Name of the Project
Amapá iron-ore project.

Location
Amapá, Brazil.

Project Owner/s
Pedra and Branca Alliance (PBA), a joint venture (JV) between Cadence Minerals and Indo Sino. As of the end of May 2026, Cadence's total investment in the Amapá project was about $16.1-million, representing a 36.2% equity stake. Cadence has an option to increase its shareholding to 49%.

DEV Mineração is the operator.

Project Description
The brownfield integrated iron-ore project has mineral resources of 276-million tonnes at 38.33% iron and ore reserves of 195.8-million tonnes at 39.34% iron. The project comprises the mine, a beneficiation plant, wholly owned port and a 194 km railway, with DEV Mineração as operator.

Cadence and its partners are advancing Amapá through a staged development strategy comprising the Azteca project, which is at the preproduction stage, and the Amapá direct reduction (DR) Project, which is at the prefeasibility stage.

An updated prefeasibility study on the Amapá DR project has found that it has the potential to produce direct reduction- (DR-) grade concentrate grading 67.5 at 5.5-million tonnes a year over a 15-year mine life.

The Azteca plant is forecast to produce about 380 000 t/y of iron-ore concentrate grading at 65% iron from existing tailings, providing an initial operational platform and early cash flow to support the wider Amapá redevelopment, subject to successful commissioning and receipt of the operating licence.

The longer-term development plan for Amapá envisages production of up to 5.5-million tonnes a year of DR-grade iron-ore using integrated mine, processing, rail and port infrastructure under the project's control.

Any expansion beyond the Azteca plant will remain subject to further engineering studies, financing, construction planning and regulatory approvals.

The preliminary environmental licence and installation licence have been granted. The operating licence is yet to be obtained before commercial operations and shipments can start.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The Amapá DR Project has an after-tax net present value, at a 10% discount rate, of $1.97-billion and an internal rate of return of 56%.

Capital Expenditure
Preproduction capital investment is estimated at $377-million. The Azteca Project has estimated preproduction capital expenditure of about US$3.5-million.

Planned Start/End Date
The Azteca plant is targeting operational readiness by the end of August 2026. 

Commercial operations and shipments remain subject to successful commissioning and receipt of the operating licence. 

Latest Developments
Refurbishment of the Azteca processing plant had reached 77% weighted physical completion by July 27, 2026, up from 48% at the previous update and ahead of the planned 72% completion at the reporting date.

Of the 64 identified work packages, 43 had been completed.

The feed hopper, transfer conveyor and process tank installation have been completed, while screen refurbishment is about 98% complete. Magnetic separation has reached about 69% completion and electrical installation about 43% completion, with electrical works representing the main remaining execution focus.

The metallurgical programme has also been completed, confirming the proposed processing flowsheet for producing about 65% iron concentrate from feed material grading about 48% iron. Testwork demonstrated about 53% mass recovery and 72.8% iron recovery and established the operating parameters for commissioning.

Management is focused on completing the remaining electrical installations, integrated plant commissioning and the operating-licence workstreams. 

Additional road infrastructure and tailings-storage-facility works have been identified. These requirements are separate from the Azteca refurbishment programme and do not affect the current refurbishment activities or targeted operational-readiness date. Their scope, timing and funding are being assessed.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Cadence Minerals, tel +44 20 3582 6636 or email info@cadenceminerals.com.