Update on Offtake Financing for the Azteca Plant

Cadence Minerals (AIM: KDNC) is pleased to provide an update regarding the ongoing Offtake Financing process for the Azteca plant.

As part of the offtaker's commercial due diligence, a limited number of non-systematic grab samples were collected from accessible areas of the existing tailings for indicative laboratory analysis. Assay results returned composite grades of 54% and 56.7% Fe, with a median grade across all samples of 55% Fe.

These outcomes were consistent with the operational and commercial assumptions used in the negotiations and the agreed heads of terms. The offtaker has confirmed that the results met their due-diligence expectations and no further sampling has been requested. The Offtake Financing process is continuing in line with expectations, and the Company is now progressing the associated commercial documentation.

Samples were prepared and analysed at an independent accredited laboratory using industry-standard methods, and routine QA/QC procedures were applied appropriate for this level of work. These samples were obtained solely for due-diligence purposes, and they do not form part of any technical, geological, or resource assessment.

Cautionary and Forward-Looking Statements