REG - Jangada Mines PLC - Half-year Report
26/09/2022 07:45
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RNS Number : 5913A Jangada Mines PLC 26 September 2022
Jangada Mines Plc / EPIC: JAN.L / Market: AIM/ Sector: Mining
26(th) September 2022
Jangada Mines Plc
('Jangada' or the 'Company')
Interim Results for the six months ended 30 June 2022
Jangada Mines plc, a natural resources company with interests in Brazil and
elsewhere, is pleased to announce its unaudited Interim Results for the period
ended six months to 30 June 2022.
CHAIRMAN'S STATEMENT
Pitombeiras Vanadium Project
During the period under review, the Company continued to develop its 100%
owned Pitombeiras Ferrovanadium Project ('Pitombeiras' or 'the Project'),
located in the state of Ceará, Brazil and I am pleased to confirm that we
have made great progress in this regard. The Company concluded the current
phase of its drilling programme, and completed a consolidated updated National
Instrument 43-101 ('NI 43-101') compliant resource estimate, comprising the
results obtained to date from Pitombeiras North and South and Goela targets:
· Total Mineral Resource Estimate ('MRE') of 8.26Mt, representing
an increase of 45%, with 62% now classified at the higher confidence Measured
& Indicated ('M&I') Mineral Resources category;
· The Mineral Resource classification resulted in Measured &
Indicated Resources of 5.10Mt at 0.46% V2O5, 9.04 % TiO2 and 46.06% of Fe2O3,
and;
· Inferred Resource Estimate of 3.16Mt at 0.44% V2O5, 9.00% TiO2
and 45.86% of Fe2O3
The Technical Report was published in April 2022 on Pitombeiras, demonstrated
the Project's robust economics including:
· 100.3% post-tax Internal Rate of Return ('IRR')
· US$96.5 million post-tax Net Present Value ('NPV') (8% discount
rate)
· All-inclusive CAPEX totalling US$18.45 million
· US$16.21m in operating cash flow per annum (current market cap of
c.£9m)
· Payback time - 13 months
· Current VTM commodity basket prices all at a premium to those
used in the latest study
ValOre Metals Corp
During the period, the Company sold down a substantial part of the investment
in ValOre to support the Company's working capital requirements, allowing the
Company to substantially progress the development of Pitombeiras and pursue
other investment opportunities.
At the end of the reporting period, the Company had a 1.10% interest in
ValOre's share capital.
Fodere Titanium Limited
By channelling capital in a responsible way towards companies that innovate
and address global challenges to create a more sustainable world, investing
can make a difference. With this in mind, as announced on 1 February 2021,
the decision was made to take a 3.6% interest in Fodere Titanium Limited
('Fodere'), a company that is making great strides towards commercialising the
production of titanium dioxide and vanadium from waste materials.
Fodere is rapidly advancing the commercialisation of its environmentally
sustainable and highly innovative technology to extract high value metals from
the titanium, vanadium, iron, and steel industries. Fodere is currently in
discussion with industrial offtakers as it moves toward building an initial
plant to commence production. One of the Company's Non-Executive Directors,
Nick von Schirnding, is Chairman of Fodere.
At the end of the reporting period, the Company had a 3.6% interest in
Fodere's share capital.
Blencowe Resources plc
Additionally, during the period the Company has made an initial investment of
US$236,000 in Standard Market listed Blencowe Resources plc (LSE:BRES). BRES
is developing the Orom - Cross Jumbo Flake Graphite Project in Uganda which in
July 2022 delivered a Pre-Feasibility Study with a Net Present Value of
US$482M and an IRR of 49%. Jangada has conducted a desk top review of BRES'
assets and we are very excited about the company's prospects. We remain
interested and supportive shareholders.
Financial Results
The progress during the six months ended 30 June 2022 of advancing the
Pitombeiras project and the sell down of the investment in ValOre shares,
resulted in the Group making a loss from Continuing Operations of US$418k (six
months ended 30 June 2021: profit US$1,016k).
Overall, the reported Total Comprehensive Loss attributable to the Group for
the reporting period was US$992k (2021: profit of US$921k).
Brian McMaster
Executive Chairman
26 September 2022
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 30 JUNE 2022
30 June 30 June
2022 2021
(Unaudited) (Unaudited)
Notes $'000 $'000
Gain (loss) on fair value of investments (247) 4
Profit on disposal of investments 71 1,642
Directors' remuneration (185) (162)
Foreign exchange gain 338 40
Administration expenses (394) (505)
Operating (Loss) / Profit from continuing operations (417) 1,019
Finance expense (1) (3)
(Loss) / Profit before tax (418) 1,016
Tax expense 5 - -
(Loss) / Profit from continuing operations (418) 1,016
Other comprehensive income:
Items that will or may be classified to profit or loss:
Currency translation differences arising on translation of foreign operations (574) (95)
Total comprehensive income / (loss) attributable to owners of the parent (992) 921
(Loss) / Earnings per share from loss from continuing operations attributable Cents Cents
to the ordinary equity holders of the Company during the period
- Basic (cents) 6 (0.16) 0.40
- Diluted (cents) 6 (0.16) 0.40
(Loss) / Earnings per share attributable to the ordinary equity holders of the Cents Cents
Company during the period
- Basic (cents) 6 (0.16) 0.40
- Diluted (cents) 6 (0.16) 0.40
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
30 June 31 December
2022 2021
(Unaudited) (Audited)
Notes $'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 7 1,165 1,019
Property, plant and equipment 4 4
Investments 8 1,196 1,331
2,365 2,354
Current assets
Other receivables 9 150 450
Cash and cash equivalents 2,988 3,589
3,138 4,039
Total assets 5,503 6,393
Liabilities
Current liabilities
Trade payables 10 6
Accruals and other payables 151 53
Total liabilities 161 59
Issued capital and reserves attributable to owners of the parent
Share capital 10 135 135
Share premium 10 5,959 5,959
Translation reserve (936) (362)
Option reserve 11 734 734
Fair value reserve 38 38
Retained earnings (588) (170)
Total equity 5,342 6,334
Total equity & liabilities 5,503 6,393
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 30 JUNE 2022
Translation reserve Fair value reserve Option Retained earnings
Share capital Share premium reserve Total equity attributable to owners
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance as at 1 January 2021 126 4,389 (8) 38 - (262) 4,283
Total comprehensive profit / (loss) for the year - - - - - 1,016 1,016
Profit for the half-year
Other comprehensive income / (loss) - - (95) - - - (95)
Total comprehensive profit / (loss) for the year - - (95) - - 1,016 921
Transactions with owners in their capacity as owners
Shares issued 8 1,732 - - - - 1,740
Share issue costs charged to share premium - (174) - - - - (174)
Share options exercised 1 70 - - - - 71
Share options issued - - - - 58 - 58
Total transactions with owners 9 1,628 - - 58 - 1,695
Balance at 30 June 2021 (unaudited) 135 6,017 (103) 38 58 754 6,899
135 5,959 (362) 38 734 (170) 6,334
Balance as at 1 January 2022
Total comprehensive profit / (loss) for the year - - - - - (418) (418)
Loss for the half-year
Other comprehensive loss - - (574) - - - (574)
Total comprehensive loss for the year - - (574) - - (418) (992)
Transactions with owners in their capacity as owners
Shares issued - - - - - - -
Shares options issued - - - - - - -
Total transactions with owner - - - - - - -
Balance at 30 June 2022 (unaudited) 135 5,959 (936) 38 734 (588) 5,342
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF-YEAR ENDED 30 JUNE 2022
30 June 30 June
2022 2021
(Unaudited) (Unaudited)
Cash flows from operating activities $'000 $'000
Profit / (Loss) before Tax from continuing operations (418) 1,016
Cash proceeds on sale of subsidiary (71) -
Non-cash shares received on disposal of subsidiary (178) (316)
Non-cash exchange difference 302 -
Non-cash share option charge - 58
Proceeds from disposal of subsidiary classified as investing activities - (1,163)
Decrease/(increase) in other receivables (300) (85)
(Decrease)/increase in trade and other payables (102) (26)
Net cash outflow from operating activities (767) (516)
Investing activities
Development of exploration and evaluation assets (146) (372)
Purchase of plant, property and equipment - (3)
Sale of shares in investment 148 3,649
Purchase of shares in investment (61) -
Net cash (outflow) / inflow from investing activities (59) 3,274
Financing activities
Share capital issue - 1,803
Cost of issuing share capital - (173)
Net cash from financing activities - 1,630
Net movement in cash and cash equivalents (826) 4,388
Cash and cash equivalents at beginning of period 3,588 513
Movements in foreign exchange 226 103
Cash and cash equivalents at end of period 2,988 5,004
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 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 20 North Audley Street, London W1K
6WE. The Company's principal activities are the exploration and development of
mining assets in Brazil.
2. Accounting Policies
Basis of preparation
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules for
Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim
Financial Statements" in preparing this interim financial information. The
condensed consolidated financial information for the six months ended 30 June
2022 has been prepared on a basis consistent with, and on the basis of, the
accounting policies set out in the financial information in the Company's
published results for the year-end to 31 December 2021. The interim financial
statements of the Company have been prepared on the basis of the accounting
policies, presentation, methods of computation and estimation techniques
expected to be adopted in the financial information by the Company in
preparing its annual report as at 31 December 2022.
The interim financial information set out above does not
constitute statutory accounts within the meaning of the Companies Act 2006. It
has been prepared on a going concern basis in accordance with the recognition
and measurement criteria of International Financial Reporting Standards (IFRS)
as adopted by the UK which have not differed from the previously EU-endorsed
IFRS, and hence the previously reported accounting policies still apply.
The interim condensed consolidated financial statements do
not include all of the information required for full annual financial
statements and should be read in conjunction with the audited consolidated
financial statements of the Company as at and for the year ended 31 December
2021.
Statutory financial statements for the year ended 31 December
2021 were approved by the Board of Directors on 24 June 2022 and delivered to
the Registrar of Companies. The report of the auditors on those financial
statements was unqualified.
The Board have conducted a review of forecast earnings and cash over the next
twelve months, considering various scenarios and sensitivities given the
COVID-19 situation and uncertainty around the future economic environment. The
Board have a reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future. Accordingly,
they continue to adopt the going concern basis in preparing the interim
financial statements. The consolidated financial information is presented in
United States Dollars ($), which is also the functional currency of the
Company. Amounts are rounded to the nearest thousand ($'000), unless otherwise
stated.
Changes in accounting principles and adoption of new and
revised standards
In the six months ended 30 June 2022, the Directors have reviewed all the new
and revised Standards. There are no standards in issue but not yet effective
which could have a material impact on the financial statements.
Going concern
As disclosed in the 31 December 2021 financial statements, 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.
Financial assets
The Company classifies its financial assets at fair value through profit or
loss. This include investments in equities that are designated at fair value
through profit or loss at inception and then subsequently managed and
recognised at fair value. The Company's financial assets include cash and
other receivables. The Company 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.
Financial liabilities
Financial liabilities include the other short-term monetary liabilities, which
are initially recognised at fair value and subsequently carried at amortised
cost using the effective interest method.
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 2022 (continued)
2. Accounting Policies (continued)
Exploration and evaluation assets
Exploration and evaluation assets represent the costs of pre-feasibility
studies, field costs, government fees and the associated support costs at the
Company's Pitombeiras project and formerly the Pedra Branca project.
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 license interest are capitalised. Historically, the
expenditures related to exploration and evaluation have not been material, as
the Company is active in areas where there are minimal and immaterial
exploration and evaluation costs and therefore the costs in previous years
have been expensed.
3. Critical accounting estimates and judgements
The Company makes certain estimates and assumptions regarding the future.
Judgements, estimates and assumptions are continually evaluated based on
historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. In the
future, actual experience may differ from these estimates and assumptions. The
judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are discussed below.
Judgements
Given the proceeds from the sale of the Pedra Branca project and based on the
Company's planned expenditure on the Pitombeiras vanadium deposit and the
Company's working capital requirements, the Directors have a reasonable
expectation that the Company will have adequate resources to meet its capital
requirements for the foreseeable future.
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
for the Pitombeiras project (2022: $nil, 2021: $nil) at this time.
Estimates and assumptions
In arriving at the carrying value of investments in associates, the Company
determines the need for impairment based on the level of geological knowledge
and confidence of the mineral resources. Such decisions are taken on the basis
of the exploration and research work carried out in the period utilising
expert report.
The Company measures share options at fair value. For more detailed
information in relation to the fair value measurement of such items, please
refer to Note 13.
4. 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 Company only operates in one segment: mining services. All
non-current assets have been generated in Brazil.
The Directors believe that the Company's operations are not subject to any
significant seasonality.
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 2022 (continued)
5. Tax expense
Half-year ended Half-year ended
30 June 2022 30 June 2021
Continuing operations Continuing operations
(Unaudited) (Unaudited)
$'000 $'000
Profit / (Loss) on ordinary activities before tax (418) 1,016
Profit / (Loss) on ordinary activities multiplied by standard rate of (79) 193
corporation tax in the UK of 19% (2021: 19%)
Effects of:
Recognition of previously unrecognised tax losses - -
Unrelieved tax losses for the period carried forward 79 (193)
Total tax charge for the period on continuing operations - -
Factors that may affect future tax charges
Apart from the losses incurred to date, there were no factors that may affect
future tax charges.
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 2022 (continued)
6. Earnings per share
Half-year ended 30 June 2022 (Unaudited) Half-year ended 30 June 2021 (Unaudited)
Continuing operations Discontinued operations Total Continuing operations Discontinued operations Total
$'000 $'000 $'000 $'000 $'000 $'000
Profit / (Loss) for the half-year (418) - (418) 1,016 - 1,016
June 2022 June 2021
Weighted average number of shares (basic) 258,602,032 252,064,309
Earnings / (Loss) per share - basic (US 'cents) (0.16) - (0.16) 0.40 - 0.40
Weighted average number of shares (diluted) 258,602,032 252,064,309
Earnings / (Loss) per share - diluted (US 'cents) (0.16) - (0.16) 0.40 - 0.40
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.
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 2022 (continued)
7. Exploration & evaluation assets
Exploration and evaluation assets represent the costs of pre-feasibility
studies, field costs, government fees and the associated support costs at the
Company's Pitombeiras West vanadium deposit project. The ultimate recoupment
of costs carried forward for exploration expenditure is dependent on the
successful development and commercial exploitation or sale of the respective
mining areas.
8. Investments
As at As at
30 June 31 December
2022 2021
(Unaudited) (Audited)
$'000 $'000
Investment in ValOre Corp. 132 215
Investment in Fodere Titanium Limited 1,091 1,091
Investment in Blencowe Resources Plc 236 236
Investment in Axies Ventures Limited 61 -
Impairment in Investments (211) (211)
Effects of foreign exchange translation (113) -
Carrying amount of investments 1,196 1,331
During the half-year period, the Company received the fifth tranche of 500,000
Deferred Consideration Shares in ValOre Metals Corp in February 2022. Post
balance date, in August 2022, the final sixth tranche of 500,000 Deferred
Consideration Shares were received by the Company.
The Company holds shares in the share capital of Fodere Titanium Limited.
Fodere Titanium Limited is a United Kingdom registered minerals technology
company which has developed innovative processes for the titanium, vanadium,
iron and steel industries. 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.
The Company also holds an investment in the share capital of Blencowe
Resources Plc. Blencowe Resources Plc is a United Kingdom registered natural
resources company focused on the development of the Orom-Cross Graphite
Project in Uganda.
The Company also acquired an investment in the share capital of Axies Ventures
Limited during the half-year period for $61,000 (2021: $nil). Axies Ventures
Ltd is a United Kingdom registered exploration and development company focused
on the Axies Copper Project in Cyprus.
9. Other receivables
Other receivables includes accrued income totalling $131,827 (2021: $430,000)
relating to the disposal of Pedra Branca as follows:
(a) 500,000 (2021: 1,000,000) Deferred Consideration Shares in ValOre with
fair value determined to be $131,827 (2021: $430,000) at the balance sheet
date. These were received post period end.
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 2022 (continued)
10. Share capital
30 June 2022 31 December 2021
Issued Share Capital Share premium Issued Share Capital Share premium
Number $'000 $'000 Number $'000 $'000
At beginning of the period 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 - - - - - (232)
At the end of the period: 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.
11. Share options and warrants
Average exercise price per share option Period ended 30 June Average exercise price per share option Year ended 31 December 2021
$
$
2022 Number of
Number of options
options
At the beginning of the period - 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 period 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$143,596). The amounts are
payable in 15 equal monthly instalments of £7,000 (USD$9,573). On the same
date the options were cancelled by the Company.
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 2022 (continued)
11. Share options and warrants (continued)
As at As at
30 June 2022 31 December 2021
$'000 $'000
Share based payments reserve
At beginning of year 734 -
Share based payments expense - 734
Closing balance 734 734
In December 2019, as part of an new award of the Director/Consultant Options,
all of the individuals concerned, together with the other Directors of the
Company who were not receiving new share options surrendered their existing
holdings of share options, which in total aggregated 8,000,000 share
options. These share options were awarded at the time of the Company's IPO
on AIM in June 2017, with an exercise price of 5 pence per share option (6.5
US cents), and an expiry date of 31 December 2019.
Share options warrants outstanding at the end of the period have the following
expiry date and exercise prices:
Share options/warrants 30 June Share options/warrants 31 December
2022 2021
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 warrants granted for consulting service
during the period included:
(a) warrants are granted for no consideration and vested warrants are
exercisable for a period 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: 100%.
(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%.
NOTES TO THE CONDENSED FINANCIAL INFORMATION
FOR THE HALF-YEAR ENDED 30 june 2022 (continued)
12. Related Party Transactions
During the period the Company entered into the following transactions with
related parties:
Half-year ended Half-year ended
30 June 2022 30 June 2021
(Unaudited) (Unaudited)
$'000 $'000
Garrison Capital Partners Limited:
Purchases made on Company's behalf and administrative fees expensed during the - 13
year
Interest charge included within Company and Group borrowings - -
FFA Legal Ltda
Legal and accountancy services expensed 47 45
Garrison Capital Partners Limited is a related party to the company due to
having a director in common. At the period end, it was owed $nil (2021: $nil).
FFA Legal Ltda is a related party to the Company due to having a director in
common with Company. At the period end it was owed $nil (2021: $nil).
13. Parent Entity
Parent Entity Information 30 June 31 December
2022
2021
(Unaudited) (Audited)
$'000 $'000
Current assets 3,096 3,949
Total assets 5,845 6,782
Current liabilities 155 59
Total liabilities 155 59
Net Assets / (Liabilities) 5,690 6,723
Share capital 135 135
Share premium 5,959 5,959
Reserves (936) (146)
Retained earnings 532 775
Total Equity 5,690 6,723
Profit / (loss) of the parent entity (240) 166
Other comprehensive profit for the year - -
Total comprehensive profit / (loss) of the parent entity (240) 166
14. Subsequent Events
On 15 August 2022, the Company received the sixth tranche of 500,000 Deferred
Consideration Shares from ValOre, being the final instalment due under the
terms of the Share Purchase Agreement.
15. Approval of interim financial statements
The Condensed interim financial statements were approved by the Board of
Directors on 25 September 2022.
**ENDS**
For further information please visit www.jangadamines.com
(http://www.jangadamines.com/) or contact:
Jangada Mines plc Brian McMaster (Chairman) Tel: +44 (0)20 7317 6629
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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AnnouncementREG - Jangada Mines PLC - Investee Company Update: Blencowe Resources PLC
AnnouncementREG - Jangada Mines PLC - Investee Company Update: Blencowe Resources PLC
AnnouncementREG - Jangada Mines PLC - Investee Company Update: Blencowe Resources PLC
AnnouncementREG - Jangada Mines PLC - Investee Company Update: Blencowe Resources PLC
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