Member Info for jimb2

@KLUCK17,

I think the buyout is least likely, I'm thinking our Azteca JV will make a move to become a partner for the wider project when all is in place to start work on the railroad and perhaps has eyes on the expansion to the 1.5billion tonnes and possibly Manganese.

No one guessing?

I'll have four vowels Carol IO IO

What, no wait for dividends?

hitting the sell at 18p might be tricky as it flies past..?

Or will it be a buyout?

@tomcat-14 one standout figure:

• 150 Mt additional

resource under JV

• Regional expansion

to 1.5Bt+ potential

within 30-50km of

rail

It's a wonder why it's taken so long to establish an offtake and financing, still worth understanding who our partner is in Dev:

Copilot

Indo Sino Trade Pte Ltd is a Singapore-based international commodity trading company with representation in the UK, including London.

Here’s a detailed overview of the company and its UK presence:

🌍 Company Overview

• Name: Indo Sino Trade Pte Ltd (ISTL)

• Headquarters: Singapore

• Established: 2003

• Website: indosinotrade.com

• Primary Sectors:

o Agricultural commodities: rice, pulses, nuts, peas, beans, sugar, maize

o Industrial commodities: iron ore, bitumen, coal, DRI

o Other: timber, electronics, glue, medicines, fabrics

🇬🇧 UK Presence

• Representation: The company lists London as one of its representative locations, indicating active operations or partnerships in the UK market.

• Role in UK: While specific UK activities aren’t detailed publicly, their global footprint suggests involvement in commodity trading, possibly including sourcing, logistics, or client relations.

🤝 Partnerships & Projects

• Indo Sino Trade is involved in a joint venture with Cadence Minerals related to the Amapá iron ore project in Brazil, where they jointly own 99.9% of DEV Mineração S.A.

Gemini:

Indo Sino Trade Pte Ltd is a Singapore-based international trading company that is the key joint venture partner for Cadence Minerals Plc (AIM: KDNC) in the Amapá Iron Ore Project in Brazil.

While the company is registered in Singapore and its main business activity is in global commodities trade (including garments, rice, corn, and iron ore), its significance to Cadence Minerals relates entirely to the Brazilian mining asset.

Role in the Amapá Iron Ore Project

Indo Sino Trade Pte Ltd is the majority holder in the joint venture that controls the Amapá Project:

Joint Venture (JV) Vehicle: Indo Sino Trade and Cadence Minerals formed the Pedra Branca Alliance Pte. Ltd. (PBA), which is the joint venture entity that owns 100% of the Brazilian operating company, DEV Mineração S.A. (DEV is the legal owner of the mine, railway, and port assets).

Ownership Split: Within the PBA joint venture:

Indo Sino Trade Pte Ltd (or the Creditors' Consortium they represent) holds the majority stake (historically around 70-80%, though Cadence's stake has increased over time, leaving Indo Sino with the remaining majority interest).

Cadence Minerals Plc holds a minority interest (currently around 35-36%, with an option to increase).

Acquisition History: Indo Sino was a major part of the Creditors' Consortium that took ownership of the Amapá project during the judicial restructuring (bankruptcy) process of the mine's previous operator, Zamin Ferrous, through a debt-for-equity swap.

In simple terms, Indo Sino is the local, active partner with majority control who works alongside Cadence Minerals to fund and manage the technical and operational tasks required to bring th

@Mullins58, perhaps we get news that the railroad restoration is to begin soon!

I wonder if our offtake partner is interested in the wider Amapa project? Perhaps Soya and Manganese,

@Bannor,

Probably as far back as the announcement on the Azteca plant but for me when KM said he would update on progress with JV's and offtakes in September..and did so why as buying signal...I won't be losing any sleep over the WRAP!

Yes, I'm locked out with Barclays...:

"The Company values its retail shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in the WRAP Retail Offer"

Embarrassing to say the least judging by the number on here who cannot realise the 'value'

SP showed finnish 16.08% ticked up much later to 19.44%,

There's also discontent in the US that Trump is planning support Argentine with $20billlion to support their declining currency - problem is Argentina have stepped in to supply China with grains by suspending taxes - now there has to be a price to pay!

BEIJING/SINGAPORE, Sept 24 (Reuters) - Chinese importers kept up a hectic pace of Argentine soybean purchases after the South American supplier's move to abolish export taxes temporarily made its prices competitive, traders said on Wednesday.

The purchases are chipping away at U.S. market share as its farmers begin harvesting a bumper crop shunned by China amid a trade war between the world's two largest economies.

My money is on Brazil being the winner!

From June,

https://youtu.be/YuOHLtgKRb4?si=DszaTIhgGqtgT9ai&t=300

KM words - overall both regards both the Azteca and the uh larger plant we're in a good position in relation to financing partners and potential funding.

########

What I really like about the Azteca plan is the partnership are in the strongest position possible since the Amapa project was announced, will this spur on any credible JV's or buyouts for the wider Amapa project now we are no longer sitting ducks?

Don't underestimate the importance of the railroad with global politics shifting more grain from the US to SA for Chinese consumption...it's a massive problem for the US and Brazil aren't shy about supplying China.

Agree with that @165 zephyr, a noticeable change in sentiment not a single negative post today.

I would have thought the offer price to existing shareholders will be for holdings at close yesterday that looks to be 4p and so 25% discount:

(the "Retail Offer"), to provide current shareholders in the Company in the United Kingdom with an opportunity to participate alongside the Subscription and Director Subscription. It is expected that the Retail Offer will launch at 8.00 a.m. on Thursday 2 October 2025 and will be open for applications up to 5.00 p.m. on Tuesday 7 October 2025. The result of the Retail Offer is expected to be announced by the Company on or around Wednesday 8 October 2025, with Second Admission expected on or around 16 October 2025. For the avoidance of doubt, the Retail Offer is in addition to the Subscription and Directors Subscription and will be conditional upon Second Admission becoming effective. The Retail Offer is not underwritten and may not be fully subscribed.

4.00p

base for the offer - RNS late today or 7:00AM

People haven't forgotten some of the past desperate cash raises, hopefully the bod make this one less impactful. Although the expected signing of the offtake might give them a degree of risk taking.

Just that waiting game now, a few days!

I wonder if they will go full on cash raise to increase the Amapa stake? - (I hope not) maybe another RNS today on that and hopefully the finalised offtake news later this week or next week.

It appears there's a high degree of certainty that the Dyke 5 tailings will meet the necessary grades:

During previous operations, approximately 28 million tonnes of tailings were generated, ***of which an estimated 2 million tonnes have been identified in Dyke 5 as high-grade material based on historical float samples (circa 55% Fe) and plant data***. Additional studies are planned to assess the viability of processing the broader tailings resource to support long-term production, supplementing the planned 5.5 million tonnes per annum (Mtpa) DR-grade (67.5% Fe) concentrate output.

Interesting to see how we close today, my expectation is for decent buys later in the day..

It's all about timing... first entry two months ago :)

Wolf

LOL

***maddog38***

Shame, Zeus have early October as the expected timescale for the HoT to be finalised.

I'm sticking to their expectations, could that be as early as next week if the GM vote goes in favour?