Cadence Minerals plc is ahead of schedule with the Azteca processing plant’s refurbishment at the Amapá iron ore project in northeast Brazil.
The programme has reached some 48% weighted physical progress, compared with 41% planned progress.
Cadence said that as 2 July 2026, 21 activities were complete, 10 were in progress and 33 had yet to start. The plant is due to begin operating by the end of August 2026.
The company also continues to await approval of an operating licence, which will allow commercial operations and shipments to start.
Chief executive officer Kiran Morzaria added: “The current progress is encouraging and reflects the benefit of the preparation completed before mobilisation.
“The plant is now advancing through the workstreams that matter: refurbishment, electrical installation, operational readiness and the regulatory pathway to commercial operations.
“Azteca remains the practical first step in bringing Amapá back into production.
“The focus is on disciplined delivery, schedule control and converting execution progress into the operating platform for the wider project.”
Cadence has also issued 4,125,612 new ordinary shares in the company following a warrants exercise at 1.27p per share, for an aggregate £52,395.27.
Following admission, the company’s total issued share capital will comprise 431,756,650 ordinary shares in issue, each with voting rights.
The company does not hold any shares in treasury.
As at 31 May 2026, Cadence’s total investment in Amapá was approximately US$16.1 million (£12m), representing a 36.2% equity stake.