Cadence reported last week the receipt of the Installation Licence from the State of Amapá Environmental Authority, Secretaria de Estado do Meio Ambiente. This installation licence allows for site mobilisation and delivery of the Azteca project in Brazil – an initial stage in the much larger Amapá project….We base our analysis off a $120/t price for 65% Fe fines into China from the 127.3/t IOSI65 price quoted on https://www.metal.com (8.5.2026) and a price for which there has been some recent strength; and levels we can see being maintained given the focus on higher-grade iron ores. Cadence owns 36.2% of Amapá and taking into account the potential returns from the larger Amapá project, suitably risked, we have a 14.6p fair value on Cadence (adjusted in Zeus note 1.10.2025 with background in Zeus note 29.4.25). We look forward to the final operational licences for the Azteca project and the resumption of production from this high-value site..