Last close As at 07/09/2026
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Research: Metals & Mining
Cadence Minerals has completed refurbishment of the Azteca processing plant at its 36.2%-owned Amapá iron ore project in Brazil, with mechanical completion achieved on 4 September. Cold commissioning is scheduled to begin in the week commencing 7 September. Azteca targets c 380ktpa of 65% Fe concentrate from existing tailings, providing early cash flows to support Amapá’s staged redevelopment. Commercial operations and shipments remain subject to successful commissioning and receipt of the operating licence (LO). We will review our project-level estimates and valuation once the LO is granted.
| Year end | Revenue (£m) | PBT (£m) | EPS (£) | DPS (£) | P/E (x) | Yield (%) |
|---|---|---|---|---|---|---|
| 12/23 | 0.0 | (3.0) | (0.02) | 0.00 | N/A | N/A |
| 12/24 | 0.0 | (3.3) | (0.02) | 0.00 | N/A | N/A |
| 12/25 | 0.0 | (1.7) | (0.01) | 0.00 | N/A | N/A |
The completion of Azteca’s refurbishment marks further progress in Cadence’s staged redevelopment of Amapá, following receipt of the installation licence in May. All eight plant systems are now complete, with the refurbishment advancing from c 48% completion on 2 July to mechanical completion on 4 September. Cadence reported no safety incidents during the period.
DEV Mineração, Amapá’s owner and operator, is permitted to undertake cold and wet commissioning and has submitted its LO application to the state environmental agency, SEMA/AP. Hot commissioning will test concentrate grade and recovery, subject to completion of the applicable regulatory requirements. Any concentrate produced will be stockpiled until commissioning is complete and the LO is granted. Management indicated on the recent investor call that commercial production and a first shipment could be achieved within approximately one month of the licence grant, subject to successful commissioning.
Azteca is intended to process existing tailings and provide the first operating cash
flows within the broader Amapá redevelopment. The restart was funded through the previously
announced
The broader Amapá project remains Cadence’s principal long-term value driver, with
the updated pre-feasibility study outlining production of 5.5Mtpa of 67.5% Fe direct
reduction grade concentrate over a 15-year mine life. The longer-term market outlook
for the project’s premium product remains positive, with steel industry decarbonisation
expected to support demand for DR-grade iron ore. Our last published unrisked attributable
valuation was
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Research: Healthcare
Disruptive Pharma was formed by Guard Therapeutics’ reverse takeover of Disruptive Pharma Holding, completed on 27 July. This replaced a discontinued kidney programme with Formulite, a patented mesoporous magnesium carbonate platform for improving the oral bioavailability of poorly soluble drug compounds, to be commercialised through development projects, licensing and CDMO agreements. The Q226 results cover the pre-transaction company and hence do not reflect the operations of the new Disruptive Pharma. With c SEK34m of cash (excluding cash on the legacy balance sheet) and no commercial licence or CDMO partnership yet signed, we see a milestone-driven story in which commercial execution will likely matter more than near-term financial metrics.