Cadence Minerals (KDNC): Azteca Plant restart

This situation live

KDNC Cadence Minerals

£22m · 4.6p · +26% since the first step

1 Dec 2025 · Financing signed; licensing in progress · −9% until the next step These works are expected to conclude in approximately two months, after which the application will move into the formal federal and state environmental approval processes, currently expected to take a

6 Jan 2026 · Preliminary Licence granted; Installation Licence pending · +55% until the next step The LI represents the key permitting gateway for commencement of refurbishment and installation works at the mine, including the Azteca processing plant, and for execution of the Company's staged deve

5 May 2026 · Installation Licence granted; refurbishment starting · +13% until the next step Subject to licence-condition compliance, execution progress and receipt of the LO, commissioning remains targeted for the end of June 2026.

29 Jun 2026 · Refurbishment under way; commissioning date slipped · −19% until the next step Mobilisation has been completed; refurbishment activities are underway and execution workstreams are progressing across the plant.

7 Jul 2026 · Refurbishment 47.8% complete, ahead of plan · +2% until the next step The Company continues to target operational readiness by the end of August 2026, subject to completion of the remaining refurbishment, electrical installation, equipment connection, commissioning prep

27 Jul 2026 · Refurbishment 77% complete, ahead of plan · −3% until the next step Subject to successful commissioning and receipt of the Operating Licence, the Company continues to target operational readiness by the end of August 2026.

10 Aug 2026 · Refurbishment 87%, on plan; commissioning next · +2% until the next step The current programme continues to target 31 August 2026 for completion of the refurbishment works.

28 Sep 2026 · Hot commissioning underway; Operating Licence pending · +0% until the next step SEMA/AP’s technical consent permits temporary commissioning tests for a maximum of 45 days from the start of feeding.

29 Sep 2026 · Hot commissioning underway; licence pending · −10% since The technical consent covers temporary commissioning tests and does not constitute an Operating Licence.

Project milestones

Azteca Plant restart

Hot commissioning underway; licence pending

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

Every step · 9

1 Dec 2025 Financing signed; licensing in progress – These works are expected to conclude in approximately two months, after which the application will move into the formal federal and state environmental... ↗
6 Jan 2026 Preliminary Licence granted; Installation Licence pending – The LI represents the key permitting gateway for commencement of refurbishment and installation works at the mine, including the Azteca processing plant,... ↗
5 May 2026 Installation Licence granted; refurbishment starting – Subject to licence-condition compliance, execution progress and receipt of the LO, commissioning remains targeted for the end of June 2026. ↗
29 Jun 2026 Refurbishment under way; commissioning date slipped – Mobilisation has been completed; refurbishment activities are underway and execution workstreams are progressing across the plant. ↗
7 Jul 2026 Refurbishment 47.8% complete, ahead of plan – The Company continues to target operational readiness by the end of August 2026, subject to completion of the remaining refurbishment, electrical... ↗
27 Jul 2026 Refurbishment 77% complete, ahead of plan – Subject to successful commissioning and receipt of the Operating Licence, the Company continues to target operational readiness by the end of August 2026. ↗
10 Aug 2026 Refurbishment 87%, on plan; commissioning next – The current programme continues to target 31 August 2026 for completion of the refurbishment works. ↗
28 Sep 2026 Hot commissioning underway; Operating Licence pending – SEMA/AP’s technical consent permits temporary commissioning tests for a maximum of 45 days from the start of feeding. ↗
29 Sep 2026 Hot commissioning underway; licence pending – The technical consent covers temporary commissioning tests and does not constitute an Operating Licence. ↗

What is happening

Cadence Minerals: Azteca Plant restart – Hot commissioning underway; licence pending. ['Hot commissioning underway; licence pending']

In short: 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.
Announced: 1 Dec 2025 · Financing signed; licensing in progress
Latest: 29 Sep 2026 · Hot commissioning underway; licence pending
Funding gap: Bridge, road works and extra Tailings Storage Facility are outside the refurbishment programme; no change in position
Operating Licence: Pending; required before any concentrate is sold or dispatched
Stage: Cold and wet commissioning done; hot commissioning at 25%-50% of capacity
Consent limit: SEMA/AP technical consent allows tests for a maximum of 45 days from start of feeding
Funding: Restart capital advanced; operating working capital subject to Operating Licence
Bridge: Repairs commenced; completion targeted before first shipment
Target output: About 380,000 tpa of ~65% Fe concentrate after commissioning, licensing and ramp-up
Mechanical completion: 4 September 2026, all eight principal plant systems complete

What comes next

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

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