Amapá Project Update - Licensing and Azteca

The company deems the information contained within this announcement to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the 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")

Amapá Project Update - Licensing and Azteca Progress

Cadence Minerals plc (AIM: KDNC) is pleased to provide an update on progress towards the grant of the Installation Licence ("LI") for the Amapá Iron Ore Project in Brazil ("Amapá" or the "Project"), and on continuing execution readiness at the Azteca Plant ("Azteca").

Highlights

· Permitted early works and procurement activities continue at the Azteca Plant

· Remaining Installation Licence workstreams with Instituto do Patrimônio Histórico e Artístico Nacional ("IPHAN") and State of Amapá Environmental Authority SEMA/AP continue to advance

· IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas

· The remaining archaeological workstream is now focused on finalisation of the Termo de Ajustamento de Conduta ("TAC") process as the route to IPHAN clearance to SEMA

· The Project remains in execution readiness for Azteca refurbishment and commissioning activities, subject to receipt of the required permits

Kiran Morzaria, Chief Executive Officer of Cadence Minerals, commented:

"The path to licence is now clearer, narrower and lower risk than before. The outstanding workstreams are now well identified and continue to advance through the regulatory process

Importantly, IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas. In practical terms, this moves the remaining archaeological workstream onto a defined regulatory pathway through the TAC process, rather than a broader technical process, which we view as an important step in de-risking the path to LI.

Alongside this, permitted early works and procurement continue at Azteca, preserving execution readiness and supporting a rapid move into refurbishment activity once permitting is in place. Subject to permitting and execution, we believe commissioning by the end of June 2026 remains achievable, with Azteca representing the first stage in unlocking near-term cash flow and the broader value of the Amapá Project."

Azteca Plant Progress

As announced on 13 March 2026, detailed mechanical and electrical engineering for the Azteca Plant has been completed, and the refurbishment execution package remains in place.

Permitted early works and procurement activities continue. These activities are intended to maintain execution readiness pending receipt of the LI and to support efficient mobilisation once permitting is in place.

Based on contingency within the current execution programme, the Company believes commissioning by the end of June 2026 remains achievable, subject to permitting and execution.

Installation Licence Progress

As previously disclosed, progression to the Installation Licence remains subject to completion of a small number of defined regulatory items, principally:

· archaeological clearance from IPHAN and

· water abstraction and tailings-related permitting issued by SEMA/AP.

IPHAN - Archaeological Workstream

Following submission of the archaeological material previously requested by IPHAN, and subsequent engagement with the federal authority, IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas of the Project, including locations affected by legacy mining activities. This is an important development, as it narrows the remaining archaeological workstream to a defined regulatory pathway, rather than further technical fieldwork in those previously disturbed areas.

As a result of historic impacts that predate the Company's involvement in the Project, IPHAN has indicated that the appropriate mechanism for progressing the archaeological workstream, and for supporting clearance to SEMA for issuance of the Installation Licence, is the execution of a Termo de Ajustamento de Conduta ("TAC").

IPHAN has indicated proposed measures for inclusion in the TAC, centred on cultural heritage publication, exhibition materials and studies, and project work associated with a community museum / exhibition initiative.

Amapá continues to engage with IPHAN to finalise the TAC and once agreed and executed, the TAC is expected to form the basis for IPHAN's clearance to SEMA in respect of archaeological matters for the Installation Licence.

Water Abstraction & Tailings Disposal Permitting (SEMA/AP)

SEMA requested some further information in late March 2026. All documentation and information requested was submitted last week, and the application has progressed back to the Coordination of Water Resources Management (CGRH/SEMA/AP) we understand the applications are progressing through final administrative review, with no further studies requested.

Strategic Context

As previously announced on the 1 December 2025, Cadence and its partners have established a funding structure to support licensing, refurbishment, and initial working capital for the Azteca Plant . The Company continues to view Azteca as the first stage of its broader redevelopment strategy at Amapá.

Subject to receipt of the required licences, recommissioning of Azteca is intended to provide an initial production platform and near-term operational cash flow, while supporting the continued advancement of the wider 5.5 Mtpa DR-grade development.

In this context, the Company believes the current regulatory workstreams are important not only for the restart of Azteca, but also for unlocking the next stage of value at Amapá.

Cadence Ownership

As of the end of March 2026, Cadence's total investment in the Amapá Project is approximately US$16.1 million, representing a 36.2% equity stake.

About the Amapá Project

The Amapá 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 the 3 December 2024 confirmed the potential to produce 67.5% Fe direct reduction ("DR") grade concentrate at 5.5 Mtpa, with a post-tax NPV (10%) of US$1.97 billion 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 ~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.

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Cautionary and Forward-Looking Statements

This announcement contains forward-looking statements. Such statements are based on the current expectations, assumptions and beliefs of the Directors and are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future performance and may often be identified by words such as "believe", "expect", "intend", "may", "plan", "should", "will", "could" and similar expressions. Actual results may differ materially from those expressed or implied by such statements due to a range of factors, many of which are outside the control of the Company, including changes in economic conditions, market conditions, regulatory developments, the actions of governmental authorities, the availability of funding and other risks affecting the Company's operations. Readers should not place undue reliance on forward-looking statements, which speak only as at the date of this announcement. Except as required by law or applicable regulation, the Company undertakes no obligation to update or revise any forward-looking statements.