Name of the Project
Amapá iron-ore project.

Location
Amapá, Brazil.

Project Owner/s
Pedra and Branca Alliance (PBA), a joint venture (JV) between Cadence Minerals and Indo Sino. As of the end of June 2025, Cadence's total investment in the Amapá project was about $15.5-million, representing a 35.7% equity stake. Cadence has an option to increase its shareholding to 49%.

DEV Mineração is the operator.

Project Description
The brownfield integrated iron-ore project has mineral resources of 276-million tonnes at 38.33% iron and ore reserves of 196-million tonnes at 39.34% iron. The project comprises the mine, the Azteca processing plant, wholly owned port and a 194 km railway, all operated by PBA.

An updated prefeasibility study on the project has found that it has the potential to produce direct reduction- (DR-) grade concentrate grading 67.5% over a 15-year mine life.

The Azteca plant is forecast to produce about 380 000 t/y to 400 000 t/y of iron-ore concentrate grading at 65% iron, providing an initial operational platform to support further technical and feasibility work across the broader project.
 
Cadence has previously evaluated a potential intermediate development scenario capable of producing an estimated 2.5-million tonnes to 3.5-million tonnes a year of DR-grade iron-ore concentrate using existing rail infrastructure and third-party port facilities. This scenario remains conceptual and has neither been the subject of a definitive feasibility study (DFS) nor the current focus of development activity.
 
The longer-term development plan for Amapá envisages production of up to 5.5-million tonnes a year of DR-grade iron-ore using integrated mine, processing, rail and port infrastructure under the project's control. 

Any expansion beyond the Azteca plant will remain subject to completion of DFSs, receipt of the relevant environmental licences and financing decisions.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $1.97-billion and an internal rate of return of 56%.

Capital Expenditure
Preproduction capital investment is estimated at $377-million.

Planned Start/End Date
Not stated.

Latest Developments
Cadence Minerals has been granted a preliminary environmental licence for the project as it works to refurbish and restart the operation.

This major regulatory milestone confirms environmental feasibility for the full planned mine capacity of 5.5-million tonnes a year of direct high-purity iron-ore concentrate, including openpit mining, mineral processing, waste rock handling and tailings storage.

The environmental licence covers the entire development envelope of the project, including the processing plant.

Cadence Minerals CEO Kiran Morzaria has said the environmental approval represents a material derisking event for the company and establishes a clear regulatory pathway towards construction and production.

Meanwhile, the installation licence requirements are advancing as planned, supporting continued momentum towards refurbishment and production.

The installation licence authorises the construction, refurbishment and installation of mine infrastructure, including processing facilities and tailings structures. This licence remains subject to technical and regulatory requirements, including archaeological studies, as well as water abstraction and effluent discharge authorisations.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Cadence Minerals, tel +44 20 3582 6636 or email info@cadenceminerals.com.