Azteca Execution Update

Cadence Minerals plc (AIM: KDNC) announces that mobilisation of the Azteca restart programme at the Amapá Iron Ore Project in Brazil has been completed and refurbishment works are underway across the principal processing, infrastructure and electrical workstreams.

Execution activities are progressing on schedule against the current refurbishment programme, advancing the project towards commissioning and operational readiness.

Highlights

• Mobilisation of personnel, equipment and site resources completed on schedule, enabling execution of the approved refurbishment programme.
• Refurbishment activities are underway across the principal processing and electrical systems, progressing the project towards commissioning.
• Execution activities remain on schedule against the current programme, with no material slippage reported.
• Based on progress to date, the Company expects the Azteca plant to be operationally ready by the end of August 2026. Commencement of commercial operations remains subject to receipt of the Operating Licence ("LO").

Kiran Morzaria, Chief Executive Officer of Cadence, commented:

"The significance of the progress made since receipt of the Installation Licence is not simply that refurbishment activities have started. It is that the project has transitioned from planning into delivery.

Mobilisation is complete, contractors are active on site and progress is increasingly being measured against execution, commissioning and operational readiness milestones.

Our focus remains on completing the refurbishment programme safely, maintaining schedule discipline and progressing the requirements necessary to support operational readiness and commercial operations."

Execution Progress

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

Mobilisation activities were completed on schedule, including deployment of personnel, equipment, lifting resources and refurbishment materials to site.

Refurbishment works are progressing across key processing systems, including plant feeding and magnetic separation. Electrical works have also commenced and remain the critical-path activity within the execution programme.

Activities completed or underway include structural inspections, access rehabilitation, equipment inspection, refurbishment of mechanical components, electrical panel works and associated infrastructure preparation.

The remaining workstreams principally comprise completion of refurbishment activities, electrical installation, equipment connection and commissioning activities.

With the Installation Licence granted, funding received and mobilisation completed, the principal focus of the project has shifted towards execution, commissioning and operational readiness.

As at the date of this announcement, management has not identified any material schedule slippage against the current execution programme. Based on progress to date, the Company expects the Azteca plant to be operationally ready by the end of August 2026. Commencement of commercial operations remains subject to receipt of the LO.

Operational Readiness

Alongside physical refurbishment activities, the Company and its joint venture ("JV") partners continue to advance operational readiness activities required to support future commercial operations.

These activities include environmental compliance workstreams, operational planning and preparation for commissioning activities.

The Company and its JV partners continue to assess infrastructure, environmental and operational requirements associated with the transition to commercial operations. These assessments form part of the ongoing preparation required to support future commissioning and commercial operations.

Strategic Context

The Azteca Project remains the first operational phase within the broader Amapá development strategy.

Subject to successful completion of refurbishment works, commissioning activities and receipt of the Operating Licence, Azteca is intended to establish an initial operating platform from which the JV partners can evaluate subsequent development opportunities across the wider Amapá Project.

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 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, the Azteca Project 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.

Cautionary and Forward-Looking Statements