REG - Cadence Minerals PLC - Interim Results for six months ended 30 June 2025
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RNS Number : 2250B Cadence Minerals PLC 29 September 2025
The company deems the information contained within this announcement to
constitute Inside Information as stipulated under the Market Abuse Regulation
(E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European
Union (Withdrawal) Act 2018, as amended. Upon the publication of this
announcement via a regulatory information service, this information is
considered to be in the public domain.
29 September 2025
Cadence Minerals plc
("Cadence Minerals", "Cadence", or "the Company")
Interim Results for the six months ended 30 June 2025
Cadence Minerals plc (AIM:KDNC) is pleased to announce its interim results for
the six months ended 30 June 2025.
Highlights
· Robust economics confirmed: Updated Pre-Feasibility Study (December
2024) delivered a post-tax NPV of US$1.97 billion, a 42% IRR, and forecast
average free cash flow of US$342 million per year over a 15-year mine life.
· Early cashflow catalyst underway: Staged development pathway
launched with the recommissioning of the Azteca Plant - targeting
approximately 380,000 tonnes per annum of 65% Fe concentrate, with only US$3.5
million pre-production capex.
· Funding secured with limited dilution: Heads of Terms signed for a
US$4.6 million prepayment offtake facility with a global trading partner.
Cadence will contribute 10-15% of the prepay, targeting a circa 70% IRR on its
share.
· Competitive cost base: Mining costs across the Amapá Project
reduced by 36.7% to US$11.17/dmt, lowering overall FOB costs to US$27.28/dry
metric tonnes ("dmt") and cost and freight ("CFR") costs to US$55.46/dmt -
positioning Amapá amongst the lowest-cost global producers.
· Clear near-term catalysts: Licence issuance, Azteca restart, and
reinvestment of free cashflow into DFS and early works provide a de-risked
bridge to the full 5.5 million tonnes per annum ("Mtpa") DR-grade project.
Cadence has entered a transformational phase. In just six months we have moved
from project optimisation to a clear, de-risked pathway that can deliver
cashflow, growth, and attractive returns for shareholders.
Our strategy is deliberately phased. By restarting the Azteca Plant with
modest upfront capital, we can generate near-term revenue, reinforce our
licence to operate, and showcase the quality of Amapá's product to the
market. At the same time, we are laying the foundations for the full 5.5 Mtpa
operation - a low-cost, DR-grade project with a US$1.97 billion NPV.
The conditional funding agreement signed with a global trading group
highlights confidence in Amapá's robust economics while reducing dilution for
shareholders. Subject to final contracts and assay confirmation, funding for
the Azteca Plant will be structured through an offtake arrangement. The
offtaker is expected to provide the majority of capital, with Cadence
contributing only 10-15%. Both parties will fund their share upon execution.
Cadence's immediate priorities are to finalise and the complete the offtake
agreement. These milestones set in motion a clear sequence: licensing,
construction, recommissioning, first production and cashflow. This phased
approach is designed to minimise upfront equity dilution, rapidly demonstrate
production capability, and create early revenues that can be reinvested to
drive long-term growth and shareholder value at Amapá.
Outlook
Cadence's flagship Amapá Project is advancing rapidly under a disciplined,
staged development plan. With licences approaching approval and funding
secured through an innovative offtake structure, Amapá is positioned to
transition from developer to producer in the near term.
The Board believes Cadence remains deeply undervalued relative to its asset
base. With an equity stake of approximately 35% in a project carrying a
US$1.97 billion NPV, and near-term cashflow from Azteca, the Company has a
clear bridge from today's modest market capitalisation to a substantially
higher valuation as milestones are achieved.
INVESTMENT REVIEW
Cadence Minerals follows a two-pronged investment strategy, focusing on
private investments where it can add value through active participation, and
public equity investments that offer exposure to assets with growth potential.
PRIVATE INVESTMENTS, ACTIVE
The Amapá Iron Ore Project, Brazil
Interest - 35.7% at 30/06/2025
The Amapá Project is a fully integrated iron ore mine with associated rail,
port, and beneficiation facilities. The Project commenced operations in 2007,
producing 6.1 million tonnes of concentrate in 2012, before suspension in 2014
following a port geotechnical failure.
Investment
In 2019, Cadence entered into a binding investment agreement to acquire up to
27% of Amapá, with the right to increase to 49%. By June 2025, Cadence had
invested approximately US$15.5 million for a 35.7% interest in the Project.
Operations Review
During the reporting period, Cadence and its partners made substantial
progress on the staged development pathway:
· Azteca Plant Restart: Heads of Terms signed with an international
offtaker for a US$4.6 million prepayment facility to finance licensing,
refurbishment, and restart. The plant is expected to produce approximately
380,000 tpa of 65% Fe concentrate, generating circa US$32 million free cash
flow over three years, with first shipments forecast within months of licence
approval. Cadence will contribute approximately 10-15% of funding, with the
balance provided by the offtaker.
· Cost Optimisation for full Amapá Project: Mining contract
re-quotes lowered mining costs by 37%, reducing overall FOB costs to
US$27.28/dmt and CFR costs to US$55.46/dmt, positioning Amapá among the
lowest-cost producers globally.
· Environmental Licensing: By June 2025, the vast majority of
requirements for mine had been completed. Outstanding supplementary studies
(archaeological and water/sewage systems) are expected to conclude prior to
the Azteca Plant restart.
Updated Pre-Feasibility Study (PFS)
The December 2024 optimisation of the Pre-Feasibility Study ("PFS") reaffirmed
Amapá's potential to deliver 5.5 Mtpa of 67.5% Fe DR-grade concentrate with
improved economics.
As part of this work, engineering consultants identified higher plant
availability, enabling a greater annual run-of-mine feed rate. This prompted a
re-examination of the mine plan and associated disciplines to further optimise
project returns.
The revised schedule now supports a 15-year mine life at a 25% Fe cut-off,
with 13-14 Mtpa of ore delivered to the plant and a low life-of-mine strip
ratio of 0.4:1 (waste: ore). This favourable ratio underpins the Project's
robust cost profile and positions it firmly within the lower quartile of the
global cost curve 1 (#_ftn1) .
An updated financial model was prepared to incorporate the new mine plan,
reduced capital expenditure, and materially lower operating costs secured
through re-quoted mining contracts. All other assumptions were retained from
the December 2024 PFS. While the model assumes 100% equity funding for
presentation purposes, actual financing will comprise a mix of debt and
equity. The results confirm a materially stronger economic case for Amapá, as
outlined in Table 1.1.
Table 1.1 Key Project Metrics (100% Project basis)
Metric Unit 2024 PFS Data DR Grade
2024 PFS Data
Total ore feed to the plant Mt (dry) 176.93 176.93
Life of Mine Years 15 15
Fe grade of ore feed to the plant % 39.34 39.34
Recovery % 76.27 75.27
62.0% iron ore concentrate production Mtpa 0.95 -
65.4% iron ore concentrate production Mtpa 4.51 -
7.5% iron ore concentrate production Mtpa - 5.52
C1 Cash Costs FOB * US$/DMT 33.50 33.75
C1 Cash Costs CFR ** US$/DMT 62.19 61.93
Pre-Production capital investment*** US$M 343 377
Post-tax NPV (10%) US$M 1,145 1,977
Total profit after tax (net operating profit) US$B 3.14 4.96
* Means operating cash costs, including mining, processing, geology, OHSE, rail,
port and site G&A, divided by the tonnes of iron ore concentrate produced.
It excludes royalties and is quoted on a FOB basis (excluding shipping to the
customer).
** Means the same as C1 Cash Costs FOB; however, it includes shipping to the
customer in China (CFR).
*** Includes direct tax credit rebate over 48 months
Project Permitting
The Amapá Project continues to benefit from its prior operational history,
enabling the Amapá State Environmental Agency ("SEMA") to endorse an
expedited licensing pathway. Ordinarily, a licensing cycle can take up to five
years; however, SEMA has agreed to a compressed process based on previously
approved studies, existing environmental data, and agreed Terms of Reference.
By mid-2025, material progress had been made across all three-installation
licence ("LI") applications:
· Mine LI: Largely complete, with only a supplementary archaeological
survey and final water and sewage system designs outstanding.
· Railway LI: Substantially advanced, requiring only final technical
steps and community engagement programmes.
· Port LI: The most complex due to the historic geotechnical failure;
additional technical studies have been requested, although both state and
federal authorities remain supportive.
In parallel, work to recommission the Tailings Storage Facility ("TSF") is
progressing. A LIDAR survey is under way to finalise the dam break study,
after which remote monitoring and community early-warning systems will be
installed as part of the Azteca capital programme.
The Mine LI and TSF approvals remain the critical path items for the Azteca
Plant restart and will be financed initially through the prepay offtake
agreement.
Secured Bank Settlement Iron Ore Shipments
An in-principal settlement with secured bank creditors was agreed in early
2024. Finalisation has been delayed by approvals and pricing conditions, but
management remains confident in concluding the process as iron ore market
conditions improve.
Development Plan
Cadence and its partners remain committed to a phased development strategy:
· Near-term: Cadence funding to meet development costs for Amapá
and Azteca, finalisation of the Azteca offtake agreement, completion of final
licences, and restart of the Azteca Plant, generating cash flow within months
of licence approval.
· Medium-term: Reinvest free cash flow into working capital, the
Definitive Feasibility Study, and early works.
· Long-term: Full recommissioning of the mine, beneficiation plant,
railway, and port to deliver 5.5 Mtpa of DR-grade concentrate. Discussions
with potential joint venture and strategic partners are ongoing to fund and
de-risk this phase of development.
PRIVATE INVESTMENTS, PASSIVE
Sonora Lithium Project, Mexico
Interest - 30% at 30/06/2025
Cadence holds a 30% interest in the joint venture companies Mexalit S.A. de
C.V. and Megalit S.A. de C.V., alongside majority partner Ganfeng Lithium
Group, in the Sonora Lithium Project, Mexico. The concessions historically
comprised nine licence areas, including El Sauz, Fleur, Buenavista, and San
Gabriel, with Ganfeng developing plans for an open pit mine and lithium
hydroxide processing facility.
In 2022 and 2023, Mexico amended its Mining Law to classify lithium as a
strategic resource reserved for the state. Despite expectations that
pre-existing concessions would remain valid, in August 2023 the General
Directorate of Mines cancelled nine concessions, including those held by
Mexalit and Megalit, citing alleged non-compliance with investment
obligations. Cadence and Ganfeng strongly refute these claims, having
demonstrated that required thresholds were met and exceeded.
In May 2024, Ganfeng initiated arbitration before the International Centre for
Settlement of Investment Disputes (ICSID), challenging the cancellations and
broader legislative measures as violations of international law. In parallel,
Cadence has decided to pursue its own international arbitration under the
UK-Mexico Bilateral Investment Treaty, ensuring independent protection of its
legal and economic rights.
Cadence believes the actions of the Mexican authorities amount to unlawful
expropriation, denial of fair and equitable treatment, and breaches of due
process. The Company remains fully committed to safeguarding its 30% interest
in Sonora and to pursuing all available remedies to protect shareholder value.
PUBLIC INVESTMENTS
Evergreen Lithium Limited (ASX: EG1)
Interest - 5.1% at 30/06/2025
During the six months to June 2025, Evergreen pivoted its exploration strategy
following mixed results at its Bynoe Lithium Project in the Northern
Territory. While drilling confirmed pegmatite bodies, assays did not identify
commercial lithium mineralisation, leading to a $12.5m impairment and a
decision to limit further lithium exploration at Bynoe. Exploration did,
however, highlight gold-bearing structures, which will be the focus of
follow-up work.
In May 2025 Evergreen completed the acquisition of the Leonora Goldfields
Project in Western Australia, containing a JORC-compliant 63,000oz inferred
resource. Initial mapping and site work are defining drill targets with the
aim of expanding the resource base, firmly repositioning Evergreen toward the
gold sector. Subsequent to the period end Cadence disposed of its interest in
Evergreen Lithium.
FINANCIAL RESULTS
During the period the Group made a loss before taxation of £0.841 million (6
months ended 30 June 2024: £2.535 million, year ended 31 December 2024:
£3.325 million). There was a weighted basic loss per share of 0.290p (30 June
2024: 1.392p, 31 December 2024: 1.651p). The total assets of the group
decreased from £18.45 million at 31 December 2024 to £17.66 million. During
the period our net cash outflow from operating activities was £0.267 million,
gross proceeds of £0.121m were raised through loans and our net cash position
was down £0.65 million at £0.003 million.
For further information:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
Zeus (NOMAD & Broker) +44 (0) 20 3829 5000
James Joyce
Darshan Patel
Gabriella Zwarts
Fortified Securities - Joint Broker +44 (0) 20 3411 7773
Guy Wheatley
Brand Communications +44 (0) 7976 431608
Public & Investor Relations
Alan Green
CADENCE MINERALS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2025
Notes Unaudited Period ended 30 June 2025 Unaudited Period ended 30 June 2024 Audited Year ended 31 December 2024
£'000 £'000 £'000
Income
Unrealised loss on financial investments 4 (195) (1,126) (1,023)
Realised loss on financial investments 4 (48) (776) (1,102)
(243) (1,902) (2,125)
Share based payments (60) - -
Impairment of intangibles - - (93)
Other administrative expenses (533) (630) (1,099)
Total administrative expenses (593) (630) (1,192)
Operating Loss (836) (2,532) (3,317)
Foreign exchange losses (1) (1) (6)
Finance cost (4) - (2)
Loss before taxation (841) (2,533) (3,325)
Taxation - - -
Loss attributable to the equity holders of the Company (841) (2,533) (3,325)
Total comprehensive loss for the period, attributable to the equity holders of (841) (2,533) (3,325)
the Company
Loss per share
Basic (pence per share) 3 (0.290) (1.392) (1.651)
Diluted (pence per share) 3 n/a n/a n/a
CADENCE MINERALS PLC
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
Assets Notes £'000 £'000 £'000
Non-current
Financial Assets 4 13,597 11,857 13,329
13,597 11,857 13,329
Current assets
Trade and other receivables 3,899 3,903 3,994
Financial Assets 165 1,901 473
Cash and cash equivalents 3 133 655
Total current assets 4,067 5,937 5,122
Total assets 17,664 17,794 18,451
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables 654 561 483
Borrowings 6 578 850 755
Total current liabilities and total liabilities 1,232 1,411 1,238
Equity
Share capital 5 3,376 2,393 3,376
Share premium 38,591 37,952 38,591
Share based payment reserve 283 258 236
Investment in own shares (64) (64) (64)
Retained earnings (25,754) (24,156) (24,926)
Total equity attributable
to owners of the company 16,432 16,383 17,213
Total equity and liabilities 17,664 17,794 18,451
CADENCE MINERALS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2025
Share capital Share premium account Share-based payment reserve Investment in own shares Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 2,226 37,654 258 (64) (21,623) 18,451
Issue of share capital 167 333 - - - 500
Costs of share issue - (35) - - - (35)
Transactions with owners 167 298 - - - 465
Loss for the period - - - - (2,533) (2,533)
Total comprehensive loss for the period - - - - (2,533) (2,533)
Balance at 30 June 2024 (unaudited) 2,393 37,952 258 (64) (24,156) 16,383
Transfer on lapse of warrants - - (22) - 22 -
Issue of share capital 983 792 - - - 1,775
Costs of share issue - (153) - - - (153)
Transactions with owners 983 639 (22) - 22 1,622
Loss for the period - - - - (792) (792)
Total comprehensive loss for the period - - - - (792) (792)
Balance at 31 December 2024 3,376 38,591 236 (64) (24,926) 17,213
Share based payments - - 60 - - 60
Transfer on lapse of warrants - - (13) - 13 -
Transactions with owners - - 47 - 13 60
Loss for the period - - - - (841) (841)
Total comprehensive loss for the period - - - - (841) (841)
Balance at 30 June 2025 (unaudited) 3,376 38,591 283 (64) (25,754) 16,432
CADENCE MINERALS PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 30 JUNE 2025
Unaudited Period ended Unaudited Period ended Audited Year ended
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Cash flows from operating activities
Operating loss (836) (2,532) (3,317)
Net realised/unrealised loss on financial investments 243 1,902 2,125
Impairment of investments - - 93
Equity settled share-based payments 60 - -
Payment of creditors made in shares - - 125
Decrease in trade and other receivables 95 34 18
Increase in trade and other payables 171 273 136
Net cash outflow from operating activities (267) (323) (820)
Taxation - - -
Cash flows from investing activities
Payments for non-current financial investments (470) (1,001) (1,762)
Receipts on sale of current investments 65 1,321 1,564
Net cash (outflow)/inflow from investing activities (405) 320 (198)
Cash flows from financing activities
Proceeds from issue of share capital - 500 1,981
Share issue costs - (35) (35)
Borrowings 121 - -
Loan repayments (37) (557) (497)
Finance cost (4) - (2)
Net cash inflow/(outflow) from financing activities 80 (92) 1,447
Net (decrease)/increase in cash and cash equivalents (592) (95) 429
Foreign exchange movements on cash and cash equivalents (60) 13 11
Cash and cash equivalents at beginning of period 655 215 215
Cash and cash equivalents at end of period 3 133 655
Material non-cash transactions
During the period ended 30 June 2025, a loan of £202,000 was repaid through
the transfer of the Company's holding in Ferro Verde to the lender.
There were no material non-cash transactions in the period to 30 June 2024.
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
1 BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost convention.
The financial information set out in this interim report does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31 December 2024
have been delivered to the Registrar of Companies. The auditor's report on
those financial statements was unqualified.
The principal accounting policies of the Group are consistent with those
detailed in the 31 December 2024 financial statements, which are prepared
under the historical cost convention and in accordance with UK adopted
International Accounting Standards (IAS).
GOING CONCERN
The Directors have prepared cash flow forecasts for the period ending 30
September 2026. The forecasts demonstrate that the Group has sufficient funds
to allow it to continue in business for a period of at least twelve months
from the date of approval of these financial statements. Accordingly, the
accounts have been prepared on a going concern basis.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results
2 SEGMENTAL REPORTING
The Company operates a single primary activity to invest in businesses so as
to generate a return for the shareholders.
3 EARNINGS PER SHARE
The calculation of the earnings per share is based on the loss attributable to
ordinary shareholders divided by the weighted average number of shares in
issue during the period.
Unaudited Unaudited Audited
six months ended six months ended year ended
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Loss on ordinary activities after tax (£'000) (841) (2,533) (3,325)
Weighted average number of shares for calculating basic profit/loss per share 295,971,038 188,388,620 207,824,407
Less: shares held by the Employee Benefit Trust (weighted average) (6,380,000) (6,380,000) (6,380,000)
Weighted average number of shares for calculating basic (loss)/profit per 289,591,038 182,008,620 201,444,407
share
Share options and warrants exercisable n/a n/a n/a
Weighted average number of shares for calculating diluted profit per share n/a n/a n/a
Basic loss per share (pence) (0.290) (1.392) (1.651)
Diluted profit per share (pence) n/a n/a n/a
4 FINANCIAL INVESTMENTS
Financial assets at fair value through profit or loss:
£'000 £'000 £'000 £'000
Level 1 Level 2 Level 3 Total
Fair value at 31 December 2023 4,162 - 11,660 15,822
Additions - - 1,159 1,159
Fair value changes (1,126) - - (1,126)
Loss on disposals (776) - - (776)
Disposal (1,321) - - (1,321)
Fair value at 30 June 2024 939 - 12,819 13,758
Additions - - 603 603
Fair value changes 103 - - 103
Impairment of assets - - (93) (93)
Loss on disposals (326) - - (326)
Disposal (243) - - (243)
Fair value at 31 December 2024 473 - 13,329 13,802
Additions 470 470
Fair value changes (195) - - (195)
(Loss)/Gains on disposals (48) - - (48)
Disposal (65) - (202) (267)
Fair value at 30 June 2025 165 - 13,597 13,762
Loss on investments held at fair value through profit or loss
Fair value gain on investments (195) - - (195)
Realised gain on disposal of investments (48) - - (48)
Net gain on investments held at fair value through profit or loss (243) - - (243)
Financial Assets £'000 £'000 £'000 £'000
Level 1 Level 2 Level 3 Total
Non-current - - 12,635 12,635
Current 165 - 962 1,127
165 - 13,597 13,762
5 SHARE CAPITAL
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
£'000 £'000 £'000
Allotted, issued and fully paid
173,619,050 deferred shares of 0.24p (30 June and 31 December 2024: 417 417 417
173,619,050)
295,971,038 ordinary shares of 1p (30 June 2024 197,637,704, 31 December 2024 2,959 1,976 2,959
295,971,038 ordinary shares of 1p)
3,376 2,393 3,376
6 LOANS
BORROWINGS
During the year ended 31 December 2023, the Company entered into a Mezzanine
Loan Facility to finance its investment in the Amapá Project.
The Mezzanine Loan Facility ("Loan Facility") involves an unconditional and
committed initial tranche by the Investors of US$ 2 million and a further
conditional Loan Facility amount of US$ 8 million, subject to agreement by the
Investors. The Loan Facility is valid for three years.
The First Tranche of US$ 2 million, drawn down in 2023, has a 24-month term
("Maturity Date"). It has a six-month principal repayment holiday, followed by
18 equal monthly cash repayments thereafter to the maturity Date. The Loan
Facility has an effective annual interest rate of 9.5% and has a 5%
implementation on the value of the First Tranche.
If the Company elects not to settle a monthly payment in cash (each being a
"Missed Payment"), they will automatically grant a right for the Missed
Payment to be settled in shares as per the non-cash repayment terms contained
in the Loan Facility Agreement ("Non-Cash Repayment"). Following a Non-Cash
Repayment, the Investors will be automatically granted conversion rights over
such principal and interest balances due concerning the Missed Payment. The
Investors will then have the right for 12 months to convert such amounts
either at a price equal to 12.7 pence (representing a 30% premium to the
closing price on 25/05/2023) or at a 7% discount to the average of the five
daily VWAPs chosen by the Investors in the 20 trading days preceding its
conversion notice or at the price the Company issues further equity if lower
than the existing conversion price.
Cadence has provided a security package to the Investors as part of the Loan
Facility. This package includes a floating charge over the Company's
investments, placing its holding in European Metals Holdings into escrow and
the issue of new ordinary shares to the Investors ("Initial Issued Shares").
The Initial Issued Shares represent 50% of the value of the First Tranche, or
8,251,224 new ordinary shares. These initial Issued Shares will be used as
part of any Non-Cash Repayments if applicable. On the Maturity Date, the
Company can utilise the Initial Issued Shares to pursue its investment
strategy or for working capital purposes. If it has settled all amounts in
cash and these Initial Issued Shares revert to the Company.
As part of the Loan Facility, the Company granted 8,251,224 warrants to
subscribe for ordinary shares in the Company at an exercise price at the lower
of 13.2 pence or at the price the Company issues further equity if lower than
the existing conversion price (the warrants have a 48-month term).
During the period to 30 June 2025 £129,000 ($170,000) of capital and interest
was repaid in cash. During the year ended 31 December 2024, £841,000
($1,065,000) in capital and interest was repaid. The borrowing costs (and
resulting fx) have been capitalised under IAS23, as the sole purpose of the
loan was to finance the Amapá Project.
Repayment terms for the loan were renegotiated during the year ended 31
December 2024, with the final repayment date extended to November 2025 from
May 2025.
1 (#_ftnref1)
https://www.londonstockexchange.com/news-article/KDNC/significant-mining-cost-reduction-at-amapa-project/17187865
(https://www.londonstockexchange.com/news-article/KDNC/significant-mining-cost-reduction-at-amapa-project/17187865)
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