Shipment company

Cadence Minerals Plc – Commencement of shipment of iron ore from the Amapa iron ore project, Brazil

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineracao SA (“DEV”) has resumed the sale and shipment of its iron ore stocks from Santana, Amapa, Brazil.

This shipment represents the first export of iron ore since Cadence acquired its 27% interest in the Amapa iron ore project (“Project Amapa”) earlier this year. The shipments made last year were approved by a court petition and were prior to our participation in the Amapa Project.

We expect this shipment to end this month, and in the current economic environment, DEV intends to continue shipping and selling its 58% iron ore inventory. There are currently approximately 1.25 million tons of DEV stock in its port of Santana.

In addition to this shipping, DEV continued to provide vessel loading and transportation services for third party owned inventory at DEV Port.

About Amapa Project

Amapa started its activities in December 2007 with the first iron ore concentrate product production of 712 kt in 2008. In 2008 Anglo-American (70%) and Cliffs (30%) acquired the Amapa Project in 2008 as part of a larger set of mining assets Brazil.

Production increased steadily to 4.8 Mt and 6.1 Mt of iron ore concentrate product in 2011 and 2012. During this period, Anglo-American reported operating earnings from its 70% stake in the Amapa project of $120 million (100% $171 million) and $54 million (100% $77 million). Prior to its sale in 2012, Anglo-American valued its 70% stake in Amapa project to $866 million (100% US$1.2 billion). It depreciated the asset in its 2012 annual accounts for US$462 million (100% US$660 million).

Cadence updated the mineral resource estimate on November 2, 2020, increasing the MRE by 21%. The current MRE contains a mineral resource of 176.7 million tonnes grading 39.7% Fe in the indicated category and a mineral resource of 8.7 Mt grading 36.9% in the inferred category, both reported in an optimized pit shell and using a 25% cut-off grade. F.

Ownership and Joint Venture Agreement Details

Cadence holds 27% of the Amapa Projectwith our joint venture partner, Indo Sino Pty Ltd (“Indo Sino”), holding the remaining 73%. Ownership of Amapa is through a joint venture, Pedra Branca Alliance Pte. ltd. (“JV Co”), which holds 100% of the capital of DEV Mineração SA (‘DEV’). If Indo Sino seeks other investors or an investment in the JV Co, Cadence has a first right of refusal to increase its stake to 49%.

Contact:

Tel: +44 (0) 7879 584153

Forward-looking statements

Certain statements contained in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of words and phrases such as “believe” “could” “should” “consider” “estimate” “intend” “may” “plan” “will” or the negative of these variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical fact, but rather on the directors’ current expectations and assumptions regarding Cadence Minerals Plc future growth operating results performance future capital expenditures and other expenditures (including the amount, nature and sources of funding thereof) competitive advantages business prospects and opportunities.

These forward-looking statements reflect the directors’ current beliefs and assumptions and are based on information currently available to the directors. Many factors could cause actual results to differ materially from those referred to in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental changes and other regulatory actions, actions taken by governmental authorities, availability of capital markets, dependence on key, uninsured personnel. and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although all forward-looking statements contained in this announcement are based on what the directors consider to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with these forward-looking statements.

(C) 2022 electronic news edition, source ENP Newswire