Announcement • Aug 28

Cadence Minerals plc Provides Azteca Refurbishment Update and Submits Operating Licence Application

Cadence Minerals plc announced that, as of 22 August 2026, refurbishment of the Azteca processing plant at the Amapá Iron Ore Project had reached 97% weighted physical completion, compared with 95% planned and 87% reported on 10 August 2026. The Company continues to target completion of the refurbishment works by 31 August 2026. DEV Mineração S.A., the Brazilian operating company for the Amapá Project, has formally submitted its application for the operating licence (Licença de Operação) for the Azteca plant to the Amapá State Environmental Secretariat (SEMA/AP). Once the refurbishment is complete the plant is intended to progress into integrated commissioning. Commercial operations and shipments remain subject to successful commissioning and receipt of the Operating Licence. As of 22 August 2026, weighted physical completion was 97%, compared with 95% planned and 87% reported on 10 August 2026. Electrical installation advanced from approximately 69% to 95%. The principal execution constraint identified in the previous update is now ahead of schedule. The hopper/feed system, transfer conveyor, screen and process tank are complete. Magnetic separation and piping are approximately 99% and 98% complete, respectively. The remaining work is concentrated in technical handovers, spiral concentrator completion, electrical panels and final equipment connections. The programme continues to target completion of the refurbishment works by 31 August 2026 before progressing into integrated commissioning. DEV Mineração has submitted its application for the Azteca operating licence to SEMA/AP. As of 22 August 2026, the refurbishment programme was 97% complete against 95% planned. This represented a ten-percentage-point advance from the 87% reported on 10 August 2026. At that reporting date, 58 of the 64 identified activities had been completed. The remaining six are in progress. The hopper/feed system, transfer conveyor, screen and process tank are complete. Magnetic separation has reached approximately 99% completion and piping approximately 98%. The spiral concentrator has reached approximately 85% completion, compared with approximately 78% planned. Electrical installation advanced from approximately 69% to 95%, compared with approximately 87% planned. Electrical works were the principal execution focus on the previous update. That workstream is ahead of plan. The remaining work is specific. Three of the six outstanding activities are close-out items: the magnetic separation technical handover, the water piping technical handover and the remaining electrical panel activity. The balance comprises completion of the spiral concentrator and the final equipment connections. Management is focused on closing these items, completing the spiral concentrator and executing the final equipment connections. The Company recorded no lost time injuries or reportable safety incidents during the reporting period. The previously granted installation licence (Licença de Instalação) authorises the approved refurbishment and installation works at Azteca. DEV has formally submitted its application for the Operating Licence to SEMA/AP. The application is now subject to technical review, which may include requests for additional information and a site inspection. Grant of the Operating Licence remains required before commercial operations and shipments can commence. Management's immediate priority is to close the remaining technical handovers, complete the spiral concentrator and electrical panels and execute the final equipment connections. The programme continues to target 31 August 2026 for completion of the refurbishment works. The next execution phase is integrated commissioning. This will test the completed systems together and establish whether the plant is ready to progress towards commercial operations. Commercial operations and shipments remain subject to successful commissioning, completion of the related regulatory workstreams and receipt of the Operating Licence. As of 31 May 2026, Cadence's total investment in the Amapá Project was approximately USD 16.1 million. Cadence holds a 36.2% equity interest in Pedra Branca Alliance Pte Ltd, which owns 100% of DEV Mineração S.A., the owner and operator of 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 grade concentrate at 5.5 Mtpa, with a post-tax NPV (10%) of USD 1,970 million over a 15-year mine life. As part of a staged redevelopment strategy, Azteca is intended to be recommissioned as the initial production facility, targeting approximately 380,000 tonnes per annum of approximately 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 successful commissioning, completion of related regulatory workstreams and receipt of the Operating Licence.

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