Cadence Minerals (KDNC ) booked a loss of £1.4 million in the six months to June 2026, as the company continued to make progress with its refurbishment of the Azteca iron ore plant in Brazil.
Post period-end Cadence initiated hot commissioning of Azteca, and remains on track for full commissioning once the hot commissioning process is complete and a licence to operate is issued.
Cadence closed out the six months to end June with very little cash in the bank, but subsequent fundraisings have bolstered the cash position, and having completed the refurbishment of the plant the company is now proceeding to upgrade associated infrastructure in the wider area.
Separately from the Brazilian operations, during the period non-recourse funding became available for the claims around the sequestration of the Sonora lithium project in Mexico.
The International Centre for Settlement of Investment Disputes subsequently registered the arbitration brought by Cadence and its subsidiary REM Mexico Limited against Mexico, although the outcome and timing of the case remain uncertain.
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It’s been steady as she goes from Cadence all year, as it passed several key milestones in the refurbishment and commissioning of Azteca. Successful delivery would establish an operating record at Amapá, and could generate cash to advance the redevelopment of the wider project after operating needs and funding obligations are met.