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REG - Jangada Mines PLC - Interim Results

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RNS Number : 1517E  Jangada Mines PLC  13 September 2024

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

13 September 2024

Jangada Mines Plc

('Jangada' or the 'Company')

 

Interim Results

 

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 2024.

 

CHAIRMAN'S STATEMENT

Our strategic focus remains twofold: first, to advance and support our
existing projects and investments in the renewable energy and battery metals
sectors; and second, to identify and acquire high-potential opportunities
within the resource sector that offer substantial revaluation potential.

 

In line with this, we are committed to advancing our 100%-owned Pitombeiras
Ferrovanadium Project in Brazil, where we are evaluating options including its
potential to deliver titanium dioxide (TiO₂) and vanadium pentoxide
(V₂O₅). This project is complemented by our stakes in innovative
metallurgical processing company Fodere Titanium Limited and LSE listed
graphite exploration company Blencowe Resources plc. Together, these provide
us with a strong foundation to generate value moving forward. Indeed, our
current investments are worth in the region of £1.9 million.

 

Pitombeiras Ferrovanadium Project, Ceará, Brazil ('Pitombeiras')

As a standalone project, Pitombeiras' high-grade iron ore reserves-comprising
a Total Mineral Resource Estimate of 8.26 Mt, with 62% classified as Measured
& Indicated-make it an attractive prospect, particularly if a local
offtaker can be signed. Unfortunately, as investors know, the iron ore pricing
environment has not been favourable, so throughout the period under review,
development has effectively been on hold.  However, following a revaluation
we recognised that its potential extends beyond its iron ore resources, with
high titanium and vanadium content, both attractive commodities benefiting
from the global energy transition.  With reported recovery rates of 86.73%
for TiO₂, 91.19% for Fe₂O₃, and 95.88% for V₂O₅ using Fodere's
proprietary technology, the project could be transformative. Should this
technology prove effective at the pre-commercial scale, Pitombeiras' value
will greatly appreciate due to the resource quality, strategic location, and
the flexibility of vanadium and titanium markets. In line with this, our next
steps will include upscaling the testwork to deliver an additional economic
study to further explore the project parameters.

 

Fodere Titanium Limited ('Fodere')

We remain committed to supporting Fodere as it progresses towards
commercialising its environmentally sustainable technology for extracting
valuable metals from titanium, vanadium, iron, and steel industries. Following
successful pilot-scale testing, the company is now developing a pre-commercial
plant to further test the scalability of this technology. The financial
projections for Fodere are highly promising, both for its South African
tailings project and for its potential application at Pitombeiras. Notably,
Jangada retains exclusive rights to Fodere's technology across South America.
Although progress has been slower than anticipated and frustrating, we are
confident the results will be worth the wait.

 

One of the Company's Non-Executive Directors, Nick von Schirnding, is a
Director of Fodere. At the end of the reporting period, the Company held 1,774
shares being a 7.7% interest in Fodere's share capital. See the financial
statements note 13 for the value of the Group's holdings in Fodere.

 

Blencowe Resources plc (LSE:BRES) ('Blencowe')

Our investment in Blencowe is proving to be timely, fuelled by the robust
dynamics of the graphite market and the strength of its potential world class
graphite project in Uganda both by size and end-product quality. As well as
making excellent progress towards completing a DFS at Orom-Cross, supported by
its cornerstone party, the US Government's private sector lending arm,
metallurgical testing of a 600-tonne bulk sample study has successfully
demonstrated the conversion of raw materials into battery-ready products. This
is crucial for advancing an offtake agreement with an industry leader and
attracting further interest from potential tier-one SPG consumers.
Additionally, it recently formed a strategic partnership with two experienced
Asian graphite specialists, strengthening its operational capabilities and
securing a robust commercial future.

 

At the end of the reporting period, the Company held 21,050,000 shares being a
10.05% interest in Blencowe's share capital. Post period end, Blencowe
completed an equity issue with the consequent effect of diluting this interest
to 9.3%.

 

KEFI Gold and Copper PLC (AIM: KEFI) ('KEFI')

KEFI, a gold and copper exploration company, is making good progress towards
advancing its Tulu Kapi Gold Project, Ethiopia's first large-scale mining
project in 30 years, with production set for mid-2026. In Saudi Arabia, its
GMCO joint venture is also making strides towards establishing optimal
start-up strategies at the Jibal Qutman and Hawiah projects, benefiting from
Saudi regulatory support.

 

As at the end of the period, the Company held 15,714,285 shares in KEFI
equating to a holding of 0.26%.

 

Axies Ventures Limited ('Axies')

In 2022, the Company purchased 1,000,000 shares in Axies for £50,000. Axies
is undertaking exploration of gold and copper projects in Cyprus and is
planning for an IPO in the coming 12 months.

 

At the end of the reporting period, the Company held 1,000,000 shares in Axies
equating to a holding of 7.14%.

 

ValOre Metals Corp ('ValOre') and ATHA Energy Corp ('ATHA')

At the end of the reporting period, Jangada had fully disposed of interests in
the share capital ValOre and ATHA with the remaining balance of the
investments sold in April 2024. Gross sale proceeds received were $63,067.

 

Additional Projects

Our secondary strategy is to seek out high-value opportunities where our
expertise can unlock substantial value. While we have assessed several
greenfield projects, we are mindful of our capital structure and the
significant investment required for mine development. Instead, we are focusing
on distressed brownfield opportunities and non-core assets, where we can
structure deals with minimal upfront costs.

 

We have already devoted considerable time to exploring opportunities,
particularly in Brazil's zinc space, and while one significant opportunity
fell through at the final stage, and another tin/tantalum project saw us
outbid, we remain optimistic. We are actively engaged with several other
prospects and are confident that we will secure an asset that meets our
criteria.

 

Financial Results

As a development company, the Group is reporting a Loss from Continuing
Operations of $275k for the six months ended 30 June 2024 (30 June 2023:
$651k). Overall, the reported Total Comprehensive Loss attributable to the
Group for the reporting period was $428k (2023: $493k).

 

Outlook

Our diverse portfolio spans critical minerals and technologies central to the
renewable energy and battery metals sectors. We firmly believe that each of
our investments has the potential to significantly enhance Jangada's future
value. Additionally, we remain dedicated to identifying new value-accretive
projects that can rapidly revalue and dramatically boost the Company's
performance.

 

A key priority is to protect our capital structure by selecting opportunities
that do not rely on unfavourable market conditions for funding. With the Board
holding a combined 42.7% interest in Jangada, this is a shared objective.

 

We have been asked about our long-term vision - whether Jangada will be a
producer, explorer, or project investor. The answer lies in a blend of all
three. Our decisions will be informed by risk profiles, revaluation potential,
and maintaining a solid capital structure.

 

I would like to thank our shareholders for their continued support and
patience as we work towards realising our shared vision. We look forward to
providing updates on our portfolio and new acquisitions, which we believe have
the potential to be game-changing for the Company.

 

Brian McMaster

Executive Chairman

 

 

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED 30 JUNE 2024

                                                                                       30 June      30 June
                                                                                       2024         2023
                                                                                       (Unaudited)  (Unaudited)
                                                                                Notes  $'000        $'000

 Gain (loss) on fair value of investments                                              277          (82)
 Profit (loss) on disposal of investments                                              (53)         -
 Directors' remuneration                                                               (182)        (179)
 Foreign exchange (loss)/gain                                                          (9)          (40)
 Administration expenses                                                               (308)        (350)
 Operating loss from continuing operations                                             (275)        (651)
 Finance expense                                                                       -            -
 Loss before tax                                                                       (275)        (651)
 Tax expense                                                                    5      -            -
 Loss from continuing operations                                                       (275)        (651)
 Other comprehensive income:
 Items that will or may be classified to profit or loss:
 Currency translation differences arising on translation of foreign operations         (153)        158
 Total comprehensive loss attributable to owners of the parent                         (428)        (493)

 Loss per share from loss from continuing operations attributable to the               Cents        Cents
 ordinary equity holders of the Company during the period

 -       Basic (cents)                                                          6      (0.11)       (0.25)
 -       Diluted (cents)                                                        6      (0.11)       (0.25)

 Loss per share attributable to the ordinary equity holders of the Company             Cents        Cents
 during the period

 -       Basic (cents)                                                          6      (0.11)       (0.25)
 -       Diluted (cents)                                                        6      (0.11)       (0.25)

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2024

 

 

                                                                          30 June      31 December
                                                                          2024         2023
                                                                          (Unaudited)  (Audited)
                                                                   Notes  $'000        $'000
 Assets
 Non-current assets
 Exploration and evaluation assets                                        1,179        1,300
 Property, plant and equipment                                            2            3
 Investments                                                       8      2,502        2,545
                                                                          3,683        3,848
 Current assets
 Other receivables                                                        10           2
 Cash and cash equivalents                                                188          414
                                                                          198          416
 Total assets                                                             3,881        4,264

 Liabilities
 Current liabilities
 Trade payables                                                           99           62
 Accruals and other payables                                              146          138
 Total liabilities                                                        245          200

 Issued capital and reserves attributable to owners of the parent
 Share capital                                                     9      135          135
 Share premium                                                     9      5,959        5,959
 Translation reserve                                                      (681)        (528)
 Option reserve                                                    10     709          709
 Fair value reserve                                                       38           38
 Retained earnings                                                        (2,524)      (2,249)
 Total equity                                                             3,636        4,064
 Total equity & liabilities                                               3,881        4,264

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 30 JUNE 2024

 

                                                                                       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 2023                          135             5,959           (754)                38                  709       (1,227)            4,860
 Total comprehensive loss for the year                 -               -               -                    -                   -         (651)              (651)

 Loss for the half-year
 Other comprehensive loss                              -               -               158                  -                   -         -                  158
 Total comprehensive loss for the year                 -               -               158                  -                   -         (651)              (493)
 Transactions with owners in their capacity as owners
 Shares issued                                         -               -               -                    -                   -         -                  -
 Share options issued                                  -               -               -                    -                   -         -                  -
 Total transactions with owners                        -               -               -                    -                   -         -                  -

 Balance at 30 June 2023                               135             5,959           (596)                38                  709       (1,878)            4,367
                                                       135             5,959           (528)                38                  709       (2,249)            4,064

 Balance as at 1 January 2024
 Total comprehensive loss for the year                 -               -               -                    -                   -         (275)              (275)

 Loss for the half-year
 Other comprehensive loss                              -               -               (153)                -                   -         -                  (153)
 Total comprehensive loss for the year                 -               -               (153)                -                   -         (275)              (428)
 Transactions with owners in their capacity as owners
 Shares issued                                         -               -               -                    -                   -         -                  -
 Shares options issued                                 -               -               -                    -                   -         -                  -
 Total transactions with owner                         -               -               -                    -                   -         -                  -

 Balance at 30 June 2024                               135             5,959           (681)                38                  709       (2,524)            3,636

 

 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE HALF-YEAR ENDED 30 JUNE 2024

                                                          30 June      30 June
                                                          2024         2023
                                                          (Unaudited)  (Unaudited)
 Cash flows from operating activities                     $'000        $'000
 Profit / (Loss) before Tax from continuing operations    (275)        (651)
 Add back: loss/(profit) on sale of investment            53           -
 Non-cash fair value (gain)/ loss on investments          (277)        82
 Non-cash exchange difference                             9            40
 Operating cash flows before working capital changes      (490)        (529)
 Decrease/(increase) in other receivables                 8            (298)
 (Decrease)/increase in trade and other payables          45           61
 Net cash outflow from operating activities               (437)        (766)
 Investing activities
 Development of exploration and evaluation assets         (8)          (74)
 Non-cash investment from conversion of short-term loans  -            310
 Sale of shares in investments                            213          -
 Purchase of shares in investment                         -            (127)
 Net cash (outflow) / inflow from investing activities    205          109
 Financing activities
 Cancellation of options                                  -            (27)
 Net cash from financing activities                       -            (27)

 Net movement in cash and cash equivalents                (232)        (684)
 Cash and cash equivalents at beginning of period         414          1,397
 Movements in foreign exchange                            6            73
 Cash and cash equivalents at end of period               188          786

 

 

 

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE HALF-YEAR ENDED 30 JUNE 2024

 

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. 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
2024 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 2023. 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 2024.

 

        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 UK-adopted International Accounting Standards, 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
2023.

 

        Statutory financial statements for the year ended 31 December
2023 were approved by the Board of Directors on 10 June 2024 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. 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 year ended 30 June 2024, 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

 

The Directors, having made appropriate enquiries, consider that adequate
resources exist for the Company and Group to continue in operational existence
for the foreseeable future and that, therefore, it is appropriate to adopt the
going concern basis in preparing the condensed consolidated interim financial
statements for the period ended 30 June 2024.

 

The interim 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, the Directors are of the view that the Group has sufficient
funds to meet all committed and contractual expenditure and to maintain good
title to the exploration licences.

 

As disclosed in the 31 December 2023 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. 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.

 

 

3.      Critical accounting estimates and judgements

 

Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed consolidated
interim financial statements as were applied in the preparation of the Group's
annual financial statements for the year ended 31 December 2023.

 

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 (2023: $nil, 2022: $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 11.

 

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.

 

5.   Tax expense

                                                                                Half-year ended        Half-year ended

                                                                                30 JUNE 2024           30 June 2022
                                                                                Continuing operations  Continuing operations
                                                                                (Unaudited)            (Unaudited)

                                                                                $'000                  $'000

 Loss on ordinary activities before tax                                         (275)                  (651)

 Loss on ordinary activities multiplied by standard rate of corporation tax in  (69)                   (163)
 the UK of 25% (2023: 25%)

 Effects of:
 Recognition of previously unrecognised tax losses                              -                      -
 Unrelieved tax losses for the period carried forward                           69                     163

 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.

 

 6.      Loss per share

 

                                                          Half-year     Half-year

                                                          ended          ended

                                                          30 June       30 June

                                                          2024          2023

                                                          (Unaudited)   (Unaudited)
                                                          $'000         $'000

 Loss for the year                                        (275)         (651)

                                                          2024          2023
 Weighted average number of shares (basic & diluted)      258,602,032   258,602,032
 Loss per share - basic & diluted (US 'cents)             (0.11)        (0.25)

 

 

 

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.

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

                                                          2024          2023

                                                          (Unaudited)   (Audited)
                                                          $'000         $'000

 Investment in ValOre Corp.                               -             21
 Investments in Latitude Uranium Inc / ATHA Energy Corp.  -             53
 Investment in Fodere Titanium Limited                    1,020         1,017
 Investment in Blencowe Resources Plc                     1,491         1,286
 Investment in Axies Ventures Limited                     63            64
 Investment in KEFI Gold and Copper Plc                   125           292
 Impairment in Investments                                (197)         (188)
 Carrying amount of investments                           2,502         2,545

 

                                     Level 1      Level 2      Level 3      Total
 As at 30 June 2024 (Unaudited)      $'000        $'000        $'000        $'000
 Assets
 Investments - At FVTPL              1,616        886          -            2,502
 Total assets                        1,616        886          -            2,502

 

                                       Level 1      Level 2      Level 3      Total
 As at 31 December 2023 (Audited)      $'000        $'000        $'000        $'000
 Assets
 Investments - At FVTPL                1,652        893          -            2,545
 Total assets                          1,652        893          -            2,545

 

 

The Company holds shares in the share capital of Blencowe Resources Plc
("Blencowe"). Blencowe is a United Kingdom registered natural resources
company focused on the development of the Orom-Cross Graphite Project in
Uganda.

 

The Company holds shares in the share capital of Fodere Titanium Limited
("Fodere"). Fodere is a United Kingdom registered minerals technology company
which has developed innovative processes for the titanium, vanadium, iron and
steel industries.

 

The Company holds shares in the share capital of Axies Ventures Limited
("Axies"). Axies is a United Kingdom registered exploration and development
company focused on the Axies Copper Project in Cyprus.

 

The Company holds shares in the share capital KEFI Gold and Copper Plc
("KEFI"). KEFI is a United Kingdom registered gold and copper exploration and
development company with projects in the Federal Democratic Republic of
Ethiopia and the Kingdom of Saudi Arabia.

 

 

9.      Share capital

                                                                    30 June 2024                               31 December 2023
                                                                    Issued       Share Capital  Share premium  Issued       Share Capital  Share premium

                                                                    Number       $'000          $'000          Number       $'000          $'000

 At beginning and 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.

 

 

10.    Share options and warrants

 

                                        Average exercise price per share option  Period ended 30 June  Average exercise price per share option  Year ended 31 December 2023

$

$

                                                                                 2024                                                           Number of

                                                                                 Number of                                                      options

                                                                                 options
 At the beginning of the period         -                                        34,844,444            -                                        34,844,444
 Share options expired 9 February 2024  0.09                                     (694,444)             -                                        -
 At the end of the period                                                        34,150,000                                                     34,844,444

 

On 19 February 2024, 694,444 options, with a grant date of 19 February 2021,
an expiry date of 19 February 2024 and an exercise price £0.09 per option
share, expired.

 

                                           As at                                     As at

                                           30 June 2024                              31 December 2023
                                           $'000                                     $'000
 Share based payments reserve
 At beginning of year                      709                                       709
 Share based payments surrendered                              -                     -
 Closing balance                           709                                       709

 

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

                                                       2023                            2022

                                      Exercise price

 Grant date        Expiry date        £

 1 December 2019   30 November 2024   0.02             3,150,000                       3,150,000
 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 3,150,000 options carried forward from the time of
the IPO:

(a)      options are granted for no consideration and vested options are
exercisable for a period of five years after the grant date: 1 December 2019.

(b)      expiry date: 30 November 2024.

(c)      share price at grant date: 1.75 pence.

(d)      expected price volatility of the company's shares: 50%.

(e)      risk-free interest rate: 1.0%.

 

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%.

 

 

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 2024     30 June 2023

                                          (Unaudited)      (Unaudited)
                                          $'000            $'000
 FFA Legal Ltda
 Legal and accountancy services expensed  36               36

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 (2023: $nil).

 

13.    Parent Entity

 Parent Entity Information                      30 June       31 December

2024
2023
                                                $'000         $'000

                                                (Unaudited)   (Audited)
 Current assets                                 177           395
 Total assets                                   4,432         4,642
 Current liabilities                            245           199
 Total liabilities                              245           199
 Net Assets                                     4,187         4,443

 Share capital                                  135           135
 Share premium                                  5,959         5,959
 Reserves                                       (621)         (591)
 Accumulated losses                             (1,286)       (1,060)
 Total Equity                                   4,187         4,443

 Loss of the parent entity                      (256)         (776)
 Other comprehensive profit for the year        -             -
 Total comprehensive loss of the parent entity  (256)         (776)

 

14.    Subsequent Events

 

There have been no significant events after the reporting period.

 

15.    Nature of Financial Information

 

The condensed consolidated interim financial information presented above does
not constitute statutory financial statements for the period under review.

 

 

16.    Approval of interim financial statements

 

The Condensed interim financial statements were approved by the Board of
Directors on xx September 2024.

 

 

 

 

 

**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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.   END  IR QKNBQCBKKCCD

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