REG - Jangada Mines PLC - Final Results
29/06/2023 07:15
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RNS Number : 3637E Jangada Mines PLC 29 June 2023
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining
29 June 2023
Jangada Mines plc ('Jangada' or 'the Company')
Final Results
Jangada Mines plc, a natural resources development company with interests in
Brazil and elsewhere, is pleased to announce its audited results for the year
ended 31 December 2022. The Annual Report & Accounts will today be made
available on the Company's website and posted to Shareholders, where
appropriate. The Company will shortly be posting out its Notice of AGM to
Shareholders and a further announcement will be made in this regard.
GROUP STRATEGIC REPORT
INTRODUCTION
Jangada was incorporated as an acquisition vehicle for the purposes of
acquiring mining concerns in Brazil.
The Company has subsequently focused its strategy on investing in mining
assets with clear economic, geological, and environmental objectives. At the
balance sheet date, the Company acted as a holding company for its subsidiary
undertaking, VTF Mineração Ltda, which owns 100% of the Pitombeiras Vanadium
Project and additionally the Company held investments in ValOre Metals Corp,
Fodere Titanium Limited and Blencowe Resources Limited and a loan receivable
from KEFI Gold and Copper PLC, which was converted to an equity investment
after the year end.
The financial statements are presented in thousands of US Dollars ($'000). The
financial statements have been prepared in accordance with the requirements of
applicable law and UK-adopted International Accounting Standards ('UK IAS').
REVIEW OF THE BUSINESS
Pitombeiras Vanadium Project
During the year under review, the Company maintained its 100% ownership of the
Pitombeiras Vanadium Project ('Pitombeiras' or 'the Project'), located in the
state of Ceará, Brazil.
Further and as announced on 21 April 2022, the Company provided an updated
technical report ('Technical Report') with the inclusion of the titanium
component at its 100%-owned Pitombeiras Vanadium Titano-Magnetite ('VTM')
Project ('the Project') in Ceará State, Brazil. The Technical Report was
prepared by Brazilian based GE21 Consultoria Mineral ('GE21') and is compliant
with National Instrument 43-101 ('NI 43-101'). The Technical Report supersedes
the Preliminary Economic Assessment ('PEA') published in 2021. The financial
figures include the production of vanadium pentoxide('V2O5') concentrate and
titanium dioxide ('TiO2') and are summarised below:
· US$96.5 million NPV @ 8% discount rate
· 100.3% post-tax IRR
· US$415.2 million total gross revenue
· US$145.9 million post-tax, undiscounted operating cash flow
· Post-tax payback period of 13 months
· US$18.45 million CAPEX (US$2.25 million for TiO2)
· US$1.26 per tonne mined average operating cost
· US$19.39 per tonne of Fe V2O5 concentrate processed average
operating cost
· US$12.48 per tonne of TiO2 processed average operating cost
Subsequent to the release of the Technical Report, the Company evaluated
financing options to progress development but given the uncertainty of markets
that prevailed throughout 2022, and have continued into 2023, no plans have
yet been finalised.
As announced on 13 April 2023, tests were carried out regarding the extraction
of high-grade TiO2 and V2O5 from the Project. The tests were carried out
by Zambian consulting firm, YCS Sustainable Solutions Limited, utilising the
proprietary technology developed by Fodere Titanium Limited, in which Jangada
holds a 7.78% interest. The work is part of the Company's strategy to optimise
the value of the Project by applying innovative processing technology while
also improving its Environmental, Social and Governance ('ESG') credentials.
Five samples, delivered by Jangada from various locations at Pitombeiras, were
crushed, homogenised, and milled. The samples were then subjected to magnetic
separation. Preliminary test works concentrated the Fe2O3, TiO2 and V2O5 with
all upgrading well and excellent recovery and purity rates reported, the
highest recovery rates being 86.73% TiO2, 91.19% Fe2O3, and 95.88% V2O5.
The Directors note that there is an ongoing court case in respect of a land
ownership dispute where the Pitombeiras project is located. The Group is not
party to the lawsuit, and as such cannot be held liable from any claim arising
from the case. The disputed ownership represents approximately 25% of the
land covered by the mining license granted to the Group. The Group is
authorised to develop its activities where the disputed land is located and
has already conducted mineral research, exploration reports and has requested
an extension of the Exploration Permit period, which has been granted by the
National Mining Agency (Agencia Nacional de Minería). The Directors believe
there to be no material impact on the operations of the Group, or the ongoing
exploration at Pitombeiras.
ValOre Metals Corp
As announced in August 2019, the Company divested its 100% interest in Pedra
Branca Brasil Mineração Ltda, the entity that held the Pedra Branca Project
in Brazil, to ValOre Metals Corp (TSX-V:VO). The consideration received on
the divestment was CAD$3,000,000 alongside the issue of 25,000,000 ValOre
common shares to Jangada (of which 22,000,000 shares were received on
completion and 3,000,000 deferred consideration shares were received over
three years).
During the year, the Company sold part of the investment in ValOre to support
its working capital requirements, allowing it to progress the development of
Pitombeiras, including the technical reports and identification of a NI 43-101
compliant resource. At the end of the reporting year, the Company held
1,000,000 shares representing a 0.58% interest in ValOre's share capital.
Fodere Titanium Limited
As previously announced, the Company has made a strategic investment in Fodere
Titanium Limited ("Fodere"), which continues to make excellent progress as it
focuses on the production of titanium dioxide and vanadium from waste
materials. Its highly energy efficient technology maximises resource recovery,
improves processing effectiveness, reduces costs compared to regular
processing routes and, minimises waste to improve environmental credentials
and enhance corporate ESG performance.
Its pilot plant in South Africa is due to be operational in late 2023
targeting the production of concentrates including titanium dioxide, vanadium
pentoxide along with alumina oxide and magnesium sulphate as by-products.
Jeffry N. Quinn, the former head of Tronox, an international vertically
integrated producer of titanium dioxide and inorganic chemicals, has joined
the board of Fodere as a Director.
One of the Company's Non-Executive Directors, Nick von Schirnding, is Chairman
of Fodere.
At the end of the reporting year, the Company held 1,774 shares being a 7.78%
interest in Fodere's share capital.
Blencowe Resources PLC
Blencowe is advancing its Orom-Cross graphite project in Uganda where a
Definitive Feasibility Study is on track to complete by the end of the year.
The Project has a JORC resource of 24.5Mt @ 6.0% TCG based on drilling
undertaken on less than 5% of the project area, part of which already benefits
from a 21-year mining licence. The estimate of graphite is 2-3 billion
tonnes. A Pre-Feasibility Study reported a Net Present Value of US$482m
based on the existing 14-year mine life and outlined capex to first production
of US$62m, average EBITDA of US$100m per annum and a return of US$1.1bn in
free cash over the 14-year life.
Metallurgical testwork reported concentrate grades consistently ranging
between 95-98%, which are battery grade. Further testing is underway in the
USA and China and international funding negotiations are on-going. During the
year, the Company purchased 16,550,000 shares in Blencowe Resources PLC (LSE:
BRES) ('Blencowe') and paid £652,250 (USD 789,000) at £0.04 per share and
received a further 7,625,000 warrants with an exercise price of £0.08 per
share and expiry date of 31 October 2025. Blencowe holds a portfolio of key
battery metals projects located in northern Uganda, see
blencoweresourcesplc.com. Following a period of due diligence, the directors
assessed that the Blencowe assets were being substantially undervalued by the
market and we considered the investment to be a short to medium-term value
accretive opportunity with exposure to both the graphite and nickel sulphide
markets and consistent with Jangada's strategy of being involved in the
development of "battery metals".
At the end of the reporting year, the Company held 20,050,000 shares being a
10.2% interest in Blencowe's share capital.
KEFI Gold and Copper PLC
During the year, the Company advanced an unsecured loan receivable of
£200,000 (USD 242,000) to KEFI Gold and Copper Plc ('KEFI') for working
capital requirements. The loan receivable is short-term in nature and carries
a fixed rate of interest at 25%.
Post year end, the loan has been repaid in full by way of the issue of
35,714,285 shares in KEFI, equating to a holding currently of 0.756%.
Financial Results
The progress during the financial year of advancing the Pitombeiras project
resulted in the Group incurring an Operating Loss from Continuing Operations
of $0.9 million (2021: profit of $0.1 million). Overall, the reported Total
Comprehensive Loss attributable to the Group for the reporting year was $1.3
million (2021: $0.3 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
Year ended Year ended
31 December
31 December
2022 2021
$'000 $'000
Other Income
(Loss)/gain on fair value of investment (270) 340
Profit on disposal of investment 68 1,743
Interest from short term loans 62 -
Total Other Income (140) 2,083
Directors' remuneration 9 (355) (379)
Share based payments - directors 9 - (533)
Impairment of investments 13 - (211)
Foreign exchange gain 223 31
Administration expenses (663) (895)
Operating (loss)/profit from continuing operations (935) 96
Finance expense 6 (1) (4)
(Loss)/profit before tax (936) 92
Tax expense 7 - -
(Loss)/profit from continuing operations (936) 92
Other comprehensive income:
Items that will or may be reclassified to profit or loss:
Currency translation differences arising on translation of foreign operations (392) (354)
Total comprehensive loss attributable to owners of the parent (1,328) (262)
(Loss)/profit per share from (loss)/profit from continuing operations
attributable to the ordinary equity holders of the Company during the year
Cents Cents
- Basic (cents) 8 (0.36) 0.04
- Diluted (cents) 8 (0.36) 0.04
(Loss)/profit per share attributable to the ordinary equity holders of the
Company during the year
Cents Cents
- Basic (cents) 8 (0.36) 0.04
- Diluted (cents) 8 (0.36) 0.04
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
As at As at
31 December
31 December
2022 2021
Assets $'000 $'000
Non-current assets
Exploration and evaluation assets 11 1,210 1,019
Property, plant and equipment 4 4
Investments 13 2,081 1,331
3,295 2,354
Current assets
Other receivables 14 302 450
Cash and cash equivalents 1,397 3,589
1,699 4,039
Total assets 4,994 6,393
Liabilities
Current liabilities
Trade payables 21 6
Accruals and other payables 15 113 53
Total liabilities 134 59
Issued capital and reserves attributable to owners of the parent
Share capital 16 135 135
Share premium 16 5,959 5,959
Translation reserve (754) (362)
Option reserve 17 709 734
Fair value reserve 38 38
Retained earnings (1,227) (170)
Total equity 4,860 6,334
Total equity and liabilities 4,994 6,393
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
As at As at
31 December
31 December
2022 2021
Assets $'000 $'000
Non-current assets
Investment in subsidiary 12 1,602 1,502
Investments 13 2,081 1,331
3,683 2,833
Current assets
Other receivables 14 302 450
Cash and cash equivalents 1,363 3,499
1,665 3,949
Total assets 5,348 6,782
Liabilities
Current liabilities
Trade payables 16 6
Accruals and other payables 15 113 53
Total liabilities 129 59
Issued capital and reserves attributable to owners of the parent
Share capital 16 135 135
Share premium 16 5,959 5,959
Translation reserve (1,556) (880)
Option reserve 17 709 734
Retained earnings (28) 775
Total equity 5,219 6,723
Total equity & liabilities 5,348 6,782
The loss for the year under review for the parent company, Jangada Mines plc,
was $682,168 (2021: profit of $165,681). As permitted under Section 408 of the
Companies Act 2006, no Income Statement or Statement of Comprehensive Income
is presented for the parent company.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
Year ended Year ended
31 December
31 December
2022 2021
Cash flows from operating activities $'000 $'000
(Loss)/profit before tax (936) 92
Add back:
Depreciation 1 -
Cash proceeds on sale of investment (68) -
Cash proceeds on sale of subsidiary - (1,743)
Non-cash interest from short term loans (62) -
Fair value loss/(gain) in investments 270 (228)
Non-cash exchange differences (223) (31)
Non-cash share option charge - 683
Non-cash shares issued in lieu of fees - (58)
Non-cash impairment of investments - 211
Decrease in other receivables 20 (104)
Decrease in trade and other payables 75 70
Net cash flows used in operating activities (923) (1,108)
Investing activities
Development of exploration and evaluation assets (74) (468)
Purchase of plant, property and equipment - (3)
Sale of shares in investments 150 3,870
Purchase of shares in investments (870) (741)
Advance of loan receivable (246) -
Net cash inflows (used in)/from investing activities (1,040) 2,658
Financing activities
Share capital issue - 1,520
Exercise of options - 70
Cancellation of options 17 (102) -
Net cash flows from financing activities (102) 1,590
Net movement in cash and cash equivalents (2,065) 3,140
Cash and cash equivalents at beginning of year 3,589 513
Movements in foreign exchange (127) (64)
Cash and cash equivalents at end of year 1,397 3,589
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
Year ended Year ended
31 December 2022
31 December 2021
Cash flows from operating activities $'000 $'000
(Loss)/profit before tax (682) 165
Cash proceeds on sale of investment (68) -
Cash proceeds on sale of subsidiary - (1,743)
Non-cash interest from short term loans (62) -
Fair value loss/(gain) in investments 270 (228)
Non-cash exchange differences (383) (31)
Non-cash share option charge - 683
Non-cash shares issued in lieu of fees - (58)
Non-cash impairment of investments - 211
Decrease in other receivables 20 (99)
(Increase)/decrease in trade and other payables 70 52
Net cash flows used in operating activities (835) (1,048)
Investing activities
Sale of shares in investments 150 3,870
Purchase of shares in investment (870) (741)
Advance of loan receivable (246) -
Net cash flow (used in)/from investing activities (966) 3,129
Financing activities
Share capital issue - 1,520
Cost of issuing share capital - 70
Increase in related party borrowings (101) (690)
Cancellation of options 17 (102) -
Net cash (used in)/from financing activities (203) 900
Net movement in cash and cash equivalents (2,004) 2,981
Cash and cash equivalents at beginning of year 3,499 447
Movements in foreign exchange (132) 71
Cash and cash equivalents at end of year 1,363 3,499
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Share Share Translation Fair Value Option Retained Total
capital premium reserve reserve reserve earnings equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2021 126 4,389 (8) 38 - (262) 4,283
Comprehensive loss for the year
Profit for the year - - - - - 92 92
Other comprehensive income - - (354) - - - (354)
Total comprehensive loss for the year - - (354) - - 92 (262)
Transactions with owners
Shares issued 8 1,732 - - - - 1,740
Share issue costs charged to share premium - (232) - - - - (232)
Share options exercised 1 70 - - - - 71
Share options issued - - - - 734 - 734
Total transactions with owners 9 1,570 - - 734 - 2,313
As at 31 December 2021 135 5,959 (362) 38 734 (170) 6,334
Comprehensive loss for the year
Loss for the year - - - - - (936) (936)
Other comprehensive income - - (392) - - - (392)
Total comprehensive loss for the year - - (392) - - (936) (1,328)
Transactions with owners
Share options surrendered - - - - (25) (121) (146)
Share options expensed - - - - - - -
Total transactions with owners - - - - (25) (121) (146)
As at 31 December 2022 135 5,959 (754) 38 709 (1,227) 4,860
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
Share Share Translation Option Retained Total equity
capital Premium reserve reserve earnings attributable to owners
$'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2021 126 4,389 30 - 610 5,155
Comprehensive loss for the year
Profit for the year - - - - 165 165
Other comprehensive income - - (910) - - (910)
Total comprehensive income for the year - - (910) - 165 (745)
Transactions with owners
Share issued 8 1,732 - - - 1,740
Share issue costs charged to share premium - (232) - - - (232)
Share options exercised 1 70 - - - 71
Share options issued - - - 734 - 734
Total transactions with owners 9 1,570 - 734 - 2,313
As at 31 December 2021 135 5,959 (880) 734 775 6,723
Comprehensive loss for the year
Loss for the year - - - - (682) (682)
Other comprehensive income - - (676) - - (676)
Total comprehensive loss for the year - - (676) - (682) (1,358)
Transactions with owners
Share options surrendered - - - (25) (121) (146)
Share options expensed - - - - - -
Total transactions with owners - - - (25) (121) (146)
As at 31 December 2022 135 5,959 (1,556) 709 (28) 5,219
NOTES TO THE FINANCIAL STATEMENTS
For the YEAR ended 31 December 2022
1. General information
The Company is a public limited company limited by shares, incorporated in
England and Wales on 30 June 2015 with the registration number 09663756 and
with its registered office at Eastcastle House 27-28, Eastcastle Street,
London W1W 8DH, United Kingdom.
The nature of the Company's operations and its principal activities are set
out in the Strategic Report and the Report of the Directors on pages 4 and 15
respectively in the Annual Report & Accounts.
2. Accounting policies
Basis of preparation and going concern basis
These financial statements have been prepared on a historical cost basis in
accordance with UK-adopted International Accounting Standards and applicable
law, in line with International Financial Reporting Standards (IFRS) and IFRIC
interpretations issued by the International Accounting Standards Board (IASB)
adopted by the European Union and in accordance with applicable UK Law. The
adoption of all of the new and revised Standards and Interpretations issued by
the IASB and the IFRIC of the IASB that are relevant to the operations and
effective for annual reporting periods beginning on 1 July 2019 are reflected
in these financial statements.
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities,
income, and expenses. The estimates and associated assumptions are based on
historical experience and factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
The consolidated financial information is presented in United States Dollars
($).
The functional currency of the subsidiary, VTF Mineração Ltda is Brazilian
Real. The functional of the Company is British Pounds Sterling (GBP). Amounts
are rounded to the nearest thousand ($'000), unless otherwise stated.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Changes in accounting estimates may be necessary if there are changes in the
circumstances on which the estimate was based, or as a result of new
information or more experience. Such changes are recognised in the period in
which the estimate is revised.
The Group's business activities together with the factors likely to affect its
future development, performance and position are set out on pages 4 to 15. In
addition, note 4 to the Financial Statements includes the Group's objectives,
policies and processes for managing its capital; its financial risk management
objectives; details of its financial instruments and its exposure to credit
and liquidity risk.
The Financial Statements have been prepared on a going concern basis. Although
the Group's assets are not generating revenues and an operating loss has been
reported from its continued operations, the Directors consider that the Group
has sufficient funds to undertake its operating activities for a period of at
least the next 12 months including any additional expenditure required in
relation to its current exploration projects. The Group has cash reserves
which are considered sufficient by the Directors to fund the Group's committed
expenditure both operationally and on its exploration project for the
foreseeable future. However, as additional projects are identified and the
Pitombeiras project moves towards production, additional funding will be
required.
As discussed in the Directors' report, the directors do not consider there to
be a material uncertainty, which may cast doubt about the Group and Company's
ability to continue as a going concern. Given the proceeds from the sale of
the Pedra Branca project and based on the Group's planned expenditure on the
Pitombeiras vanadium deposit and the Group's working capital requirements, the
Directors have a reasonable expectation that the Group will have adequate
resources to meet its capital requirements for the foreseeable future. For
that reason, the Directors have concluded that the financial statements should
be prepared on a going concern basis.
Changes in accounting principles and adoption of new and revised standards
In the year ended 31 December 2022, the Directors have reviewed all the new
and revised Standards issued that are relevant to the Group's operations and
effective for the current reporting period.
The Directors have also reviewed all new Standards and Interpretations that
have been issued but are not yet effective for the year ended 31 December
2022. As a result of this review the Directors have determined that there is
no impact, material or otherwise, of the new and revised Standards and
Interpretations on the Group's business and, therefore, no change is necessary
to the Group accounting policies.
New and amended accounting standards and interpretations have been published
but are not mandatory. The Group has decided against early adoptions of these
standards and has determined the potential impact on the financial statements
from the adoption of these standards and interpretations is not material to
the Group.
Basis of Consolidation
Subsidiaries
The subsidiaries are consolidated from the date of acquisition, being the date
on which the Group obtains control, and continues to be consolidated until the
date that such control ceases. The Company has control over a subsidiary if
all three of the following elements are present:
· Power over the investee,
· exposure to variable returns from the investee, and
· the ability of the investor to use its power to affect those
variable returns.
Control is reassessed whenever facts and circumstances indicate that there may
be a change in any of these elements of control.
The financial information of the subsidiary is prepared for the same reporting
year as the parent company, using consistent accounting policies and is
consolidated using the acquisition method. Intra-group balances and
transactions, including unrealised profits arising from intra-group
transactions, have been eliminated. Unrealised losses are eliminated unless
the transaction provides evidence of an impairment of the asset transferred.
Business combinations
The acquisition method of accounting is used to account for business
combinations by the Group. The consideration transferred for the acquisition
of a business is the fair value of the assets transferred, liabilities
incurred, and the equity interests issued by the Group. The consideration
transferred includes the fair value of any asset or liability resulting from a
contingent consideration arrangement.
Acquisition related costs are expensed as incurred. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business
combination are measured at their fair values at the acquisition date. A
business is an integrated set of activities and assets that is capable of
being conducted and managed for the purpose of providing a return in the form
of dividends, lower costs, or other economic benefits.
A business consists of inputs and processes applied to those inputs that have
the ability to create outputs that provide a return to the Company and its
shareholders.
A business need not include all of the inputs and processes that were used by
the acquiree to produce outputs if the business can be integrated with the
inputs and processes of the Company to continue to produce outputs.
If the integrated set of activities and assets is in the exploration and
development stage, and thus, may not have outputs, the Company considers other
factors to determine whether the set of activities and assets is a business.
Those factors include, but are not limited to, whether the set of activities
and assets:
· Has begun planned principal activities;
· Has employees, intellectual property and other inputs and
processes that could be applied to those inputs;
· Is pursuing a plan to produce outputs; and
· Will be able to obtain access to customers that will purchase the
outputs.
Foreign currency
Transactions entered into by the Group in a currency other than the currency
of its primary economic environment in which it operates (the "functional
currency") are recorded at the rates ruling when the transactions occur.
Foreign currency monetary assets and liabilities are translated at the rates
ruling at the reporting date. Exchange differences are taken to the Statement
of Comprehensive Income.
Financial instruments
Financial instruments are measured as set out below. Financial instruments
carried on the statement of financial position include cash and cash
equivalents, trade and other receivables, investments, trade and other
payables and loans to group companies.
Financial instruments are initially recognised at fair value when the group
becomes a party to their contractual arrangements. Transaction costs directly
attributable to the instrument's acquisition or issue are included in the
initial measurement of financial assets and financial liabilities, except
financial instruments classified as at fair value through profit or loss
('FVTPL'). The subsequent measurement of financial instruments is dealt with
below.
Financial assets and financial liabilities are recognised on the Group's
balance sheet when the Group becomes party to the contractual provisions of
the instrument.
Fair value
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. All assets and liabilities, for which fair value is
measured or disclosed in the Financial Statements, are categorised within the
fair value hierarchy, described as follows, based on the lowest-level input
that is significant to the fair value measurement as a whole:
Level 1 - quoted (unadjusted) market prices in active markets for identical
assets or liabilities;
Level 2 - valuation techniques for which the lowest-level input that is
significant to the fair value measurement is directly or indirectly
observable; and
Level 3 - valuation techniques for which the lowest-level input that is
significant to the fair value measurement is unobservable.
Financial assets
All the Group's financial assets are held within a business model whose
objective is to collect contractual cash flows which are solely payments of
principals and interest and therefore classified as subsequently measured at
amortised cost. Group's financial assets include cash and cash equivalents,
Company's financial assets include cash and other receivables. The Group
assesses on a forward-looking basis, the expected credit losses, defined as
the difference between the contractual cash flows and the cash flows that are
expected to be received.
Impairment provisions for receivables from related parties and loans to
related parties are recognised based on a forward-looking expected credit loss
model. The methodology used to determine the amount of the provision is based
on whether there has been a significant increase in credit risk since initial
recognition of the financial asset. For those where the credit risk has not
increased significantly since initial recognition of the financial asset,
twelve month expected credit losses along with gross interest income are
recognised. For those for which credit risk has increased significantly,
lifetime expected credit losses along with the gross interest income are
recognised. For those that are determined to be credit impaired, lifetime
expected credit losses along with interest income on a net basis are
recognised.
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair
value through profit and loss (FVTPL) or as other financial liabilities. The
Group derecognises financial liabilities when, and only when, the Group's
obligations are discharged or cancelled, or they expire.
Financial liabilities are classified at FVTPL when the financial liability is
either held for trading or it is designated at FVTPL. A financial liability is
classified as held for trading if it has been incurred principally for the
purpose of repurchasing it in the near term or is a derivative that is not a
designated or effective hedging instrument.
Financial liabilities at FVTPL are measured at fair value, with any gains or
losses arising on changes in fair value recognised in profit or loss. The net
gain or loss recognised in profit or loss incorporates any interest paid on
the financial liability.
Other financial liabilities, including borrowings, are initially measured at
fair value, net of transaction costs and are subsequently measured at
amortised cost using the effective interest method, with interest expense
recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of
a financial liability and of allocating interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts
estimated future cash payments through the expected life of the financial
liability, or, where appropriate, a shorter period, to the net carrying amount
on initial recognition.
Exploration and evaluation assets
Costs capitalised in respect of the Group's development and production assets
are required to be assessed for impairment under the provisions of IAS 36.
Such an estimate requires the Group to exercise judgement in respect of the
indicators of impairment and in respect of inputs used in the models which are
used to support the carrying value of the assets.
Such inputs include costs of exploration work, studies, field costs,
government fees and the associated support costs. The directors concluded
there were no impairment indicators in the current year. Therefore, no
impairment to the carrying value of the Pitombeiras asset was considered
necessary.
Costs incurred prior to obtaining the legal rights to explore an area are
expensed immediately to the Statements of Profit or Loss and Other
Comprehensive Income. Only material expenditures incurred after the
acquisition of a licence interest are capitalised.
Share Options - estimates and assumptions
The fair value of options and warrants granted to directors and others in
respect of services provided is recognised as an expense in the Statement of
Comprehensive Income with a corresponding increase in equity reserves.
Taxation
The charge for current tax is based on the taxable income for the year. The
taxable result for the year differs from the result as reported in the
statement of comprehensive income because it excludes items which are not
assessable or disallowed and it further excludes items that are taxable and
deductible in other years. It is calculated using tax rates that have been
enacted or substantially enacted by the statement of financial position date.
Investments
Investments are carried at fair value. Deferred tax assets and liabilities are
recognised where the carrying amount of an asset or liability in the audited
consolidated balance sheet differs from its tax base. Recognition of deferred
tax assets is restricted to those instances where it is probable that taxable
profit will be available against which the difference can be utilised.
The amount of the asset or liability is determined using tax rates that have
been enacted or substantively enacted by the reporting date and are expected
to apply when the deferred tax liabilities/(assets) are settled/(recovered).
Deferred tax assets and liabilities are offset when the Company has a legally
enforceable right to offset current tax assets and liabilities and the
deferred tax assets and liabilities relate to taxes levied by the same tax
authority.
3. Critical accounting estimates and judgements
The preparation of the Financial Statements in conformity with IFRSs requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the end of the reporting year and the reported amount of expenses during
the year. Actual results may vary from the estimates used to produce these
Financial Statements.
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
Significant items subject to such judgements and estimates include, but are
not limited to:
Judgements
The Directors have considered the criteria of IFRS 6 regarding the impairment
of exploration and evaluation assets and have decided based on this assessment
that there is no basis to impair the carrying value of its exploration assets
in respect to the Pitombeiras project (2022: $1,210,000, 2021: $1,019,000) at
this time.
Estimates and assumptions
Share based payments
Share options issued by the Group relates to the Jangada Plc Share Option
Plan. The grant date fair value of such options is calculated using a
Black-Scholes model whose input assumptions are derived from market and other
internal estimates. The key estimates include volatility rates and the
expected life of the options, together with the likelihood of non-market
performance conditions being achieved. Refer note 17.
On exercise or cancellation of share options and warrants, the proportion of
the share-based payment reserve relevant to those options and warrants is
transferred from other reserves to the accumulated deficit. On exercise,
equity is also increased by the amount of the proceeds received. The fair
value is measured at grant date charged in the accounting year during which
the option and warrants becomes unconditional.
The fair value of options and warrants are calculated using the Black-Scholes
model, taking into account the terms and conditions upon which the options and
warrants were granted. Vesting conditions are non-market and there are no
market vesting conditions. These vesting conditions are included in the
assumptions about the number of options and warrants that are expected to
vest. At the end of each reporting year, the Company revises its estimate of
the number of options and warrants that are expected to vest. The exercise
price is fixed at the date of grant and no compensation is due at the date of
grant. Where equity instruments are granted to
persons other than employees, the statement of comprehensive income is charged
with the fair value of the goods and services received. Please refer to note
17.
Company - Application of the expected credit loss model prescribed by IFRS 9
IFRS 9 requires the Parent company to make assumptions when implementing the
forward-looking expected credit loss model. This model is required to be used
to assess the intercompany loan receivables from the company's Brazilian
subsidiaries for impairment.
Arriving at the expected credit loss allowance involved considering different
scenarios for the recovery of the intercompany loan receivables, the possible
credit losses that could arise and the probabilities for these scenarios. The
following was considered; the exploration project risk for Pitombeiras,
positive NPV of the Pitombeiras project as demonstrated by the Feasibility
Study, ability to raise the finance to develop the projects, ability to sell
the projects, market and technical risks relating to the project. The
Directors therefore considered that there was no impairment of the subsidiary
loan (2021: nil).
4. Financial instruments - Risk Management
The Company is exposed through its operations to the following financial
risks:
· Credit risk;
· Liquidity risk;
· Fair value measurement risk; and
· Foreign exchange risk.
Credit risk
Credit risk arises from cash and cash equivalents and outstanding receivables.
The Group maintains cash and short-term deposits with a variety of credit
worthy financial institutions and considers the credit ratings of these
institutions before investing in order to mitigate against the associated
credit risk.
The Group's exposure to credit risk amounted to $1,699,000 (2021: $4,039,000).
Of this amount, $1,397,000 represents the Group's cash holdings (2021:
$3,589,000).
The directors monitor the utilisation of the credit limits regularly and at
the reporting date does not expect any losses from non-performance by the
counterparties.
Liquidity risk
In keeping with similar sized mining exploration groups, the Group's continued
future operations depend on the ability to raise sufficient working capital
through the issue of equity share capital. The Group monitors its cash and
future funding requirements through the use of cash flow forecasts.
The Company's policy is to ensure that it will always have sufficient cash to
allow it to meet its liabilities when they become due.
In common with all other businesses, the Company is exposed to risks that
arise from its use of financial instruments.
Fair value measurement risk
The following tables detail the Group's assets and liabilities measured or
disclosed at fair value using a three-level hierarchy, based on the lowest
level of input that is significant to the entire fair value measurement,
being:
- Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities that the entity can access at the measurement
date
- Level 2: Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly or indirectly
- Level 3: Unobservable inputs for the asset or liability
Level 1 Level 2 Level 3 Total
As at 31 December 2022 $'000 $'000 $'000 $'000
Assets
Investments - At FVTPL 1,233 848 - 2,081
Total assets 1,233 848 - 2,081
Level 1 Level 2 Level 3 Total
As at 31 December 2021 $'000 $'000 $'000 $'000
Assets
Investments - At FVTPL 451 880 - 1,331
Total assets 451 880 - 1,331
There were no transfers between levels during the financial year.
Level 1 Level 2 Level 3 Total
As at 31 December 2021 $'000 $'000 $'000 $'000
Assets
Investments - At FVTPL 451 880 - 1,331
Total assets 451 880 - 1,331
There were no transfers between levels during the financial year.
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk
arising from various currency exposures, primarily with respect to the
Brazilian Real, US Dollar and the Pound Sterling.
Foreign exchange risk arises from future commercial transactions, recognised
assets and liabilities and net investments in foreign operations that are
denominated in a foreign currency. The Group holds a proportion of its cash in
GBP and Brazilian Reals to hedge its exposure to foreign currency fluctuations
and recognises the profits and losses resulting from currency fluctuations as
and when they arise. The volume of transactions is not deemed sufficient to
enter forward contracts.
The Group's financial instruments are set out below:
As at As at
31 December 31 December
2022 2021
$'000 $'000
Financial assets
Cash and cash equivalents 1,397 3,589
Other receivables 302 450
Investments - At FVTPL 2,081 1,331
Total financial assets 3,780 5,370
As at
As at
31 December
31 December
2022
2021
$'000
$'000
Financial assets
Cash and cash equivalents
1,397
3,589
Other receivables
302
450
Investments - At FVTPL
2,081
1,331
Total financial assets
3,780
5,370
As at As at
31 December 31 December
2022 2021
$'000 $'000
Financial liabilities
Trade payables 21 6
Accruals and other payables 113 53
Total financial liabilities 134 59
As at As at
31 December 31 December
2022 2021
$'000 $'000
US Dollar - -
Brazilian Real 4 1
Pound Sterling 130 58
134 59
The potential impact of a 10% movement in the exchange rate of the currencies
to which the Group is exposed is shown below:
2022 2021
$'000 $'000
Foreign currency risk sensitivity analysis
Brazilian Real
Strengthened by 10% - -
Weakened by 10% - -
Pound Sterling
Strengthened by 10% 269 351
Weakened by 10% (329) (429)
Capital risk management
The Group's objectives when managing capital are to safeguard the Group's
ability to continue as a going concern, to provide returns for shareholders
and to enable the Group to continue its exploration and evaluation activities.
The Group has only short-term trade payables and accruals at 31 December 2022
and defines capital based on the total equity of the Group. The Group monitors
its level of cash resources available against future planned exploration and
evaluation activities and may issue new shares to raise further funds from
time to time.
There were no changes in the Company's approach to capital management during
the year. The Company is not subject to externally imposed capital
requirements.
General objectives, policies and processes
The board of directors has overall responsibility for the determination of the
Company's risk management objectives and policies. The overall objective of
the board is to set policies that seek to reduce risk as far as possible
without unduly affecting the Company's competitiveness and flexibility.
Principal financial instruments
The principal financial instrument used by the Company, from which financial
instrument risk arises, is related party borrowings.
5. Segment information
The Company evaluates segmental performance on the basis of profit or loss
from operations calculated in accordance with IFRS 8. In the Directors'
opinion, the Group only operates in one segment being mining services. All
non-current assets have been generated in Brazil.
6. Finance expense
Year ended Year ended
31 December 2022 31 December 2021
$'000 $'000
Interest expense (1) (4)
Total finance expense (1) (4)
7. Tax expense
Year ended Year ended
31 December 2022 31 December 2021
$'000 $'000
(Loss)/profit on ordinary activities before tax (936) 92
(Loss)/profit on ordinary activities multiplied by standard rate of (178) 17
corporation tax in the UK of 19% (2021: 19%)
Effects of:
Unrelieved tax losses carried forward 178 (17)
Total tax charge for the year - -
Factors that may affect future tax charges
Apart from the losses incurred to date and the fact that from April 2023 the
UK corporation tax rate has risen to 25%, there are no factors that may affect
future tax charges. At the year end, $3,939,000 (2021: $5,571,000) of
cumulative estimated unrelieved tax losses arose in Brazil and the United
Kingdom, which could be utilised in the foreseeable future.
8. Loss per share
31 December 2022 31 December 2021
$'000 $'000
(Loss)/profit for the year (936) 92
2022 2021
Weighted average number of shares (basic & diluted)
258,602,032 254,618,055
(Loss)/earnings per share - basic & diluted (US 'cents) (0.36) 0.04
There have been no transactions involving ordinary shares or potential
ordinary shares that would significantly change the number of ordinary shares
or potential ordinary shares outstanding between the reporting date and the
date of completion of these financial statements.
9. Staff costs and directors' remuneration
Staff costs, including directors' remuneration, were as follows:
Monetary Share
remuneration Options(1) Total Total
Year ended 31 December Year ended 31 December Year ended 31 December Year ended
2022 2022 2022 31 December 2021
$'000 $'000 $'000 $'000
B K McMaster 222 - 222 469
L M F De Azevedo 74 - 74 316
N K von Schirnding 59 - 59 127
355 - 355 912
(1 - Refer to note 17 for options details.)
Excluding directors, there was one member of staff during the year ended 31
December 2022 (2021: one). Excluding directors' remuneration, staff costs
during the year were salaries $27,000 (2021: $5,000), social security $5,000
(2021: $1,000), other benefits $nil (2021: $nil). As at the year end, $30,000
(2021: $20,000) of Director's Remuneration for L M F De Azevedo was accrued
but not yet settled.
10. Auditor's remuneration
Year ended Year ended
31 December 31 December
2022 2021
$'000 $'000
Fees payable to the Company's auditor and its associates for the audit of the 52 34
Company's annual accounts
Fees payable for other services:
- High level review of interim financial statements 2 -
Total auditor remuneration 54 34
11. Exploration and evaluation assets
As at As at
31 December 2022 31 December 2021
$'000 $'000
Cost and net book value
At beginning of year 1,019 550
Expenditure capitalised during the year 191 469
Cost and net book value at 31 December 1,210 1,019
The Directors have concluded that there are no impairment indicators at the
year end. Further details can be found in Note 2: Accounting policies -
Exploration and evaluation assets.
12. Investment in subsidiary
As at As at
31 December 2022 31 December 2021
Company $'000 $'000
Shares in subsidiary 1 1
Contribution to capital 1,601 1,501
Total 1,602 1,502
The Directors have conducted an impairment review and are satisfied that the
carrying value of $1,602,000 is reasonable and no impairment is necessary
(2021: US$ nil).
13. Investments - At FVTPL
As at As at
31 December 2022 31 December 2021
$'000 $'000
Investment in ValOre Metals Corp 203 215
Investment in Fodere Titanium Limited 976 1,091
Investment in Blencowe Resources Plc 1,030 236
Investment in Axies Ventures Limited 60 -
Impairment in Investments (188) (211)
Carrying amount of investments 2,081 1,331
During the year, the Company received the fifth and sixth tranches of 500,000
Deferred Consideration Shares in ValOre Metals Corp in February 2022 and
August 2022. Currently, the Company has a 0.58% interest in ValOre's share
capital. The investment is carried at fair value with any changes recognised
through profit and loss.
The Company holds shares in the share capital of Fodere Titanium Limited,
which is a United Kingdom registered minerals technology company which has
developed innovative processes for the titanium, vanadium, iron and steel
industries. Currently, the Company has a 7.78% interest in Fodere's share
capital. The investment is carried at fair value with any changes recognised
through profit and loss and this has resulted in the Company recognising an
impairment loss in the investment of $nil (2021: $211,000), which has been
recognised as an expense in the statement of comprehensive income. Movements
in the investment during the year are the effects of foreign exchange
translations.
During the year, the Company purchased a further 16,550,000 shares in Blencowe
Resources Plc, which it paid £652,250 (USD 789,000) at £0.04 per share and
received a further 7,625,000 warrants with an exercise price of £0.08 per
share and expiry date of 31 October 2025. At the end of the year, the Company
had a 10.2% interest in Blencowe's share capital, which is a United Kingdom
registered natural resources company focused on the development of the
Orom-Cross Graphite Project in Uganda. The investment is carried at fair value
with any changes recognised through profit and loss.
The Group measures these Investments at fair value, using a three-level
hierarchy, based on the lowest level of input that is significant to the
entire fair value measurement. Further details are available in Note 4:
Financial Instruments - Risk Management.
14. Other receivables
Group Group Company Company
As at As at As at As at
31 December 2022 31 December 31 December 2022 31 December
2021 2021
$'000 $'000 $'000 $'000
Current
Other receivables - 20 - 20
Accrued income - 430 - 430
Loan receivable 302 - 302 -
Total other receivables 302 450 302 450
Accrued income totalling $nil (2021: $430,000) relating to the disposal of
Pedra Branca being nil (2021: 1,000,000) Deferred Consideration Shares in
ValOre with fair value determined to be $nil (2021: $430,000) at the balance
sheet date.
During the year, the Company advanced an unsecured loan receivable of
£200,000 (USD 242,000) to KEFI Gold and Copper Plc for working capital
requirements. The loan receivable is short-term in nature and carries a fixed
rate of interest at 25%. Post year end, the loan has been repaid in full by
the issue of 35,714,285 shares in KEFI as noted earlier in this report.
15. Accruals and other payables
Group Group Company Company
As at 31 As at 31 As at 31 December 2022 As at 31
December December December
2022 2021 2021
$'000 $'000 $'000 $'000
Current
Accruals 83 33 83 33
Amounts owed to Directors 30 20 30 20
Total accruals and other payables 113 53 113 53
16. Share capital
31 December 2022 31 December 2021
Issued Share Capital Share premium Issued Share Capital Share premium
Number $'000 $'000 Number $'000 $'000
At beginning of the year ordinary shares of 0.04p each: 258,602,032 135 5,959 242,113,144 126 4,389
19 February 2021: shares issued as part of placement - - - 13,888,888 8 1,732
30 March 2021: shares issued upon exercise of options - - - 2,600,000 1 70
Share issue costs charged to share premium - - - - - (233)
At 31 December: ordinary shares of 0.04p each: 258,602,032 135 5,959 258,602,032 135 5,959
Ordinary shares
Ordinary shares have the right to receive dividends as declared and, in the
event of a winding up of the Company, to participate in the proceeds from sale
of all surplus assets in proportion to the number of and amounts paid up on
shares held. Ordinary shares entitle their holder to one vote, either in
person or proxy, at a meeting of the Company.
17. Share options and warrants
Average exercise price per share option Year ended Average exercise price per share option Year ended 31 December 2021
$
$
31 December 2022 Number of
Number of options
options
At the beginning of the year - 37,844,444 - 9,000,000
Warrants issued 19 February 2021 - - 0.09 694,444
Surrendered share options 3 March 2021 - - 0.02 (250,000)
Share Options exercised 30 March 2021 - - 0.02 (2,600,000)
Share warrants issued 10 August 2021 - - 0.08 1,000,000
Share options issued 10 August 2021 - - 0.08 30,000,000
Share options surrendered 17 January 2022 0.02 (3,000,000) - -
At the end of the year 34,844,444 37,844,444
On 17 January 2022, the Company entered into an agreement whereby an option
holder agreed to surrender 3,000,000 options, with a grant date of 1 December
2019 and an expiry date of 1 December 2024 with an exercise price £0.02 per
option share, for consideration of £105,000 (USD$129,354). The amounts were
payable in 15 equal monthly instalments of £7,000 (USD$8,624). On the same
date the options were cancelled by the Company. As at the date of this report
12 of the monthly instalments have been paid in the current reporting year and
the remaining 3 instalments were paid in the subsequent reporting year.
As at As at
31 December 2022 31 December 2021
$'000 $'000
Share based payments reserve
At beginning of year 734 -
Share based payments surrendered (25) -
Share based payments expense(1) - 734
Closing balance at 31 December 709 734
(1) For the year ended 31 December 2022, the Directors have estimated that the
vesting conditions related to 20,250,000 director and employee options cannot
be achieved. Therefore, $nil (2021: $0.7m) expense has been recognised in the
Statement of Comprehensive Income.
Share options and warrants outstanding at the end of the year have the
following expiry date and exercise prices:
Share options/warrants 31 December Share options/warrants 31 December 2021
2022
Exercise price
Grant date Expiry date £
1 December 2019 30 November 2024 0.02 3,150,000 6,150,000
19 February 2021 19 February 2024 0.09 694,444 694,444
10 August 2021 10 August 2025 0.08 31,000,000 31,000,000
The fair value at grant date is independently determined using an adjusted
form of the Black Scholes Model that takes into account the exercise price,
the term of the option, the impact of dilution (where material), the share
price at grant date and expected price volatility of the underlying share, the
expected dividend yield, the risk-free interest rate for the term of the
option and the correlations and volatilities of the peer group companies. In
addition to the inputs in the table above, further inputs as follows:
The model inputs for the 694,444 broker warrants granted for consulting
services during the year included:
(a) warrants are granted for no consideration and vested warrants
are exercisable for a year of three years after the grant date: 19 February
2021.
(b) expiry date: 19 February 2024.
(c) share price at grant date: 9.6 pence.
(d) expected price volatility of the company's shares: 70.24%.
(e) risk-free interest rate: 0.70%.
The model inputs for the 30,000,000 director and Brazilian employee options
and 1,000,000 third party warrants granted for consulting services during the
year included:
(a) 30,000,000 options are granted and split into two Tranches,
whereby 20,250,000 tranche A options have vesting conditions linked to
performance and 9,750,000 Tranche B options vest immediately.
(b) Tranche A is split further with 9,450,000 options vesting once
all necessary permits required to commence production are received and then a
further 10,800,000 options vest upon commencement of production at the
Pitombeiras Vanadium Project.
(c) The 9,450,000 options have a vesting period of two years from
grant date and the 10,800,000 options have a vesting period of three years
from the grant date.
(d) 1,000,000 warrants are granted for no consideration and vested
warrants are exercisable for a period of three years after the grant date: 10
August 2021.
(e) expiry date: 10 August 2025.
(f) share price at grant date: 8.0 pence.
(g) expected price volatility of the company's shares: 70.24%.
(h) risk-free interest rate: 0.591%.
18. Subsidiary
The details of the subsidiaries of the Company, which have been included in
these consolidated financial statements are:
Name Country of incorporation Proportion of ownership interest
VTF Mineração Ltda. Brazil 99.99%
Jangada Services Plc United Kingdom 100.00%
Allexcite Enterprises Pty Ltd Australia 100.00%
19. Related party transactions
During the year the Company entered into the following transactions with
related parties.
Year ended 31 December 2022 Year ended 31 December 2021
$'000 $'000
Garrison Capital (UK) Limited:
- 20
Purchases made on Company's behalf and administrative fees expensed during the
year
Nicholas von Schirnding:
- 490
Investment in Fodere Titanium Limited of which Nicolas von Schirnding is the
Chairman
FFA Legal Ltda:
Legal and accountancy services expensed during year 89 90
FFA Legal Ltda is a related party to the Group due to having a director in
common with Group companies. At the year-end they were owed $nil (2021: $nil).
Harvest Minerals Limited is a related party to the Group due to having
directors in common with Group companies. At the year-end they held 1,250,000
options (2021: 1,250,000), which were acquired from various option holders on
3 March 2021 at an aggregate sum of £77,000 (USD$107,175).
Directors' remuneration is disclosed within note 9.
20. Subsequent Events
In May 2023, the Company purchased an additional 2,000,000 shares in Blencowe
Resources PLC and paid £0.05 per share. The Company also received 1,000,000
warrants with an exercise price of £0.08 per share and expiry date of 23 May
2026.
At the year end, the Company had a loan receivable from KEFI Gold and Copper
Plc ("KEFI") for $0.25 million, which was subsequently converted post year end
into 35,714,285 shares in KEFI and is a liquid investment on the London Stock
Exchange.
There have been no other significant subsequent events since the reporting
date.
21. Ultimate controlling party
The Directors consider that the Company has no single controlling party.
**ENDS**
For further information please visit www.jangadamines.com
(http://www.jangadamines.com/) or contact:
Jangada Mines plc Brian McMaster (Chairman) info@jangadamines.com
Strand Hanson Limited Ritchie Balmer Tel: +44 (0)20 7409 3494
(Nominated & Financial Adviser) James Spinney
Tavira Securities Limited Jonathan Evans Tel: +44 (0)20 7100 5100
(Broker)
St Brides Partners Ltd Ana Ribeiro jangada@stbridespartners.co.uk
(Financial PR) Isabel de Salis
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. END FR FLMATMTATMIJRecent news on Jangada Mines
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