Shipment company

Cadence Minerals Plc – Fourth Amapa Iron Ore Shipment complete and underway

Following the announcement made on April 7, 2022Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineracao SA (“DEV”) has completed the sale and shipment of iron ore from Amapa iron ore project (“Amapa Project”).

Strong points:

DEV shipped and sold the fourth batch of iron ore from stockpiles.

The loading of the 48,492 wet tonnes of iron ore sinter fines (approx. 58% Fe) at Companhia Docas de Santana (“CDSA”) was completed on April 23

Iron Ore 62% Fe, CFR China AT $150 per ton (22/04/2022)

Around 1.2 Mt of iron ore is currently stored in the 100% owned port by DEV

DEV shipped and sold the fourth batch of iron ore from Santana’s stockpile, Amapa, Brazil. The loading of the 48,492 iron ore sinter fines (about 58% Fe) to the CDSA was completed on April 23 and the vessel departed yesterday, April 24. This shipment represents the first export of iron ore since Cadence acquired its 27% interest in the Amapa project earlier this year.

The first three shipments took place in the first half of last year and were approved through an Approved Court Petition. Details of the court-approved petition can be found. The court-approved motion limited sales of iron ore stockpiles to $10 million net profits (“Approved Court Disposal Funds”).

Court-approved divestment funds were applied pursuant to the court-approved motion, with DEV retaining a portion of the net profits. These net profits and proceeds from the pending expedition will be paid to secured bank creditors in accordance with the settlement agreement announced on 12/29/2021.

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:

Cadence Minerals plc

Such. : +44 (0) 7879 584153

Andrew Sucking

Kiran Morzaria

WH Ireland Limited

NOMAD & Broker)

T: +44 (0) 207 220 1666

James Joyce

Darshan Patel

Novum Securities Limited

joint broker

T: +44 (0) 207 399 9400

Jon Bellissi

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.

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 such variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts, but rather on the directors’ current expectations and assumptions regarding the company’s future growth, results of operations, future capital and other expenditures (including the amount, the nature and sources of financing thereof), competitive advantages. 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 Company’s control. Although all forward-looking statements contained in this announcement are based on what the directors consider to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with these forward-looking statements.

(C) 2022 electronic news edition, source ENP Newswire