Half-year Results

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 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")

Interim results for the six months ended 30 June 2026

Cadence Minerals plc (AIM: KDNC) announces its unaudited interim results for the six months ended 30 June 2026. Since the period end, DEV Mineração S.A. (“DEV”) has commenced hot commissioning of the Azteca plant at the Amapá Iron Ore Project in Brazil, following completion of refurbishment and cold and wet commissioning. Commercial operations and shipments remain subject to successful commissioning, receipt of the Azteca Operating Licence and logistics readiness.

Highlights

Licensing: During the period, DEV received the Preliminary Environmental Licence and Installation Licence for the wider 5.5 Mtpa Amapá project. The Operating Licence application relates only to the Azteca plant.

Funding and refurbishment: The first construction funding tranche was received on 25 May 2026. Mobilisation was completed and refurbishment was underway by June.

Post-period commissioning: Azteca reached mechanical completion on 4 September 2026. DEV subsequently completed cold and wet commissioning and commenced hot commissioning under technical consent from the environmental authority.

Infrastructure: Bridge repairs have commenced, with completion targeted before the first shipment.

Sonora arbitration: Non-recourse funding became available for the Sonora claims during the period. The International Centre for Settlement of Investment Disputes (“ICSID”) subsequently registered the arbitration brought by Cadence and its subsidiary REM Mexico Limited against Mexico; the outcome and timing remain uncertain.

Our immediate priority is to demonstrate Azteca’s operating performance and complete the requirements for commercial production and shipments. Successful delivery would establish an operating record at Amapá and could generate cash to advance the larger redevelopment after operating needs and funding obligations are met.

Outlook

Management’s priorities are to complete hot commissioning, address the outstanding requirements of the Amapá State Environmental Secretariat (“SEMA/AP”), secure the Azteca Operating Licence and complete the bridge repairs before the first shipment.

In parallel, management is preparing for the Definitive Feasibility Study (“DFS”), planned to commence in 2027, and progressing the separate Preliminary Licence applications for the port and railway. Optimisation and additional-feed studies will assess opportunities to increase recovery and throughput and extend Azteca’s operating life. Any investment in these improvements will depend on the results, funding and applicable approvals.

Investment review

Cadence’s investment activities comprise private project interests and listed equities. Management’s near-term operational focus remains the staged redevelopment of Amapá, alongside the pursuit of legal remedies in relation to Sonora.

Private investments, active

The Amapá Iron Ore Project, Brazil

Interest – 36.2% at 30 June 2026

Cadence holds a 36.2% equity interest in Pedra Branca Alliance Pte Ltd (“PBA”), which owns 100% of DEV, the owner and operator of the Amapá Project. The development strategy comprises the Azteca restart followed by the larger integrated mine, beneficiation plant, railway and port redevelopment.

Operations review for the six months ended 30 June 2026

During the period, DEV received the Preliminary Environmental Licence (“LP”) and Installation Licence (“LI”) from SEMA/AP for the wider 5.5 Mtpa Amapá project. The LI authorises approved refurbishment, construction and installation works within its scope, including the Azteca restart. DEV has applied for an Operating Licence (“LO”) for the Azteca plant only; this remains pending and is required before Azteca can commence commercial operations and shipments.

Following receipt of the first construction funding tranche on 25 May 2026, DEV mobilised contractors and began refurbishment. By June, mobilisation was complete and work was underway across the principal processing and electrical systems.

The earlier end-June commissioning target was revised following the timing of the Installation Licence and clarification of funding drawdown arrangements. The June update targeted operational readiness by the end of August 2026, with commercial operations remaining subject to the required approvals.

Developments after the period end

Azteca reached mechanical completion on 4 September 2026, with all eight principal plant systems complete. DEV subsequently completed cold and wet commissioning and commenced hot commissioning following technical consent from SEMA/AP. Testing targets initial operation at 25%–50% of plant capacity to assess throughput, concentrate grade and recovery.

The technical consent covers temporary commissioning tests and does not constitute an Operating Licence. Commissioning concentrate must remain controlled on site and cannot be sold or dispatched before the Azteca Operating Licence is granted. DEV is progressing the supporting maintenance and environmental monitoring documentation requested by SEMA/AP; the final commissioning report will follow completion of testing.

Repairs to the Pedra Branca do Amapari bridge have commenced, with completion targeted before the first shipment. The bridge remains in use under temporary operating controls. The works are intended to reduce reliance on those controls ahead of commercial deliveries.

Azteca funding and production plan

Azteca is supported by a binding US$4.6 million prepayment and working capital facility. All capital required for restart and refurbishment has been advanced under the existing project arrangements. Initial operating working capital is available under those arrangements subject to receipt of the Azteca Operating Licence.

The initial feed comprises stored Dyke 5 pre-flotation material that was previously mined, crushed, ground and partly concentrated. The target of approximately 380,000 tonnes per annum of approximately 65% Fe concentrate relates to intended commercial production following successful commissioning, licensing and ramp-up, rather than current commissioning output.

Separately, optimisation studies will assess higher mass recovery and throughput, while drilling and metallurgical testwork will evaluate additional feed and potential operating-life extension. The scale of any improvement and the investment required remain to be established.

Wider Amapá redevelopment

The larger Amapá redevelopment targets production of 5.5 million tonnes per annum of 67.5% Fe direct reduction grade concentrate. The updated Pre-Feasibility Study published in December 2024 reported a post-tax net present value of US$1.97 billion on a 100% project basis, using a 10% discount rate over a 15-year mine life.

Progression remains subject to further technical studies, financing, construction planning and regulatory approvals.

Private investments, passive

Sonora Lithium Project, Mexico

Interest – 30% at 30 June 2026

Cadence and its wholly owned subsidiary, REM Mexico Limited, hold a 30% interest in Mexilit S.A. de C.V. and Minera Megalit S.A. de C.V., which held seven of the nine concessions forming part of the Sonora Project before their cancellation. Cadence and REM Mexico are pursuing compensation and other relief in relation to their investments.

During the period, LCM Funding SG Pty Ltd issued a Funding Confirmation Notice under the Arbitration Funding Agreement. Non-recourse funding became available for legal fees and disbursements in accordance with the agreed budget and the terms of the agreement.

After the period end, ICSID registered the proceedings as Cadence Minerals Plc and REM Mexico Limited v. United Mexican States. There can be no certainty as to the outcome, duration or amount of any recovery.

Corporate developments

Reporting period

During the period, the Company issued 12,000,000 ordinary shares of 1 penny each to the Rare Earth Minerals Employee Benefit Trust at par value, representing £120,000. On 6 May 2026, the Company granted 21,280,000 options to directors, exercisable at 6 pence per share. The options vested immediately and expire on 31 December 2031.

Fundraising after the period end

In September 2026, the Company announced a placing and subscription for 40,000,000 ordinary shares at 4.5 pence per share, representing gross proceeds of £1.80 million, subject to admission to AIM. The separate WRAP retail offer closed early, with accepted subscriptions for 10,000,000 shares at the same price, representing gross proceeds of £450,000, subject to admission.

The combined announced gross proceeds were £2.25 million. Admission of the placing and subscription shares occurred on 25 September 2026, with retail admission expected on or around 1 October 2026.

With the Azteca restart already funded, the additional proceeds are intended to bring forward bridge, associated road and additional tailings storage facility works, optimisation and additional-feed studies, and support corporate working capital. Funding these activities now is intended to preserve future project cash for the DFS and port and railway licensing.

Financial results

The loss before tax for the six months ended 30 June 2026 was £1.440 million (six months ended 30 June 2025: £0.841 million; year ended 31 December 2025: £1.707 million). Basic loss per share was 0.352 pence (30 June 2025: 0.290 pence; 31 December 2025: 0.526 pence).

The result included an equity-settled share-based payment charge of £849,000, compared with £60,000 in the corresponding period. Other administrative expenses were £605,000, compared with £533,000. The higher share-based payment charge was partly offset by lower losses on financial investments.

Total assets were £18.512 million at 30 June 2026, compared with £19.162 million at 31 December 2025. Net assets were £18.029 million, compared with £18.620 million. Net cash used in operating activities was £0.677 million (six months ended 30 June 2025: £0.267 million). Cash and cash equivalents were £0.051 million at 30 June 2026 (31 December 2025: £1.063 million), prior to the post-period fundraise of £2.25 million (gross). Investment payments were £0.106 million and net loans advanced under the offtake arrangements were £0.232 million.

Alan Green

Qualified Person

Cautionary and Forward-Looking Statements

CADENCE MINERALS PLC

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE 2026

Material non-cash transactions

There were no material non-cash transactions in 2025 & 2026.

NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 JUNE 20256

1 BASIS OF PREPARATION

The interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The Group’s statutory financial statements for the year ended 31 December 2025 have been delivered to the Registrar of Companies. The auditor’s report on those financial statements was unqualified.

The principal accounting policies of the Group are consistent with those detailed in the 31 December 2025 financial statements, which are prepared under the historical cost convention and in accordance with UK adopted International Accounting Standards (IAS).

GOING CONCERN

The Directors have prepared cash flow forecasts for the period ending 30 June 2027 which take account of the current cost, operational structure and external funding of the Company. The forecasts include assumptions regarding the timing of expected receipts from the Small Plant startup together with, where considered appropriate, potential future equity funding. The Directors have a demonstrated track record of successfully raising funds as required and remain confident that additional financing would be available if needed. Accordingly, the accounts have been prepared on a going concern basis.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results

2 SEGMENTAL REPORTING

The Company operates a single primary activity to invest in businesses so as to generate a return for the shareholders.

3 EARNINGS PER SHARE

The calculation of the earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.

Loss on investments held at fair value through profit or loss

6 LOANS

BORROWINGS

There is currently an amount of £90,000 ($120,000) outstanding on a Mezzanine Loan Facility of $2m to finance its investment in the Amapá Project with a final repayment date of November 2025. Although the balance of £90,000 ($120,000) is technically overdue, the lenders agreed that Cadence should retain this amount as it intends to exercise its warrants and this amount will be utilised towards the warrant payment. No interest was charged during the period and no further interest is due on this amount.

During the year ended 31 December 2025, £674,000 ($898,000) in capital and interest was repaid. The borrowing costs (and resulting fx) have been capitalised under IAS23, as the sole purpose of the loan was to finance the Amapá Project.