Cadence Minerals announced the completion of the Pre-Feasibility Study (PFS) on the Amapá Iron Ore Project, Brazil (Amapá or the Project). The PFS confirms the potential for the Amapá Iron Ore Project to produce a high-grade iron ore concentrate and generate strong returns over its life of mine. Completing the PFS is a significant milestone in the Project's development, laying the foundations to advance Amapá to eventual production.

Cadence holds a 30% interest in Pedra Branca and, consequently, a 30% interest in the Amapá Project and has a first right of refusal to increase its interest to 49%. The PFS was managed by Pedra Branca Alliance Pte. Ltd. ("PBA"), Cadence and Indo Sino Pte.

Ltd. ("Indo Sino") and has been compiled by Wardell Armstrong International ("WAI"). WAI is a leading, globally recognised mining consultancy with a track record of conducting all levels of technical study required on projects that have successfully been financed and developed into mining operations. Annual average production after ramp-up of 5.28 million dry metric tonnes per annum ("Mtpa") of Fe concentrate, consisting of 4.36 Mtpa at 65.4% Feand0.92Mtpa at 62% Fe concentrate.

Post-tax Net Present Value ("NPV") of $949 million ("M") at a discount rate of 10%, with profit after tax of $2.96 billion ("B") over Life of Mine ("LOM") gross revenues of $9.39 B over LOM.  Post-tax Internal Rate of Return of 34%, with an average annual LOM EBITDA of US$235 M per annum.  Maiden Ore Reserve of 195.8 million tonnes ("Mt") at 39.34% Fe, demonstrating an 85% mineral resource conversion.

 Free on Board ("FOB") C1 Cash Costs of $35.53/dmt at the port of Santana. Cost and Freight ("CFR") C1 Cash Costs $64.23/dmt in China.  After applying tax rebates, a pre-production capital cost estimate of US$399 M, including the improvement and rehabilitation of the processing facility and the restoration of the railway and the wholly owned port export facility, cost estimations have a PFS level of accuracy at +/- 25%.

 Key assumptions: Long-term average price for 62% iron ore concentrate of $95/dmt and $23.8/dmt premium for 65.4% iron ore concentrate, both quoted on a Cost and Freight ("CFR") basis. Opportunities: exploration target at the Tucano Mine to further extend initial mine life and potential capital savings at port loading facilities.