Cadence Minerals will use the proceeds to bring forward bridge repairs and optimisation studies at its Amapá iron ore project in Brazil ahead of first shipment.

Refurbishment of the Azteca processing plant reached 97% completion, outpacing the 95% target, as the operator submitted its application for the plant's operating licence.

The refurbishment of the Azteca processing plant has advanced to 87% completion, keeping the project on track for an end-of-August target.

"Advancing from 48% to 77% completion while remaining ahead of schedule demonstrates that the Azteca refurbishment is moving through its critical execution phase as planned," said Kiran Morzaria, Cadence's chief executive.

Refurbishment work is underway across processing and electrical systems at the Amapá iron ore project in Brazil, with commercial operations still contingent on an outstanding operating licence.

"With the LI granted, funding now progressing and contractor mobilisation expected to commence shortly, Azteca recommissioning is progressing rapidly into the execution phase," said Kiran Morzaria, Chief Executive Officer.