Annual Results for the year ended 31 December 2025

About this update from Cadence Minerals Plc

[{"type":"text","content":"\n \n This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. \n   \n Cadence Minerals Plc \n   \n (\"Cadence Minerals\", \"Cadence\", or \"the Company\") \n   \n Annual Results for the year ended 31 December 2025 \n Cadence Minerals (AIM: KDNC) is pleased to announce its final results for the year ending 31 December 2025. The full Annual Report and Audited Financial Statements will be available on the Company's website at  https://www.cadenceminerals.com/   and will be posted to shareholders shortly. \n Chairman's Statement \n Dear Shareholders, \n   \n I present the Company's Annual Report and Audited Financial Statements for the year ended 31 December 2025. \n   \n The year under review was one of measured progress for Cadence, set against continued uncertainty in commodity and capital markets. The Company remained pre-production at year end, and I recognise that progress has taken longer than shareholders would have wished. During the year the Board made one important strategic decision. Rather than pursuing the full redevelopment of Amapá as a single project, we prioritised Azteca as the first operating stage. That decision reduced initial capital requirements and established a more practical route toward operating cash flow. \n   \n Commodity conditions were mixed. Iron ore proved relatively resilient, particularly where product quality was higher, while lithium experienced a more pronounced correction. These cycles are part of the sector. The Board's response was to concentrate capital on assets with clearer near-term value drivers and to maintain financial discipline. On those measures, I believe Cadence ended the year in a stronger position than it began. \n   \n For reporting purposes, Amapá is presented as two related stages: Azteca, the near-term restart project, and the Amapá DR Project, the larger redevelopment opportunity. \n   \n During the year, Cadence completed several defined Azteca milestones. We defined the production plan, agreed heads of terms for a prepayment offtake structure and subsequently executed a binding agreement. Cadence funded its participation in the Azteca restart through equity while the balance of project funding is provided through the binding prepayment offtake structure. The Board remains mindful of dilution; however, this funding enabled the Company to maintain momentum at a critical stage of the Azteca restart and moved the project from planning toward refurbishment. \n   \n At the period end, Azteca had a defined production plan, secured funding structure and identified feed material. Commercial production remained dependent upon completion of refurbishment, commissioning and receipt of the Operating Licence. For the Amapá DR Project, work during the year strengthened the longer-term development case, including reductions in projected mining costs. This was a significant achievement, improving the cost framework for the larger development while preserving the pathway toward a 5.5 Mtpa direct reduction grade operation. That development remains dependent on further technical work, financing and regulatory approvals. \n   \n Post-period, Azteca received both the Preliminary Environmental Licence and Installation Licence. These approvals allow execution of the approved refurbishment programme and represent an important step in the restart pathway. The remaining critical-path items are refurbishment, commissioning and receipt of the Operating Licence required before commercial operations can commence. \n   \n The Sonora Lithium Project remained subject to concession cancellation and legal proceedings. No operational progress was recorded during the year, and the Company's focus remains on pursuing legal remedies. Post period, non-recourse litigation funding was made available to support the Company's claims, subject to the terms of the relevant funding agreement. \n   \n Cadence has stated its intention to pursue claims under the UK-Mexico BIT. This provides a funded route to pursue the claim, although the timing and outcome of the arbitration process remain uncertain. \n   \n Looking ahead, Cadence enters the new financial year with a defined set of near-term milestones at Amapá. The immediate priority is to complete Azteca refurbishment, commission the plant and obtain the Operating Licence. Subject to completion of refurbishment, commissioning activities, satisfaction of licence conditions and receipt of the required operating approvals, Azteca is intended to provide the initial step toward production. \n   \n Progression of the Amapá DR Project will continue in parallel, but remains dependent on further study, financing and regulatory approvals. The Board's priority is straightforward: complete the Azteca restart steps, preserve funding flexibility and maintain risk control. \n   \n Finally, I would like to thank my fellow Board members, our partners and advisers, and all shareholders for their continued support and patience during the year. \n   \n Andrew Suckling \n Non-Executive Chairman \n 26 June 2026 \n \n \n \n \n \n   \n For further information, contact: \n   \n \n \n \n \n \n \n \n Cadence Minerals plc \n \n \n +44 (0) 20 3582 6636 \n \n \n \n \n \n \n \n Andrew Suckling \n \n \n \n \n \n \n \n \n \n \n Kiran Morzaria \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Zeus (NOMAD & Broker) \n \n \n +44 (0) 20 3829 5000 \n \n \n \n \n \n \n \n James Joyce \n \n \n \n \n \n \n \n \n \n \n Darshan Patel \n Chris Wardley \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fortified Securities - Joint Broker \n \n \n +44 (0) 20 3411 7773 \n \n \n \n \n \n \n \n Guy Wheatley \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Public & Investor Relations - Brand Communications \n \n \n +44 (0) 7976 431608 \n \n \n \n \n \n \n \n Alan Green             \n \n \n \n \n \n \n \n \n \n \n   \n Qualified Person \n 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. \n   \n Cautionary and Forward-Looking Statements \n Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as \"believe\", \"could\", \"should\", \"envisage\", \"estimate\", \"intend\", \"may\", \"plan\", \"will\", or the negative of those 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 performance,   future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such 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 the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements. \n   \n Chief Executive Officer's Commentary \n At the beginning of 2025, Amapá had a clear technical case but an uncertain route to production. During the year we changed the development sequence. We prioritised Azteca because it provides a lower-capital route to initial production and the opportunity to establish operating cash flow before committing capital to the larger Amapá DR Project. Those steps did not eliminate execution risk, but they reduced uncertainty around how the project moves toward operations. \n   \n Timelines did move. Additional regulatory and technical work was required, particularly around archaeological clearance, water-related approvals and tailings permitting. This extended the path to commissioning beyond earlier expectations. These items extended the timetable and increased the importance of disciplined cash and funding management during the restart phase. The important distinction is that, over the period and post-period, the nature of the remaining risk changed. The workstreams became more defined, the regulatory pathway narrowed, and the immediate focus moved from project definition to execution readiness. \n   \n Post-period, receipt of the Preliminary Environmental Licence and Installation Licence completed the principal permitting milestones required before execution of the refurbishment programme. These approvals do not remove all remaining risk. Azteca still requires licence-compliant refurbishment, commissioning and receipt of the Operating Licence before commercial operations can commence. \n   \n The objective remains straightforward: complete refurbishment, commissioning and operating approval, establish Azteca as the first operating platform at Amapá and, subject to successful execution, use that platform to support the broader Amapá development pathway. \n   \n Executive Summary \n ·    We prioritised Azteca as the first operating phase within the Amapá development strategy. \n ·    We established the funding and regulatory pathway required to move Azteca into refurbishment. \n ·    Post-period, refurbishment commenced following receipt of the Preliminary Environmental Licence and Installation Licence. \n ·    The remaining critical-path items are refurbishment, commissioning and receipt of the Operating Licence required before commercial operations. \n ·    Capital was directed toward activities expected to shorten the path to first production rather than expanding project scope. \n ·    The commissioning timetable moved beyond the earlier end-June 2026 target, extending the period before Azteca is expected to contribute operating cash flow. \n ·    We advanced Sonora into a funded arbitration process, moving it into a legal recovery track. \n   \n What Changed During the Year \n Strategy changed from full redevelopment to staged restart | At the start of the year, Amapá was technically defined but still broad in scope and dependency. By year end, the focus had narrowed to Azteca and the steps required to restart operations. \n Regulatory uncertainty reduced | Licensing took longer than expected. However, the remaining work became better defined, with a clearer regulatory pathway and fewer unknowns. \n Funding aligned to development milestones | We moved away from a single large funding requirement toward a staged approach, with Azteca funded through a defined structure linked to milestones. \n Capital and management focus concentrated on Amapá | The Company's effort is now concentrated on Amapá. Other assets are being managed appropriately, but near-term delivery is focused on Amapá . \n Amapá Iron Ore Project \n The Amapá Project remains the cornerstone of Cadence's strategy. The immediate focus is Azteca. The larger Amapá DR Project remains the longer-term redevelopment opportunity. For clarity, Amapá should now be considered as two related but distinct development projects. \n   \n Azteca is the near-term restart project. It is based on the refurbishment of the existing plant and the processing of already mined or partly processed material stored on site. Its purpose is to create the first operating platform at Amapá, subject to completion of works, commissioning and operating approval. \n   \n The Amapá DR project is the larger, long-term redevelopment project. It is based on the mine, beneficiation plant, rail and port infrastructure and targets production of 5.5 Mtpa of DR-grade concentrate. It remains subject to further studies, financing, infrastructure work and additional approvals. \n   \n Azteca is not a substitute for the larger Amapá DR project. It is the first stage in the pathway toward it. During the year, Azteca progressed from concept toward an execution-ready project. It now has a defined feed source, production plan and funding framework, subject to completion of the remaining steps required for operation. These include licence-compliant works, plant refurbishment, commissioning and the receipt of the relevant operating licence. \n   \n The larger Amapá DR project continues to be supported by prior technical work, including the updated PFS and cost optimisation initiatives. During the period, revised mining cost assumptions improved the project's cost position. However, progression of this larger project remains dependent on further studies, financing and additional approvals. \n   \n Subject to successful commissioning, Azteca is intended to establish the Company's first operating cash flow and provide a platform from which the broader DR Project can be advanced. \n   \n Funding and Capital Structure \n A key development during the year was the establishment of a binding funding structure for Azteca. \n   \n The Company entered into a binding prepayment offtake arrangement to support the restart of the plant, together with securing its own participation funding. This structure is intended to fund licensing, refurbishment, commissioning and initial working capital requirements, while reducing, but not eliminating, the need for additional equity funding. \n   \n The objective was to fund only those activities that moved Azteca closer to production while limiting further shareholder dilution. \n   \n Current Status \n At the date of approval of this report, Azteca has moved beyond project definition and permitting into execution. Mobilisation has been completed; refurbishment activities are underway and execution workstreams are progressing across the plant. The commissioning timetable moved beyond the earlier targeted end-June 2026 date and is now dependent on completion of the refurbishment programme, commissioning works and receipt of the Operating Licence required before commercial operations can commence. In parallel, DEV continues to assess infrastructure, environmental and operational readiness requirements associated with the transition toward commercial operations. \n   \n The principal milestones that remain are execution of the refurbishment programme, successful commissioning and receipt of the Operating Licence. Subject to successful completion of these activities, Azteca is intended to become the first operating stage within the broader Amapá development strategy. \n   \n Sonora Lithium Project \n Cadence continues to hold a 30% interest in the Sonora Lithium Project. During the period, Sonora remained subject to concession cancellation and associated legal proceedings. There was no change to the operational status of the project. \n   \n Subsequent to the period end, arbitration funding was secured, providing access to non-recourse funding to support the Company's legal claims, subject to the terms of the funding arrangements. Any outcome remains dependent on legal process and determination. \n   \n Risk and Outlook \n The Company's principal risks are now operational rather than developmental. The key remaining milestones are completion of refurbishment, commissioning and receipt of the Operating Licence. \n   \n Additional environmental, tailings, infrastructure or operating requirements may arise during refurbishment and commissioning. These could increase costs, defer first production or require additional funding.. Delays to commissioning or ramp-up would defer the point at which Azteca contributes operating cash flow and may increase the Company's reliance on additional equity funding. \n   \n At Sonora, risks relate to the outcome and duration of legal proceedings. \n   \n Looking ahead, the Company's immediate priority is to progress Azteca through refurbishment, commissioning and operating approval, subject to completion of the required steps. Beyond this, the focus remains on advancing the longer-term Amapá DR Project in a disciplined manner. The priorities are clear: complete refurbishment, commission the plant, obtain the Operating Licence and establish operating cash flow. \n   \n   \n Kiran Morzaria \n Chief Executive Officer \n 26 June 2026 \n   \n Investment Review \n As outlined in the section \"Our Business and Investment Strategy,\" Cadence operates an investment strategy that involves investing in private projects through a combination of private and public equity models. In both investment classes, we take either an active or passive role. We have reported in these segments below. \n   \n Private Investments, Active \n \n The Amapá Iron Ore Project, Brazil \n Interest - 34.7% at 31/12/2025 and 36.2% at 31/05/2026 \n Amapá is a previously operating integrated iron ore asset comprising a mine, beneficiation plant, railway and port infrastructure. The project operated from 2007 until 2014, when operations were suspended following a port-related incident. For reporting purposes, Amapá is presented as two related projects: \n ·      Azteca Project - restart of production from existing processed and partly processed material. \n ·      Amapá DR Project - larger redevelopment targeting DR-grade iron ore concentrate. \n Azteca Project \n The Azteca plant is an existing processing facility within the Amapá site. It is designed to process tailings and stored material, including material associated with Dyke 5, using magnetic and gravity separation. Key parameters for Azteca are: \n ·      targeted production of approximately 380,000 tonnes per annum ; \n ·      target product of approximately 65% Fe concentrate ; \n ·      estimated pre-production capex of approximately US$3.5 million ; \n ·      estimated operating cost of approximately US$37/dmt FOB. \n Engineering and technical work advanced during the period. The plant assessment covered structural integrity, process equipment and utilities. The refurbishment programme includes mechanical and electrical works, procurement of long-lead items, commissioning and licence compliance. Production timing remains conditional on completion of refurbishment works, commissioning and receipt of the required Operating Licence. Subsequent to the reporting period, the Preliminary Environmental Licence and Installation Licence were granted. These approvals allow approved refurbishment and implementation activities to proceed and represent the transition of Azteca from a development and permitting focus toward execution of the restart programme. \n   \n Management's focus is now directed toward completion of refurbishment works, commissioning activities and progression toward the Operating Licence required before commercial operations and shipments can commence. \n   \n Funding for Azteca is structured through a US$4.6 million prepayment offtake facility . The facility is intended to fund licensing, refurbishment, commissioning and initial working capital. Cadence's contribution was limited to the Tranche 1 amount of US$391,000 (approximately 8.5% of the facility), with the balance provided by the offtake partner Repayment is linked to future iron ore shipments. \n   \n Amapá DR Project \n PFS-level work previously announced indicates that the larger Amapá DR Project targets approximately 5.5 Mtpa of 67.5% Fe DR-grade concentrate over an estimated 15-year mine plan. Key project metrics include: \n ·      post-tax NPV of approximately US$1.97 billion ; \n ·      post-tax IRR of approximately 56% ; \n ·      estimated FOB cash cost of approximately US$27.28/dmt ; and \n ·      estimated CFR China cash cost of approximately US$55.46/dmt . \n   \n INVESTMENT REVIEW (CONTINUED) \n The revised cost base reflects a reassessment of mining costs, which reduced estimated mining costs from US$17.65/dmt to US$11.17/dmt. The DR-grade flowsheet includes magnetic separation and flotation to produce a high-grade concentrate suitable for direct reduction steelmaking. These economics are derived from previously announced study work and remain subject to further engineering, financing assumptions, market conditions and future technical studies. \n   \n Further development of the Amapá DR Project remains subject to engineering, DFS work, financing, construction planning and regulatory approvals. Cadence and its partners continue to assess funding options, including strategic partners, project finance and offtake-linked structures. No assumption is made at this stage as to the timing, form or availability of such funding. \n   \n Licensing and Permitting \n The Amapá licensing pathway comprises the Preliminary Environmental Licence, Installation Licence and Operating Licence. Post-period, the Preliminary Environmental Licence and Installation Licence were granted. The Installation Licence authorises approved works; an Operating Licence remains required before commercial operations and shipments. \n   \n Private investments, Passive \n \n Sonora Lithium Project, Mexico \n Interest - 30% on 31/12/2025 and 31/05/2026 \n Cadence holds a 30% interest in the Sonora Lithium Project in Mexico through Mexalit and Megalit, alongside Ganfeng Lithium. The project remains subject to concession cancellation and related legal proceedings. No operational development activity was reported during the period. \n   \n Cadence has stated its intention to pursue claims under the UK-Mexico BIT. Post-period, non-recourse arbitration funding was secured to support the legal process, subject to the terms of the funding arrangements. No assumption is made as to the outcome or timing of the proceedings. \n   \n Investment Review \n Public Equity \n   \n The movement in public portfolio values during the year is summarised below. \n \n \n \n \n Portfolio Value \n \n \n Commentary \n \n \n £,000 \n \n \n \n \n Portfolio value on 31 December 2024 \n \n \n \n \n \n 473 \n \n \n \n \n Disposal of public investments during the year \n \n \n Net proceeds were applied in accordance with the Group's capital priorities, including Amapá. \n \n \n (205) \n \n \n \n \n Realised and Unrealised loss on portfolio value for the year \n \n \n Most of this loss was due to a realised loss on disposal \n \n \n (262) \n \n \n \n \n Portfolio value on 31 December 2025 \n \n \n \n \n \n 6 \n \n \n \n \n   \n As of 31 December 2025, our public equity stakes consisted of the following: \n \n \n \n \n Company \n \n \n 31-Dec-25 £,000 \n \n \n 31-Dec-24 £,000 \n \n \n 31-Dec-23 £,000 \n \n \n \n \n European Metals Holding Ltd \n \n \n - \n \n \n - \n \n \n 2,339 \n \n \n \n \n Evergreen \n \n \n - \n \n \n 469 \n \n \n 1,481 \n \n \n \n \n Hasting Technology Metals \n \n \n - \n \n \n - \n \n \n 321 \n \n \n \n \n Miscellaneous \n \n \n 6 \n \n \n 4 \n \n \n 21 \n \n \n \n \n Total \n \n \n 6 \n \n \n 473 \n \n \n 4,162 \n \n \n \n \n \n Financial Review \n Total comprehensive income for the year attributable to equity holders was a loss of £1.71m (2024: £3.33m loss). This decrease in loss from the previous year of approximately £1.62m is mainly due to the reduced amount of realised and unrealised losses for the year of approximately £1.86m relating to our share investment portfolio (listed financial investments) held during the year. Administrative expenses and share-based payments increased by £0.30m. \n   \n Basic negative earnings per share was 0.526p (2024: 1.651p). \n   \n The net assets of the Group at the end of the period were £18.62 million (2024: £17.21 million). This increase of approximately £1.4 million reflects the reduction in debt, further investment in Amapá, and shares issued during the year. \n   \n The Board continued to concentrate capital on activities expected to accelerate the transition from a pre-production investment company to a business capable of generating operating cash flow. The Group remains pre-production and continues to rely on external funding until Azteca begins generating operating cash flow. \n   \n Principal Risks and Uncertainties \n The Group operates in the natural resources sector, where outcomes are inherently uncertain and subject to market, regulatory, technical and funding risks. \n   \n During the year, the Group's risk profile evolved from broad investment risk toward more specific development, execution and funding risk centred on the Amapá Iron Ore Project. This reflects the Board's decision to focus capital and management time on the Company's principal active investment. \n   \n The Board monitors these risks on an ongoing basis and focuses on actions that reduce critical path uncertainty, preserve funding flexibility and support the staged route to production. \n   \n Principal Risks \n \n \n \n \n Risk \n \n \n Why it matters \n \n \n Mitigation \n \n \n Residual uncertainty \n \n \n \n \n \n \n Amapá concentration \n \n \n Amapá is the Group's principal asset and primary value driver. Delays in development, execution or operating performance would materially affect the Group's valuation and future cash flow expectations. \n \n \n Active Board oversight, staged development, partner engagement, disciplined capital allocation and regular review of development priorities. \n \n \n The Group remains substantially dependent on the successful advancement of a single core asset. \n \n \n \n \n Delivery of Azteca restart \n \n \n The Group has entered the execution phase of the Azteca restart programme. Progress toward commercial operations depends on successful completion of refurbishment works, commissioning activities, operational readiness and satisfaction of applicable licence conditions. As the Project advances, additional infrastructure, environmental and operational requirements may arise, including enhanced tailings management, monitoring and infrastructure works. These could increase costs or affect project schedules. \n   \n \n \n \n \n Detailed engineering, phased refurbishment, contractor management, operational oversight and utilisation of existing infrastructure. \n \n \n Plant performance, commissioning outcomes, ramp-up timing, operating costs and compliance with licence conditions remain to be demonstrated under operating conditions. \n \n \n \n \n   \n PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED) \n \n \n \n \n \n Risk \n \n \n Why it matters \n \n \n Mitigation \n \n \n Residual uncertainty \n \n \n \n \n Operating Licence and licence compliance \n \n \n The Azteca Project has received the Preliminary Environmental Licence and Installation Licence. Commercial operations remain subject to satisfaction of licence conditions and receipt of the Operating Licence. \n \n \n Ongoing engagement with regulators, implementation of licence conditions, environmental monitoring, compliance management and execution planning aligned with the approved development programme. \n \n \n Timing of Operating Licence approval, regulatory review processes and compliance verification may affect project schedule and commencement of commercial operations. \n \n \n \n \n Funding and dilution \n \n \n Advancement of Azteca may require further access to capital and the broader Amapá development pathway will require ongoing access to capital. \n \n \n Preference for non-dilutive or low-dilution structures, including offtake and strategic funding. \n \n \n Future funding may not be available on acceptable terms, and further equity funding may be required. \n \n \n \n \n Commodity prices \n \n \n Iron ore and lithium prices affect economics, asset values and investor appetite. \n \n \n Focus on higher-grade product, cost discipline and staged capital deployment. \n \n \n Commodity prices remain outside the Group's control. \n \n \n \n \n Partner and counterparty risk \n \n \n Cadence relies on joint venture partners, DEV, contractors, regulators and offtake counterparties to advance and execute its development plans. \n \n \n Legal agreements, direct project management, regular reporting and commercial alignment. \n \n \n Third parties may miss timelines, budgets or performance expectations. \n \n \n \n \n Country and regulatory risk \n \n \n Assets are outside the UK and subject to local law, policy, taxation and administrative processes. \n \n \n In-country partners, local advisers, regulatory engagement and structured protections. \n \n \n Political or administrative change may affect timing, rights or economics. \n \n \n \n \n Sonora legal recovery \n \n \n Sonora is now a legal recovery matter rather than an active development project. \n \n \n External legal advisers and non-recourse litigation funding. \n \n \n Outcome, timing, enforceability and recovery value remain uncertain. \n \n \n \n \n Environmental, TSF and community \n \n \n Amapá has legacy infrastructure, environmental obligations and community expectations. \n \n \n Monitoring, technical studies, licence-condition compliance and stakeholder engagement. \n \n \n Additional compliance requirements, remediation measures, time or cost may be required. \n \n \n \n \n Public equity and liquidity \n \n \n Listed investments remain exposed to volatility and liquidity constraints. \n \n \n Portfolio rationalisation and focus on core assets. \n \n \n Remaining holdings may fluctuate or be difficult to realise. \n \n \n \n \n Key personnel \n \n \n The Group is small and relies on directors, advisers and technical specialists. \n \n \n Use of experienced consultants, advisers and partner expertise. \n \n \n Loss of key individuals could slow delivery. \n \n \n \n \n   \n Risk Outlook \n The Group's risk profile has shifted from permitting and project definition toward execution, commissioning and operating readiness . The Board's near-term focus is on completing remaining licensing and compliance steps, executing Azteca refurbishment and commissioning, and securing appropriate funding for the next stage of Amapá. \n   \n If these steps are delivered, the risk profile is expected to move from development and funding risk toward operational performance, working capital management and cash-flow delivery. That transition remains conditional on regulatory, execution, market and financing outcomes. In particular, delays to commissioning or slower-than-expected ramp-up would defer operating cash flow from Azteca and may increase the Group's reliance on additional equity funding. \n   \n Directors' Section 172 Statement \n The following disclosure describes how the Directors have had regard to the matters set out in section 172(1)(a) to (f) and forms the Directors' statement required under section 414CZA of The Companies Act 2006. \n   \n The matters set out in section 172(1) (a) to (f) are that a Director must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: \n   \n ·    the likely consequences of any decisions in the long-term; \n ·    the interests of the Company's employees; \n ·    the need to foster the Company's business relationships with suppliers/customers and others; \n ·    the impact of the Company's operations on the community and environment; \n ·    the Company's reputation for high standards of business conduct; and \n ·    the need to act fairly between members of the Company. \n   \n As set out above in the Strategic Report the Board remains focused on providing for shareholders through the long term success of the Company. The means by which this is achieved is set out further below. \n   \n Likely consequences of any decisions in the long-term; \n The Chairman's Statement, the Chief Executive Officer's Commentary and the Strategic Review set out the Company's strategy. In applying this strategy, particularly in seeking new Project Investments and strategic holdings in other public companies, the Board assesses the long term future of those companies with a view to shareholder return. The approach to general strategy and risk management strategy of the group is set out in the Statement of Compliance with the Quoted Companies Alliance (\"QCA\") Corporate Governance Code (the \"QCA Code\") (Principles 1 and 4) on pages 17 -19. \n   \n Interest of Employees; \n The Group has a very limited number of employees, and all have direct access to the Executive Directors on a daily basis and to the Chairman, if necessary. The Group has a formal Employees' Policy manual which includes process for confidential report and whistleblowing. \n   \n Need to foster the Company's business relationships with suppliers/customers and others; \n The nature of the Group's business is such that the majority of its business relationships are with joint venture partners, the boards of directors of the companies in which the Group has strategic stakes to the extent that such relationships are permitted, and with suppliers for services. As the success of the business primarily depends on its relationship with its partners and investees, the Executive Directors manage these relationships on a day-to-day basis. Where possible, the Group will take a board, or similar appointment, in strategic investees to ensure that there is a close and successful ongoing dialog between the parties. Service providers are paid within their payment terms and the Group aims to keep payment periods under 30 days wherever practical. \n   \n Impact of the Company's operations on the community and environment; \n The Group takes its responsibility within the community and wider environment seriously. Its approach to its social responsibilities is set out in the Statement of Compliance with the QCA Code (Principle 4) on page 19 . \n   \n The desirability of the Company maintaining a reputation for high standards of business conduct; \n The Directors are committed to high standards of business conduct and governance and have adopted the QCA Code which is set out on pages 17 to 26. Where there is a need to seek advice on particular issues, the Board will consult with its lawyers and nominated advisors to ensure that its reputation for good business conduct is maintained. \n   \n The need to act fairly between members of the Company; \n The Board's approach to shareholder communication is set out in the Statement of Compliance with the (Principle 3) on page 18 . The Company aims to keep shareholders fully informed of significant developments in the Group's progress. Information is disseminated through Stock Exchange announcements, website updates and, where appropriate video/web casts. During the year the Company issued various RNS and videos to update shareholders. All information is made available to all shareholders at the same time and no individual shareholder, or group of shareholders, is given preferential treatment. \n CADENCE MINERALS PLC \n REPORT OF THE DIRECTORS \n For the year ended 31 December 2025 \n   \n The Directors present their annual report together with the audited financial statements of the Company for the Year Ended 31 December 2025. \n   \n Principal activity \n The Company is an investment entity. The principal activity of the Company is that of holding assets involved in the identification, investment and development of mineral resources. \n   \n Domicile and principal place of business \n Cadence Minerals plc is domiciled in the United Kingdom, which is also its principal place of business. \n   \n Business review and Future Development \n The results of the Company are shown on page 35 . \n   \n Results and Dividends \n The Directors do not recommend the payment of a dividend (2024: £nil). A review of the performance of the Company and its future prospects is included in the Strategic Report on pages 1 to 12 . \n   \n Key Performance Indicators \n Given the Company's current stage of development, the Board monitors a combination of financial and operational indicators that it considers most relevant to the creation of long-term shareholder value. These include cash management, capital allocation, advancement of the Azteca restart programme, progression of regulatory approvals, achievement of key development milestones and the carrying value of investments. \n   \n The Board reviews these indicators regularly to assess progress against the Company's strategy and to ensure that capital is directed toward activities that advance the Group's principal assets along their development pathway. \n   \n The Directors review and manage the Group's cash flow monthly. The Company's financial strategy is to maintain sufficient resources to fund corporate activities and priority investment programmes while preserving flexibility and minimising unnecessary dilution. Management remains focused on securing funding on terms that support shareholder value and maintaining appropriate financial discipline. \n   \n Progress at Amapá is assessed against defined operational and regulatory milestones, including permitting, project execution and advancement of the Azteca restart programme. Investments are monitored on an ongoing basis, with regular assessment of carrying values, development progress and alignment with the Group's strategic objectives. \n   \n The Company has maintained flexibility within its corporate and investment expenditure programmes, enabling expenditure to be deferred or reduced if market conditions or funding availability require a greater emphasis on cash preservation. \n   \n Principal risks and uncertainties \n The principal risks and uncertainties facing the Company are specified on pages 9 to 10 . \n   \n Financial risk management objectives and policies \n The Company's principal financial instruments are available for sale assets, trade receivables, trade payables, loans and cash at bank. The main purpose of these financial instruments is to fund the Company's operations. \n   \n It is, and has been throughout the period under review, the Company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the Company's financial instruments are liquidity risk and interest rate risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Further information is available in Note 14 . \n   \n Liquidity risk \n The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of equity and its cash resources.  Further details of this are provided in the principal accounting policies, headed 'going concern' and Note 14 to the financial statements. \n   \n Interest rate risk \n The Company only has borrowings at fixed coupon rates and therefore minimal interest rate risk, as this is deemed its only material exposure thereto. The Company seeks the highest rate of interest receivable on its cash deposits whilst minimising risk. \n   \n Market risk \n The Company is subject to market risk in relation to its investments in listed Companies held as available for sale assets. \n   \n Foreign exchange risk \n The Company operates foreign currency bank accounts to help mitigate the foreign currency risk, and currently has little exposure except through its investments. \n   \n Political Donations and Expenditure \n No charitable or political contributions were made during the current or previous year. \n   \n Directors \n The membership of the Board is set out below.  All directors served throughout the period unless otherwise stated. \n   \n \n \n \n \n Andrew Suckling \n \n \n \n \n Kiran Morzaria \n \n \n \n \n Donald Strang \n \n \n \n \n Adrian Fairbourn \n \n \n \n \n   \n Substantial shareholdings \n Interests in excess of 3% of the issued share capital of the Company which had been notified as at 10 June 2026 were as follows: \n \n \n \n \n \n \n \n Number of Ordinary shares held \n \n \n Percentage of capital \n % \n \n \n \n \n Hargreaves Lansdown (Nominees) Limited (Des:15942) \n \n \n 60,930,503 \n \n \n 14.25% \n \n \n \n \n Interactive Investor Services Nominees Limited (Des:SMKTISAS) \n \n \n 41,223,042 \n \n \n 9.64% \n \n \n \n \n Hargreaves Lansdown (Nominees) Limited (Des:VRA) \n \n \n 36,478,733 \n \n \n 8.53% \n \n \n \n \n Lynchwood Nominees Limited (Des:2006420) \n \n \n 28,460,067 \n \n \n 6.66% \n \n \n \n \n Barclays Direct Investing Nominees Limited (Des:CLIENT1) \n \n \n 25,788,563 \n \n \n 6.03% \n \n \n \n \n Hargreaves Lansdown (Nominees) Limited (Des:HLNOM) \n \n \n 22,193,208 \n \n \n 5.19% \n \n \n \n \n HSDL Nominees Limited (Des:MAXI) \n \n \n 20,714,559 \n \n \n 4.84% \n \n \n \n \n Winterflood Client Nominees Limited (Des:JTCTWAIV) \n \n \n 18,380,000 \n \n \n 4.30% \n \n \n \n \n Redmayne (Nominees) Limited (Des:PENSUN) \n \n \n 16,535,568 \n \n \n 3.87% \n \n \n \n \n Vidacos Nominees Limited (Des:IGUKCLT) \n \n \n 16,143,235 \n \n \n 3.78% \n \n \n \n \n Interactive Investor Services Nominees Limited (Des:SMKTNOMS) \n \n \n 16,051,683 \n \n \n 3.75% \n \n \n \n \n Lawshare Nominees Limited (Des:SIPP) \n \n \n 15,035,055 \n \n \n 3.52% \n \n \n \n \n   \n Payment to suppliers \n It is the Company's policy to agree appropriate terms and conditions for its transactions with suppliers by means ranging from standard terms and conditions to individually negotiated contracts and to pay suppliers according to agreed terms and conditions, provided that the supplier meets those terms and conditions.  The Company does not have a standard or code dealing specifically with the payment of suppliers. \n   \n Trade payables at the year end all relate to sundry administrative overheads and disclosure of the number of days purchases represented by year end payables is therefore not meaningful. \n   \n Events after the Reporting Period \n Events after the Reporting Period are outlined in Note 17 to the Financial Statements. \n   \n Going concern \n The Directors have prepared cash flow forecasts for the period ending 30 June 2027 which take account of the current cost structure, investment activities and expected development plans of the Company, as described further on page 40. \n   \n The Company's cost structure comprises a high proportion of discretionary expenditure and, accordingly, should cash flows become constrained, management has the ability to reduce, defer or reprioritise expenditure in order to operate within available funding resources. \n   \n Subsequent to the year end, the Azteca restart programme progressed into execution following receipt of the Preliminary Environmental Licence and Installation Licence. The Directors have updated the Company's cash flow forecasts to reflect the current execution schedule, including the revised timing of commissioning and commencement of commercial operations and the resulting timing of anticipated operating cash flows. \n   \n The Directors have also considered downside scenarios, including further delays to commissioning, slower-than-expected ramp-up, lower-than-forecast operating cash generation and additional operational, environmental or infrastructure-related requirements as the Project advances toward commercial operations. These downside scenarios would require additional funding. In addition, the Directors have considered the flexibility available to defer, reduce or reprioritise discretionary expenditure should market conditions or funding availability require a greater emphasis on cash preservation. \n   \n The Directors recognise that the revised commissioning timetable extends the period before Azteca is expected to generate operating cash flow. As a result, the Company remains dependent on external funding until that milestone is achieved. These conditions give rise to the material uncertainty relating to going concern described in the going concern accounting policy and the auditor's report. Nevertheless, after considering available funding options, downside scenarios and discretionary expenditure controls, the Directors continue to conclude that preparation of the financial statements on a going concern basis remains appropriate. \n Directors' Responsibilities Statement \n The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. \n   \n Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the Company financial statements in accordance with UK adopted International Accounting Standards (IAS).  Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: \n   \n -     select suitable accounting policies and then apply them consistently; \n -     make judgements and estimates that are reasonable and prudent; \n -     state whether applicable IFRSs have been followed, subject to any material departures disclosed and explained in the financial statements; \n -     prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. \n   \n The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.  \n \nIn so far as each of the Directors are aware: \n   \n ·   there is no relevant audit information of which the Company's auditors are unaware; and \n ·   the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. \n   \n The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.  \n   \n Auditors \n   \n PKF Littlejohn LLP offer themselves for re-appointment as auditor in accordance with Section 489 of the Companies Act 2006. \n   \n ON BEHALF OF THE BOARD \n   \n Kiran Morzaria \n Chief Executive Officer \n 26 June 2026 \n \n CADENCE MINERALS PLC \n Corporate Governance \n For the year ended 31 December 2025 \n \n Introduction to Governance \n   \n The Directors recognise that good corporate governance is a key foundation for the long-term success of the Company. As the Company is listed on the AIM market of the London Stock Exchange and it is subject to the continuing requirements of the AIM Rules. The Board has therefore adopted the principles set out in the Corporate Governance Code for small and midsized companies published by the Quoted Companies Alliance (\"QCA Code\"). The principles are listed below. \n   \n While building a strong governance framework, we also try to ensure that we take a proportionate approach and that our processes remain fit for purpose as well as embedded within the culture of our organisation. We continue to evolve our approach and make ongoing improvements as part of building a successful and sustainable company. \n   \n In November 2023 a revised QCA code was released, the key updates include: \n   \n ·        Wider Stakeholder Interests:  Enhanced focus on ESG responsibilities and stakeholder engagement (Principle 4). \n ·        Board Composition: Stricter requirements for board independence and diversity (Principles 6 and 7). \n ·        Succession Planning: Emphasis on clear succession strategies (Principle 8). \n ·        Remuneration Policy: New guidelines to align remuneration with long-term value creation (Principle 9). \n   \n 1.         Establish a purpose, strategy and business model which promote long-term value for shareholders \n   \n Our strategy is to identify undervalued assets with irreplaceable strategic advantages that will deliver capital growth to our shareholders. We invest in these assets and where required help deliver capital growth. To meet long-term demand, we believe the metals and mining sectors require focused investment capital from knowledgeable investors that understand the substantial risk of the mineral resource sector and how to mitigate these risks to maximise potential returns for our investors. \n   \n A more detailed description of its Strategy and Business Model is available on page 1 . Details on the principal risks and uncertainties which the Company faces are specified on pages 9 to 10 . The Company seeks to share this vision and details of the implementation of its strategy through internal dialogue with employees as well as external communications by way of public announcements and dissemination of information through this website and the annual report and accounts. \n   \n 2.         Promote a corporate culture that is based on ethical values and behaviours \n   \n The Company has a strong ethical culture, which is promoted by the actions of the Board and Executive team. \n These include the following key policies which govern its ethical culture. \n   \n ·    Equal opportunities policy \n ·    Code of conduct \n ·    Whistleblowing policy \n ·    Health and safety policy \n ·    Email and internet policy \n ·    Social media policy \n   \n The Company has an anti-bribery policy and has implemented adequate procedures described by the Bribery Act 2010. The Company reports on its compliance to the Board on an annual basis. The Company has undertaken a review of its requirements under the General Data Protection Regulation, implementing appropriate policies, procedures and training to ensure it is compliant. \n   \n 3.         Seek to understand and meet shareholder needs and expectations \n   \n The Board is committed to maintaining an open dialogue with shareholders. Communication with shareholders is coordinated by the CEO. Cadence encourages two-way communication with institutional and private investors. The Company's major shareholders maintain an active dialogue and ensure that their views are communicated fully to the Board. Where voting decisions are not in line with the Company's expectations the Board will engage with those shareholders to understand and address any issues. The Company Secretary is the main point of contact for such matters. \n   \n The Company seeks out appropriate platforms to communicate to a broad audience its current activities, strategic goals and broad view of the sector and other related issues. This includes but is not limited to media interviews, website videos in-person investor presentations and written content. Communication to all stakeholders is the direct responsibility of the Senior Management team. Managers work directly with professionals to ensure all inquiries (through established channels for this specific purpose such as email or phone) are addressed in a timely matter. Managers also ensure that the Company communicates with clarity on its proprietary internet platforms. The Board routinely reviews the Company communication policy and programmes to ensure the quality communication with all stakeholders. \n   \n The Board believes that the Annual Report and Accounts, and the Interim Report published at the half-year which can be found on the Company's website, play an important part in presenting all shareholders with an assessment of the Company's position and prospects. All reports and press releases are published under the \"Investors\" tab of the Company's website. \n   \n 4.         Take into account wider stakeholder interests, including social and environmental responsibilities, and their implications for long-term success \n   \n The Board recognises its prime responsibility under UK corporate law is to promote the success of the Company for the benefit of its members as a whole. The Board also understands that it has a responsibility towards employees, partners, customers, suppliers and to the community and environment it operates in as a whole. As an investment company focused on natural resources projects, the Board is conscious that environmental and social factors - including licence‑to‑operate, community relations, environmental compliance and climate‑related considerations - are critical to the long‑term value of the Company's interests. \n   \n Communication with and feedback from these various groups is achieved in a variety of ways. The Executive Directors hold investor roadshows and webcasts on a regular basis, at which feedback from shareholders is sought. Regular dialogue is maintained with employees through regular discussion and updates given by the Executive Directors. Stakeholder views and key ESG developments are reported to the Board at scheduled meetings, and the Board considers these when reviewing strategy, capital allocation and risk appetite. \n   \n The nature of Cadence's business as an investment company means that, although it has limited direct impact on the working environments and communities of the companies it invests in, it nonetheless liaises with the management of its investee companies to understand their approach to stakeholder engagement, environmental and social responsibilities and climate‑related risk, which form part of its investment criteria. Material topics for the Company and its portfolio include regulatory and permitting compliance, community and Indigenous engagement, environmental stewardship and climate‑related transition and physical risks; these are monitored through investee reporting, project milestones and the Company's risk management processes. \n   \n 5.         Embed effective risk management, internal controls and assurance activities, considering both opportunities and threats, throughout the organisation \n   \n The Board has an established Audit Committee, whose roles and responsibilities are set out on the corporate governance webpage. The Committee reviews the Group's risk management and internal control framework on behalf of the Board, ensuring that Cadence has appropriate policies and processes in place to identify, assess and, where possible, mitigate the principal and emerging risks to the Company. \n   \n Internal Controls \n The Directors acknowledge their responsibility for the Company's system of internal control and for reviewing its effectiveness. The system is designed to safeguard the Company's assets and to ensure the reliability of financial information for both internal use and external publication, recognising that no system can provide absolute assurance against material misstatement or loss. key elements of the control environment include defined authorities and approval levels, budgeting and forecasting processes, project and investment evaluation procedures, regulatory and compliance controls and financial reporting and treasury controls. The Board receives regular reports from management and the Audit Committee on the operation of these controls and considers recommendations arising from external audit and other assurance work. \n   \n Risk Management \n The Board considers risk assessment to be important in achieving its strategic objectives. Senior management regularly reviews forecasts, project milestones and timelines, and the Company maintains a register of risks and publishes an overview of significant risks and uncertainties in its Annual Report, including principal risks such as regulatory and compliance obligations, environmental requirements, commodity price, interest rate, liquidity and volatility risks, and political and country risks where appropriate. Emerging risks - including changes in regulation, evolving stakeholder and climate expectations, technological developments and macro‑economic trends - are monitored through horizon scanning, engagement with advisers and periodic Board discussions. \n   \n Climate‑related risks and opportunities are integrated into the Company's risk framework on a proportionate basis, reflecting the nature and scale of Cadence's investments. Transition risks (for example, changes in environmental regulation, carbon pricing or investor expectations) and physical risks (such as more frequent extreme weather events affecting project infrastructure) are considered when assessing project viability, capital deployment and portfolio resilience, and are reflected in the relevant entries in the risk register and principal risks disclosures. \n   \n The Company receives regular feedback from its external auditors on the state of its internal controls. The Board maintains a register of risks and publishes an annual summary of the significant risks and uncertainties in the Annual Report. \n   \n 6.         Maintain the Board as a well-functioning, balanced team led by the chair \n   \n The Board is comprised of Andrew Suckling the Non-Executive Chairman, a Non-Executive Director and two Executive Directors. The CEO, Kiran Morzaria, is engaged to work a minimum of a 27-hour week and is an employee of the Company. The Finance Director, Donald Strang, is engaged to work a minimum of a 27-hour week. \n   \n The Board deemed that given the stage and development of the Company, it would be more cost efficient to employ a full-time accountant which along with the finance director ensure that Company's financial systems are robust, compliant, and support current activities and future growth. \n   \n The service agreements of the Non-Executive Directors anticipate that the Non-Executive Chairman should spend 5 working days per month and the Non-Executive Director 3 working days per month. All Directors dedicate such time as required to effectively perform their roles. \n   \n The roles of the Chairman and CEO are clearly separated. The Directors ensure the skills required to undertake their roles are kept current through training and consultation with subject matter experts as required. \n   \n The CEO is responsible for the operational management of the business of Cadence and for the implementation of strategy and policies as agreed by the Board. The non-executive Chairman is responsible for the leadership and effective working of the Board, for setting the Board agenda, and ensuring that Directors receive accurate, timely and clear information. \n   \n The Non-Executive Directors are not considered independent under the QCA Code as they hold options in the Company. However, the Board considers that the Non-Executive Directors are independent of management under all other measures and are able to exercise independence of judgement. Whilst conflicts of interest are fully disclosed and understood, as appropriate Non-Executive Directors exercise independence of judgement. \n No Director is involved in discussions or decisions where he has a conflict of interest. An Audit Committee and a Remuneration Committee support the Board. \n   \n Cadence intends that the Board endeavours to hold full board meetings at least 3 times each year. The attendance of Board members for meetings during the current financial year is as follows: \n   \n \n \n \n \n Andrew Suckling \n \n \n 8 of 10 \n \n \n \n \n Adrian Fairbourn \n \n \n 5 of 10 \n \n \n \n \n Kiran Morzaria \n \n \n 9 of 10 \n \n \n \n \n Donald Strang \n \n \n 9 of 10 \n \n \n \n \n   \n 7.         Ensure that between them the directors have the necessary up-to-date experience, skills and capabilities \n   \n Directors who have been appointed to the Company have been chosen because of the skills and experience they offer. The Board continually strives to ensure that it has the right balance of knowledge, skills, experience and contacts across the sectors in which it operates. This is evaluated in line with Cadence's business model as it changes. \n   \n It is of primary importance that the Board's knowledge is kept  up to date in a rapidly changing mining and metals marketplace. This is achieved by maintaining a broad network of contacts across the industry and ensuring regular dialogue is held and feedback obtained by both the executive and non-executive directors as appropriate. \n   \n As necessary, Directors receive externally provided refresher and update training specific to their individual roles. \n   \n The Company Secretary advises the Board members on their legal and corporate responsibilities and matters of corporate governance. \n   \n Biographical details of each of the Directors are given on page 24 and the website. \n   \n Details of the Company's corporate governance arrangements are provided within this Corporate Governance section of the Annual Report and Accounts. The Board considers the appropriateness of these arrangements against the size and complexity of the Company as it evolves over time. \n   \n The Chairman leads the Board and is responsible for ensuring its effectiveness in all aspects of its role. The Chairman promotes a culture of openness and debate, in particular by ensuring the Non-Executive Directors provide constructive challenge to the Executive Directors. \n   \n The matters reserved for the board are: \n   \n ·    Definition of the strategic goals for the Company, sets corporate objectives to enable the goals to be met, and measures performance against those objectives; \n ·    Ensuring that the necessary financial and human resources are in place to both meet its obligations to all stakeholders and to provide a platform for profitable growth; \n ·    Recommending any interim and final dividends; \n ·    Approving all mergers and acquisitions and all capital expenditure greater than £200,000; \n ·    Receiving recommendations from the Audit Committee in relation to the reporting requirements and the appropriate accounting policies for the Company, the appointment of auditors and their remuneration, and the identification and management of risk; \n ·    Receives recommendations from the Appointments Committee concerning the appointment of executive directors, and from the Remuneration Committee concerning the remuneration of the executive directors; \n ·    Determination of the fees paid to the Non-Executive Directors. \n   \n The CEO has the overall responsibility for creating, planning, implementing, and integrating the strategic direction of the Company. This includes responsibility for all components and departments of a business. The CEO also ensures that the organisation's leadership maintains constant awareness of both the external and \n internal competitive landscape, opportunities for expansion, customer base, markets, new industry developments and standards. \n   \n The Finance Director works alongside the CEO and has overall control and responsibility for all financial aspects of company strategy. The Finance Director takes overall responsibility of the Company's accounting function and ensures that Company's financial systems are robust, compliant and support current activities and future growth. The Finance Director will co-ordinate corporate finance and manage company policies regarding capital requirements, debt, taxation, equity and acquisitions as appropriate. \n   \n The Board is supported by two committees being the Audit Committee and Remuneration Committee. The Audit Committee advises the Board on the reporting requirements and the appropriate accounting policies for the Company, the appointment of auditors and their remuneration, and the identification and management of risk. The Remuneration Committee advises the Board on all matters pertaining to the remuneration of the Executive Directors. \n   \n 8.         Evaluate board performance based on clear and relevant objectives, seeking continuous improvement \n   \n On 28 September 2018, the Company adopted the QCA Code. Prior to this point, given the nature and the development of the Company, it did not set Key Performance Indicators. \n   \n The Company now measures its performance, and therefore, inherently, the performance of the Board as a unit, against Key Performance Indicators. Given the strategic importance of Amapá, advancement of the Azteca restart programme and progression of the broader Amapá development pathway are the Company's primary operational performance indicators. \n   \n The performance of the Executive Directors is monitored and regularly reviewed by the Non-Executive Directors. Such review considers both the KPIs outlined above, The Board intends to introduce qualitative performance measurements for the Executive Directors to ensure that the right degree of focus is applied to the strategic direction as well as the current financial performance of the business. \n   \n 9.         Establish remuneration policies which are supportive of long-term value creation and the company's purpose, strategy and culture. \n   \n The Remuneration Committee ensure the remuneration policy is supportive of long-term value creation. The remuneration committee reviews the performance of the executive directors and makes recommendations to the Board on matters relating to their remuneration and terms of employment. The Remuneration Committee also considers and approves the granting of share options pursuant to the share option plan and the award of shares in lieu of bonuses pursuant to the Company's Remuneration Policy. \n The Remuneration Committee are committed to the company's purpose, strategy and culture. Any remuneration offered would be ensured to be compliant with their principles. \n 10.       Communicate how the company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders \n   \n The Company encourages two-way communication with both its institutional and private investors and responds quickly to all significant queries received. The \"Investors\" tab of our website contains all required regulatory information together with other information which shareholders may find useful. \n   \n The AGM is an important forum for shareholder engagement, and the directors are always available immediately after the AGM to listen to the views of any shareholders in attendance and to provide them with an update on the business. \n   \n Board Members \n The Board comprises of a Non-Executive Chairman, one Non-Executive Director and two Executive Directors. \n   \n Andrew Suckling, Non-Executive Chairman \n Andrew has over 25 years' experience in the commodity industry. He began in 1994 as a trader on the London Metal Exchange and subsequently became a founding partner, research analyst and trader with the multi-billion fund management group Ospraie. Andrew is a graduate of Brasenose College, Oxford University, earning a BA (Hons) in Modern History in 1993 and an MA in Modern History in 2000.  Andrew is the chair of the Audit and Remuneration Committee. \n   \n Kiran Morzaria, Chief Executive Officer \n Kiran Morzaria is a qualified engineer with more than 25 years' experience across mining, finance, geology, project development and corporate management. Kiran holds a Bachelor of Engineering in Industrial Geology and an MBA in Finance, The first four years of his career were spent in exploration, mining and civil engineering, after which he was involved in the acquisition, recommissioning and eventual sale of the Vatukoula Gold Mine. Kiran was appointed as CEO of Cadence in 2015 and is a Non-Executive Director of European Metals Holdings and a proposed director of Talon Resources. \n   \n Donald Strang, Finance Director \n Donald is a member of the Australian Institute of Chartered Accountants and has over 20 years of experience in both publicly listed and private enterprises in Australia, Europe and Africa. He has considerable corporate and international expertise, and over the past decade, has focused on mining and exploration activities. \n   \n Adrian Fairbourn, Non-Executive Director \n Adrian began his career as an investment analyst before moving to build and manage the highly successful alternative fund-of-funds operation at the Bank of Bermuda. Adrian has co-managed a multi-family office in London, responsible for hedge fund investments, direct investments and also asset-raising for co-investment opportunities. He has successfully assisted in over $US1 billion of structuring, capital and fundraising projects for private companies and alternative funds. Adrian is a member of the Audit and Remuneration Committee. \n   \n The Board is responsible for formulating, reviewing and approving the Company's strategy, financial activities and operating performance. Day-to-day management is devolved to the Executive Directors, who are charged with consulting the Board on all significant financial and operational matters. The Board retains ultimate accountability for governance and is responsible for monitoring the activities of the executive team. \n   \n The roles of Chairman and Chief Executive Officer are split in accordance with best practice. The Chairman has the responsibility of ensuring that the Board discharges its responsibilities. The Chairman is responsible for the leadership and effective working of the Board, for setting the Board agenda, and ensuring that Directors receive accurate, timely and clear information. No one individual has unfettered powers of decision. \n   \n The two Executive Directors are comprised of a Chief Executive Officer (\"CEO\") and Finance Director. The CEO has the overall responsibility for creating, planning, implementing, and integrating the strategic direction of the Company. This includes responsibility for all components and departments of a business. The CEO also ensures that the organisation's leadership maintains constant awareness of both the external and internal competitive landscape, opportunities for expansion, customer base, markets, new industry developments and standards. \n   \n The non-executive directors are not considered independent under the Financial Reporting Council's Corporate Governance Code (April 2016) (\"FRC Code\") as they both have options in the Company. However, the Board considers that both non-executives are independent of management under all other measures and able to exercise independence of judgement . \n   \n The Committees \n Audit Committee \n The Audit Committee consists of two non-executive members of the board and meet at least once a year. \n The principal duties and responsibilities of the Audit Committee include: \n ·      Overseeing the Company's financial reporting disclosure process; this includes the choice of appropriate accounting policies \n ·      Monitor the Company's internal financial controls and assess their adequacy \n ·      Review key estimates, judgements and assumptions applied by management in preparing published financial statements \n ·      Assess annually the auditor's independence and objectivity \n ·      Make recommendations in relation to the appointment, re-appointment and removal of the company's external auditor \n   \n Remuneration Committee \n The Remuneration Committee consists of two non-executive members of the board and meet at least once a year. \n \n The principal duties and responsibilities of the Remuneration Committee include: \n ·      Setting the remuneration policy for all Executive Directors \n ·      Recommending and monitoring the level and structure of remuneration for senior management \n ·      Approving the design of, and determining targets for, performance related pay schemes operated by the company and approve the total annual payments made under such schemes \n ·      Reviewing the design of all share incentive plans for approval by the Board and shareholders \n ·      None of the Committee members have any personal financial interest (other than as shareholders and option holders), conflicts of interest arising from cross-directorships or day-to-day involvement in the running of the business. No director plays a part in any financial decision about his or her own remuneration. \n   \n Principle and Approach of the Board \n Cadence is committed to achieve and maintain high standards of governance. As such, the Board has chosen to adopt the Quoted Companies Alliance Corporate Governance Code for Small and Mid-Size Quoted Companies 2023 (\"the QCA Code\"). Detailed above is how the Board applies the ten principles of Corporate Governance, which form part of the QCA code. \n   \n Internal Controls \n The Directors acknowledge their responsibility for the Company's systems of internal controls and for reviewing their effectiveness. These internal controls are designed to safeguard the assets of the Company and to ensure the reliability of financial information for both internal use and external publication. While they are aware that no system can provide absolute assurance against material misstatement or loss, in light of increased activity and further development of the Company, continuing reviews of internal controls will be undertaken to ensure that they are adequate and effective. \n   \n Risk Management \n The Board considers risk assessment to be important in achieving its strategic objectives. There is a process of evaluation of performance targets through regular reviews by Senior Management to forecasts. Project milestones and timelines are reviewed regularly. \n   \n Business Risk \n The Board regularly evaluates and reviews any business risks when reviewing project timelines. The types of risks reviewed include: \n ·      regulatory and compliance obligations \n ·      environmental requirements \n ·      commodity price, interest rate, liquidity and volatility risks \n ·      political and country risks where appropriate. \n   \n Insurance \n The Company maintains insurance in respect of its Directors and Officers against liabilities in relation to the Company. \n   \n Treasury Policy \n The Company finances its operations through equity and holds its cash as a liquid resource to fund the obligations of the Company. Decisions regarding the management of these assets are approved by the Board. \n   \n Securities Trading \n The Board has adopted a Share Dealing Code that applies to Directors, Senior Management and any employee who is in possession of 'inside information'. All such persons are prohibited from trading in the Company's securities if they are in possession of 'inside information'. Subject to this condition and trading prohibitions applying to certain periods, trading can occur provided the individual has received the appropriate prescribed clearance. \n   \n CADENCE MINERALS PLC \n REPORT ON REMUNERATION \n For the year ended 31 December 2025 \n   \n On behalf of the Board, I am pleased to present the Directors' Remuneration Report, summarising the Company's remuneration policy and providing information on the Company's remuneration approach and arrangements for Executive Directors, Non‑Executive Directors and Senior Executive Management for the year ended 31 December 2025. \n   \n This report is prepared in accordance with the QCA Remuneration Committee Guide for small and mid‑sized quoted companies, revised in 2023. A summary of the Remuneration Committee's role, membership and relevant qualifications can be found in the corporate governance section. Remuneration Committee meetings are held at least once a year, with the primary focus of setting goals for the coming period and then assessing the results at the end of that period. During the year, the \n   \n Remuneration Committee met twice and: \n ·      benchmarked the Board's remuneration, both fixed and variable and as a whole, against AIM‑listed companies of a similar market capitalisation; \n ·      reviewed the above comparisons and considered short, medium and long‑term incentive arrangements for recommendation to the Board; and \n ·      reviewed the performance of the Board against its targets for the reporting period. \n The Board recognises that Directors' remuneration is of legitimate concern to shareholders. The Company operates within a competitive environment; its performance depends on the individual contributions of the Directors and employees, and the Board believes in rewarding vision and innovation. \n   \n Policy on executive Directors' Remuneration \n The Board's policy is to provide remuneration packages sufficient to attract, motivate and retain Directors of the necessary calibre and to reward them for enhancing shareholder value, while avoiding paying more than is necessary. Remuneration reflects the Directors' responsibilities and includes incentives to deliver the Company's objectives \n   \n Salary and Fees \n The Committee reviewed an independent benchmarking analysis of AIM‑quoted natural‑resources companies of comparable market capitalisation. Against this peer group, the Chief Executive's base salary sits above the median and below the upper quartile, and the Finance Director's salary is at or below the median. The Non‑Executive Chairman and Director fees are above the comparator median, reflecting the time commitment and the technical and regulatory complexity of the Company's projects. As the Company operates no annual bonus, total Chief Executive remuneration is below the peer median, which the Committee considers appropriate to the Company's stage of development. \n   \n Share Awards (Share Incentive Plan) \n Under the Share Incentive Plan established in September 2014, the Company maintains an Employee Benefit Trust (\"EBT\") to incentivise the Board. No new Ordinary Shares were issued under the EBT during the year (2024: nil). The Committee intends to introduce performance ‑ based share awards under the EBT during the current year, linked to specified performance measures; none had been granted as at the date of this report. \n   \n Pensions \n The Company only operates a basic pension scheme for its directors and employees as required by UK legislation. The Company made the following pension contributions in the year: K Morzaria £7,085 (2024: £3,669). \n   \n Benefits in kind \n No benefits in kind were paid during the year to 31 December 2025 or the year ended 31 December 2024. \n Notice periods \n Andrew Suckling, Kiran Morzaria, Donald Strang and Adrian Fairbourn each have a 12 month rolling notice period. \n   \n Share option incentives \n At 31 December 2025, each Director held 5,480,000 (31 December 2024: 1,800,000) options. Of these, 1,800,000 options are exercisable at any time before 30 April 2026 at an exercise price of 29p. The remaining 3,680,000 options are exercisable at any time before 31 December 2030 at an exercise price of 2p. No options were exercised by Directors during the period (2024: None). \n   \n The remuneration of the Directors was as follows: \n   \n \n \n \n \n \n \n \n A Fairbourn \n \n \n   \n \n \n A Suckling \n \n \n   \n \n \n K Morzaria \n \n \n   \n \n \n D Strang \n \n \n   \n \n \n Total \n \n \n \n \n   \n \n \n £ \n \n \n   \n \n \n £ \n \n \n   \n \n \n £ \n \n \n   \n \n \n £ \n \n \n   \n \n \n £ \n \n \n \n \n Year to 31 December 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Salary \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n 232,500 \n \n \n \n \n \n - \n \n \n \n \n \n 232,500 \n \n \n \n \n Fees \n \n \n 48,000 \n \n \n \n \n \n 120,000 \n \n \n \n \n \n - \n \n \n \n \n \n 120,000 \n \n \n \n \n \n 288,000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total \n \n \n 48,000 \n \n \n   \n \n \n 120,000 \n \n \n   \n \n \n 232,500 \n \n \n   \n \n \n 120,000 \n \n \n   \n \n \n 520,500 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year to 31 December 2024 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Salary \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n 172,500 \n \n \n \n \n \n - \n \n \n \n \n \n 172,500 \n \n \n \n \n Fees \n \n \n 48,000 \n \n \n \n \n \n 120,000 \n \n \n \n \n \n - \n \n \n \n \n \n 120,000 \n \n \n \n \n \n 288,000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total \n \n \n 48,000 \n \n \n   \n \n \n 120,000 \n \n \n   \n \n \n 172,500 \n \n \n   \n \n \n 120,000 \n \n \n   \n \n \n 460,500 \n \n \n \n \n   \n At 31 December 2025 £109,000 (2024: £142,000) was outstanding to directors. \n   \n The high and low share price for the year were 5.55p and 1.50p respectively (year ended 31 December 2024: 5.75p and 1.60p). The share price at 31 December 2025 was 3.30p (31 December 2024: 1.65p). \n   \n Andrew Suckling \n Non-Executive Chairman, \n 26 June 2026 \n   \n INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CADENCE MINERALS PLC \n Opinion \n We have audited the financial statements of Cadence Minerals Plc (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards. \n In our opinion, the financial statements: \n ·      give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended; \n ·      have been properly prepared in accordance with UK-adopted international accounting standards; and \n ·      have been prepared in accordance with the requirements of the Companies Act 2006. \n Basis for opinion \n We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. \n Material uncertainty related to going concern \n We draw attention to the going concern accounting policy in the financial statements, which indicates that the company incurred a net loss of £1.7m during the year ended 31 December 2025 and is dependent on future equity fundraises to meet its obligations as they fall due. As stated in the accounting policy, these events or conditions, along with the other matters as set forth in the going concern accounting policy, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. \n In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included: \n ·      Obtaining and evaluating management's going concern assessment, including their assumptions, key risks and uncertainties, and any available supporting documentation. \n ·      Assessing the historical forecasting accuracy and consistency of the going concern assessment with the information obtained from other areas of the audit, such as our audit procedures on management's impairment assessments. \n ·      Evaluating whether the assumptions made by management are reasonable and appropriately conservative, considering the relevant principal risks and uncertainties for the company. We challenged the assumptions and estimates made by management. \n ·      Evaluating the adequacy of working capital, including assessing the reasonableness of assumptions used in the cash flow forecasts and budgets and any plans to address potential shortfalls, including the feasibility of planned equity fundraises. \n ·      Performing sensitivity analysis on management's assumptions, including removing any non-contractual cash inflows from the projected production of the Amapa project. \n Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. \n Our application of materiality \n The scope of our audit was influenced by our application to materiality. The quantitative and qualitative thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit procedures. The materiality applied to the financial statements was set at £372,000 (2024: £344,200), with performance materiality set at £261,000 (2024: £240,900). \n Materiality has been calculated at 2% (2024: 2%) of the benchmark of net assets, which we have determined, in our professional judgement, to be one of the principal benchmarks within the financial statements relevant to members of the Company in assessing financial performance. \n We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £18,600 (2024: £17,200). \n We applied the concept of materiality both in planning and performing the audit, and in evaluating the effect of misstatement. \n Our approach to the audit \n In designing our audit, we determined materiality, as above, and assessed the risk of material misstatement in the financial statements. We addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represents a risk of material misstatement due to fraud. In particular, we looked at areas involving significant accounting estimates and judgements by the directors and considered future events that are inherently uncertain, such as the fair value of unquoted investments and the value of the share options scheme. \n In addition, we focused our audit on the significant risk areas including the Key Audit Matters, as outlined below. \n A full scope audit was performed on the complete financial information of the company. \n Key audit matters \n Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. \n \n \n \n \n Key Audit Matter \n \n \n How our scope addressed this matter \n \n \n \n \n Carrying Value of Financial Assets (refer to note 7) \n \n \n \n \n The company held investments with a carrying value of £14.1m as at 31 December 2025. These are valued in accordance with IFRS 13 Fair Value Measurement and classified under IFRS 9 Financial Instruments at fair value through profit or loss. \n There is a risk that these investments are not measured at fair value under IFRS 13 Fair Value Measurement and that impairment has not been correctly recognised. \n Investments which fall under Tier 3 of the fair value hierarchy are subject to significant management estimate, which increases the risk of material misstatement. \n Given the value of the investment is material at the year end significant judgement is needed when valuing level 3 investments, we have assessed valuation of investments as a key audit matter. \n \n \n Our audit work included: \n ·      Ensuring the company has full title to the investments held; \n ·      Ensuring that all asset types are categorised according to UK adopted IAS, including the accounting disclosures as required under IFRS 9; \n ·      Agreeing additions to supporting documentation to ensure correctly accounted for under IFRS 9; \n ·      Agreeing disposals to supporting documentation to ensure correctly accounted for under IFRS 9; \n ·      Ensuring any movements in fair value are adequately supported by management and challenging management on their assumptions related to the fair value; \n ·      Ensuring that appropriate disclosures surrounding the estimates made in respect of any valuations are included in the financial statements; and \n ·      Reviewing forecasts associated with the Amapa project to assess whether future cashflows support the fair value of the investment. \n \n \n \n \n Carrying value and classification of loans receivable from Investee (refer to note 9) \n \n \n \n \n The company has loan receivables from investees of £3.9m as at 31 December 2025, which relate to the loan given to REM Mexico. There is a risk that the loan amounts are not recoverable given that no repayments were made by the investee for the loans outstanding. \n There is also a risk that Expected Credit Losses should have been recorded on the loan balance in accordance with IFRS 9, Financial Instruments . \n This has been assessed as a Key Audit Matter due to the uncertainty, significant judgement and estimates associated with the recoverability of £3.9 million in loans to REM Mexico. The balance has not moved since the previous year. \n Disputes have been ongoing with the Mexican government under the UK-Mexico Bilateral Investment Treaty around the project on the Sonora site, since the concessions held by REM Mexico were cancelled in May 2023. Cadence announced on 25 March 2026 that it had secured non-recourse litigation funding for claims relating to the Sonora Lithium Project and that it intended to commence international arbitration against Mexico under UK-Mexico BIT. It is possible that this amount is not recoverable if this situation is not resolved. \n \n \n Our audit work included: \n ·      Obtaining and reviewing the loan agreement for additional funds advanced in the year to ascertain the key terms of the loan agreement; \n ·      Obtained a confirmation from REM Mexico of the balance outstanding; \n ·      Reviewing the arbitration funding agreement and obtaining details of the key terms and its impact on the future plans for the case; \n ·      Discussing with management their rationale for not recognising an IFRS 9 expected credit loss charge during the year, and challenging the key assumptions applied in assessing the recoverability of the loan; and \n ·      Reviewing forecasts associated with the Sonora project to assess whether future cashflows support the recoverability of the loan in accordance with IFRS 9. \n   \n The case is still ongoing with the Mexican government. During the post year end period, the company secured non-recourse litigation funding to help them commence international arbitration against the United Mexican States. The recovery of the loan from REM Mexico is dependent on the success of the litigation. If the concessions are not granted back and compensation is not received from the Mexican government for concessions, a full impairment of the loan may be required. Further details are disclosed in the critical accounting estimates and judgements note. \n \n \n \n \n   \n Other information \n The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. \n We have nothing to report in this regard. \n Opinions on other matters prescribed by the Companies Act 2006 \n In our opinion, based on the work undertaken in the course of the audit: \n ·      the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and \n ·      the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. \n Matters on which we are required to report by exception \n In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. \n We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: \n ·      adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or \n ·      the financial statements are not in agreement with the accounting records and returns; or \n ·      certain disclosures of directors' remuneration specified by law are not made; or \n ·      we have not received all the information and explanations we require for our audit. \n Responsibilities of directors \n As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. \n In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. \n Auditor's responsibilities for the audit of the financial statements \n Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high le...

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