Cadence Minerals Plc · LSE:KDNC
Cadence Minerals — Investor Presentation (January 2026)
27 slides from Cadence Minerals's investor presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation From Near-Term Cashflow to World-Class Iron Ore Asset January 2026
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS This presentation (the “Presentation”) has been prepared by Cadence Minerals Plc (the “Company”) for informational purposes only and does not constitute investment advice or an offer to buy or sell securities. The content has not been approved by an authorised person under the
Slide 3: Building Value Through Staged Development
CADENCE MINERALS Building Value Through Staged Development AIM-listed (KDNC): focused on iron ore and lithium for the global energy transition. Strategy: staged development → near-term cashflow → DFS → expansion → long-term growth. MEXALIT LITHIUM– 30% Flagship asset: 36% of Amapá Iron Ore Project –
Slide 4: Why Invest in Cadence
WHY INVEST IN CADENCE Clear Re-Rating Opportunity Deep Undervaluation Cadence trades at a fraction of its asset value, NAV ~US$139m. Bridge to Cashflow Azteca restart provides early revenue within ~7–8 months and bridges to the full project, reducing dilution by funding DFS and working capital. Worl
Slide 5: Amapa Iron Ore Project
Amapa Iron Ore Project
Slide 6: History & Background
CADENCE MINERALS History & Background MMX builds mine, 2008 2013 2022 redevelops 198 km railway & Santana Peak production Operations port; first production reach 6.1 million in suspended; 2007. Cliffs acquires 2012, US$170m filed for 30% - US$133m profits bankruptcy Anglo American Anglo American Cad
Slide 7: Amapa Iron Ore Project: A World-Class Opportunity
AMAPA IRON ORE PROJECT A World-Class Opportunity Amapá has the scale, grade and infrastructure of a world-class iron ore project. GEOLOGY AND MINING PROCESS & PRODUCT LOGISTICS GROWTH • 276 Mt (38% Fe) - • DR-grade future • Fully integrated • 150 Mt additional Mineral Resource production rail & port
Slide 8: Amapa Controls Regional Export Logistics
AMAPA CONTROLS REGIONAL EXPORT LOGISTICS Amapa Control of infrastructure underpins opportunity to exploit and consolidate regional resources Brazil • Full control over infrastructure • Rail is controlled and operated under public concession Amapa Mine Hydro Dam • Port is privately held by Amapa • Pa
Slide 9: Near Term Catalyst: Azteca Plant Restart
NEAR TERM CATALYST Azteca Plant Restart Binding US$4.6m prepayment offtake executed | Funding commenced in December 2025 | No further equity required to bring Azteca into production | Cadence ~70% IRR pro-rata Restart production | ~380,000 tpa of 65% Fe concentrate Economics | ~US$32m FCFE over 3 ye
Slide 10: Azteca Project Timeline to Production
AZTECA PROJECT Timeline to Production Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 ` Offtake Finance Mining Licensing TSF Licensing Tailing Storage Facility Capex Plant Refurbishment Float Tailings Pump Azteca Production Shipping ` CORPORATE PRESENTATION JANUARY 2026 10
Slide 11: Amapa Full Project Key Economics
AMAPA FULL PROJECT Key Economics NPV10 IRR US$27.3 US$1.97 B 56% US$ 377 M Free Of Board cash costs (post-tax) (post-tax) Average FCF per annum over per tonne life of mine 5.5 Mtpa 15 Year Open-Pit Processing DR-grade iron ore Low strip ratio of 0.4:1 (waste: Established and tested Life of mine prod
Slide 12: Lowest Quartile Opex and Capex
OPERATING AND CAPITAL EXPENDITURE Lowest Quartile Opex and Capex Operating Expenses (US$/DMT) Start-Up Capex US$ M 41% 38% 8% 6% 6% 100% 36% 8% 30% 74% 17% 13% -4% 100% 60.00 $450 28.18 55.45 $400 $49.2 $377.5 50.00 -$14.0 $350 $63.3 $300 $113.9 $278.9 40.00 US$ Millions $250 US$ / DMT 30.00 $200 1.
Slide 13: Large Resource Expansion Potential
AMAPA IRON ORE PROJECT Large Resource Expansion Potential Amapa “Controlled and Accessible” Resource Location of Potential Resource Targets Amapa Mine Site c.276Mt Tucano Resources Araguari Josefa Adjacent Tucano c.150Mt Ferradura Tartarugalzinho Near-Mine Beadell c.400 - 500Mt (Josefa, Araguari, Cu
Slide 14: Amapa Milestones: Momentum in 2025
AMAPA MILESTONES Momentum in 2025 FOB costs cut 19% to US$27.3/dmt; Settlement with CFR US$55.5/dmt LP Granted secured creditors Optimisation JV Completion of and Municipal Studies – acquisition of 100% Licensing Settlement US$28 million Amapa Project requirements and resolved in capital Cadence int
Slide 15: Environmental & Social: Fast-track Licensing
ENVIRONMENTAL & SOCIAL Fast-track Licensing Licensing Historically all environmental licenses in place for mine rail & port Mine, Rail & Port environmental licenses applied for, final studies pending Social Will be the largest provider of private sector jobs and employer of choice in Amapa State The
Slide 16: Diversification Through Lithium
Diversification Through Lithium
Slide 17: Sonora Lithium
SONORA LITHIUM One of the Largest Lithium Deposits in the World Cadence is a 30% joint venture partner on part of the Sonora Lithium Project in Mexico Project Summary L A F L E U R V E N T A L I N E O F N A S T R I K E • JV Partner Ganfeng Lithium 3rd largest lithium L A V E N T A N A P I T compound
Slide 18: Management
MANAGMENT ANDREW SUCKLING NON-EXECUTIVE CHAIRMAN • +25 years’ experience in the commodity industry • Founding partner, research analyst and trader with the multi-billion fund management group Ospraie. • Andrew is a graduate of Oxford University, earning a BA (Hons ) and MA in Modern History KIRAN MO
Slide 19: Capital Structure
CAPITAL STRUCTURE AIM : KDNC Type of Shareholder Capital Structure Institutions & HNW 21% 416 million shares 7.2 million options Directors Holdings 4% 28 pence exercise 14.7 million options 2 pence exercise 14 Million warrants Retail 73% Employee Benefit Trust 2% 1.5 pence exercise (weighted average
Slide 20: Cadence Minerals
Cadence Minerals Undervalued US$139m NAV Bridge to Growth Azteca restart: binding offtake, funding, permitting defined World-Class Growth Amapá 5.5 Mtpa DR-grade project (US$1.9bn NPV) De-Risked Strategy Staged development → cashflow → DFS → expansion Diversification Sonora Lithium JV with Ganfeng N
Slide 21: Appendix
Appendix
Slide 22: Amapa Mineral Resource & Expansion
AMAPA MINERAL RESOURCE & EXPANSION 1 At-Mine Resource and Near-Mine Amapa At-Mine Resource Potential • JORC-compliant Mineral Resource of 276Mt at 38% Fe • Shallow orebody comprising friable itabirite, colluvium, hematite and ore types Tonnage Classification (Mt) Fe% SiO2% Al2O3% P% Mn% 2 Measured 5
Slide 23: Amapa Ore Reserves & Mine Plan
AMAPA ORE RESERVES & MINE PLAN Amapa At-Mine Resource JORC-compliant Ore Reserves of 195.8 at 39% Fe Tonnage Classification (Mt) Fe% SiO2% Al2O3% P% Mn% Proven 50.7 39.58 29.88 6.56 0.162 1.04 Probable 145.1 39.26 27.53 7.98 0.159 0.89 TOTAL 195.8 39.34 28.14 7.61 0.16 0.93 CORPORATE PRESENTATION JA
Slide 24: Steel Decarbonisation
STEEL DECARBONISATION Steel Needs “Green” Iron Ore • 80% - 90% of CO2 emissions produced smelting of ion ore • The steel industry’s transition to DRI steelmaking will require ~ 348 Mtpa by 2050 = 40 average-scale mines • Steel is critical to enable decarbonization DRI steelmaking is expected to incr
Slide 25: Amapa Flowsheet
AMAPA FLOWSHEET 5.5 MPTA – 67.5 % Fe CORPORATE PRESENTATION JANUARY 2026 25
Slide 26: Amapa Iron Ore Project: DR-Grade Product
AMAPA IRON ORE PROJECT : DR-GRADE PRODUCT 67.5% Few deposits suitable for DR-grade production Fe • • Higher grade deposits outside of Australia • DR-grade is a growing market – the industry requires high-grade, low-gangue content • Anticipated premium for Amapa 67.5% concentrate - US$ 23.7 US$/DMT 1
Slide 27: Azteca Flowsheet
AZTECA FLOWSHEET Feed (ROM) PRIMARY SCREENING SECONDARY SCREENING Secondary Screen DISTRIBUIDOR MAGNETIC SEPARATION DAM MAGNETIC Tailings CONCENTRATE SPIRAL SPIRAL Magnetic Separator CONCENTRATE CORPORATE PRESENTATION JANUARY 2026 27
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