New Risk • May 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (UK£31.2m market cap, or US$42.2m). New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (UK£21.6m market cap, or US$29.2m). Announcement • Mar 13
Cadence Minerals plc Provides Amapá Project Update on Azteca Plant Progress and Licensing Cadence Minerals plc provided an update on progress at the Azteca Plant within the Amapá Iron Ore Project in Brazil ("Amapá" or the "Project"), together with progress on the remaining workstreams associated with the Project's Installation Licence ("LI"). Detailed engineering completed and execution package now in place at Azteca, with early works due to commence in March as key Installation Licence workstreams continue to advance. Execution package in place: procurement requests for critical refurbishment items were launched in March 2026, with contractor mobilisation readiness established for a 90-day execution programme. Early works commencing: certain permitted preparatory activities are scheduled to commence in March, enabling selected workstreams to progress ahead of the main refurbishment programme. Critical path supported: together, these steps are intended to add flexibility across key execution activities and help preserve the current development timetable. Licensing workstreams progressing: remaining Installation Licence requirements, including IPHAN, water abstraction and tailings-related permitting, continue to advance in parallel. The Azteca plant remains a key component of Cadence's phased redevelopment strategy at Amapá. Following the grant of the Preliminary Licence announced on 6 January 2026, Amapá has adopted a structured approach to progressing those activities at Azteca that can be undertaken ahead of the main refurbishment programme. The detailed mechanical and electrical engineering studies for the Azteca Plant have now been completed. In parallel, the Azteca work programme is now supported by an active procurement and mobilisation package, with critical refurbishment items already requested and contractor mobilisation planning aligned to the execution schedule. Planned early activities include structural steel repairs, removal of motors, pumps and other components for refurbishment, and procurement of long-lead items required for recommissioning. Certain of these activities are scheduled to commence in March. These activities fall within the scope of works permitted before LI issuance, including maintenance, preservation, inspection, component removal for off-site repair and long-lead procurement. Together, these steps are intended to add flexibility to the critical path and help preserve the current development timetable, with commissioning targeted for the end of June, subject to receipt of the required permits and execution. 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 ~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. 
