on a non-recourse basis and are not repayable by Cadence or REM Mexico if their legal claims do not succeed and no recovery is made.
| 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 | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Cadence Minerals #KDNC – Amapá Project Update – Azteca Plant Progress and Licensing Update
Detailed engineering completed and execution package now in place at Azteca, with early works due to commence in March as key Installation Licence workstreams continue to advance.
Cadence Minerals plc (AIM: KDNC) is pleased to provide an update on progress at the Azteca Plant within the Amapá Iron Ore Project in Brazil (“Amapá” or the “Project”), together with progress on the remaining workstreams associated with the Project’s Installation Licence (“LI”).
Highlights
- Execution package in place: procurement requests for critical refurbishment items were launched in March 2026, with contractor mobilisation readiness established for a 90-day execution programme.
- Early works commencing: certain permitted preparatory activities are scheduled to commence in March, enabling selected workstreams to progress ahead of the main refurbishment programme.
- Critical path supported: together, these steps are intended to add flexibility across key execution activities and help preserve the current development timetable.
- Licensing workstreams progressing: remaining Installation Licence requirements, including IPHAN, water abstraction and tailings-related permitting, continue to advance in parallel.
- The Azteca plant remains a key component of Cadence’s phased redevelopment strategy at Amapá,
Kiran Morzaria, Chief Executive Officer of Cadence Minerals, commented:
“Completion of the detailed engineering studies marks an important step in moving Azteca towards refurbishment and recommissioning. The work programme is now supported by an active procurement and mobilisation package, with procurement requests already launched for critical refurbishment items and the contractor team prepared for mobilisation.”
“This is important because it moves Azteca beyond engineering readiness and into practical execution planning, while adding flexibility to the critical path as the remaining Installation Licence workstreams continue to progress. Subject to permitting and execution, Azteca remains central to our phased redevelopment strategy at Amapá, with commissioning targeted by the end of June.”
Azteca Plant Advancement
Following the grant of the Preliminary Licence announced on 6 January 2026, Amapá has adopted a structured approach to progressing those activities at Azteca that can be undertaken ahead of the main refurbishment programme.
The detailed mechanical and electrical engineering studies for the Azteca Plant have now been completed. In parallel, the Azteca work programme is now supported by an active procurement and mobilisation package, with critical refurbishment items already requested and contractor mobilisation planning aligned to the execution schedule.
Planned early activities include structural steel repairs, removal of motors, pumps and other components for refurbishment, and procurement of long-lead items required for recommissioning. Certain of these activities are scheduled to commence in March. These activities fall within the scope of works permitted before LI issuance, including maintenance, preservation, inspection, component removal for off-site repair and long-lead procurement.
Together, these steps are intended to add flexibility to the critical path and help preserve the current development timetable, with commissioning targeted for the end of June, subject to receipt of the required permits and execution.
Installation Licence Progress
As previously outlined, following the grant of the Preliminary Licence (“LP”) announced on 6 January 2026, progression to the Installation Licence remains subject to completion of defined technical and regulatory requirements. The principal remaining items include: (i) archaeological clearance from the Instituto do Patrimônio Histórico e Artístico Nacional (“IPHAN”), (ii) water abstraction permitting, and (iii) tailings-related permitting to be issued by the State of Amapá environmental authority, the Secretaria de Estado do Meio Ambiente (“SEMA/AP”).
Late last year, the Company submitted the archaeological report recommended by the State IPHAN branch to Federal IPHAN. The report evaluates previously identified archaeological locations and concludes that, in several cases, no further study is required or that additional work is not possible due to historic mining activity or areas now covered by legacy tailings or waste material. The Company continues to engage constructively with Federal IPHAN as part of the LI process.
With respect to the SEMA/AP workstreams, a technical inspection was conducted recently, following which SEMA/AP requested a minor amendment to the relevant application. That amendment has now been incorporated, submitted, and is being reviewed by SEMA/AP.
Strategic Context
As previously announced, Cadence and its partners have established a funding structure to support licensing, refurbishment, and initial working capital for the Azteca Plant. The Company continues to view Azteca as the first stage of its broader redevelopment strategy at Amapá.
Subject to receipt of the required licences, recommissioning of Azteca is intended to provide an initial production platform and near-term operational cash flow, while supporting the continued advancement of the wider 5.5 Mtpa DR-grade development.
Cadence Ownership
As of the end of December 2025, Cadence’s total investment in the Amapá Project is approximately US$15.5 million, representing a 35.9% equity stake.
About the Amapá Project
The Amapá 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 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 ~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 permitting.
| 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 | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Cadence Minerals #KDNC CEO Kiran Morzaria discusses the grant of Amapa’s preliminary environmental license agreement with Alan Green
Cadence CEO Kiran Morzaria discusses the grant of the preliminary environmental license agreement at the Amapa iron ore project in Brazil. We look at how events at Amapa have accelerated over the past few months and the significance of the LP issue for both Azteca and the wider Amapa project. Kiran discusses the likely timeframe for the grant of the remaining Installation Licences, and we ask whether Trump’s actions in Venezuela are likely to have any impact on the iron ore market ahead of Azteca commencing first production. We wrap up by looking at the steps required to bring the Amapa mine into production once Azteca is up and running, including the range of financing, partnering and funding options to trigger the restart.
Cadence Minerals #KDNC – Grant of Preliminary Environmental Licence – Amapá Iron Ore Project
Cadence Minerals plc (AIM: KDNC) (“Cadence” or the “Company”) is pleased to announce that the State of Amapá environmental authority, the Secretaria de Estado do Meio Ambiente (“SEMA/AP”), has granted a Licença Prévia (“LP”) for the Amapá mine in Brazil (the “Project”).
Highlights
- Major regulatory milestone achieved with the grant of Preliminary Environmental Licence (“LP”) for the Amapá mine
- LP confirms environmental feasibility for the full mine capacity of 5.5 Mtpa of DR-grade iron ore concentrate
- Approval covers the entire mine development envelope, including the Azteca processing plant, enabling progression toward first-stage refurbishment and production
- Represents a material de-risking event and establishes a clear regulatory pathway toward construction and production
- Installation Licence requirements are advancing as planned, supporting continued momentum toward refurbishment and production
Kiran Morzaria, Chief Executive Officer of Cadence Minerals, commented:
“This is a highly significant regulatory milestone for Amapá. The grant of the Preliminary Licence confirms environmental acceptance of the mine at its full intended scale and marks a decisive step forward in the project’s redevelopment.
Importantly, the LP validates the complete mine plan and provides the regulatory foundation to advance the Azteca processing plant as the first step toward production. With this key de-risking milestone achieved, our focus now turns to securing the Installation Licence and progressing refurbishment activities in line with our staged development strategy.
The remaining Installation Licence requirements are advancing well, and we remain on track as we move the Project toward refurbishment and production.”
Regulatory Update
The LP confirms the environmental feasibility, location and design of the mine at its full planned capacity of 5.5 million tonnes per annum (“Mtpa”) of DR-grade iron ore concentrate. The approval covers open-pit mining, mineral processing, waste rock handling and associated tailings storage infrastructure across the Project’s existing mining concessions.
Notably, the LP applies to the whole mine development plan and is not limited to an initial or interim operating phase, providing regulatory confirmation for the long-term mine configuration underpinning the Company’s staged redevelopment strategy.
The LP also provides the regulatory foundation for permitting the Azteca processing plant, which forms part of the mine complex and is intended to be recommissioned as the initial production facility within the staged redevelopment sequence. Ore produced during the Azteca restart phase is expected to be transported by road and shipped through an existing public port facility and therefore does not require completion of the rail and private port licensing for initial production.
Regulatory Significance
The LP represents the first statutory stage of Brazil’s environmental licensing process for the mine and marks a material de-risking milestone for the Project. The next stage is the Installation Licence (Licença de Instalação – “LI”), which authorises construction, refurbishment and installation of mine infrastructure, including processing facilities and tailings structures.
Pathway to Installation Licence
Progression to the LI remains subject to completion of defined technical and regulatory requirements, consistent with matters previously disclosed by the Company. The principal outstanding items include:
- submission of supplementary technical studies requested by regulators, including archaeological and engineering works, with archaeological studies now completed and submitted to the Instituto do Patrimônio Histórico e Artístico Nacional (“IPHAN”), Brazil’s federal authority for cultural heritage; and
- completion of water abstraction and effluent discharge authorisations.
These workstreams are advancing in parallel, and the Company continues to engage constructively with the relevant authorities as part of the LI process.
The LI represents the key permitting gateway for commencement of refurbishment and installation works at the mine, including the Azteca processing plant, and for execution of the Company’s staged development strategy.
Strategic Context
The grant of the LP confirms regulatory alignment for the full mine capacity, underpins the near-term recommissioning of the Azteca processing plant, and establishes a clear, structured and de-risked pathway toward refurbishment and production, subject to receipt of the Installation Licence.
The railway and port components of the wider Amapá Iron Ore Project continue to progress through their respective licensing processes, as previously disclosed.
Cadence will continue to work closely with its partners and the relevant authorities to advance all components of the Project through their respective permitting pathways in accordance with Brazilian law.
Cadence Ownership
As of the end of June 2025, Cadence’s total investment in the Amapá Project is approximately US$15.5 million, representing a 35.7% equity stake in the Project.
About the Amapá Project
The Amapá 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 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, the fully funded Azteca processing plant is planned to be recommissioned as the initial production facility, targeting approximately 380,000 tonnes per annum of ~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 permitting.
| 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 | |
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
Cadence Minerals #KDNC – Amapá Project – Municipal Settlement, Technical Engagement and Development Progress Update
Cadence Minerals provides an update on the Amapá Iron Ore Project (“Amapá” or the “Project”), covering the resolution of long-standing municipal legacy matters, recent technical engagement with representatives of the State of Amapá, and continued progress across the Company’s staged redevelopment strategy.
Highlights
- Municipal Legacy Resolved: DEV Mineração S.A. has completed the first payment under a court-ratified settlement with the Municipality of Pedra Branca do Amapari, resolving the final material municipal legacy issues inherited from prior operators.
- Non-Technical Risk Reduced: The settlement removes historic municipal impediments, lifts ore transport restrictions and improves administrative clarity for routine permitting
- Capital Discipline Maintained: The settlement is funded by DEV under its Judicial Recovery Plan. Cadence has made no direct municipal payments.
- Regulatory Pathway Clearer: Municipal matters have been resolved, allowing continued progression through Brazil’s statutory licensing process, subject to technical and regulatory review.
- Project Alignment Reinforced: Recent technical engagement with the State of Amapá provided context on the Project’s staged development and financing framework, without altering the regulatory process.
Kiran Morzaria, Chief Executive Officer of Cadence Minerals, commented:
“The resolution of these historic municipal matters represents an important step in resetting the Project’s operating environment and removing long-standing administrative uncertainty inherited from prior ownership. While all regulatory decisions continue to follow Brazil’s established statutory processes, this settlement provides clarity and stability as we advance the next stage of Amapá’s staged redevelopment.
Together with recent progress on Azteca financing and ongoing licensing work, these developments reinforce our disciplined strategy focused on risk management, capital discipline and long-term value creation.”
Technical Engagement and Capital Pathway Context
As announced previously, Cadence, together with Pedra Branca Alliance Ltd. (“PBA”), hosted a technical programme in London with Wandenberg Pitaluga Filho, President of the Economic Development Agency of Amapá.
The programme provided an opportunity to outline the Project’s long-term development pathway, integrated infrastructure potential and the typical financing frameworks applicable to large-scale mining developments. Discussions were technical and introductory in nature and were intended to support understanding of the Project’s scale, sequencing and capital requirements.
Meetings were held with groups active across equity investment, institutional debt, royalty and streaming, offtake and prepayment finance, and logistics and infrastructure. All discussions were non-binding and exploratory, focused on capital availability, financing structures and customary requirements at different stages of project development.
The technical engagement was constructive and met its stated objectives, providing the State with increased visibility on the Project’s staged development pathway and the depth and diversity of capital pools typically available in the London market for projects of this nature.
Judicial Settlement with the Municipality of Pedra Branca do Amapari
Cadence confirms that DEV Mineração S.A. (“DEV”), the owner and operator of the Amapá Project, has executed and completed the first payment under a Judicial Settlement Agreement (the “Agreement”) with the Municipality of Pedra Branca do Amapari (the “Municipality”). The Agreement has been ratified by the Court and is supported by the State within the applicable judicial and regulatory framework.
The Agreement resolves long-standing municipal legacy matters inherited from previous operators and establishes a stable and predictable administrative framework for DEV’s activities within the Municipality, materially improving the operating environment for the Project.
Under the Agreement, DEV will provide R$10 million in social compensation, including an initial R$5 million payment. In return, the Municipality has lifted prior embargoes, confirmed that following execution of the Agreement DEV has no outstanding municipal liabilities covered by the settlement, and agreed to process and issue, where applicable, the routine municipal authorisations and certificates customarily required to support licensing and operational activities, strictly in accordance with applicable legislation.
The Agreement removes historical administrative constraints that previously affected municipal permitting activities and lifts restrictions on ore transport, restoring operational and logistical flexibility as the Project advances.
Settlement Funding Context
In accordance with DEV’s 2019 Judicial Recovery Plan, a historic prepayment creditor was previously settled through the transfer of iron-ore stockpiles. The stockpile owner has advanced the funds required to enable the first payment under the Agreement, with subsequent instalments also expected to be advanced in the same manner. Cadence has not made any direct payments to the Municipality in connection with the Agreement.
Licensing Status and Regulatory Process
Progression of the Amapá Project requires completion of Brazil’s environmental and operational licensing processes at municipal, state and federal levels. The Agreement provides administrative clarity at the municipal level and removes historical uncertainty that previously constrained routine permitting activities.
In line with the Company’s staged redevelopment strategy, current efforts remain focused on the grant of the mine’s Installation Licence (“LI”). As part of this process, DEV has submitted the supplemental archaeological study to the Instituto do Patrimônio Histórico e Artístico Nacional (“IPHAN”), whose clearance is required as part of the LI process.
While the Company welcomes recent public statements from representatives of the State of Amapá regarding the importance of the Project to regional development, all environmental licensing decisions remain subject to technical review and regulatory approval in accordance with Brazil’s established legal framework. The Company is not deviating from the statutory process.
Staged Development Strategy
The Company continues to advance Amapá through a disciplined staged redevelopment strategy designed to manage technical, permitting and capital risk.
As announced earlier this month, the Azteca processing plant has secured US$4.6 million of funding to complete the relevant licence applications and undertake refurbishment and recommissioning activities. Subject to the grant of the required licences, initial works will focus on the restart of the Azteca processing plant and associated infrastructure required for Azteca operations.
The Azteca plant is forecast to produce approximately 380,000 to 400,000 tonnes per annum of iron ore concentrate grading approximately 65% Fe, providing an initial operational platform to support further technical and feasibility work across the broader Project.
In addition, the Company has previously evaluated a potential intermediate development scenario capable of producing approximately 2.5 to 3.5 million tonnes per annum of DR-grade iron ore concentrate, utilising existing rail infrastructure and third-party port facilities. This scenario remains conceptual, has not been the subject of a Definitive Feasibility Study, and is not currently the focus of development activity.
The longer-term development plan for Amapá envisages production of up to 5.5 million tonnes per annum of DR-grade iron ore utilising integrated mine, processing, rail and port infrastructure under the Project’s control. Any expansion beyond the Azteca plant would remain subject to completion of Definitive Feasibility Studies (“DFS”), receipt of the relevant environmental licences and financing decisions.
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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 Gabriella Zwarts |
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Fortified Securities – Joint Broker |
+44 (0) 20 3411 7773 |
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Guy Wheatley |
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Brand Communications |
+44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
Cadence Minerals #KDNC – CEO Kiran Morzaria discusses the Execution of the Binding Offtake Agreement
Cadence CEO Kiran Morzaria discusses the execution of the binding agreement for the US$4.6m funding package to finance the restart of the Azteca Plant at the Amapa iron ore project in Brazil. Kiran talks through the sequence of events required over the coming months to bring Azteca into first production and looks at the recent fundraising and allocation of those funds. We then look at the subsequent steps required to recommission the Amapa mine, railway and port, and how the funds generated from Azteca will fund the process. We look at the market valuation of the company vs. valuations from brokers and analysts and likely factors that will help the share price close the valuation gap.
Cadence Minerals #KDNC – Execution of Binding Prepayment Offtake Agreement
Cadence Minerals (AIM: KDNC) (“Cadence Minerals”, “Cadence”, or “the Company”) is pleased to announce that the Company, together with its joint venture partners Pedra Branca Alliance Pte Ltd (“PBA”) and DEV Mineração S.A. (“DEV”), has executed a binding Prepayment Offtake Agreement (the “Agreement”) with its selected offtake and logistics partner (the “Offtaker”). The Agreement follows the completion of the Offtaker’s technical, legal, and commercial due diligence on the Amapá Iron Ore Project (“Amapá” or the “Project”).
The Agreement provides a US$4.6 million prepayment and working capital facility, enabling the licensing and restart of the Azteca Plant and establishing the commercial framework for the sale of iron ore concentrate.
Highlights
- Binding Prepayment Offtake Executed: The Company has now completed and signed the US$4.6 million prepayment agreement with its selected offtake partner, securing the capital required to restart the Azteca Plant.
- Immediate Value for Cadence: The prepayment structure is expected to deliver an approximate 70% IRR on Cadence’s investment in the structure, with no further equity required to bring Azteca into production.
- Strengthening Cadence’s Equity Position: Successful execution of the offtake and restart financing materially de-risks the Amapá Project, demonstrating operational progress and enhancing the value of Cadence’s existing 35.7% interest in a long-life, high-grade iron ore operation.
- Catalyst for Early Cashflow: Once in production, Azteca is expected to generate early cashflow that supports working capital, operations and the Amapá Definitive Feasibility Study, reducing funding risk across the broader 5.5 Mtpa DR-grade development.
- Funding Fully Secured: Cadence’s contribution to the facility was funded through its oversubscribed equity raise, allowing immediate access to Tranche 1 of the prepayment facility.
- Accelerated Path to First Production: With due diligence complete and financing in place, the Project team are now working toward the mine installation licence, after which refurbishment and commissioning of the Azteca Plant will commence.
- Strategic Acceleration of the Amapá Development Pathway: The restart of Azteca forms a core component of Cadence’s staged strategy — moving the Project from planning into execution, demonstrating deliverability, and building the operational foundation for long-term growth at Amapá.
Kiran Morzaria, CEO of Cadence Minerals, commented:
“Executing the binding agreement is a major milestone in our staged approach to bringing Amapá back into production. With due diligence complete and initial funding now available, we can progress the final licensing items ahead of commencing the refurbishment of the Azteca Plant.
The structure ensures Cadence contributes a modest proportion of the capital while retaining full exposure to the near-term cashflow and the wider development of the Project. We now move confidently towards the installation licence and the start of restart activities.”
Commercial Terms
Under the binding agreement, the Offtaker and Cadence will provide a US$4.6 million prepayment facility to restart the Azteca Plant. This funding is provided upfront and will be repaid from future iron ore shipments.
The facility includes US$3.45 million to complete licensing, refurbishment and commissioning of the plant, and US$1.15 million of working capital for logistics and the first shipment.
The first tranche totals US$1.17 million, of which Cadence will contribute US$391,000 and the Offtaker will fund the balance. These funds will be used to obtain the outstanding permits, including the mine installation licence, enabling construction and rehabilitation of the Azteca Plant and the tailings storage facility to begin.
The Offtaker will also fund US$2.43 million in the second tranche and US$1.15 million of working capital. These amounts become available once the relevant construction and production licences are granted and, in the case of working capital, once first production has commenced.
Repayment of the facility will be made per tonne of iron ore shipped, aligning repayments with actual production and early revenues. Cadence will receive its pro-rata share of repayments and marketing income based on its contribution
The prepayment covers all capital and working-capital needs to restart Azteca, meaning no further equity contribution is required from Cadence to bring the plant into production. Marketing arrangements continue on any product shipped above one million tonnes, ensuring long-term commercial alignment with the Offtaker.
Next Steps
The Company and its joint venture partners will now focus on completing the final items required for the mine installation licence, including the supplementary archaeological survey and detailed engineering for the water-reticulation and sewage-treatment systems. These works are expected to conclude in approximately two months, after which the application will move into the formal federal and state environmental approval processes, currently expected to take a further two months.
Subject to the licence being granted, refurbishment and commissioning of the Azteca Plant will begin immediately, with first production and shipment targeted within three months of licence issuance. Once operational, free cashflow from Azteca is expected to fund working capital, ongoing operations, and the initial stages of the DFS and early works for the broader 5.5 Mtpa DR-grade development at Amapá.
About the Amapá Project
The Amapá Iron Ore Project is a fully integrated mine, rail, and port operation in Brazil. It hosts a JORC-compliant Mineral Resource of 276 Mt @ 38% Fe and a Proven and Probable Ore Reserve of 195.8 Mt @ 39.3% Fe. The December 2024 Pre-Feasibility Study confirmed the Project’s potential to produce 5.5 Mtpa of 67.5% Fe DR-grade concentrate, with a post-tax NPV10 of US$1.97 billionand forecast C1 cash costs of US$27.28/dmt FOB Santana.
| For further information, contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| Zeus (NOMAD & Broker) | +44 (0) 20 3829 5000 |
| James Joyce | |
| Darshan Patel
Gabriella Zwarts |
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| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations |
Cadence Minerals #KDNC – Funding Secured for Cadence’s participation in Azteca Plant Offtake via Equity Subscription of £2.16m; Directors Subscription of £0.18m & Retail Offer to raise up to £0.2m
Cadence Minerals (AIM: KDNC) is pleased to announce that it has successfully raised its portion of the capital required to fund the restart of the Azteca Plant in Brazil. Cadence has received subscriptions to raise £2.16 million through the issue of 72,000,000 new ordinary shares of 1 pence each in the Company (“Ordinary Shares”) at a price of 3 pence per Ordinary Share (“Issue Price”) (the “Subscription”). In addition, the Directors have directly subscribed to the Company for 6,000,000 Ordinary Shares at the Issue Price (“Directors Subscription”) utilising existing authorities to allot shares
Highlights
- Funding Secured – £2.34m raised (including £2.16m Subscription and £0.18m Director Subscription), ensuring Cadence can meet its contribution to the Azteca Plant financing.
- Early Cashflow Catalyst – Restart of the Azteca Plant expected to produce c.380,000 tpa of 65% Fe concentrate with modest upfront capital, forecast to deliver approximately US$32m free cashflow over three years.
- Attractive Returns – Cadence’s 10–15% contribution to the US$4.6m Prepay is expected to generate a c.70% IRR, with cashflow positive operations from the first shipment.
- Strategic Reinvestment – Free cashflow from Azteca will fund working capital, operations, the Definitive Feasibility Study (“DFS”) and early works for the full 5.5 Mtpa DR-grade Amapá Project (NPV US$1.97bn).
- Disciplined Pathway – This financing alongside the anticipated offtake agreement provides all capital to bring the Azteca into production and provide the near-term cashflow to fund the DFS and early works and the Amapá Project.
Andrew Suckling, Chairman, commented:
“The successful funding of Cadence’s Azteca commitment represents another major milestone in the staged development of Amapá. With this capital secured, we are able to move forward with confidence into a phase that delivers near-term revenue and establishes the financial and operational foundation for long-term growth.”
Kiran Morzaria, Chief Executive Officer, added:
“This financing is a pivotal step for Cadence. Although equity dilution is never taken lightly, it is the pragmatic way to unlock near-term revenues and move Amapá into production. By securing our contribution to the Azteca restart, we are laying the foundation for a self-funding development pathway — one that delivers cashflow, and drives long-term value for shareholders.
The restart of Azteca not only provides immediate returns, but also demonstrates Amapá’s quality to the market, strengthens our licence to operate, and funds the next stage of development through the DFS and early works. While additional funding may be required to deliver the full 5.5 Mtpa project, today’s raise ensures we have a disciplined, phased route from near-term cashflow to long-term growth.”
Azteca Update and Use Funds
As previously outlined; by restarting the Azteca Plant with modest upfront capital we can generate near-term revenue, reinforce our licence to operate, and showcase the quality of Amapá’s product to the market. At the same time, we are laying the foundations for the full 5.5 Mtpa operation – a low-cost DR-grade project with a US$1.97 billion NPV.
Cadence has now secured its participation in the Azteca financing. The Company will contribute approximately 11% of the Azteca Plant capital expenditure, with the balance funded by its offtake partner. This agreement is expected to cover all refurbishment and working capital requirements to bring Azteca into a cashflow-positive position. Once operational, it is anticipated that free cashflow from Azteca will fund the Definitive Feasibility Study (DFS) and early development works for the broader Amapá Project.
Initial sampling results confirm the grades anticipated, with final results on the remaining samples expected shortly. The definitive funding agreement is at an advanced stage and stipulates that financing is payable on execution. The proceeds of the Subscription ensure Cadence can execute once the definitive agreement is finalised and the remaining samples processed.
Together, these steps establish a clear sequence: licensing, construction, recommissioning, first production, and cashflow.
In addition to Cadence’s Azteca contribution, the net proceeds of the Subscription will fund Amapá project costs outside of the Azteca refurbishment until the operation reaches a cashflow-positive position. They will also be applied to repay the outstanding convertible loan facility, thereby strengthening the Company’s balance sheet.
This phased approach means that while today’s equity raise introduces dilution, it provides the essential bridge to early revenues. Once Azteca is in production, Cadence does not expect to fund the DFS and early works from further equity.
Subscription
Cadence has raised, subject to Admission, £2.16 million before expenses (the “Subscription”) by way of a placing arranged by Fortified Securities of 72,000,000 new ordinary shares (the “New Ordinary Shares”) in the capital of the Company at a price of 3 pence per Ordinary Share (the “Issue Price”).
The Issue Price represents a discount of approximately 23% per cent to the closing bid price of 3.9 pence per ordinary share on 29 September 2025, the latest practicable business day before the publication of this Announcement.
Directors Subscription
The Directors of the Company have subscribed to the Directors Subscription under the same terms as the Subscription, with the directors participating as follows:
| Director | Subscription Amount | No. of New Ordinary Shares subscribed for | Resulting shareholding in the Company | % shareholding in the Company’s issued share capital as enlarged by the New Ordinary Shares |
| Andrew Suckling
(Non-Executive Chairman) |
£60,000 | 2,000,000 | 3,981,602 | 0.98% |
| Kiran Morzaria
(Chief Executive Office) |
£30,000 | 1,000,000 | 5,429,807 | 1.34% |
| Donald Strang
(Finance Director) |
£60,000 | 2,000,000 | 4,557,545 | 1.12% |
| Adrian Fairbourn
(Non-Executive Director) |
£30,000 | 1,000,000 | 1,731,005 | 0.43% |
| Total | £180,000 | 6,000,000 | 15,699,959 | 3.87% |
Admission
Application will be made for the admission to trading on the AIM market (“AIM”) of London Stock Exchange plc (“LSE”) for 78,000,000 New Ordinary Shares (“Admission”). Admission is expected to occur at 8.00 a.m. on or around 8 October 2025. The New Ordinary Shares will represent approximately 19.2 per cent of the Company’s issued share capital immediately following Admission.
Following Admission, the Company’s issued, and fully paid share capital will consist of 405,631,038 Ordinary Shares, all carrying one voting right per share. The Company does not hold any Ordinary Shares in treasury. The figure of 405,631,038 Ordinary Shares may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
The New Ordinary Shares will be issued fully paid and will rank pari passu with the Company’s existing Ordinary Shares in all respects.
Retail Offer
The Company intends to offer up to 6,666,667 new Ordinary Shares at the Issue Price via a retail offer to raise up to £0.2 million gross proceeds (the “Retail Offer”), to provide current shareholders in the Company in the United Kingdom with an opportunity to participate alongside the Subscription and Director Subscription. It is expected that the Retail Offer will launch at 8.00 a.m. on Thursday 2 October 2025 and will be open for applications up to 5.00 p.m. on Tuesday 7 October 2025. The result of the Retail Offer is expected to be announced by the Company on or around Wednesday 9 October 2025, with Second Admission expected on or around 16 October 2025. For the avoidance of doubt, the Retail Offer is in addition to the Subscription and Directors Subscription and will be conditional upon Second Admission becoming effective. The Retail Offer is not underwritten and may not be fully subscribed.
A further announcement giving details of the Retail Offer and its terms will be made shortly.
Cadence Ownership
As of the end of June 2025, Cadence’s total investment in the Amapá Project is approximately US$15.5 million, representing a 35.7% equity stake in the Project.
About the Amapa Project
The Amapá Iron Ore Project is a fully integrated operation in Brazil, comprising established mine, rail, port, and beneficiation infrastructure. It 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. In December 2024, an updated Pre-Feasibility Study confirmed the Project’s ability to produce a 67.5% Fe direct reduction (DR) grade concentrate at a rate of 5.5 Mtpa. The revised flowsheet and mine plan resulted in a post-tax NPV (10%) of US$1.97 billion over a 15-year mine life, with pre-production capital investment of US$377 million. In August 2025 The Amapá Iron Ore Project reduced its C1 cash costs to US$27.28/dmt FOB Santana and US$55.46/dmt CFR China. Installation licence applications have been submitted, and once granted, will allow, subject to financing, the recommissioning of the Project.
| For further information, contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
| Zeus (NOMAD & Broker) | +44 (0) 20 3829 5000 |
| James Joyce | |
| Darshan Patel
Gabriella Zwarts |
|
| Fortified Securities – Joint Broker | +44 (0) 20 3411 7773 |
| Guy Wheatley | |
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| 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.