Molly Project Agreement, Update and TVR

Jangada Mines

07/05/2026 11:00

RNS Number : 4279D

Jangada Mines PLC

07 May 2026

 

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

7 May 2026

Jangada Mines plc ('Jangada' or 'the Company')

 

 Molly Project Agreement, Update and TVR

 

Exploration success prompts signing of definitive agreement to secure the highly prospective scalable Molly Gold Project

 

Jangada Mines plc (AIM: JAN), a Brazil-focused natural resource development company, is pleased to announce that following a successful extended 14 hole 2,573 metre drilling campaign and exploration field work that identified multiple new targets, it has signed a definitive acquisition agreement with BGold Mineração Ltda ("BGold") (the 'Agreement') for the 6,656.2-hectare Molly Gold Project ('Molly' or the 'Project') in the Tapajós Gold Province of Pará State in Brazil. 

 

The Agreement underlines the Board's confidence in the wider Molly Project and marks the next important step in the Company's strategy of building a portfolio of shallow high grade gold projects in Brazil.

 

Overview:

·    Signing of the Agreement follows a successful extended drilling campaign and underpins the Board's confidence in the potential of the Project.

·    The Agreement provides a staged path to secure 100% ownership of the Molly Project on staged cash and share payments, together with fulfilment of work commitments, aligned with exploration success.

·    14 holes drilled for a total of 2,573 metres, primarily targeting the high-grade Molly 1 & Molly 2 targets with potential identification of a discovery at Molly 2 - all contained quartz vein and/or disseminated sulphides, the host for gold in this style of mineralisation

·    Full suite of assays from latest drill programme expected shortly with the expectation they will confirm the Molly 1 target extends in four directions and quantify the potential of Molly 2, where the Company anticipates a new discovery.

·    Additional structures identified underlining the broader licence prospectivity and potential to significantly build on the Project's existing JORC resource of 130,000 oz Au.

·    Fully funded Phase 2 of the exploration programme to include drilling and geological work and given the scale of the targets, drone-based magnetic surveys also planned.

 

Paulo Misk, CEO of Jangada Mines, commented: "With the drilling obligations exceeded in the first campaign, prevalence of sulphides and quartz veins in the drill core and multiple additional structures and historical workings identified, we are delighted to sign the definitive acquisition agreement to acquire 100% of the Project. The staged cash and share payments, together with work commitments, aligned with exploration success, allow us to take full control of the Project and the opportunity to maximise what we believe is a highly prospective gold licence that has the potential to deliver a significant gold resource.

 

"We extended the drilling campaign to 2,573m, 7 holes on each of the Molly 1 & 2 targets, all of which contained quartz vein and/or disseminated sulphides. The sulphide intersections at Molly 2 exceeded those of Molly 1 so we are particularly excited about its potential to contain a new discovery.  We await the full suite of results to ascertain the true extent of the mineralised structure, which is a natural high grade narrow vein and similar to the other producers in the area.

 

"Understanding the wider licence is crucial and we were delighted to discover multiple additional areas, particularly where previous artisanal activity was prevalent.  New vein systems at Molly and Boomerang highlight the prospectivity and we are delighted to launch the next stage of exploration and drilling.  We truly believe the Project has the potential to evolve into a much larger gold system, underpinned by multiple targets and broader district-scale prospectivity."

 

Further details on the Acquisition Agreement

As announced on 9 February 2026, Jangada secured an exclusive option with BGold to acquire a 100% interest in the Molly Gold Project, acting as operator and funder of all exploration and development activities during the option period. Due to the drilling campaign and additional exploration activities on the licence yielding excellent data and multiple additional target zones, the decision has been taken to exercise the option and to enter into a definitive acquisition agreement. Accordingly, an initial cash payment of US$100,000 has been made to BGold and 10,212,418 new ordinary shares in Jangada have been issued, at par value as of the closing middle market price on acceptance of the LOI (9 February 2026), equating to US$250,000.  These shares are subject to a 6-month lock-up. During the next 12 months, under the terms of the Agreement, Jangada is required to complete a further 2,500 metres of drilling.

 

On the first anniversary of signature of the Agreement, Jangada is required to make a further cash payment of US$150,000 and issue US$500,000 in new ordinary shares in Jangada, priced at the 20-day VWAP immediately preceding issuance (or cash at the Company's discretion). During the 12 months between first and second anniversary of signature of the Agreement, the Company is required to complete a further 10,000m of drilling and deliver either an updated JORC-compliant Mineral Resource Estimate report or a Preliminary Economic Assessment (PEA) report (the "Reports").

 

Following production of either of the Reports, Jangada is then able to request transfer of ownership of the Project to a Brazilian subsidiary of Jangada. As part of this process, further consideration will then also be payable on a resource basis at US$5.00 per ounce over the total Inferred, Indicated and Measured Resources (all JORC categories combined), payable 50% in cash and 50% in Jangada new ordinary shares, priced at the 20-day VWAP immediately preceding issuance, with the same terms applying to future resource updates.

 

BGold will retain a 2.0% net smelter return royalty on future production. If commercial production has not commenced within five years of signing the Agreement, Jangada will pay an annual NSR advance of US$100,000, which will be creditable against future royalty payments.

 

Project development:

The 14 holes 2,573m drill programme primarily targeting the high-grade Molly 1 & Molly 2 targets with potential identification of a discovery at Molly 2 has been completed with the full set of assay results expected shortly. In parallel, detailed mapping, geophysics (including IP and magnetics, supported by drone surveys), and geochemical work has also been completed.  Drilling at Molly 1 has successfully extended mineralisation to the west, confirming continuity beyond the limits of previous drilling. The core indicates that the system remains open in all directions and has the potential to significantly expand the existing resource footprint. At Molly 2, drilling has intersected sulphide-rich zones with highly encouraging geological characteristics. These intersections correlate well with historical IP geophysical anomalies and geochemical data, supporting the interpretation of a coherent mineralised system. The sulphides and quartz veins at Molly 2 are more prevalent and continuous at Molly 2 highlighting excellent potential for a new discovery.

 

Beyond the core Molly 1 & 2 areas, fieldwork has identified multiple new zones of interest. Mapping and site visits have confirmed the presence of previously unreported mineralised structures, including two new vein systems currently being worked by artisanal miners. Samples from these areas have been collected, and while early-stage, these discoveries are significant and demonstrate additional active gold mineralisation within the licence area.

 

The objective of the exploration programmes is to identify new primary gold occurrences, specifically, bedrock sources that may have contributed to the extensive alluvial deposits identified within the mining concession (Figure 1). A secondary, but equally important, objective is the detailed characterization of historically mined alluvial deposits, which may conceal primary sources at depth.

Figure 1 - Areas subjected to artisanal mining since 1985, which will be the focus of detailed studies.

 

Additional targets have also been identified to the west of Molly 1, including Vivi 1 & 2 (Molly 3), where the team is studying the relationship to the main system. These areas show strong potential, particularly where historical soil geochemical anomalies coincide with favourable structural settings. Follow-up work, including IP geophysics, is planned to better define these targets and guide future drilling. (Figure 2)

 



Figure 2 - New veins with intense sulphide mineralization identified in April 2026.



Rock samples exhibiting strong sulphide mineralization (including pyrite, chalcopyrite, and galena) have been collected and submitted to external laboratories for analysis (Figure 3).                              

Figure 3 - Sample exhibiting sulphide mineralization.

At the Boomerang target, a large area that has already yielded significant artisanal gold production, the primary source of mineralization is hypothesized to occur either at depth or at higher elevations within the surrounding terrain. Recent reconnaissance work has identified new mineralized veins and has outlined a broad alteration zone associated with historical artisanal workings, further highlighting the area's strong prospectivity. 

 

Given the scale of the target, drone-based magnetic surveys are planned as the next step to refine the structural interpretation and support the prioritization of drill targets.  Geologically, the Project lies within a highly prospective structural corridor, with multiple intersections of mineralisation identified, including east-west and northwest trends. The system is characterised by narrow, high-grade quartz-sulphide veins, alongside zones of disseminated sulphides and alteration-hosted mineralisation. This variability is consistent with other deposits in the wider Tapajós region.

 

As a follow-up to the above activities, a detailed geological mapping programme is being planned along the western extension of the Molly 2 target. This will be complemented by a geophysical survey campaign incorporating MagDrone and induced polarization (IP) methods.  At the Boomerang target, a MagDrone survey will be conducted over a pilot area to enhance understanding and calibration of the geophysical signature associated with the structural framework of the target.

 

Once all the drill results have been returned and evaluated, the Company will look to publish an updated Mineral Resource Statement. The medium-term aim is to define a multi-pit operation with work including further drilling at the Molly 2 prospect, metallurgical test work, and preliminary economic assessments. The Company remains well funded to complete the next stage of its exploration activities. 

 

Historic Work:

The Project already has an initial declared JORC inferred resource of 130k oz Au from 2.1Mt @ 2g/t at a 0.5 g/t cutoff. Historic 2,857 metre of drilling has previously confirmed the presence of a robust high-grade, near-surface epithermal primary gold system at shallow depths: Grades included 3.0m @ 14.4g/t, 5.07m @ 8.6g/t, 6.5m @ 10.5g/t and 1m @ 200 g/t. The intention is to publish an updated resource number as soon as possible following the receipt of assay for all the recent 14 holes of diamond drilling. 

 

Related Party Transaction:

Luis Azevedo, a former director of the Company and substantial shareholder in the Company, and who is represented on the board of the Company by Luis Felipe Azevedo, is a 100 per cent. shareholder in BGold. Accordingly, the Company entering into the Agreement is deemed to be a related party transaction pursuant to the AIM Rules, The Directors, other than Luis Felipe Azevedo, consider, having consulted with the Company's Nominated Adviser, that the terms of the Agreement are fair and reasonable in so far as Shareholders are concerned.

 

Qualified Person Signoff:

The resource information in this announcement has been reviewed by Mr. Emerson Ricardo Re who is a senior professional geologist with 25 years of experience in the mining industry, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the 2012 edition of the JORC Code. Mr. Re also meets the requirements of a competent person under the AIM Note for Mining, Oil and Gas Companies. Mr. Re has no economic, financial or pecuniary interest in the Company, and he consents to the inclusion in this document of the matters based on his technical information in the form and context in which it appears.

 

Admission and Total Voting Rights

The new ordinary shares issued to BGold will rank pari passu in all respects with the existing Ordinary Shares. Application has been made for the admission of 10,212,418 new Ordinary Shares to trading on AIM ("Admission"), and it is expected that Admission will become effective and that dealings in such new ordinary shares on AIM will commence on or around 8.00 a.m. on 11 May 2026.

 

Following Admission, the Company's issued share capital will consist of 853,326,351 Ordinary Shares, each with one voting right. As the Company does not hold any shares in treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission under the FCA's Disclosure Guidance and Transparency Rules.

 

**ENDS**

 

For further information, please visit http://www.jangadamines.com, follow us on social media (LinkedIn and X: @Jangada Mines Plc or contact:

 

Hugo de Salis
Jangada Mines plc
hugo@lepanto.co.uk
Ritchie Balmer
James Spinney
Harry Hiley
Strand Hanson Limited
Nominated & Financial Adviser
Tel: +44 (0)20 7409 3494
Jonathan Evans
Tavira Financial Ltd
Broker
Tel: +44 (0)20 7100 5100

 

About Jangada Mines Plc

Jangada is a natural resource development company listed on AIM of the London Stock Exchange (AIM:JAN) with assets in Brazil. It is led by a team with deep industry, financial and in-country experience, and has a dual growth strategy to:

·    Advance its portfolio projects including its right to acquire 100% of the high-grade Molly Gold Project, its current 33.3% interest in the Paranaíta Gold Project and the 100%-owned Pitombeiras vanadium titanomagnetite Project

·    Utilise its proven in-country and geological expertise to identify/acquire additional projects that it can rapidly advance to build value for shareholders.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

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