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

Jangada MinesAnnouncement

15/07/2024 08:00

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RNS Number : 3816W  Jangada Mines PLC  15 July 2024

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

15 July 2024

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. 10% interest.

 

Jangada Executive Chairman, Brian McMaster, said: "Blencowe is making
excellent progress towards completing a DFS at Orom-Cross, supported by its
cornerstone party, the US Government's private sector lending arm. In tandem,
given the prospective low operating costs and lower capital requirements
compared to peers, this potentially world-class graphite project is drawing
significant interest for offtake agreement. We look forward to receiving
further updates as the various workstreams progress."

 

We are now focused on final bulk sample testing to secure contracts with
top-tier buyers."

 

Start of Blencowe Resources PLC announcement

 

15 July 2024

Blencowe Resources Plc

("Blencowe" or the "Company")

 

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

 

DFC Grant funds continue to support ongoing Orom-Cross Feasibility Study work

 

Blencowe Resources Plc (LSE: BRES) is pleased to announce the receipt of a
fourth tranche of funding from the United States International Development
Finance Corporation ("DFC").  The DFC is the private sector lending arm of
the United States Government.  This latest payment of US$0.5 million will
continue to support the ongoing Orom-Cross Definitive Feasibility Study
("DFS") costs and brings the total grant funding received to US$3.5 million
since the Technical Assistance Grant funding agreement was signed with the DFC
in September 2023.

 

Highlights:

·    US Government support: via the DFC, remains a committed partner to
help deliver Orom-Cross Definitive Feasibility Study ("DFS").

·    US$3.5 million input by DFC to date: with a further US$1.5 million
committed on future milestones.

·    DFC remain an invested and incentivised cornerstone party: to
consider a full funding solution for Orom-Cross project implementation once
the DFS is successfully completed.

·    DFS work continues as Blencowe drives towards completion, including
offtake contracts.

 

Blencowe has successfully completed further key DFS milestones to unlock an
additional $0.5 million grant funding from the DFC. This is part of the
overall US$5.0 million Technical Assistance Grant agreement that Blencowe
completed with the DFC in September 2023.  Orom-Cross remains one of the only
pre-production resource projects worldwide to have received this US
Government/DFC assistance.

 

Blencowe continues to consider all means possible to value-add at Orom-Cross,
using the Project's unique characteristics to appeal to graphite industry
leaders.  Orom-Cross is becoming well known in graphite markets as one of the
lowest operating cost producers worldwide that can also be brought into
production for a much lower capital cost than most of its peers.
Furthermore, the high quality of its end products have attracted a host of
interested parties for offtake discussions, and the Company is working through
a rigorous final bulk sample testing process to become qualified to then lock
down offtake contracts with tier one buyers.

 

The DFC involvement in the Project provides Orom-Cross with top tier
international funding party credibility, as well as actual cash towards the
completion of the DFS.  This unique collaboration is another key
differentiating factor for the Company.

 

Cameron Pearce, Executive Chairman commented; "We will continue to use a
combination of DFC funding and our own funds raised to get the DFS completed
in a fashion that does not substantially dilute our shareholders.  This is
important to us.  We have come a long way through DFS already with minimum
impact to our register and we want to continue that same course of action
ahead."

 

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)

 St Brides Partners Ltd                Ana Ribeiro                jangada@stbridespartners.co.uk

 (Financial PR)                        Isabel de Salis

 

 

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