Azteca Cold and Wet Commissioning Underway

Cadence Minerals PLC

14 September 2026

 

The company deems the information contained within this announcement to constitute Inside Information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

Cadence Minerals Plc

("Cadence Minerals", "Cadence", or "the Company")

Azteca Cold and Wet Commissioning Underway

SEMA/AP site inspection completed; hot commissioning is the next milestone

Cadence Minerals plc (AIM: KDNC) announces that cold and wet commissioning are underway at the Azteca processing plant at the Amapá Iron Ore Project, following mechanical completion announced on 4 September 2026. SEMA/AP, the Amapá State Environmental Secretariat, has completed its site inspection in connection with hot commissioning. No issues were raised during the visit, and DEV Mineração S.A. ("DEV") awaits SEMA/AP's response.

Highlights

·    Plant testing underway: Cold and wet commissioning are testing the refurbished equipment and process circuits ahead of processing trials.

·      SEMA/AP inspection completed: No issues were raised during the visit. The authority's response remains awaited.

·     Hot commissioning next: Planned operation at 25%-50% of plant capacity will test performance and allow grade and recovery to be tuned, subject to completion of the preceding tests and applicable regulatory requirements.

·    Production sequence: Successful hot commissioning is expected to be followed by grant of the Azteca Operating Licence, subject to SEMA/AP's review and approval, and then progression to full production.

Kiran Morzaria, Chief Executive Officer, commented:

"The SEMA inspection is an encouraging step towards hot commissioning, with no issues raised during the visit, although we await the authority's response.

"When I visited Azteca shortly before mechanical completion, it was good to see the progress first-hand and a team eager to put the plant into operation. Their work is now moving into the testing stage, where the priority is to demonstrate plant performance.

"For Cadence, successful production at Azteca would demonstrate our ability to operate at Amapá and establish initial cash flow to support the larger redevelopment. Completing commissioning and securing the Operating Licence are the next steps towards that goal."

Commissioning Update

DEV has commenced cold and wet commissioning following completion of Azteca's refurbishment. Both stages remain underway.

Cold commissioning tests equipment, electrical distribution and control systems without ore. Wet commissioning introduces process water and trial material through the wet circuit to test its operation ahead of hot commissioning.

Azteca's feed comprises material that previously underwent crushing, grinding and concentration. Historic power constraints prevented completion of the final flotation stage, leaving this pre-flotation material available for further processing.

The next milestone is hot commissioning, during which the plant is planned to operate at 25%-50% of capacity using this material. This stage will test processing performance and allow operating settings to be adjusted to tune concentrate grade and recovery. Any concentrate produced during commissioning will be stockpiled.

Regulatory Position and Next Steps

SEMA/AP has completed the site inspection associated with hot commissioning. No issues were raised during the visit, but its response remains awaited. Hot commissioning remains subject to completion of the preceding tests and applicable regulatory requirements.

DEV's application for the Azteca operating licence (Licença de Operação) (the "Operating Licence") remains pending. Grant is expected following successful hot commissioning, subject to SEMA/AP's review and approval.

Following successful commissioning and receipt of the Operating Licence, DEV intends to progress to full production. Commercial operations and shipments remain dependent on completion of both requirements.

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 276.2 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;

Cadence Minerals plc	[phone]
Andrew Suckling
Kiran Morzaria
Zeus (NOMAD & Broker)	[phone]
James Joyce
Darshan Patel Matthew Diaz-Rainey
Fortified Securities - Joint Broker	[phone]
Guy Wheatley
Public & Investor Relations - Brand Communications	[phone]
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.

Cautionary and Forward-Looking Statements

This announcement contains forward-looking statements. Such statements are based on the current expectations, assumptions and beliefs of the Directors and are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and may often be identified by words such as "believe", "expect", "intend", "may", "plan", "should", "will", "could" and similar expressions. Actual results may differ materially from those expressed or implied by such statements due to a range of factors, many of which are outside the control of the Company, including changes in economic conditions, market conditions, regulatory developments, the actions of governmental authorities, the availability of funding and other risks affecting the Company's operations. Readers should not place undue reliance on forward-looking statements, which speak only as at the date of this announcement. Except as required by law or applicable regulation, the Company undertakes no obligation to update or revise any forward-looking statements.

 

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