Cadence Minerals Plc - Annual Results for the year ended 31 December 2024

About this update from Cadence Minerals Plc

Cadence Minerals (AIM: KDNC) is pleased to announce its final results for the year ending 31 December 2024 . 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. CHAIRMAN'S STATEMENT Dear Shareholders As we reflect on the year 2024 and the first half of 2025, Cadence Minerals has demonstrated resilience and strategic clarity amidst a volatile global environment. Despite challenges across markets, we achieved critical milestones, made tangible progress at our flagship projects, and continued to position the Company for long-term value creation. Amapa Iron Ore Project - Advancing a Strategic Asset Our Amapa Iron Ore Project in Brazil remains the cornerstone of our strategy. During 2024, metallurgical testing confirmed the project's capability to produce high-grade, Direct Reduction ('DR') quality iron concentrate with a Fe content of 67.5%, accompanied by low impurities. This is a significant milestone-not only technically, but commercially. Global demand for DR-grade iron ore is accelerating, driven by the decarbonisation of steel production. DR-grade feedstock is crucial for direct reduced iron (DRI) and electric arc furnace (EAF) steelmaking, both of which produce significantly fewer emissions compared to traditional blast furnaces. As steelmakers transition to lower-carbon processes, the premium for DR-grade material has widened considerably. In 2024, premiums for DR-grade concentrate ranged from $15 to $45 per tonne over the benchmark 62% Fe fines, depending on location and purity. Analysts project that global demand for DR-grade products could rise more than fivefold by 2050, and availability remains constrained. Cadence's ability to deliver a reliable source of DR-grade concentrate from Amapa places us in a unique position to serve this growing market. Our development activities have focused on progressing licensing, advancing engineering studies, and preparing for phased production. These efforts align with our strategy to create a vertically integrated, sustainable iron ore business. Iron Ore Market Dynamics The iron ore market demonstrated resilience in 2024, with benchmark 62% Fe prices trading between US$100 and US$130 per tonne. As we entered 2025, prices hovered near $100 per tonne, and while sentiment remains cautious, structural demand for higher-grade ores-including DR-grade-remains firm. Major producers adjusted guidance downward, and cost pressures became a dominant theme. In this context, Cadence's emphasis on quality over volume has been validated. Our focus on producing premium-grade material aligns with where value and margin are migrating in the industry. UK Equity Market Pressures Cadence continues to operate against a backdrop of systemic headwinds in the UK equity market. In 2024, UK equity markets experienced continued outflows, with approximately GBP13.1 billion withdrawn from UK -focused funds, marking the third consecutive year of significant redemptions. This sustained capital flight contributed to a sharp contraction in the junior AIM market, which saw a net loss of 74 companies and fell to its smallest size in over two decades. While challenging, this environment has reinforced our focus on delivering clear, long-term shareholder value. Cadence remains committed to transparent governance, prudent financing, and project development driven by progress-qualities we believe will be rewarded over time. Lithium Market Stabilisation The lithium market experienced significant price corrections in 2024, with spot prices falling nearly 85% from their 2022 peaks. However, by late 2024 and into early 2025, signs of stabilisation began to emerge. Temporary mine closures and improving electric vehicle (EV) sales-particularly in China -helped rebalance supply and demand. Analysts now anticipate a more stable pricing environment in 2025, with growing downstream demand from electric vehicles (EVs) and energy storage systems supporting medium- and long-term fundamentals. Looking Ahead Our operational focus remains firmly on advancing the Amapa Iron Ore Project and unlocking its full potential. With a high-grade, DR-capable resource, supportive long-term trends, and a strategic location, Amapa represents a cornerstone for our future growth. We continually evaluate new opportunities within our core competencies and jurisdictions that complement our strategic direction. I want to thank our shareholders for their continued support, as well as our team and partners for their dedication throughout a transformative year. Cadence enters 2025 with momentum, clarity, and a deep commitment to building sustainable value for all stakeholders. Andrew Suckling , Non-Executive Chairman, 18 June 2025 Contact: Andrew Suckling Tel: +44 (0) 20 3582 6636 Kiran Morzaria Tel: +44 (0) 20 3829 5000 Gabriella Zwarts Tel: +44 (0) 20 3411 7773 Guy Wheatley Tel: +44 (0) 7976 431608 (C) 2025 Electronic News Publishing, source ENP Newswire

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