REG - Jangada Mines PLC - Investee Company Update: Blencowe Resources PLC

Jangada MinesAnnouncement

27/05/2025 09:01

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RNS Number : 2139K  Jangada Mines PLC  27 May 2025

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

27 May 2025

Jangada Mines plc ('Jangada')

 

Investee Company Update: Blencowe Resources PLC

 

Jangada Mines plc, a natural resources development company with interests in
Brazil and elsewhere, is pleased to note the announcement released by Blencowe
Resources PLC (LON:BRES) in which it holds a c. 7% interest.

 

Jangada Executive Chairman, Brian McMaster, said: "Blencowe continues to
fulfil its stated milestones for the completion of the Definitive Feasibility
Study ('DFS') at the world class Orom-Cross graphite project. The non-dilutive
US$500,000 grant funding from the US International Development Finance
Corporation is part of their committed US$5million non repayable funding
package of which $4m has now been drawn. We believe their financing commitment
underlines their recognition of the importance of Orum Cross as a future world
class supply of graphite, something our team recognised when we originally
invested in Blencowe.

 

"The achievements over the quarter mark great progress and importantly the
positive micronisation results translate into a significant uplift to the
basket price, increasing the value of the product and underpinning Blencowe's
end-to-end processing strategy.

 

"We look forward to further news in the near term, on-ground advancements and
the completion of the DFS, which we believe will trigger a significant
revaluation of Blencowe's share price."

 

Start of Blencowe Resources PLC announcement

 

Blencowe Resources Plc

 

("Blencowe" or the "Company")

 

Further US$0.5 million Grant Funding received from US International
Development Finance Corporation

 

Continued DFC Support as DFS nears completion at Orom-Cross

 

Blencowe Resources Plc (LSE: BRES) is pleased to announce receipt of the
latest disbursement of $0.5 million from the US International Development
Finance Corporation ("DFC"), taking total funds received under the overall
US$5.0 million technical assistance grant to $4.0 million. This grant funding
is non-dilutive and comes with no requirement to repay under any
circumstances.

A remaining $1.0 million is expected in two additional tranches - $0.75
million and $0.25 million upon completion of agreed Definitive Feasibility
Study ("DFS") milestones. The next tranche is anticipated as coming in the
near term.

 

This resumption of payments follows a 90-day DFC worldwide pause, triggered by
the recent US Government change and a case-by-case review of existing funding
commitments. The recommencement of grant payments to Blencowe reflects renewed
DFC confidence in the Orom-Cross project and underlying US Government support
for its development.  This is particularly important as discussions continue
on potential DFC cornerstone debt support for project implementation.

 

Key DFS Milestones Delivered to Secure This Tranche:

 

·     Completion of micronisation studies - unlocking new high-value
product streams.

 

·     Approval of updated Environmental and Social Impact Assessment
(ESIA).

 

·     Completion of water studies and installation of water bores on
site.

 

Blencowe completed all of the above milestones in Q1 2025 marking further
tangible progress in delivery of its Definitive Feasibility Study ("DFS").

 

Micronisation test work was completed with US graphite technical specialist
AET in Chicago who successfully produced five distinct small flake product
sizes, ranging from 5 - 45 microns. These micronised samples are now
undergoing buyer testing, with price points estimated to be 2-10x higher than
standard small flake concentrate. The Company views micronisation as a
low-cost, high-value route to increase the overall weighted basket price and
thus enhance project economics.

 

Separately, the revised ESIA was approved in Q1 2025 by Ugandan authorities,
reflecting the increased scale and enhanced sustainability features of the
updated development. Site water access has also been fully de-risked through
successful borehole drilling, with additional bores installed to support the
local community as part of Blencowe's ongoing social development commitments.

 

Cameron Pearce, Executive Chairman commented: "We have recently had to
navigate a degree of uncertainty following the pause in DFC due to the change
in US administration. The resumption of DFC grant payments at this pivotal
stage of the DFS is a clear vote of confidence that reaffirms US Government
support and underscores Orom-Cross' strategic importance as a secure
large-scale critical mineral supply."

 

"All Study work completed to date confirms Orom-Cross as a world-class
graphite project in the making, with standout fundamentals: low capital and
operating costs and consistently high quality end products - from commercial
scale small flake concentrate through to battery-grade 99.95% uncoated SPG.
This high quality is opening doors with Tier-1 buyers everywhere and we
continue to advance additional offtake agreements."

 

"As development accelerates, we are sharpening our focus on differentiation
and downstream value.  Micronisation offers an immediate and meaningful
uplift to our product basket price, while our planned Ugandan downstream
processing initiative could position Blencowe as a rare non-China source of
99.95% uncoated spheronised, purified graphite ("USPG").  This is a
strategically transformative opportunity. With progress advancing across
multiple workstreams we look forward to updating shareholders on further
milestones in the coming weeks."

 

Mike Ralston, CEO, provides additional commentary on the DFC payment
announcement in the following video interviews:

https://www.voxmarkets.co.uk/articles/q-a-with-blencowe-resources-ceo-mike-ralston-2c8b350
(https://www.voxmarkets.co.uk/articles/q-a-with-blencowe-resources-ceo-mike-ralston-2c8b350)

 

https://youtu.be/gbpLDyz6UGE (https://youtu.be/gbpLDyz6UGE)

 

End of Blencowe Resources PLC announcement

 

**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)

 Investor Relations                    Hugo de Salis              hugo@lepanto.co.uk

 

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