Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to report that further to the announcement of February 7th 2022, all of the required contractual documentation has been completed, and Cadence now has vested its 27% of the Amapa Iron Ore Project ('Amapa Project' or 'Amapa').

This second stage of investment was to acquire a further 7% (US$3.5 million) of Pedra Branca Alliance ('PBA'), the Cadence and IndoSino joint venture company which owns 100% of the equity of DEV Mineracao S.A. ('DEV'). DEV is the owner of the large-scale Amapa Project. This second stage investment was conditional on several preconditions, which have now been satisfied, and consequently Cadence has now vested a further 7%.

Anglo American, a previous owner and 70% shareholder, (with Cliffs owning the remaining 30%), valued the entire Amapa Project at US$ 1.2 billion. In its 2012 Annual Accounts, Anglo American impaired the entire Amapa project value to US$ 660 million.

Cadence CEO, Kiran Morzaria, commented: 'I am pleased to report that following the recent oversubscribed fundraising, we have formally completed phase two of our investment into Amapa to acquire 27%. I know our new and longstanding shareholders share our vision for Amapa, and I am pleased to report that the mine rehabilitation plan is progressing on schedule.'

'I look forward to reporting back to you on further operational progress in the coming weeks.'

About the Amapa Project

The Amapa Project commenced operations in December 2007 with the first production of iron ore concentrate product of 712 kt in 2008. In 2008 Anglo American (70%) and Cliffs (30%) acquired the Amapa Project in 2008 as part of a larger package of mining assets in Brazil.

Production steadily increased to 4.8 Mt and 6.1 Mt of iron ore concentrate product in 2011 and 2012. During this period, Anglo American reported operating profits from its 70% ownership in the Amapa Project of US$ 120 million (100% US$ 171 million) and US$ 54 million (100% US$ 77 million). Before its sale in 2012, Anglo American valued its 70% stake in the Amapa Project at US$ 866 million (100% US$ 1.2 billion). It impaired the asset in its 2012 Annual Accounts to US$ 462 million (100% US$ 660 million.

Cadence updated the Mineral Resource Estimate on November 2nd 2020, increasing the MRE by 21%. The current MRE contains a Mineral Resource of 176.7 million tonnes grading 39.7% Fe in the Indicated category and Mineral Resource of 8.7Mt at 36.9% in the Inferred category, both reported within an optimised pit shell and using a cut-off grade of 25% Fe.

Contact:

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Forward-Looking Statements

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 Cadence Minerals Plc'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 reect 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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.

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