Cadence Minerals

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2026 Azteca Plant restart Sonora concession cancellation arbitration

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Project milestones

Azteca Plant restart

Hot commissioning underway; licence pending

Azteca restart is funded by a US$4.6m prepayment facility from Dec 2025, with the Installation Licence granted in May 2026. Mechanical completion came on 4 Sep 2026, and DEV began hot commissioning at 25%-50% of capacity under SEMA/AP consent, announced 28 Sep 2026. The half-year results of 29 Sep 2026 confirm that concentrate cannot be sold until the Operating Licence is granted. DEV is preparing the supporting maintenance and environmental monitoring documentation for SEMA/AP. Bridge repairs have started.

Funding gap: Bridge, road works and extra Tailings Storage Facility are outside the refurbishment programme; no change in position 10 Aug 2026 ↗
Operating Licence: Pending; required before any concentrate is sold or dispatched 29 Sep 2026 ↗
Stage: Cold and wet commissioning done; hot commissioning at 25%-50% of capacity 29 Sep 2026 ↗
Consent limit: SEMA/AP technical consent allows tests for a maximum of 45 days from start of feeding 28 Sep 2026 ↗
Funding: Restart capital advanced; operating working capital subject to Operating Licence 29 Sep 2026 ↗
Bridge: Repairs commenced; completion targeted before first shipment 29 Sep 2026 ↗

Next: Complete hot commissioning, secure Operating Licence, finish bridge repairs before first shipment

29 Sep 2026 Hot commissioning underway; licence pending
28 Sep 2026 Hot commissioning underway; Operating Licence pending
10 Aug 2026 Refurbishment 87%, on plan; commissioning next
27 Jul 2026 Refurbishment 77% complete, ahead of plan

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Legal & regulatory

Sonora concession cancellation arbitration

ICSID case registered; tribunal being constituted

Cadence and REM Mexico are pursuing Mexico over the August 2023 cancellation of the Sonora lithium concessions. LCM non-recourse funding was secured in March 2026. On 29 July 2026 ICSID registered the claim as Case No. ARB/26/36 under the UK-Mexico BIT. The tribunal is yet to be formed, and the company says there is no certainty on outcome, duration or recovery.

Forum: ICSID Case No. ARB/26/36 under the UK-Mexico BIT
Respondent: United Mexican States
Claims: Unlawful expropriation, fair and equitable treatment, full protection and security, and national and most-favoured-nation treatment
Funding: LCM non-recourse funding of legal fees and disbursements, announced 24 March 2026
Next milestone: Appointment of three-member tribunal; each party appoints one arbitrator, then the chair is agreed
Amount at stake: Not stated; the company says there is no certainty of outcome, duration or level of recovery

Next: Constitute three-member tribunal, then set procedural timetable

29 Jul 2026 ICSID case registered; tribunal being constituted
29 Jun 2026 Non-recourse litigation funding secured post-period

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Company filings. Not investment advice.