Shares Rise as Cadence Minerals Successfully Completes a Capital Expenditure Optimisation Program at the Amapá Iron Ore Project.

Highlights:

• Achieved significant cost savings, with a 33% reduction in capital expenditure for the beneficiation plant.

• Forecasted increase in iron ore concentrate production at 4.8% to 5.5 Mtpa.

• Collaboration with joint venture partners to redesign mine plan for further reduction in mining costs.

• Study completed ahead of schedule, ensuring no delays in project timeline.

• Commitment to advancing development of 67% Fe product flow sheet.

• Amapá Project located in Brazil, featuring substantial mineral resources and ore reserves.

• Robust economic indicators highlighted in published Pre-Feasibility Study (PFS).

Cadence CEO Kiran Morzaria commented: "We're thrilled to announce the successful completion of our capital expenditure optimisation program at the Amapá Iron Ore Project. This effort has delivered a substantial 33% reduction in capital costs, saving $63.2 million and forecasted a 4.8% to 5.5 Mtpa increase in iron ore concentrate production.